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Assignment on Entrepreneurship and Small Business Management (Solved)

Added on - 23 Nov 2020

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Entrepreneurship andSmall BusinessManagement
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11) Types of entrepreneur ventures-............................................................................................12) Difference and similarities between entrepreneur ventures-..................................................33) Micro and small business impact on economy-......................................................................44) Importance of small and start-up business contribution after Brexit-....................................65) Characteristics and skills of successful entrepreneur-............................................................86) Background and experience of Bill Gates & Warren Buffet-...............................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneur is an individual who sets up business with financial risk for profit andgrowth. Entrepreneurship is the method of designing, introducing a new business venture. It isgenerally a small business entity which operate at micro level (Bhagavatula, Mudambi andMurmann, 2017). Management of this company manage by one or more than people. Theyidentify opportunities and develop require resources for exploitation. Report will explaindifferent types of entrepreneur ventures similarities and differences between all of them. Impactof micro or small business on country economy. It will describe importance of small and microbusiness contribution after Brexit. Further report will tell about two successful businesspersonality Bill Gates and Warren Buffett. They both motivate other persons through their lifeexperience. Gates is founder of world largest software organization 'Microsoft' and warren waschairmen of Berkshire Hathaway. This two person includes in the list of world richest man.MAIN BODY1) Types of entrepreneur ventures-Entrepreneur-An entrepreneur is a person who rather than work as an employee,establishes a small business, manage all risks and rewards of the venture. They are usually seenas an innovator, generate new or different ideas, products, services. Entrepreneur is an importantpart of country economy. They create business plan, appoint labours, acquire resources andfinance and provide leadership and management for the business entity.Entrepreneurship-It is the process of designing, launching and run a new business, which isgenerally a small business at initial level. People who operate these business known asentrepreneurs. It is explained as the capacity and willingness to conduct, develop and managebusiness activities to earn profit.Entrepreneurial activity-Entrepreneurial activity is the enterprising action of a person duringdoing something, through the create or expansion of economy with the help of launching newproducts and services (Bruton, Zahra and Cai, 2018). Entrepreneurship is the phenomenonrelated to entrepreneurial activity.Enterprise-It is the another word for profit business or organization(company), but generally itis associated with entrepreneurial ventures. There are different types of enterprise-Sole proprietorship.Partnership.1
Corporation.Limited liability company.Types of entrepreneurial ventures-Smallentrepreneurs ventures–They are privately owned corporation, soleproprietorship and partnership which have few numbers of employees or generate less annualrevenue amount compare to regular business sized. It is classified as 'small' when they are able togain government support and qualify for country taxation policy (Farhat and et.al. 2018). Smallbusiness also divided by annual revenue, sales, shipments, net profit, and numbers of employeesinto the organization.Hairdresser is a small entrepreneur.Medium entrepreneurs ventures-They are not too small entrepreneur, it has 50 number ofemployees. Its start-up capital is not less than small entrepreneurial and not much microentrepreneur. They distribute their services and products the nearest market.Micro entrepreneurs ventures-Micro entrepreneurs venture is an investment equity which isoffering in the early stage of organization. They are connects investors with business start-up,service looking for increasing fund and take participation in choosing secondary marketopportunity. Micro ventures accepts both accredited investors and non-accredited. It usuallymanages with less than 10 people and start business with small amount. They generally providetheir services or products in local areas.Entrepreneurship and typology-Typology-Typology is a system for classified things into various types especially inscience and social science. According to typology there four types of entrepreneurship.Small business-This is the backbone of any country, they are generally private business. Itincludes service or retail operation like convenience stores, bakeries, saloon, restaurants etc. Theterm 'entrepreneur' is usually conflated with term of small business (Hornsby and et.al., 2018).Generally they are sole proprietor and have small number of employees.Scalable start-up-It takes an innovative idea, research for scalable or repeatable entrepreneurmodel which will change it into a highly growth, profit generate organization. Aim of thisventure is to accomplish market need, solve business problem by create a successful model.Scalable business are apparel, online shopping for electronics etc.2
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