P4. Importance of small businesses and start ups in social economy

Added on - 11 Jan 2021

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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Different types of entrepreneurial venture and their relation with typologies......................1P2. Similarities and differences between entrepreneurial venture..............................................2TASK 2............................................................................................................................................4P3. Impact of micro and small business over economy..............................................................4P4. Importance of small businesses and start ups in social economy.........................................6TASK 3............................................................................................................................................6P5 Characteristics, Traits and skills required for ideal or successful Entrepreneur....................6P6 Reflection of the entrepreneurial body motivation as well as their mind-set........................8TASK 4..........................................................................................................................................10P7 Explanation regarding the fact that “ background and experience can hinder or fosterentrepreneurship” with suitable examples................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................11
INTRODUCTIONEntrepreneurship can be considered as a process where plans for designing, operating aswell as launching a business are developed. Individuals who formulate ideas of new enterpriseventure are known as entrepreneurs (Sakari Soininen and et.al, 2013). They search formodification and respond towards it in effective way as well as grab opportunities for business.The purpose of this report is to describes various types of entrepreneur venture and itsrelationship with entrepreneurship typology. Differences and similarities among entrepreneurialventures. Interpretation of relevant data as well as statistics how micro and small businessimpact upon economy. Significance of small and start up business to social economy growth.Characteristics traits and skills of successful entrepreneurs with their impact of entrepreneurialpersonality over its motivation and mind set. Along with this how individuals background hinderand foster entrepreneurship are also mention in this report.TASK 1P1. Different types of entrepreneurial venture and their relation with typologiesEntrepreneurship considered as the procedures to develop and handling business ventureby taking up whole financial as well as failure risk in the hope of gaining high profitability.There are different business types which are operated by people and team are calledentrepreneurial ventures (Sooksan and Suriyankietkaew, 2013). All of them implement businessfor various purpose many work for gaining profit and some are for social welfare. For attainingthe sustainability for operations, this is essential fro them to ensure that overall businessfunctions are performed appropriately or not.Various kinds of entrepreneurial ventures are mentioned below:Small entrepreneurial ventures:This is considered as a entrepreneurial venture typethat is usually operated as well as owned through a sole proprietors and also employsmall numbers of employees. These ventures involves travel agents, grocery, plumbersand many more. These are generally set up with the purpose to satisfy family basic needsand it recruit mainly local individuals.Large scale entrepreneurial venture:These entrepreneurial venture types requiredmore finances and market shares. It have approx 5000 and more that employees and itsturnover is more than 1.5 billion euros. In case business is not capable to accomplish1
these requirements then this will be known as small or medium size enterprises. Also,these contributes more percentage in national income as well as aids to develop economy.The main purpose of them is to gain high profitability and revenues.Social entrepreneurial venture:These are mainly focused on facilitating products andservices with the purpose to resolve issues that are faced by society. Its objectives is notto acquire market share or generate profitability instead of this it concentrates uponfacilitating services for society welfare. These business can be profit, non profit orhybrid. Also, it serve society to develop their living standard.Scalable entrepreneurial venture:These are the businesses that are introduced bypeople through complying innovations. They effectually formulate strategies forenterprises to set up its business successfully into competitive marketplace. The mainpurpose of these venture is to attract more number of investors that are helpful for themto maintain the quality of products (The Four Types of Entrepreneurship.2019).Relation of entrepreneurial venture with entrepreneurship typology:There are various kinds of entrepreneurship typologies where different firm areimplementing the operative activities. Some of them are mentioned below:Male entrepreneur:According to it, an entrepreneurship is started through maleentrepreneur (Rudenko and et.al, 2015). Their main purpose is to facilitate effectual goodand services into market for acquiring more profit. For example: Mark Zuckerberg who isthe Facebook founder currently which is operated by various countries.Female entrepreneur:when any female person set up their new business for offeringcreative products society. They are generally more innovative as compare to another one.Such as the CEO of Red leaf communication, Emma Kane.Serial entrepreneur:These are mostly innovative and always ready to face challengesand take risk. It introduced new products in whole places so that clients requirements canbe fulfilled effectively.P2. Similarities and differences between entrepreneurial ventureThere are many entrepreneurial venture which are operating its enterprise into market.All have some similarities as well as differences that are explained below:BasisSmallentrepreneurialLargeentrepreneurialSocialentrepreneurialScalableentrepreneurial2
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