Entrepreneurship and Small Business Management
Added on 2020-12-09
16 Pages5200 Words210 Views
|
|
|
Entrepreneurship and SmallBusiness Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different type of entrepreneurial venture and how they related to the typology ofentrepreneurship.....................................................................................................................1P2 Similarities and differences between entrepreneurial ventures.......................................3TASK 2............................................................................................................................................4P3 Micro and small businesses impact on the economy........................................................4................................................................................................................................................6P4 Significance of small business and business start-ups in economy development............7TASK 3............................................................................................................................................8P5 Characteristic and traits of successful entrepreneur..........................................................8P6 Personality of entrepreneur act as a motivational tool......................................................9TASK 4..........................................................................................................................................10P7 Background and experiences which can hinder or foster entrepreneurship....................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONSmall scale companies are those businesses which is managed and fully controlled bysole traders, association, private firms and single organisation. These are such companies whichhave small number of employees and they work with the motive of profit maximisation as wellachieving goals and objectives of business. Small organisation assist in growth and developmentof economy because they always come up with some creative or innovative products whichcreate employment opportunity and rise living standard of the people involved (Gorgievski,Ascalon and Stephan, 2011). Entrepreneur are the risk taker and have ability to manage as wellcontrol overall working of company. Below mention report is discussing about different types ofentrepreneurial venture along with their similarities and differences. Apart from this, micro andsmall business impact on economy. Moreover deep discussion about entrepreneur characteristicsand traits will be done and how their personality work as motivational tool.TASK 1P1Type of entrepreneurial venture and how they related to the typology of entrepreneurshipEntrepreneurship – It is the willingness and capability in the person to develop,organise as well manage an venture. They are the risk taker and main reason behind taking risk isto make profit as well as surviving in the competitive environment. He/she is the person whothink out of the world and introduction something creative or innovative in marketplace. Entrepreneurial – These are the activities which need to be planned in proper mannerfor minimising the chances of risk for present and future. All the steps involved in it are relatedwith beginning, mid and last stage phase it is work of owner of the company. Entrepreneurialactivities should be managed in better manner after looking considering prise and risk ofcompany.Venture of entrepreneur Lifestyle venture: these ventures products and services are offering to customers according totheir taste and preferences which can satisfy their needs and local beliefs. These type of venturesare offering stable income so that owner and maintain working in proper managing way. Apartfrom this it have some limitations that, they generally have single location and less number ofstaff members. They are not working with expansion motive and also have limited growth. 1
Aggressive Growth: These ventures are related to advancement and organisation whichis technically based come under it. Thus, technical based enterprise have enough capacityfor doing something innovative. Moreover, these type of firm seeks more interest inlaunching innovative or creative products as well services in market area so thatsustainability could be enhanced. Undertaking of such ventures ensures better outcomesin terms of sales and makes sure that customers are attracted towards offerings.Managed growth venture: this venture look for stability in growth and has workablebusiness model. In managed growth venture reinvestment take place by introducing latestproduct, employees, location and Expansion of facilities (George and Bock, 2011). Suchtype of business need modification in products and services offering by them for growthof business as life cycle of a business is profitable to a limited extent. Typology of entrepreneurship:Below mention are the venture related to typology ofentrepreneurship. Private venture entrepreneurship: There are some ventures undertaken by theindividual so as to gain profit and ensure stability in the lifestyle. For example smallstores, parlour, boutiques and many more. Mainly the person who introduce it willmanage its daily basis activity and employees are generally their friends and familymember. Large company entrepreneur: these are the organisation which require huge amount offund and resources for their start-ups as well survival too. They are mainly dealing inlarge scale products and target mainly customers with higher disposable income forselling their offerings. Mainly large scale enterprise are those retail sector business,tourism and travelling agencies and several others. Scalable start-up: Firms come under these are small and scalable and can only befulfilled with the help of adequate resources and finance. (Ligthelm, 2010). They don'tdeal in huge contract but serve only to normal peoples with minimum amount. Starts-upare mainly small and it require minimum amount of resources and funds for brining theirinnovative and creative goods in market. Social business enterprises: Only purpose of these enterprise is to offer good quality ofproducts and services in the market area for satisfying their customers needs and wants.Such organisations may be profit and non profit because they don't generate extra profit2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents