(Doc)Entrepreneurship and Small Business Management

   

Added on  2020-12-18

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Entrepreneurship and Small BusinessManagement
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Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Different kinds of entrepreneurial ventures in context with the typology ofentrepreneurship.....................................................................................................................3P2. Similarities and difference between entrepreneurial ventures.........................................5TASK 2............................................................................................................................................6P3. Interpret relevant data and statistics to illustrate how micro and small-business impact onthe economy............................................................................................................................6P4. Explain the importance of small businesses and business start-ups to the growth of thesocial economy.......................................................................................................................8TASK 3............................................................................................................................................9P5 Characteristics, traits and skills of successful entrepreneurs............................................9P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset..................11TASK 4..........................................................................................................................................12P7 The way in which background and experience can foster entrepreneurship...................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
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INTRODUCTIONEntrepreneurs are those individuals who makes the decision, organise all the activitiesand handle all the operations so as to gaining growth and profitability. Apart from that,entrepreneurship is a venture which is set up by the individuals through taking risks of failure.Some of these ventures are established for solving society problems like poverty, unemployment,improving standard of living etc. Entrepreneurial ventures provides too much beneficial results tothe society in the form of providing employment to the local citizens so that they can live theirlife in an easy manner (Shane, 2012). Present report will talk about the different kind ofentrepreneurial ventures along with typologies of entrepreneurship. Furthermore, value of smallmedium start-ups in growth or development of social economy. Two entrepreneurial personality,skills and knowledge which makes them successful. In the last, report will discuss aboutbackgrounds and experiences of entrepreneurs that have hinder or foster them for becoming asuccessful entrepreneur.TASK 1P1. Different kinds of entrepreneurial ventures in context with the typology of entrepreneurshipEntrepreneurial ventures are established or setup by those individuals who have specificideas or skills that are used by them for earning profitability. Main purpose behind establishingthese organisation to offers great economic or social value for the customers. Some of theseventures along with typologies are given as below:Scalable start-up entrepreneurship- In this kind of ventures, entrepreneurs generatesinnovative ideas and plans so as to gaining profitability and satisfying the needs of customers.Entrepreneurs of these types have strong confidence and believes that their ideas can makemodifications in the business market. They always looking for different investors who are readyfor investing money. Apart from that, these ventures mainly focuses on those candidates whohave lots of skills and knowledge that can helpful for them in gaining competitive advantageover their rivals (Chrisman, 2012).Small business entrepreneurship- In it, all functions or operations of ventures aremanaged by single individual. Main example of these entrepreneurial ventures are grocery stores,plumbers, hair saloon etc. This kind of ventures can be run with the family members and
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relatives. In order to starting these ventures, lower amount of funds are needed and growth ofthese are also slow in comparison of other businesses.Large scale entrepreneur : These entrepreneurial ventures mainly focuses on achievingprofitability along with distributing new products to their customers. These are the one who areoperating their functions at large scale and having capabilities to bringing innovation andoffering new products to the customers as per their demand. Due to changes in preferences ofcustomer, new techniques, rival's strategies provides too much pressure on these ventures so thatthey have to launch new products in new markets. Sometimes, these kind of changes negativelyinfluences on the profitability of these ventures (Shane, 2012).Social entrepreneur : These are those ventures who mainly focuses on satisfying theneeds and desires of those customers who are not capable or having no ability to earning money.These are entrepreneurs whose focuses is to making those products or services which can easilysolve the needs and wants of societal citizens. Main objective behind establishing theseentrepreneurial ventures are to creating a better environment in society which has no inequalityon the based on income level. They also wants to earning profitability but they spends theseprofits on the betterment of society.Typology of entrepreneurship :Serial entrepreneur : Entrepreneurs with having this kind of typology use their lots ofideas for establishing new ventures so as to bringing their ideas into reality. But they starts newventures when they gets success from previous ventures.Female entrepreneur : Female entrepreneurs are those who use their thinking,perceptions and beliefs for achieving their business objectives. They also engage themselves invarious programmes and policies so that better environment can be provided to the females.Female entrepreneurs organise all aspects of production, takes risk and perform work for thebetterment of society.Social entrepreneur : This kind of entrepreneurs are those individuals who haveinnovative ideas and wants to implement them for the betterment of society. For e.g. poverty orinequality is a problem in which these entrepreneurs provides needed products and services ataffordable prices so as to solving these problems.Lifestyle entrepreneur : These entrepreneurs are the one who starts business venturesfor fulfilling their passion or hobby. These kind of ventures are established by some successful
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