Entrepreneurship and Small Businesses Management | Assignment
Added on 2021-02-21
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Entrepreneurship And Small BusinessManagement
ContentsPART 1...................................................................................................................................................3INTRODUCTION.....................................................................................................................................3P1 Evaluating the different types of entrepreneurial ventures with their different typologies.........3P2 Differences and similarities between such different types of entrepreneurial ventures..............4P3 Access the relevant statistics to determine the impact of micro and small business on the economy............................................................................................................................................5P4 Evaluating the significance of small business and business start ups towards the growth of the Economy in particular........................................................................................................................8PART 2...................................................................................................................................................8P5 Determine the key characteristic traits and skills of successful entrepreneurs ...........................8P6 Describe that the entrepreneurial personality and mindset which can derives the motivation among the others entrepreneurs......................................................................................................9P7 Examining the background, lifestyle which hinders the entrepreneurship.................................10REFERENCES.........................................................................................................................................11
PART 1INTRODUCTIONEntrepreneurs are the individuals who identify the business opportunities in order to build a business venture and sustain it for the long time in the market. A small scale business is a new venturewhich is employs a small number of employees and also such small business cannot produces high level of volume and also cannot incur higher profit margins. This study will help in developing a complete understanding about different types of entrepreneurial ventures and their typologies. This report will also help in understanding different typologies of such ventures.Moreover, the document also provides the differences and similarities between such entrepreneurial ventures. Along with this, it will also help in developing a understanding about the impact of small business on the economy growth of the country. In addition, personality traits and characteristics of the Famous entrepreneur will also be described in the present study in order to determine the mind-set of such famous entrepreneurs.P1 Evaluating the different types of entrepreneurial ventures with their different typologiesThere are various different types of entrepreneurial ventures which may vary according to the different objectives of the business. There are various different types of enterprises among them some of the ventures may earn huge profits and achieve the sustainable growth within the market. However some business start-up get started with the small capital and investment but still can earn huge profits during the growth of time(Cardenete and Garcia-Tapial, 2019). So such different ventures along with the different typologies are evaluated below:Survival VenturesSurvival business and startups are the independently owned firms and these enterprises are aimed at achieving high profits. The main goal of these businesses is to achieve the sustainable growth and in order to accomplish the main goals of the enterprise. Small ventures are generally established in the form of retail businesses, restaurants, construction firms etc. these ventures get capitalized with micro-loans, bank loans, family or personal funds.A survival or small venture generally comes under the female or male typology who manages their business by their own means and also this typology may come under the sole proprietorship.Lifestyle venturesThis type of ventures generally produces a relatively stable income for the owners. Lifestyle businesses also have their own premises to perform the main operations of the business and this venture generally employs at least 500 employees and it also allows the enterprise to generate the substantial revenue and profits for the company and its stakeholder (Alam and Alam, 2019) . SomeLifestyle Business examples are General Electric, AT&AT, and general Motors etc.This business comes under the Social Typology as such enterprises are highly scalable and produces a steady growth in the market.
Managed growth VenturesManaged Growth Business mainly focused towards the young innovation with a highpotential to create a new market. This types of entrepreneurial ventures generally possesses a periodicentry into the new market via launch of the new products and steady expansion of the services as wellas development of the employees which contributes towards the overall sustainability and growth.Managed growth ventures are based on the Scalable as well as female typologies that areaimed at managing the sustainable growth of the firm over a time.Aggressive growth EnterprisesSuch enterprises are based on the high technology and aggressive growth ventures initiallyaimed at higher success and great profitability. These companies have strong innovation capabilitiesthat seek the exponential growth and such businesses are mainly funded through the Equity Capital.Aggressive Growth Ventures are based on the Scalable Typologies and these firms havegreat sustainability and growth factor.P2 Differences and similarities between such different types of entrepreneurial venturesDifferent types of entrepreneurial ventures may vary according to the different scope, operations and size of the business. So such differences within the different types of enterprises are elaborated below:Point ofDifferencesSurvival VenturesLifestyleorganizationsManagedGrowth FirmsAggressive GrowthEnterprisesAnnual Growthrate These types of Business earn on a nominal basis on the basis of their day to day operations within the firm. So a Survival business manages to earn less in order to fulfill their daily expenses.The annual Growthrate of the Lifestyle business is less than 5 Percent and this types of business manages to earn within the firm during the time period of month ora weekly basis.The organizations mainly earns the profitability of 10 to 15 percent within the time period of 1 to 2 years of businessoperations.It earns the annual growth rate which is higher than the managed growth ventures as less than 20 Percent viaperforming the operations within the time period of 2to 5 years.FocusSuch businesses focus in selling the available goods andservices at store.Lifestyle business focus towards maintenance of thework infrastructure.(Freixanet and Churakova, 2018)These organizations focus on the strategic development within the firm.This business focuses towards thescalable operation which help the company to earn higher profitsTechnology investmentSurvival business cannot adopt the technology for the efficient operations.There is Limited change in the technological improvements are adopted in the Lifestyle business.These organizations invests on the technological improvement moderately.There is a huge investment uses forthe technology improvement which leads to the effective and efficient operations
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