Entrepreneurship and Small Business Management - Assignment Sample

   

Added on  2021-02-20

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ENTREPRENEURSHIP ANDSMALL BUSINESS MANAGEMENTACTIVITY1
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Table of ContentsINTRODUCTION...........................................................................................................................1Activity 1.........................................................................................................................................1Description on differed kind of entrepreneurial ventures and define how they relate withtypology of entrepreneurial. ........................................................................................................1Similarities and differences between entrepreneurial ventures. .................................................4Access and interpret relevant data and statistic to illustrate how micro and small businessimpact on economy. ....................................................................................................................5Define the importance of small business and business start-ups to growth of social economy. 7CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
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INTRODUCTIONEntrepreneurship defined as dynamicactivity that helps to create, manage anddevelop business venture along with risk tomake profit (Venkataraman, 2019).Therefore, it termed out as designing,launching and running the enterpriseactivity. However, entrepreneurship mainlyput consideration over skills, developingknowledge and to understand the innovativeideas to for a new and successful business.Successful innovations aids to improvestandards of living and creates jobs andconditions for the society. Henceforth,entrepreneurship is a goal-oriented activity. The present report is based onentrepreneurship and small businessmanagement that will illustrate the range ofentrepreneur activities. Furthermore, the present report willcover following topics as different types ofentrepreneurial ventures, similarities anddifferences between entrepreneurialventures, interpret and access data andstatistic to define how business impact oneconomy. Activity 1Description on differed kind ofentrepreneurial ventures and definehow they relate with typology ofentrepreneurial. Entrepreneur venture defined asability to put focus on providing advisoryservices to mid stage companies. Therefore,it is some different form other businesses.Herein, entrepreneur ventures defined infollowing manner as- Small business enterprise- This is theentity that is independently owned andoperated firm and that is limited in size(Venkataraman, 2019). Thus, smallentrepreneurship is inclusive of grocerystores, consultants, hairdresser, travelagents, plumbers, electrician and carpentersetc. Henceforth, their main aim is to earn theprofit to feed family. They fund theirbusinesses by taking funds from families,friends and personal savings. Therefore, itcan be stated that small business enterpriseprovides innovative products and servicesand it grow exponentially. Scalable start-up entrepreneurship- Theseare the enterprise that starts that start theirworking with the innovative ideas.Therefore, they put focus over theinnovations and creations. Hence, theseentrepreneurs think that they are capable1
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enough to change the world with their ideas(Rawhouser, Cummings and Newbert,2019). It is the organisation that looks forthe brightest mind and they work as to set upthe small scalable business model. This kindof the enterprise put their major focus overthe quality attributes and creative aspects ofthe enterprise. Large company entrepreneurship- It is theorganisation who have infinite life cycles.Thus, they put main consideration overproviding innovative product and services tocustomers for sustainability and longevity ofbusiness (Wiklund, Wright and Zahra,2019). Herein, it is crucial to identify thechanging needs and wants of customers togo along with competition, legislation thatforced the large enterprise and to create newcommodities fore entire market.Additionally, large enterprise makes thedisruptive innovations typical. (Figure 1: Classification of entrepreneur(Source: The Four Types ofEntrepreneurship, 2018)Social entrepreneurship- These arethe enterprise that put focus over socialproblem by delivering new product andservices. Henceforth, it is the enterprise thatput major focus over creating better worldby providing resources to needy section ofthe society. Therefore, they create the betterworld for the people and can be profit, non-2
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