Entrepreneurship and Small Business Management Assignment Solution - (Doc)
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Added on 2020-10-04
Entrepreneurship and Small Business Management Assignment Solution - (Doc)
Added on 2020-10-04
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Entrepreneurship And SmallBusiness Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different Type of Entrepreneurial Ventures and Their relation with types ofentrepreneurship.....................................................................................................................1P2 Similarities and Differences between Entrepreneurial Ventures......................................3P3 Impact of Micro and Small Business on Economy:..........................................................4P4 Importance of Small Business and Start-up's for Growth of Social Economy.................5TASK 2............................................................................................................................................6P5 Characteristics, traits and skills of Entrepreneurs and they are Made or Born?...............6P6 Reflection of Entrepreneurial Personality on Entrepreneurial Motivation and Mind-set.7P7 Individual Background and Past Experience Hinders or Fosters Entrepreneurship.........8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONEntrepreneur is a person who instead of working for someone else, runs a small businessand is ready to bear all the risk as well as rewards of the ventures, idea, products and servicesthat are offered by him for exchange of money (Agarwal, Audretsch and Sarkar, 2010).Entrepreneurship is an activity of establishing a business while taking responsibility for all thefinancial risk as to earn higher rate of profit. It is a concept that attracts young professional andcreators of public rules and regulations at par. But it is a rare phenomenon that makesentrepreneurship more important and significant. This report will state about various traits andqualities entrepreneurs have. It will also cover different typologies (types) and ventures run bythese self-made individuals. There are certain benefits of entrepreneurship to the local, regional,national and international economy, as well as the factors which hinders or fosters behaviour ofthese individual will also be stated. TASK 1P1 Different Type of Entrepreneurial Ventures and Their relation with types of entrepreneurshipEntrepreneurship refers to a process that includes designing, launching and running anenterprise which is initially considered as small business and offers products as well as servicesin return of money. The individuals behind these type of firms are known as entrepreneurs. It hasbeen described by researchers as a willingness and capacity to develop, organise, and manage aventure while carrying all risk as to earn profits in future (Barringer, 2012). While all thedefinitions have praises for entrepreneurship, there are significant number of start-ups which areforced to close due to three reasons, lack of funding, bad business decisions and an economiccrisis. That is why entrepreneurs need intra-preneurs who are as skilled as the promoter ofbusiness, but they agree to work for him and do not prefer to take any risk. The differencebetween these two is stated below:BasisEntrepreneurIntra-preneurDefinitionEntrepreneur refers to the individualwho sets his own business enterprise. Intra-preneurs are employee of anorganisation and they take care ofdifferent types of products andservices. ApproachThey use intuitive approachThey use restorative approach1
Resources They use their own resourcesThey utilise resources of organisationRiskLiable for all the riskAll the risk is taken by company andnot individualThere are various activities which are undertaken by an entrepreneur. These activitiesassist in running organization smoothly and efficiently. They also aid in achieving all the desiredgoals and objectives (Bosma and Levie, 2010). These activities are: Problem solving, Markettrend analysis, Operation management, Strategy formulation and implementation.There are different types of entrepreneurship that exist. As every individual havedifferent trait then others. There are basically four types of entrepreneurs which are mentionedbelow:Innovative: these are the type of entrepreneurs who invent or improve something new orexisting technique which assist in solving a major issue that is existing in business world. Imitating: They are the ones who copy others idea’s instantly. They imitate the innovativeentrepreneurs.Fabian: These type of people do not believe in inventing and is satisfied with usualbusiness activities.Drone: These entrepreneurs are old fashioned business man. They run business as pertheir mind set which can be changed.There are different types of enterprises run by these types of entrepreneurs. They are divided intofour major types:Small scale business/ lifestyle business: These are the enterprises which are run by singleowner or a family. The entrepreneur has all the authority as a well as decision makingpower (Dacin, Dacin and Matear, 2010). This type of venture lacks funds and usuallyentrepreneur uses his own savings or loans as to run business. The aim is to earn profit.Scalable start-up: These are the companies which are totally different from small businessenterprise. These are run by entrepreneurs who know that their idea or vision can changethe future. There is possibility of high returns in short period which attracts moreinvestment.Large business: These are the companies which are outgrown their own scope. They havebeen through a finite life cycle and via introducing new products and services they areable to stick in market. 2
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