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Small Business Management and Entrepreneurship in the Social Economy

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Added on  2020-07-22

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Different types of entrepreneurship ventures and their typology Entrepreneurship is known as way of taking action in order to exploit new ideas and grab opportunities which assist in making the good position in the market. Different types of entrepreneurship ventures and their typology Entrepreneurship is known as way of taking action in order to exploit new ideas and grab opportunities which assist in making the good position in the market.

Small Business Management and Entrepreneurship in the Social Economy

When completing the tasks provided please ensure you directly address each assessment criterion paying particular attention to the command verb requirements.

   Added on 2020-07-22

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Entrepreneurship and smallbusiness management
Small Business Management and Entrepreneurship in the Social Economy_1
Table of ContentsTable of Contents.................................................................................................................................2INTRODUCTION................................................................................................................................4PART 1.................................................................................................................................................4P1. Different types of entrepreneurship ventures and their typology..........................................4P2. Similarities and differences between entrepreneurial ventures.............................................5P3 Micro and small businesses impact on the economy..............................................................7P4. Explain how important small businesses and business start –ups will contribute to thegrowth of the social economy......................................................................................................8M1 Diverse range of entrepreneurial ventures to demonstrate an understanding ofentrepreneurship in both public and private sector......................................................................9M2 Evaluating the differences that small, medium and large businesses make to theeconomy, applying relevant data and statistics............................................................................9PART 2...............................................................................................................................................10P5 Traits, skills and characteristics of successful of Bill Gates and J.K. Rowling....................10P6 Aspects which reflect entrepreneurial motivation and mind sets.........................................11M3 Entrepreneurial characteristic..............................................................................................13P7 Investigating background and experiences of entrepreneurs................................................13M4 Personal backgrounds..........................................................................................................14CONCLUSION..................................................................................................................................14REFERENCES...................................................................................................................................15
Small Business Management and Entrepreneurship in the Social Economy_2
INTRODUCTIONEntrepreneurship is the process of designing, launching and running a new business,which is often initially a small business. The people who create these businesses are calledentrepreneurs. In contrast with this statement, the following report will aid in exploring therange of business ventures available to different types of entrepreneurs. After exploringdifferent types of ventures, similarities and differences exist in each venture will be describedin the assignment. With the help of relevant data and statistics, the impact of small businesson economy will be assess and importance of small businesses on the economy of UnitedKingdom will be asses. The traits, skills and characteristics of successful entrepreneur will bedetermined and aspects of entrepreneurial personality reflect on entrepreneur ventures will beexplained in the assignment. Eventually, the background and past experiences of personhinder or foster entrepreneurship will be examined in the assignment. PART 1P1. Different types of entrepreneurship ventures and their typologyEntrepreneurship is known as way of taking action in order to exploit new ideas andgrab opportunities which assist in making the good position in the market. There are varioustypes of uncertainties faced by entrepreneur while starting a new business (Dacin, Dacin andMatear, 2010). Here below are provided several types of entrepreneurs: Small business ventures: Small business carry out their all business activities at alower level. These types of business basically are grocery, hairdresser and consultant. At thetime of starting a business, support is basically taken by family members and friends to carryto daily activities. Scalable start-up venture: In this type of business entrepreneurs are highly motivatedfor accomplishing success (Morris, Kuratko and Covin, 2010). They kept a vision to changethe world through establishing a new business. In order to accomplish the vision, they hiredhighly skilled employees who help them in their business. Large venture: To start a large company a huge capital and proper planning isrequired in order to accomplish success. There are various types of strategies are developedthat help in making innovative products and services to enhance customer satisfaction andearn a profit.3
Small Business Management and Entrepreneurship in the Social Economy_3
Determines entrepreneur: These type of entrepreneurs who are generally pacemakernot a follower. It is because they do not copy products and services of other firms and try todo something different. Social venture: Social venture work basically for providing welfare of society not toearn a profit (Dacin, Dacin and Matear, 2010). They possess the capability to serve societyand provide them quality products and services without earning any profit.Intrapreneur: Intrapreneur are established at large firms. They do not understand any riskwhile carrying out business activities. This is assisted by their entrepreneurial skills. On theother side entrepreneurship is the process of taking action and investigate new ideas forgrabbing the new opportunities. Activities of entrepreneur is to make innovative products and services for customers andfocus on growth and develop of the business.Typology of entrepreneur are Lifestyles: This type of people developed business with whole and sole motive of alteringtheir personal lifestyle. They do not care about profit. Social entrepreneur: These types of entrepreneur focus on incorporating social innovation.They try to build up firm which are sustainable. Serial entrepreneur: This type of entrepreneur is basically those who come up with new ideasto start new business. Growth entrepreneur: It is consider under the competitive nature of the firm in order to drivegrowth. They basically set long term goals. Research entrepreneur: Research entrepreneur are those who research the availedopportunities and try to capture large number of markersP2. Similarities and differences between entrepreneurial venturesAs discussed above in the above question there are several types of entrepreneur andthey all work with respect to the growth and development of the economy. They all possesssome similarities and differOmntrences regarding managing profit and for developing theirbusiness. One of the similarity is that all the entrepreneurs accomplish growth and make a4
Small Business Management and Entrepreneurship in the Social Economy_4

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