Entrepreneurship and Small Business Management Assignment Solution (Doc)
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Added on 2020-10-22
Entrepreneurship and Small Business Management Assignment Solution (Doc)
Added on 2020-10-22
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ENTREPRENEURSHIP ANDSMALL BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3Different types of entrepreneurial ventures and explain how they each relate to the typology (characteristics) of entrepreneurship or ventures........................................................................3Explore the similarities and differences between these entrepreneurial ventures.......................4Diverse range of entrepreneurial ventures i.e. one each from both public and private...............5Critically examine the scope, development and growth of entrepreneurial ventures.................6TASK 2.................................................................................................................................................7Impact Of Small Business on the economy................................................................................7Importance of small businesses in the growth of social economy and example for a specific country preferable UK to support arguments..............................................................................8Differences small, medium and large businesses make to the economy, ...................................8Small business impact on different levels of economy...............................................................9TASK-3.................................................................................................................................................9Characteristics, traits and skills of a successful entrepreneur's...................................................9How aspects of the entrepreneur personality reflect entrepreneur motivation and mindset.....10Arguments against entrepreneur characteristics........................................................................11Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by specific examples.................................................................................................11TASK 4...............................................................................................................................................12Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship........................................................................................................................12Analyse the link between entrepreneurial characteristics and the influence of personal background and experience to specific successful entrepreneurs. ...........................................13Provide a Critical evaluation of how background and experience influences entrepreneurs, both positively and negatively, by comparing and contrasting example. .......................................13CONCLUSION..................................................................................................................................14REFERENCES...................................................................................................................................15
INTRODUCTIONEntrepreneurship is the process of designing and launching the new business which is oftena small business (Burns, 2017). The people who design the small business are called entrepreneur.An entrepreneur is someone who have an idea or thought for open the new and small business.Generally, entrepreneurship starts from small business but in some cases, it also start with mediumand large business (Entrepreneur, 2018). Entrepreneurship is nothing but, an activity which isperformed by the entrepreneur with the motive of giving contribution in the economy. This file willconsider different types of entrepreneurial ventures and their relationship with the typologies alongwith this, the assignment further lays emphasis on the similarities and difference between theentrepreneurial ventures; impact of small business on economy. At last, the report lays its focus onthe aspects of entrepreneurial mindset and different environments that foster or hinderentrepreneurship. TASK 1Different types of entrepreneurial ventures and explain how they each relate to the typology(characteristics) of entrepreneurship or ventures.An entrepreneur is the person who wants to start business on his own risk; takes decisionsand put their best ideas and thoughts in the business. There are various types of entrepreneurialventure -Serial entrepreneurship- A serial entrepreneurship is that in which an entrepreneur comeswith new ideas and thoughts regularly and start the business. When they give responsibilities tosomeone else then they start thinking about new ideas again. The best idea among alternatives canput by entrepreneur in the business(Arthurs and Busenitz, 2014).Here the entrepreneurs, aresuccessful because they are recruiting new and more skilled employees in the organisation.Intrapreneurship-It is the recent concept which focuses on the employees of theorganisation. In it the entrepreneur find by the organisation who is ready to take risk and effectivelysolve the problems of the organisation.Here, the entrepreneurs are successful in the business,reason being, they are completely innovative and doing the work in a new way.Owner manager- Owner-manager is only accountable to themselves and bearing more riskin the business because they have not any source of investment excluding bank loan and loan fromany other person or society. This type of businesses were successful by the score of, the owner oforganisation used to work with the manager and sometimes manages the complete organisation onhis own.
Different types of entrepreneurship typology are followingLifestyle entrepreneurship- An individual who creates the business for purpose ofalternating lifestyle not for earn profit, is called lifestyle entrepreneurship. Thisentrepreneurship focuses more on the life reward. Corporate entrepreneurship- It is the process used to develop new business, products andservices. It focuses on increase the efficiency of the process in the organisation to wealthmaximization and generate revenue. It sets for innovation and growth.Public sector entrepreneurship- It focuses on innovating public policy which will generategreater economic prosperity. It also focuses on economic development through product andservice differentiation. Public sector entrepreneurship contributes in economic developmentthrough different legal policies.Social entrepreneurship- Social entrepreneurship comes to solve the problems of society. Itfocuses on creating products and services that solve social need and problems. Their goal isto make the society and world better not to create wealth and market shares. Relationship between typologies and entrepreneurial ventures:-Serial entrepreneurship, is highly related to corporate and social typology ofentrepreneurship as it creates and promoters new as well as innovative product as to fulfil the needsof the people n the society. Intrapreneurship is another concept which is linked to the typology ofentrepreneurship in public sector. In this type of entrepreneurial venture employees are given highimportance to achieve the growth and development of economy. The typology of lifestyleentrepreneurship can be linked to managerial entrepreneurial ventures in which a single managerhandles a department or organisation in a business.Explore the similarities and differences between these entrepreneurial venturesDifferencesIntrapreneurOwner managersSerial entrepreneurMeaningThis focuses on theemployees in theorganisation to searchthe best entrepreneur.Owner-manager alsocomes with idea butthey bear all the risk.They come with newideas and innovationson regular basis.ResourceUses the resourceswhich provide by theorganisation.They use ownresources in theirbusiness. They used resources ofboth own and others.CapitalFinance by thecompanyRaised by ownOwned and partnerscapitalRiskTaking less riskTaking more riskThey also used to
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