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Entrepreneurship and Small Business Management: Joe Woods

   

Added on  2021-01-02

15 Pages5011 Words328 Views
Entrepreneurship and SmallBusiness Management

Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and their relation with typology ofentrepreneurship.....................................................................................................................1P2 Similarities and differences between entrepreneurial ventures. .......................................3Differences ............................................................................................................................3TASK 2............................................................................................................................................4P3 Micro and small businesses impact on the economy........................................................4P4 Small businesses and business start –ups will contribute to the growth of the socialeconomy after ‘Brexit’...........................................................................................................5TASK 3............................................................................................................................................8P5 Characteristics, traits and skills of two successful entrepreneurs, which differentiate themfrom other business managers................................................................................................8P6 Aspects of the entrepreneurial personality to motivate and mindset..............................9TASK 4............................................................................................................................................9P7 Examine how background and experience can hinder or foster entrepreneurship............9CONCLUSION .............................................................................................................................10

INTRODUCTION Entrepreneurship is a concept through which small business are develop throough whichoverall development of the society is made. An idea has the power to develop a small as well as alarge venture. There are several small ventures in the country and all of these are contributingtowards increasing per capita income by providing opportunities and employment to thepopulation. This report is based on entrepreneurship and small businesses management and thegiven case study is of Joe Woods which is a a small business and deals in online processes aswell as in credit/ debit card. This report includes different types of entrepreneurial ventures andtheir typology, similarities and differences between entrepreneurship ventures. Following studyalso comprises the impact of small businesses on the economy and start up contribution to thegrowth after Brexit. Characteristics, traits, skills of two successful entrepreneurs along with theentrepreneurial motivation and mindset are also analysed in deep (Sampaio, Thomas and Font,2012). TASK 1P1 Different types of entrepreneurial ventures and their relation with typology ofentrepreneurship.An entrepreneur is an individual who begins a firm with limited resources and weighs allkinds of risk and responsibilities of their business to implement their ideas and concept in realworld. These kind of all entrepreneurs have an innovative approach to develop their products.Entrepreneurs have the ability to establish different kind of entrepreneur ventures but it dependsupon their idea that which type of venture will be chosen. Entrepreneur venture on the other handare the range of business in which a particular entrepreneur can invest depending upon the natureand area of interest. These ventures can be described as - Private Venture Entrepreneur : As its name depicts, the private firm are those whichare operated by an individual or a family. This kind of ventures generates a better profit which isenough to sustain in the market and it does not has government influences. This kind ofbusinesses are close to the lifestyle ventures as they are owned by a single person and producesa high profit like a carpenter, salon, shop, local restaurants, etc. Scalable start ups : These are those enterprises who take high risk for which makedifferent plans and further finds investors for same. Scalable start ups can consider the small andlarge firms (Schaper and et.al., 2014). Small firms are those which begins its business with asmall area and less funds. These small business run to offer the products to the common public1

and they does not put efforts to get the big projects to attain the luxury items such as the smalladvertisement agency which offers a advertisement facilities to the local area and they does notseeks to grab the opportunities in external environment because they are generating a goodrevenue that is enough for them (Storey and Greene, 2010). Large company entrepreneurship: These are the companies that basically implementnew and innovative ideas for gaining benefits and providing better services to its customers. Thiswill directly lead them to one of the leading companies wherever they are operating business.Their revenues and relatively higher as compared to other firms who are dealing in other sectors. Social business enterprises : Socialbusiness enterprise covers the profit and non – profitfirm and it's major purpose is to offers good quality products and services in order to satisfy theend user's requirements. These organization works for social cause and it does not look to gainprofit against the services it provides. Typology of entrepreneurial ventures Typology of entrepreneurial ventures can be classified as below - Lifestyle ventures – Lifestyle ventures are those set up which are run by its founderswith an aim to sustain a specific profit and income in order to enjoy their lifestyle. Theseentrepreneurs invests their money in the field where they wanted to stay for a long run in themarket competition. To increase the competition level in the market, they generally produces thegoods and services which are required by the people and they should follow their belief to utilizethe products. This kind of business offers a high amount to sustain and conduct business in anappropriate manner. As these firms are running in a particular geographical are and therefore, itdoes not seeks to explore in the market. They are located at a fix location that is why it alsoholds a less number or worker due to limited work. The lifestyle ventures are run by theindividuals who want to satisfy the needs of particular region and that's why it has a drawback itdoes not have the opportunities to expand across the boundaries attain high amount of profit. Managed growth venture : A managed growth venture always looks for the constantbusiness which can support in its growth and it also has a work model (Bridge and O'Neill,2012). The management growth venture needs to make some investment for the growth of anexisting business because it includes launching of a new products and it also needs to increasethe employees as it expands the ventures across the borders. As it has an integration processwhich directs the entrepreneur to manage the process of work that gives an output with timelymodifications. 2

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