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The Entrepreneurship and Small Business Management | Assignment

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Added on  2021-01-02

The Entrepreneurship and Small Business Management | Assignment

   Added on 2021-01-02

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The Entrepreneurship and Small Business Management | Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and their relation to typology ofentrepreneurship.....................................................................................................................1P2 Similarities and differences between entrepreneurial ventures.........................................3TASK 2............................................................................................................................................4P3 Interpretation and assessment of relevant data and statistics to illustrate impact of microand small businesses on the economy....................................................................................4P4 Importance of small businesses and business start-ups to the growth of social economy5TASK3.............................................................................................................................................7P5. Characteristics, traits and skills of successful entrepreneurs which makes them differentfrom other business managers. ..............................................................................................7P6. Entrepreneurial personality reflects, entrepreneurial mindset and motivation................9TASK4...........................................................................................................................................11P7. Background and experiences can hinder or foster entrepreneurship. ............................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
The Entrepreneurship and Small Business Management | Assignment_2
INTRODUCTIONEntrepreneurship can be defined as the procedure in which plans for designing, running andlaunching a business are formulated. The persons who creates idea of a new business venture arecalled entrepreneurs. They always search for change and respond to it in appropriate manner andgrab business opportunities that are available in the market (Bennett, 2014). Every various smallbusinesses are introduced in market some of them attain success but a few of them have to facefailure due to lack of innovation or attractiveness. Starting and operating a business in effectivemanner is known as entrepreneurship. Main objective of this report is to analyse importance ofsmall and start-up businesses for the economy.This report covers various topics such as different types of entrepreneurial ventures,typology of entrepreneurship, similarities and differences in such ventures and impact of smallbusinesses on economy. Along with this, assessment of key aspects of an entrepreneurial mindsetand different environments that foster and hinder entrepreneurship are also covered under thisassignment.TASK1P1 Different types of entrepreneurial ventures and their relation to typology of entrepreneurshipEntrepreneur: Individuals who identify growth opportunities from market and use themto establish a new business are known as entrepreneurs. They have ability to analyze market andthen formulate a business plan which can result in higher profits. In order to attain success it isvery important for them to form attractive idea that can grab attention of customers.Entrepreneurship: The procedure in which entrepreneurs formulate, design, develop anew idea of business is known as entrepreneurship. It is a quality of people which helps them toachieve their career goals and attain success life. It helps individuals to run a business andgenerate profits from it. In other words it can be defined as a tendency to be creative and wish towork effectively.Entrepreneurial ventures: There are various types of businesses that are operated byindividuals and a group of people are known entrepreneurial ventures. All of them executebusiness for different purposes some of them work for profits generation and others work forsocial welfare. In order to attain sustainability for operations it is very important for them to1
The Entrepreneurship and Small Business Management | Assignment_3
make sure that all the activities of business are conducted properly or not (Burns and Dewhurst,2016). Different types of entrepreneurial ventures are as follows:Small businesses: It includes different types of ventures such as privately ownedbusiness corporation, partnership firms, sole trader or proprietor which are having smallnumber of employees. Revenues that are generated by such types of businesses are veryless as compare to other organizations. Mostly these are controlled and operated by oneor two people and they have very small number of employees to execute businessactivities. Scalable start-ups: These are the businesses which are launched by individuals byfollowing innovations. They effectively develop strategy for business in order to establishbusiness successfully in competitive market. It includes all the ventures that are operatedby self employed persons and ventures that never intent to grow big or becomeregistered.Large companies: Business ventures that are having employee strength more than 5000and their annual turnover is more than 1.5 billion euros and total of balance sheet isaround 2 billion Euros. If the entity is not able to fulfil these requirements then it will beconsidered as small or medium sized business enterprises. Such types of organizationscontribute a high percentage in national income and helps to grow economy. Mainobjective of such companies is to generate higher profits and revenues (Burns, 2016).Social entrepreneurship: All the businesses which are applying various strategies toenhance alteration in financial, environmental and social activities. It also includeswelfare of societies. Non-governmental organizations are considered as the part of suchtypes of business entities. Main objectives of such types of businesses is to enhancestandard of living of society. Profit maximization is not their primary goal as they workfor social welfare.Typology of entrepreneurship: There are different types of typologies of businesses underwhich various organizations are executing operational activities. All of them are describedbelow:Male: All the businesses that are operated by men are considered as such types oforganizations. Scalable and small sized ventures are operated by males their typology ofentrepreneurship is male.2
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