Entrepreneurship and Small Business Management INTRODUCTION 1 TASK 11 P1 Differences among entrepreneurial ventures and similarities among micro and small business
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Entrepreneurship and Small BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Various kinds of entrepreneurial ventures and related typologies of entrepreneurship.........1P2 Differences and similarities among entrepreneurial ventures................................................3TASK 2............................................................................................................................................6P3 Assess statistics and relevant data that micro and small business affects on economy.........6P4 Significance of small businesses and business starts-ups to development of social economy.....................................................................................................................................................7TASK 3............................................................................................................................................8P5 Characteristic skills and traits of successful entrepreneurs that differentiate from otherbusiness managers.......................................................................................................................8P6 Entrepreneurial aspects personality which reflect entrepreneurial mindset and motivation.9TASK 4..........................................................................................................................................10P7 Experience and background can hinder or foster entrepreneurship.....................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12.......................................................................................................................................................13
INTRODUCTIONEntrepreneurship refers to a procedure of preparing, designing and also running businesswhich is mainly started with the small business. Those people, which started the new businessare known as the entrepreneurs. Generally, there are four kinds of business enterprises like for aninstance small, medium and also large scale businesses. These all businesses provide theemployment opportunities to the local people (Acs and et.al., 2012). Marks & Spencer is a largeretail organisation. This organisation has more than the 10 branches in United Kingdom country.Under the given report mentions about the various kinds of entrepreneurial ventures and they allare related to the typologies of entrepreneurship. An affect of the small business on the economyof United Kingdom are going to be discussed under this given report. Along with it, variousenvironment which hinder or foster entrepreneurship mentions under this report. TASK 1P1 Various kinds of entrepreneurial ventures and related typologies of entrepreneurshipEntrepreneurship refers to carries out a research programme, determining the wants andalso needs of consumers, designing goods, launching and then provide the products to theconsumers in order to satisfy their needs and demands. It is necessary for company to more focuson the demand of customers and try to fulfil them in a better way. It will be helpful in developingthe positive image of company in the mind of consumers. Various business enterprises providesthe featured and also unique goods and also services to consumers in context to increase growthrate and market share. The different kinds of the entrepreneurial ventures can be determinedfrom the given points:Small business entrepreneurship- In Today's time period, more than the 90%enterprises in United Kingdom are mainly started from small scale (Blackburn, Hart andWainwright, 2013). In small firm, few number of staff members are working and the revenue ofthese business are not much high. Under small businesses includes travel agents, grocery,carpenters, grocery stores, hairdressers etc. Generally, the owners of small businesses appointtheir own family members in order to manage the business related activities in a better way.Small firms give their contribution in order to increase the economy.Social entrepreneurship- These businesses are started with some of the innovative andalso creative solutions to the problem related to the society. The major motive of these kinds of1
firms is to give their contribution in developing the society instead of increasing the profit level.The social enterprises produce the goods according to the tastes and preferences of consumers. Large scale entrepreneurship- Those business firms which implement their businessrelated activities at large scale and offer some of the unique products for attracting the newconsumes and also target the more market place in addition to fulfil their wants and demands.Under these organisations, there are large number of staff members working and the profit levelof these businesses are more than the small firms (Burns, 2010). The business operations of largefirm can be impacted through the different factors which are related to the environment like foran instance government policy, technology, customers, rivals etc. From implementing thebusiness related activities and also operations at large level, then in this case these kinds ofcompanies can earn the more profit each year. Scalable start up entrepreneurship- In this, these kinds of entrepreneurs do theirbusiness operation with an efficient and better vision. The main focus of these enterprises tomake changes in the process in less time period. Towards this entrepreneur, large number of thefinancial investors and also the venture capitalist are attracted. There are various types of the entrepreneurs given below:Skeptical entrepreneurs- These entrepreneurs carried out the research programmes incontext to find out the main reasons of other entrepreneurs success. These people take the fullentrepreneur process in a positive manner and also determine each aspect which is concerned toit in context to get some of the positive results.Serial entrepreneurs- These types of entrepreneurs like to deal with many challenges.These people come with some of the new and also effective ideas in order to start a business inan effective manner (Carland, Carland and Stewart, 2015). After situate a business, these personsdelegate their responsibilities regarding running a business and also move to the other ventures.Female entrepreneurs- In this, those business firm which are run by the female areknown as the female entrepreneurs. The share capital of female entrepreneur is 51% from totalshares. Social entrepreneur- The major aim of these types of entrepreneurs to make thoseproducts which can fulfil the needs and also wants of people. They generally work for the benefitof society and also its people in a better and effective manner. 2
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