Entrepreneurship and Small Business Management (Thomas Edison)
Added on 2021-01-02
13 Pages4333 Words213 Views
FinanceEntrepreneurship
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Entrepreneurship and Small BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1P1 Entrepreneurial ventures and their relation to the entrepreneurship topology.......................1P2 Differences and Similarities between the entrepreneurship business ...................................2LO2.................................................................................................................................................4P3 Impact of micro and small business on economy..................................................................4P4 Importance of small business in growth of social economy..................................................5LO3..................................................................................................................................................6P5 skills and traits, characteristics of two successful entrepreneurs ..........................................6P6 the entrepreneurial personality of both entrepreneur reflect their motivational and mindset.....................................................................................................................................................7LO4..................................................................................................................................................8P7 Different environments/environmental factors that foster or hinder entrepreneurship.........8CONCLUSIONS..............................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONEntrepreneurship is a process to identify the capacity and will to develop new ideas andmanage business activities effectively and efficiently. It is the best method to design newapproaches and ideas for establishing business in marketplace. They are mainly focused onlaunching new products and running business in proper manner.This report will identify different types of business venture and their specific roles inenterprise process. This report will determine differences and similarities in entrepreneurshipbusiness. This report will determine the impact of macro business and economy. It will identify theimportance of micro business and start-up business for growth and development. Therefore, it willdetermine important skills, characteristics and traits of successful entrepreneurs Thomas Edison.The entrepreneurial personality reflect or his entrepreneurial motivational and mindset will be alsoincluded in this report.LO1P1 Entrepreneurial ventures and their relation to the entrepreneurship topologyAn entrepreneur is a very successful person who can develop new ideas and innovation forbusiness activities. It will generate a capability to manage the whole business process in propermanner. They are mainly focused to establish business that would apply new strategy for growthand development. They have specific goals and objectives to plan new business strategy. ThomasEdison is very successful entrepreneur to develop a new strategy for handling the businessoperations and functions. The entrepreneur should always find new idea for innovation becauseevery business require a new planning that would be helpful for growth and development. Theentrepreneurship plays an important role in maximizing the economy. There are various types of businesses established all around over the world is given below:Small business- The small business is very popular in all over the world because they arehighly adopted for the business environment. Each and Every organization should be start frominitial level and then developed a strong business in market. Small-scale organization has takingfund through investor and then start their business (Wang and et.al., 2015). This organization isbased on small level and generates a less revenue. There are various types of business establish inUnited Kingdom. A successful entrepreneur is always established a small business for investing asmall amount by taking money through investor, band and other finance company etc. Small1
business is included such as Tour and travel agency, conference and boutique, other smallmanufacturing companies etc. Social Entrepreneurship- The social business should be used for people to improvingtheir life style and enhancing their skills. The entrepreneur is establishing a social business forhuman welfare because they provide the best services and product in market. This is very beneficialfor human being to improving the services (Henrekson and Sanandaji, 2014). Social business isvery important for people to fulfil the need of people in effective way. This business istransformation and innovation in different fields such as environment, health, educations anddevelopment. They are building a strong and sustainable company in the world. Scalable Entrepreneurship- The Scalable entrepreneur or business is required to developan effective business strategies and planning to establish a specific structured. The main objectiveof this organization to increases their productivity and profitability in marketplace. It will investsmall amount to increasing their business in all over the world. The scalable entrepreneurshipmainly focuses on customer satisfaction to extend their business. Trading Entrepreneurship- this business is basically based on their supply an effectivetype of goods and services in market is known as trading business. They are mainly focused on tomanufacturing a good product and supply proper services to their customer (Laukkanen andTornikoski, 2018). The production team perform many functions that are not to be part of tradingentrepreneurship. The trading entrepreneur are follows some trading activities that would notconcern about the manufacturing. It is only identified the market values, demands of product andcreate a desire interest of buyer. P2 Differences and Similarities between the entrepreneurship business There are various types of business or entrepreneurship ventures which have different goalsand objectives to create strategies and planning for growth and development. Sometimes thebusiness should have same targets and objectives to achieve in proper ways. They are performingmany functions such as planning, marketing, financing, accounting and manufacturing. These arevarious operations performing in business process to achieving their task and goals. Each and Everydepartment has separate working together (Burch and et.al., 2016). They create a specific strategyto identify roles and responsibilities of management. There are various types of businesses alreadyrunning in United Kingdom and can be classified on the basis of their size, structure and scope.2
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