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Entrepreneurship and Small Business Management - Sample Assignment

   

Added on  2020-12-18

17 Pages4909 Words273 Views
Entrepreneurship andSmall BusinessManagement

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1.Various types of entrepreneurial ventures and how they relate to the typology ofentrepreneurship..........................................................................................................................3P2. Similarities and differences between entrepreneurial ventures............................................5TASK 2............................................................................................................................................6P3. Assess relevant data and statistics to illustrate how micro and small businesses impact onthe economy................................................................................................................................6P4. The importance of small businesses and business start ups..................................................8TASK 3............................................................................................................................................9P5. Characteristics, traits and skills of successful entrepreneurs that differentiate them fromthe other business managers........................................................................................................9P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mindset...............................................................................................................................11TASK 4..........................................................................................................................................12P7. Using relevant examples, how background and experience can hinder or fosterentrepreneurship........................................................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................13

INTRODUCTIONEntrepreneurship is an activity of setting up a business concern or businesses andfetching on fiscal risks in the hope of net profit. It is a process of creating lancing and operating anew business concern which is often initially a midget business concern. The individuals whocreate these kind of business are known as businessperson. They are those people whoundertakes the designing, organising and taking risk regarding a business and founds or operatesa small business and assumes all the risk or reward of the venture (Baum, Frese and Baron,2014). Entrepreneurship refers and indicate an activity of establishing a new business byapplying created innovative and new ideas in to an action with a clear objective of earning moreprofit. It means that the owner of the business will focus on creating a market for its products andservices which are based on a business plan. These kind of small business help in thedevelopment of the economy of the country. Different kind of entrepreneurial ventures makecontribution in the growth of the nation's economy by providing employment to the local peopleand making tax payments to the government which indirectly work for the welfare forb thesociety. This assignment will discussed about the effect of midget business concern on theeconomic system. Further will defined the key aspects of an entrepreneurial mind set and thevarious encircle that adoptive and obstruct entrepreneurship.TASK 1P1.Various types of entrepreneurial ventures and how they relate to the typology ofentrepreneurshipEntrepreneur- It refers to a person who have the capability and disposition to create, coordinateand negotiate a business concern task along with any of its risks in order to make a profit.Entrepreneur indicates to a person or an individual who doing work rather than an employee andconvert their progressive thoughts in the business concern with the purpose of earning profit. Theprimary causative of the entrepreneur is to gain more profit so that they can set maximum effortsin executing all business operations more effectively. Entrepreneurial venture refers to the business which are differ in size and scope or run oroperated by an individual and person for different purposes. These kind of midget enterprise andstart-ups help in the development and maturation of the nation as well as the economic growth

(Burns and Dewhurst, 2016). There are several kind of businessperson project, they are asfollowing:Small business entrepreneurship- It refers to those business concern which are small insize and operate at small level with the small investment. These businesses are start and run withconstricted rootage and planning by a respective(Burns, 2016). Midget enterprise beingseverally closely-held and run with little estimate which come from diminutive respective andunable to bidding high market share. They enter in the market with the purpose of earninglivelihood cause of running at low scale. These kind business include grocery stores, touroperator, electricians and others.Scalable start up entrepreneurship- It refers ton a company which is initiated byrespective recovered or businessperson to identify a quotable and ascendible business model. Inthese kind of enterprise an individual would not dispatch the enterprise in vast marketplacebecause there is no certification of being implemented in the market. These business are newlyemerged and the motive of them to develop a viable business model that help in meeting amarket place need or problem.Large company entrepreneurship- It mention to those enterprise which run and run atlarge standard and help the company to earn and provide huge profit. To start, these kind ofbusinesses, huge amount and number of resources are required. Large business are beneficial forthe company because they help in earning profit. Social enterprise- These kind of organisation refer to those firm which operate theirbusiness for the social benefits such job creation and others. These businesses are set up theperson by change over their new and progressive thoughts in the business. The objective of thesebusiness is to improve the living standards of people by providing them employment. Typology of entrepreneurship- They are as following:Male- These kind of entrepreneurship specially based on male who are responsible forthe running of the company and female are restricted to participate in the decision makingprocess.Female- In these kind of firms, female are the owner of the business and they takedecisions and design policies for the maturation of the organization(Fayolle and Gailly, 2015).The whole business concern is operated by them.

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