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Entrepreneurship and Small Business Management : PDF

   

Added on  2020-07-22

15 Pages4754 Words206 Views
EntrepreneurshipProfessional DevelopmentPolitical Science
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Entrepreneurship andSmall BusinessManagement
Entrepreneurship and Small Business Management : PDF_1

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P 1 Different types of entrepreneurial ventures and their relations to the entrepreneurshiptypology.......................................................................................................................................1P 2 Similarities and differences between entrepreneurial ventures.............................................3TASK 2............................................................................................................................................5P 3 Impact of small and micro business on economy .................................................................5P 4 Contribution of small business and business start-ups in economy development.................7TASK 3............................................................................................................................................9P 5 Characteristic traits and skills of successful entrepreneurs...................................................9P 6 Entrepreneurial personality reflect entrepreneurial motivation and mind-set.....................10TASK 4..........................................................................................................................................11P 7 How background and experience can hinder or foster entrepreneurship............................11CONCLUSION..............................................................................................................................12REFERENCES ..........................................................................................................................12
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INTRODUCTIONThose persons who design different business activities having the aim of earning moreand more profits are known as entrepreneurs (Schaper and et. al., 2014). Mainly entrepreneursare categorised into four types such as large, small, social and scalable enterprise. Some specialcharacteristics should be present in a successful entrepreneur like problem solver, risk handler,enthusiasm, etc. All these skills aid them in becoming a bright business man in their life and alsohelps in achieving their all aims and goals. The present report is based on the entrepreneurshipand small business management. In this project, different types of entrepreneurial ventures andtheir relationship with the typologies of the entrepreneurship is explained. In addition to this,various similarities and differences between entrepreneurial ventures is also described here. TASK 1 P 1 Different types of entrepreneurial ventures and their relations to the entrepreneurshiptypologyEntrepreneurship is a process where by a person or group of people carry out researches,designing and at last launches innovative goods in order to meet the demand of consumers (Nga,and Shamuganathan, 2010). By doing so they want to earn high amount of profits. There arevarious types of entrepreneurial ventures that are described below:Small business entrepreneur: Such type of entrepreneurs operates and run small scalebusinesses or enterprises. As a result, the amount of profits is normally small in relationto large businesses enterprises (Preuss, 2011). The best example of this kind ofentrepreneurs are carpenters, plumbers, hairdresser, grocery stores keepers, electricians,etc. Because of their innovative business ideas, such type of Large company entrepreneurship: Organisations which are executing commercialactivities on large scale and are generating huge sum of money per year fall under thistype of entrepreneurship (Storey and Greene, 2010). Business activities and decisions ofsuch kind of corporations are get impacted by different factors present in the businessenvironment like variation in the demands of consumers, competitors, technologicalaspects and many more. Such type of ventures is performing at global level that aidsnation in earning foreign money or exchanges which assist in maintenance of economic1
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growth and development of the country. These entrepreneurs also start and buildbusiness activities having an innovative idea. Scalable ventures: These are one of the new corporations in the market place that startwith the vision to modify the world by offering new, innovative and unique attributes ofgoods or services. Such type of entrepreneurs does not do any formal process ofregistration (Sampaio, Thomas and Font, 2012). Besides this, they develop acoordination with the banking sectors for receiving financial supports. They recruitskilled employees in order to handle their business operations and utilise effectualbusiness models for expanding their business operations. They receive high returns fromtheir investments. Social entrepreneurship: These types of entrepreneurs carry out their productionprocess to manufacture innovative based products in order to offers solutions to socialissues. The aim of such entrepreneurs is make society a better place instead of makingprofits. Such type of entrepreneur mostly design several activities or programmes forpoor people so that they can take facilities provided by them (Ligthelm, 2010). Theyoffer their products and services at very cheap rate to all civilians in order to help allperson who are not able to buy expensive goods. Life Style ventures : Such type of entrepreneur creates a business having the intentionof changing their personal living style (Storey and Greene, 2010). They do not have themotive of earning profits. A life style entrepreneur concentrates more on the life rewardsor awards provided to person who enjoy and also have a passion for what they areperforming. There is a expectation that businesses which is used to run by entrepreneurwill be well since the person has a passion of doing that. Type of various entrepreneurial typologies are discussed below:Research entrepreneur: Those entrepreneurs who do a lot of research activities prior tostart any business operations is referred as research entrepreneur. Such type of personloves to study new concepts and ideas. They used to carry out researches in order tocreate an effective strategy for business activities. Copycat entrepreneur: This can be understanding by their name that such type ofpeople examines the ideas given by various successful entrepreneur and copy the same2
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