Assignment | Entrepreneurship and Small Business Management (Doc)

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Entrepreneurship and SmallBusiness Management1
ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Examine different types of entrepreneurial ventures and their relation to typology ofentrepreneurship...........................................................................................................................3P2. Similarities and Difference between entrepreneurial ventures..............................................6TASK 2............................................................................................................................................7P3. Impact of small business on the economy.............................................................................7P4. Explain how important small businesses and business start-ups will contribute to thegrowth of the social economy....................................................................................................10TASK 3..........................................................................................................................................11P5. Determination of characteristics traits and skills of successful entrepreneurs thatdifferentiate them from other business managers......................................................................11P6. Assessment of how aspects of entrepreneurial personality reflect entrepreneurialmotivation and mindset..............................................................................................................12TASK 4..........................................................................................................................................13P7. Examination of different environments that foster or hinder entrepreneurship..................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................152
INTRODUCTIONEntrepreneurship is the ability and willingness to launch a business venture taking inconsideration the risks associated with generation of profits. An entrepreneur is the person whofinds, runs and manages a business venture and takes the responsibility of all the risks andrewards along with it (DuvalCouetil, 2013). Present report is based upon the various venturesthat can be considered to be entrepreneurial and also their interrelations with various typologiesare included. Furthermore, this assignment will provide an insight into the impact of small andmicro businesses upon economy. Also, the key skills to be a successful entrepreneur and theirmindset while running the business are covered along with the aspects in which they are differentfrom other business managers. Lastly, it will unleash the various factors present in theenvironment of business entity which foster or hinder entrepreneurship.TASK 1P1. Examine different types of entrepreneurial ventures and their relation to typology ofentrepreneurshipEntrepreneurship:It is the act of developing and organising a business while building and growing it withthe aim of profit generation. This is done by assuming all the risks that can be faced by anentrepreneur while undertaking the activities to provide goods and services, so that these riskscan be maximised and high profitability can be ensured(Morris and et. al., 2013).Entrepreneurial activity:It is strongly associated with the concept of entrepreneurship. Herein, the personundertaking the business activity with the objective of earning profits, commonly known asentrepreneur comes with new and innovative ideas. With his imagination in relation to initiationor growth of economic activities, he gains knowledge about the market, processes and latestproducts being sold by competitors in industry.Enterprise:It is the term used for a business that is generating profit in the long run but it is oftenlinked with entrepreneurial ventures. Enterprise communicates about the actions undertaken by aperson who is willing to take risks for launching or growing economic activities to start abusiness.3
There are various types of entrepreneurs which are stated below:-Serial entrepreneursEntrepreneur is a person who comes forward with an idea to start a business and thenundertake activities that result in execution of his thoughts. Serial entrepreneur is an individualwho put forward a thought for initiation of a start-up but later assign the duties andresponsibilities to other people for moving to a new venture or idea.Intrapreneurs:These are the entrepreneurs who possess the skills, ideas, imagination and knowledgerequired to establish a business. They are highly motivated and innovative people who developand imagine solutions to a problem being faced by consumers in a society and then start abusiness for that. The risks associated with these ideas are lower and backed up by organisationthrough finance, skills and knowledge.Owner managers:These are the individuals operating in an organisation who are responsible for managingthe work. They work alone or in teams and hold control and management of the entity. Theyhave the authority to take decision on their behalf and execute the same without any interruption.These are generally the employees working in an organisationindividuals (Martin, McNally and Kay, 2013).Typology of entrepreneurshipThe typologies of entrepreneurship taken into consideration are lifestyle, growth andsocial entrepreneurship.Lifestyle entrepreneurship:These types of businesses are set up for doing the work that the owner enjoys or byachieving a productive activity that provide high profit to the owner. According to Shaw andWilliam, small firms give a way to the development of certain cultures of entrepreneurship likethe lifestyle entrepreneur. Characteristics of such types of entrepreneurship are:The motivation behind this venture is the living style of people instead of growth.The actions of management here are often classified as irrational.There is a lack of concentration on development of products and services and marketingcampaigns.Owners invest more amount of time in these kinds of firms.4
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