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Entrepreneurship & Small Business Management Assignment Solution

   

Added on  2020-10-04

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ENTREPRENEURSHIP ANDSMALL BUSINESS MANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different type of entrepreneurial ventures and relation to typology of entrepreneurship.....1P2 the similarities and differences between entrepreneurial ventures........................................3TASK 2............................................................................................................................................4P3 Interpret and assess relevant data and statistics to illustrate how micro and small businessimpact..........................................................................................................................................4P4 Importance of small business and business start-ups to growth of social economy..............5TASK 3............................................................................................................................................6P5 Characteristics traits and skills of successful entrepreneurs that differentiae businessmanagers.....................................................................................................................................6P6 How aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation..7TASK 4............................................................................................................................................8P7 Using relevant examples how background and experience can hinder or fosteentrepreneurship..........................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONEntrepreneurship is considered as a skill of analysing the idea of establishing anorganisation and make it reliable and practical in current commercial and organisationalenvironment. It is basically known as an an effective approach of tackling the risk and flow ofchallenges in organisational context to make effective control and analysing the essential aspectsrelated to business operations and management. This mainly associated with analysing thepossible business situations to expand or set up new entity. the relevant sources which remainassociated with evaluation of entrepreneurs skills.This report refers the type of ventures which are explained with similarities anddifferences. Relevant data are analysed with statistical analysis of small business and impact oneconomy. Importance of small business start-ups and the growth of social economy also definedin this context. Characteristics traits and the skills of successful business also defined in thiscontext. Entrepreneurial aspects personality reflection and motivation and mindset also definedin this context. Hinder or foster entrepreneurship also defined in this context.TASK 1P1 Different type of entrepreneurial ventures and relation to typology of entrepreneurshipThe concept of "Business enterprise" alludes to the way toward beginning and runningnew association which is at first little and the person who structures or makes it is usually knownas Entrepreneur. With their innovative and novel thoughts, they build up new business wanderwith a point of viably meeting the necessity of overall population. There are differententrepreneurial typologies through which a business person can produce greatest benefit areexamined below in depth: Social Entrepreneurs: The main focus of social entrepreneurs is on improving theeconomic condition of the country and promoting the interest and welfare of society and itsmembers. Such types of entrepreneurs drive social transformation and innovation in variousfields such as human rights, workers’ rights, environment development, health and education etc.They are also known as the Innovators who laid stress on creating goods and services that solvethe problem and need of society. Their goal is to make world, a better place to live and grow.Small-Business Entrepreneurship: these type of organizations are typically run,oversaw and possessed by sole-proprietor. The most well-known route through which each1

business visionary begin his/her new pursuit is private venture. There are almost around 5.7million private ventures exhibit in the UK advertise (Barringer, 2012). At first, all newcompanies hone their activity as little undertaking as they don't have satisfactory assets both asphysical and monetary at its underlying stage. As indicated by the insights, it has been madesense of that larger part of new businesses in UK (close around 36%) are as yet running as littleorganizations with a point of nourishing and supporting their relatives, instead of making higherbenefits. Market, Carpenters and Electricians are a portion of the cases of private venturebusiness people. Right around half of all non-administrative labourers are utilized under this. Serial Entrepreneurs:Such type of business people are known as the greatestwellspring of thought age. In addition they have the freedom to exchange their duty to someother individual with the goal that they can begin looking or confining new thoughts. Theypersistently thought of new thoughts which are one of a kind and innovative all the idealopportunity for setting up new business wander. At first, they begin organization with theirenhance thought and after that assume crucial part in controlling it. They are for the most partknown as the author of association. Scalable Start-ups Entrepreneurs: The for the most part stress on seeking adaptableplan of action and at whatever point they discovered it, they attempt to grab the consideration offinancial speculators. Scalable business people are the person who have more prominentaptitudes and learning. They are very much aware of the way that their creative thought canchange the world or its point of view. Notwithstanding that, they centre around fast developmentand improvement of its business wander with their remarkable and imaginative thoughts. Large Company Entrepreneurs: These organisations have limited life-cycle which arein the end overseen and controlled by huge corporates. Their principle point is to catch vast pieceof the overall industry and increase high upper hand over their adversaries. They essentiallydevelop and create through managing advancement and giving merchandise and enterprises toshopper according to their need. Be that as it may, any adjustment in innovation, customer taste,passage of new contender, enactment may affect expansive organizations and empower them togrow completely new item which they will offer new purchasers in new market. Existingendeavours can do this either by securing development firms or attempting to manufacture atroublesome item (Baum, Frese and Baron, 2014). 2

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