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Entrepreneurship and Small Business Management Assignment - (esbm)

   

Added on  2020-12-30

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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
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ContentsENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT......................................................................1TASK 1..........................................................................................................................................................3P1. Different types of entrepreneurial ventures and their relation to the typology of entrepreneurship.................................................................................................................................................................3P2. Similarities and differences between entrepreneurial ventures........................................................4TASK 2..........................................................................................................................................................5P3. Impact of small and Micro business on economy..............................................................................5P4 explain the important of small business and business startups to the growth of the economics.......7TASK 3..........................................................................................................................................................8P5.Mini research to determine the characteristics, traits and skills of two successful entrepreneurs: . .8P6.Enterpeneurial motivation and mindset.............................................................................................9TASK 4........................................................................................................................................................10P7. With practical examples obtained through your mini-research, examine how background and experience can hinder or foster entrepreneurship................................................................................10CONCLUSION.............................................................................................................................................10REFERENCES..............................................................................................................................................11
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INTRODUCTIONSmall and micro business has a huge impact on growth of economy. These business provides knowledge and employment opportunities to the people who are living in geographical areas (Martin and et.al., 2013). This report is carried out in the context of entrepreneurs. Different types of entrepreneurial ventures and their relation with typology are also been discussed under this report. In addition to this, some benefits of small and micro business are also evaluated in this report.TASK 1P1. Different types of entrepreneurial ventures and their relation to the typology ofentrepreneurshipEntrepreneurshipIt is the process of designing, launching and setting up of new businesses by taking financial risks in order to create profits (Bae and et. Al., 2014). These type of business are run byand created by individuals which are called entrepreneurs. These businesses are also called smallbusinesses. It is a business method which involves product, services and advanced technology products. Types of EntrepreneurshipThere are different types of entrepreneurship which are as evaluated under the followingheads.Small business entrepreneurship: Small business includes grocery stores, hairdressers,consultants, carpenters, etc which runs their own business. There are approximately 5.7million of small business in UK. The main motive of these businesses is to make profitsand feed their family.Scalable startups entrepreneurship: These are also known as Silicon Valleyentrepreneur. It is a small software based business which includes Twitter, Facebook andInstagram. The entrepreneur of this business has an ability to create profits withoutputting additional costs. The entrepreneur of scalable business operates mainly inShanghai, New York, etc.Large company entrepreneurship: These businesses offers new products withadvanced technology to its consumers. These business are focused on long term stay atmarket place. The main objective of these business is to increase sales by offeringsuperior quality products to its consumers and also the profitability margins.Social entrepreneurship: These business is established by entrepreneur in order to serveits consumers with all social needs and problems. This also helps in bringing positivechanges by identifying problems of people.
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Typology of entrepreneurship:The skeptical entrepreneur: In this, entrepreneur sees the success of others and askquestions related to the business. They determine the business of other entrepreneurs andwait waits for the breaks. The copycat entrepreneur: These entrepreneurs are called copycat because they copyall the things of other companies. They use the same website like others business and alsocopies the same business cards. They look after the success of others and copy temexactly.The research entrepreneur: These entrepreneurs believes in research. They find every possible techniques and strategy to make their business successful at marketplace. They focus on learningdifferent things to grow their business. but without copy from any business (Fayolle., 2013). These types of people like to run their business with their own ideas and techniques. They analyze the needs and demands of its consumer and then produce their products so that they will increase their profitability margins and increase sales. The accomplished entrepreneur: These types of entrepreneurs build their business tomake it grow and success at marketplace. They focus on developing their business more.They have gone already with all types of stages of entrepreneurship and now have alltype of knowledge to make their business grow. The main objective of theseentrepreneurs is to accomplish their set goals in allotted time frame.P2. Similarities and differences between entrepreneurial venturesSmall and large entrepreneurshipBasisSmall business entrepreneurshipLarge company entrepreneurshipSimilaritiesThese business are run byentrepreneurs to achieve growthand profitability at marketplace.They attract their consumertowards their goods by provingproducts at affordable rates.The main motive of these entrepreneurs are also to increase revenues and sales and grow their business successfully (Fayolle, and Gailly., 2015).They also allure their consumerstowards their company byproviding superior qualityproducts at low costs.DifferencesThese businesses run with asmall investments and with smallnumber of employees.Their leadership trait is patienceand maintain discipline incompany.Large company entrepreneursstart their company with a largeamount of funds. Along with this,workers performing in this type ofcompany are also large in number.Leadership trait of these businessare highly motivated andinfluential.
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