Entrepreneurship and Small Business
Added on 2020-10-05
16 Pages4793 Words97 Views
|
|
|
Entrepreneurship andsmall businessmanagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Varies types of entrepreneurial ventures and their relation with typology......................1P2: Similarities and differences between entrepreneurial ventures........................................2TASK 2............................................................................................................................................4P3: Relevant data to understand impact of small business on economy................................4P4: Explain the importance of small businesses for the growth of social economy..............6TASK 3............................................................................................................................................8P5: Characteristics and trait of successful entrepreneurs.......................................................8P6: Aspects of Entrepreneurial Personality reflects the motivation and mindset..................9TASK 4..........................................................................................................................................10P7: Background and experience that can foster entrepreneurship........................................10CONCLUSION..............................................................................................................................11REFRENCES.................................................................................................................................12
INTRODUCTIONEntrepreneurship is the ability to create as well as manage new venture successfully byearning desirable profit. Though this activity involve financial risk but an entrepreneur takescalculative risk in order to convert their idea into reality. For better understanding Airdri whichis a small business of UK has been selected. It basically offer various designs of hand dryer thatsuits the wash room. This report cover following topics such as different type of entrepreneurventure and their relation with typology and similarities as well as difference in various venture.Along with that discussion is made on interpretation of data or statistic related to the smallbusiness and importance of small business and start up for the growth of economy. Further,report covers entrepreneurial aspect on personality reflect mindset as well as entrepreneurmotivation, background and experience that can hinder entrepreneurship. TASK 1P1: Varies types of entrepreneurial ventures and their relation with typologyEntrepreneurship:It refer to the capacity or willingness to establish a new businessventure by identifying the future opportunity and taking significant amount of risk. It is differentfrom other business because it require creative thinking as well as risk taking ability to develop aa new venture. Entrepreneur: Entrepreneur is an individual who take financial risk in order to run theirown business. Thus, their role is to create, design, coordinate as well as run new businesssuccessfully. Therefore, they are the innovators as they have out of box thinking ability due towhich an entrepreneur can source creative idea that can appeal the interest of audience (Naudé,2014).Types of Entrepreneurial VenturesThough an entrepreneur is self sufficient to have a foresight vision and perform theiractions successfully but still they require the support of employee. The role of staff is to functionsuccessfully and work in favour of organisation by perming their actions suitably. Thus, thereare varies types of entrepreneurial ventures which is discussed below:Small business entrepreneurship: There are various types of small business such ashairdresser, electrician, grocery store, travel agent and so on. They basically run their ownbusiness by at a small scale. Further, the main purpose of starting the business is to feed the1
family members due to which they focus only on to earn profit rather than expanding thebusiness. Scalable start up Entrepreneurship: The purpose of such entrepreneur is to expand thebusiness rapidly for which they attract various financial investor also they go to various venturecapitalist to raise the fund for business. Therefore, such entrepreneur does not only confinedthemselves to earn profit only.Large Entrepreneurship: Such entrepreneur makes the use of latest technology as wellas innovation to develop the innovative product. Along with that they identify the changingpreferences of customer and move accordingly so that they can overpower their competitors bygaining long term sustainable development.Social Entrepreneur: The purpose of such entrepreneur is to work for social welfare dueto which they create the product that can cater the social needs of people. Therefore, theyfunction only for the social motive not to expand the market share of company. Typology ofEntrepreneurshipTypology is used to classify the entrepreneurial venture based on the corporate structure,form, style, level and so on. Thus, there are three group of entrepreneurial ventures that is anindividual, public sector as well as corporate entrepreneurship (Trimi and Berbegal-Mirabent,2012).Survival Ventures: Such venture helps to satisfy the requirement of all three venture thatis individual, public and corporate along with their livelihood. They operate in internation levelto fulfil the financial requirement or expectation of an enterprise. Therefore, various microbusiness fall under this entrepreneurial typology which is an essential part of scalable start-up . Therefore, it has been analysed that an entrepreneur can change the living standard ofpeople by bringing the innovation growth as well as development in overall economy.Types of entrepreneurStart up: Start up is the initiative made by an individual to develop the new businessbased on innovative idea and make it a scalable business. They take the initiative to capitalise thebusiness and generate demand for the innovative product. Franchise: In order to expand the reach of business franchiser give the independentauthority to the people called franchisee. They are rewsponsible to distributye the product andservices to the ultimate consumer. Therefore, once the business become successful an2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents