Entrepreneurship and Small Business Management (solved)

Added on - 21 Feb 2021

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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................3TASK1.............................................................................................................................................3P1 Several kinds of entrepreneurial venture in relation with the typology of entrepreneurship.3P2 Difference and Similarities between entrepreneurial ventures..............................................5TASK 2............................................................................................................................................7P3 Assess and interpret appropriate statistics and data as well as small and micro businessesimpact on the economy...............................................................................................................7P4 Significance of small business and growth of the economy..................................................8TASK 3............................................................................................................................................9P5 Define the characteristic skills and traits of successful entrepreneurs that compare fromother managers of business.........................................................................................................9P6 Entrepreneurial personality reflects on entrepreneurial motivation and their mindset........11TASK 4..........................................................................................................................................12P7 Suitable example, how experience and background can foster the entrepreneurship..........12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONEntrepreneurship refers to the process of launching, designing and running a newbusiness, which is often a start up business. Along with this who always develop these kind ofbusinesses are called entrepreneur. On the basis of economy, it includes in several factors such ascapital, land and labour because all are very much essential part for the production system ofbusiness or a firm. It is very wide concept that generally defines the various sort of processes andactivities within the firm. Wherein, environment is positively influence by the small-business,just because they have lots of activity in the marketplace and their ideas mainly includes inunique planning, strategies and checking business operations day to day. By this conceptentrepreneur can get higher success and able to achieve their targeted goals in a perfect way.Furthermore, discussion will be made on different concept in relation with entrepreneurship andsmall business management with the several ventures and similarities. At last, impact of smallbusiness on the economic systems and key aspects of entrepreneurial mindset with differentfactors will get covered(Ács, Autio and Szerb, 2014).TASK1P1 Several kinds of entrepreneurial venture in relation with the typology of entrepreneurship.Entrepreneurship is the act of developing business ideas and makes profit in a properway. It also includes developing new ideas, creating things and social change as well. Along withthis who always develop good ideas or start a new business always called an entrepreneur. Thereare various types of entrepreneurial ventures, which are listed below:Scalable start-up enterprise:This type of start-up and entrepreneurs associated with it always concentrate theirattention upon the creation of quality offerings for customers with an aim to gain contentmentfrom them, thereby inflating their profitability as well as sales volume. This ensures satisfactionof consumer's needs and demands. In relation with this, entrepreneurs within such ventures tendto create unique ideas in order to become successful in market.Small Scale Enterprise:These business enterprises always managed by the sole proprietor in order to completedemand of their family members. In this sort of ventures, only two members can be involved
they can be family members or relatives as well. There are few example like grocery stores,carpenters and so on.Large Scale Enterprise:These kind of organisations require huge funds as well as infrastructure for the setup.Their main aim is to carry out expansion by undertaking risk and thereby inflating their profitsby a fair margin. They consists of an employee base of 5000 or above along with an annualturnover of 1.5 million Euros. They mainly intend to carry out business operations across variousparts of the globe. On the basis of this they always attract other people within the marketplaceand able to gain competitive advantages. Some examples of large companies are Apple,Samsung and Microsoft.Social Enterprise:These sort of enterprises having good aim that is to satisfy their customers and enhancetheir sales at higher level within the marketplace. In relation with this, business enterprises canachieve their goals and able to gain higher profit by providing desirable products to people.Some examples of these enterprises are Cafedirect, Hill Holt and so on(Blackburn, Hart andWainwright, 2013).Therefore, all these enterprises always perform well in order to gain competitiveadvantages in order to implement on the different typologies. The typology mainly related withentrepreneur in which they are able to take effective decision in order to make organisationattractive. There are few typologies, those are given below:Typologies of entrepreneurial ventures:Topologies mean segmenting things on the basis of their types. This segmentation isbased on style, structure, form and plan. Typologies of entrepreneurial ventures are as follows:-TypologiesMeaningLifestyleVenturesThese ventures prepare for inflating the standard of living of people byproviding them best business. Their main aim is to satisfy people and notdeveloping their sales. It provides job opportunities to people pertaining to thelocal areas.SurvivalVenturesThese entities are those which have the major aim to sustain in market for along run and fulfil the financial obligations of the venture. It is characterizedby cutting costs.
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