(solved) Entrepreneurship and Small Business Management Doc
Added on 2020-10-04
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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and their relation to the typology ofentrepreneurship...........................................................................................................................1P2 Similarities and differences between entrepreneurial ventures..............................................2TASK 2............................................................................................................................................4P3 Interpretation of data and statistics on how small and micro business impact economy.......4P4 Importance of small business and start ups for the growth of social economy......................6TASK 3............................................................................................................................................7P5: Characteristic Traits and Skills of Successful Entrepreneurs that differentiate them frombusiness managers........................................................................................................................7P6. Aspects of entrepreneurial personality which reflect the motivation and mindset ofentrepreneur.................................................................................................................................9TASK 4..........................................................................................................................................10P7. Examining whether background and experience can hinder or foster entrepreneurship.....10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONEntrepreneurship is transforming an innovative idea into a successful business. It is thestudy which is related to the study of that how business are created and what are the actualprocess which are involved in the process of starting own business (Audretsch, 2012). Anentrepreneur is a person who work to convert an innovative idea in to a business. Byimplementing new and innovative ideas entrepreneur help in the development of the economy,just as small business and micro business do. Small business is a business which is operated on asmall scale. The following report contains the detail information about the various types ofentrepreneurial venture and it also states the similarities and differences between these ventures.This report explains the assessment of relevant data and statistics about small business and itsimpact on economy, it also explain the importance of small business and start ups for the growthof social economy. This report also determine the skills and characteristic traits of aentrepreneur, and the aspects of personality which reflect the entrepreneurial mindset andmotivation. TASK 1P1 Different types of entrepreneurial ventures and their relation to the typology ofentrepreneurshipEntrepreneurship is a method which creates new business at the market place with an aimto increase the sale and profit margin. These entrepreneurship are also called as the smallbusiness. It includes the conversion of innovative idea into a successful business, there aremainly four types of entrepreneurial venture which are as follows:Small business Entrepreneurship: these are the business which are run at the risk of anindividual who is running a small business. In this of business the main objective of anindividual is to earn small profit and keep its business going with slow and steadygrowth.Scalable start-ups entrepreneurship: Scaleable start up entrepreneurship are thosebusiness in which the main aim of the entrepreneur is to earn maximum profit and theyset their vision in order to bring the change in the whole world (Barringer, 2015).Entrepreneur hire highly qualified professional to operate its business and increase the1
market growth of the company. The scalable start up entrepreneurship includes twitter,Facebook, Instagram etc. Large company entrepreneurship: Large company entrepreneurship are the businessesin which the entrepreneurs run their business of a large scale and maximize their profitand increase its market growth and stability (Belz and Binder, 2017). In this types ofbusiness they product the goods a per the taste and the preferences of the target customer.These large company entrepreneurship produces good with an innovative and effectivetechnique in order to stand out in the competition. The mangers managing operations inthese entrepreneurship regularly send their employees on training and developmentprogram to enhance their knowledge and skills resulting in the improvement in theirefficiency and increase the company's financial resources.Social Entrepreneurship: social entrepreneurship are the business which focus on thedevelopment of the social need of the society and its customer. These business providedthe products which help in the reduction in the problems, the business which work for thewelfare of the society are mainly considered as an non-profit organisation.Typology of the entrepreneurshipThe skeptical entrepreneur: Skeptical entrepreneur are the individuals who have thecapability of innovating new techniques in business, builder, opportunist who can garbthe opportunity etc. They analyses and identifies the business of other competitors andtake innovative decision to take competitive advantage.The builder entrepreneur: Builder entrepreneur are the individuals whose main aim sito create their own business and bring new and innovative ideas to over come theproblems. They are the entrepreneur who believe in the creation of innovative product tosolve a problem and satisfy the need of their consumers.The specialist Entrepreneur: They are the entrepreneurs who start up their ownbusiness with the help of their own capabilities and skills (Bridge and O'Neill, 2012).These entrepreneurs have a complete knowledge about the field of work in which theyperform activity.P2 Similarities and differences between entrepreneurial ventures.Scalable and social entrepreneurship2
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