ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT.

Added on -2020-02-12

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UniversityEntrepreneurship and Small Business ManagementByDateNameLecturer’s name
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENTContentsTask 1:...................................................................................................................................................2LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial......2P1: Carry out a mini research to examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship.......................................................................2P2: As part of your research investigation, explore the similarities and differences between entrepreneurial ventures..................................................................................................................3Task 2:...................................................................................................................................................5LO2: Assess the impact of small businesses on the economy................................................................5P3: Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro and small businesses impact on the economy...................................................................................5P4: Explain how important small businesses and business start –ups will contribute to the growth of the social economy after ‘Brexit.'..................................................................................................7Task 3:...................................................................................................................................................8LO3: Determine and assess the key aspects of an entrepreneurial mindset.........................................8P5: Carry out a mini-research to determine the characteristics, traits and skills of two successful entrepreneurs, which differentiate them from other business managers.........................................8P6: Assess how aspects of the entrepreneurial personality as discussed in P5, reflect entrepreneurial motivation and mindset..........................................................................................9Task 4:.................................................................................................................................................12LO4: Examine the different environments that foster or hinder entrepreneurship............................12P7: With practical examples obtained through your mini-research, examine how background and experience can hinder or foster entrepreneurship..........................................................................12Reference............................................................................................................................................14Page 2 of 15
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENTTask 1:LO1: Explore and illustrate the range of venture types that might be considered entrepreneurialP1: Carry out a mini research to examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurshipEntrepreneurship is something which has a different meaning to the individuals because the person who is preparing for open a new business that person should know the meaning of the entrepreneurship. Entrepreneurship is more than a business concept because every businessman has a different perspective on running a business. The concept of the entrepreneurship includes the skills and the invention qualities along with the concept of the business management. Entrepreneurship means a person who is running the business should have the complete knowledge of business, management, communication powers and the organising power. The person should know how to solve the problem in any kind critical situation of the company. Along with that, the person has to create a new way of solving the problem of the company (Burns, 2010).Entrepreneurship is a process where the entrepreneurs of the business organisation will work out on managerial skills and business skills. The organisation who takes project is called enterprise and this project I related to the purpose of the business orientation. The activities ofthe entrepreneur are to develop the business and create the brand name in the market which will help the company to spread its business and will make the profit by proper marketing. There is another concept of the entrepreneurship where the single entrepreneur of the company set a business in a quick succession by making the profit from the business he moves to another business or venture this help them to develop the individual business skills and also if any old product from the previous business is left over he can include that Page 3 of 15
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENTresource in the new business. The work of the entrepreneur is to develop the new concept for the business, creating the new product, experimenting with new strategies, developing the marketing ideas and the strategies. In that case for the individual business, the manager and the owner of the business are the same people who are handling all the department of his ownbusiness.Entrepreneurs in huge business are very different from the small and the individual business because the entrepreneur has a lot of people in his company and those people have separate duties, responsibilities and have separate departments to handle. This helps the entrepreneur to make the work easier for his company. He has separate product developing the person, managerial persons, HR and the marketing manager who will develop the complete plan for the company. By all these things the owner keeps the good work and tries to promote the business in the global market. P2: As part of your research investigation, explore the similarities and differences between entrepreneurial venturesThe activities of the entrepreneurs can be considered in any places, but it is very different from the organisational business. Corporate entrepreneurship is the entrepreneurship which isvery much profitable for the company and also for the economy of the country from where the company belongs. Schumpeter's explains the four classes of behaviour in entrepreneurship which are the most important part of the entrepreneurship and those are: innovative, vital practices and the strategies, profitability and the development, innovative ideas and benefits of the entrepreneurial ventures. In the organisational sector, the business strategies are different for the entrepreneur business or the sole business. Organisational business is the multitasking business in the business sector and the entrepreneur business where ten business owners have to handle the entire department with a single hand. Page 4 of 15

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