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Entrepreneurship and Small Business Management - Ventures Types

   

Added on  2021-01-01

13 Pages3885 Words252 Views
Entrepreneurship and smallbusiness management
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures...........................................................................1P2 Differences and similarities between different types of ventures..........................................2TASK 2............................................................................................................................................4P3 Impact of small and micro business on the economy............................................................4P4 Importance of start ups in the economy.................................................................................5TASK 3............................................................................................................................................6P5 Traits and skills of the entrepreneurs.....................................................................................6P6 Entrepreneurial personality reflecting entrepreneurial mindset and the motivation..............7TASK 4............................................................................................................................................8P7 Analysis of experience and background on the entrepreneurship.........................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONEntrepreneur is a person or individual who initiates the the process of creating,organising, and managing the new business or the entrepreneurial ventures. Entrepreneurshiprefers to the study of how a new business or venture is created and how it is managed to earnprofits and grow. The report will first outline the different types of the entrepreneurial ventures.After that it will highlight the similarities and the differences of these different types ofentrepreneurial ventures. Further the report will display the impact of the small and microbusinesses on the economy. After that it will demonstrate the importance of start ups. Also thereport will highlight the different traits, skills and characteristics needed for becoming asuccessful entrepreneur. At last the report will analyse the impact of experience and backgroundin hindering and fostering the entrepreneurship process.TASK 1P1 Different types of entrepreneurial venturesThe entrepreneur is an individual who creates, organizes, manages and assumes the risksof the enterprise or the business. Entrepreneurship refers to a process by which an individual or aperson launches and manages new business or industrial enterprise. Entrepreneurial venture isdefined as the organisation which places importance on the innovation and opportunism at itsheart to produce economic, financial and social values (Glavas and Mathews, 2014). Thedifferent types of the entrepreneurial ventures are as follows-Small business- this is an independently owned business which is operated for profits and is notmuch dominated in the business environment. It is not much dominated because the capitalinvested and the level of operations is very small. These small business generates payroll taxesand jobs and they provides products and services that are necessary part of the leisure goods andretail. Lifestyle business- this types of business includes micro enterprises and the freelancers. It is anenterprise where the founders' skills, passions and strengths are combined with the efforts of theemployees to earn profits. The different types of business covered under lifestyle business areone person firm, self employed individuals etc.Large business- it is a type of business which is independently owned operated with the soleaim of profit earning. These types of enterprises have the potential to become dominant in its1
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