Entrepreneurship and Small Business Management Importance- Doc

   

Added on  2020-10-23

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Entrepreneurship and Small BusinessManagement
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P 1 Different types of entrepreneurial venture and typology.................................................2P 2 Similarities and difference between venture ...................................................................3P 3 Impact of micro and small business on economy ...........................................................4P 4 Importance of small and start-ups businesses .................................................................7M 1 Entrepreneurship in both public and corporate ..............................................................9M 2 Difference between small, medium and large ................................................................9D 1 Scope development and growth of venture ..................................................................10D 2 Impact of small business at different level ...................................................................10TASK 2 .........................................................................................................................................10P 5 Characteristic, traits and skills of Jack Cohen ...............................................................10P 6 Entrepreneurial personality of Jack Cohen reflect motivation and mind-set ................10P 7 Background and experience of entrepreneur can hinder and foster entrepreneurship . .10M 3 Different lines of argument relating to entrepreneurial characteristic..........................10M 4 Link between entrepreneurial characteristic and influence of personal background....10D 3 Traits, skills and motivational drivers of successful entrepreneurs ..............................10D 4 Critically evaluation back ground and experience influences entrepreneurs................11CONCLUSION .............................................................................................................................11REFERENCES .............................................................................................................................12
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INTRODUCTIONEntrepreneur is person who organizes a business venture and is the person who is willingto take risk associated with certain start up. Entrepreneurship is process of capability anddisposition to acquire, create and arrange business project along with risks for making profits.The present study is based on successful entrepreneur that is Jacob Edward Cohen. He is anEnglish grocer who was founded Tesco supermarket chain. In this context study is based on different types of entrepreneurial ventures, its typologiesand similarities and difference in entrepreneurship. It will assess impact of micro and smallbusiness on the economy and importance of business start-ups to growth of social economy. Itwill determine characteristic, skills and traits of Jack Cohen and aspects of entrepreneurialpersonality reflects motivation and mind-set. It will also identify the impact of background andexperience which can hinder and foster entrepreneurship.TASK 1
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P 1 Different types of entrepreneurial venture and typologyEntrepreneurial venture is focusing on providing services small, medium and microcompanies. They are directing on offering new and innovations. From significant manner, iteffects on economies and persons. With the respect, there are different types of ventures such asfollows: Types of entrepreneurial ventureSmall Business Entrepreneurship: Any person who is running their businessindividually with own capital risk and making profits. As per Wennekers and Thurik, theimportance of small firm entrepreneurship is seen with raising invention, industry dynamic andjob generation. Role of small company for serving economy as agent. They play role in jobcreation process. Small business is related to economic growth. Entrepreneurship induced bysingle attitude, skills and motives. For example Michelle Mone who is innovator and designersof women clothes. Their success is measured by deriving their ability to pay bills and provideservices (Types of Entrepreneurship, 2017). Medium business entrepreneurship:According to Wennekers and Thurik, it isachieved by small business at the medium level. Innovation are object for transforming personalentrepreneurial qualities and ambition into action. While entrepreneurship arise at the smalllevel, it is likely to achieve medium level. For example Richard James Andersonwho isprovides health care services. These entrepreneurs raise revenues without extra highincremental costs. It is newly emerged business venture that objective to meet need ofmarketplace. They are developing possible business model with the help of innovative goodsand services (Bae and et.al., 2014).MicroBusiness Entrepreneur: According to Wennekers and Thurik, micro business issum of entrepreneurial activities represent competing experiments, new ideas and initiatives.The competitions lead to variety and modification in the marketplace. These activities expandand transforms productive potential of national economy. For example Emma Hellier who ownluxury hair salon. It is procedure of growing new thoughts and business possibilities withinestablished enterprise. It is leading to new business venture and advancement of profitability.Consumer needs, new technologies and market competitors which create pressure for microentrepreneurs. It is created corporation and transformed through renewal of key thought. (Belzand Binder, 2017).
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