(Doc) Assignment: Entrepreneurship and Small Business Management
Assess students understanding of entrepreneurship and small business management, exploring different types of entrepreneurial ventures and assessing how small businesses impact the economy.
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Added on 2021-02-19
(Doc) Assignment: Entrepreneurship and Small Business Management
Assess students understanding of entrepreneurship and small business management, exploring different types of entrepreneurial ventures and assessing how small businesses impact the economy.
Added on 2021-02-19
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Entrepreneurship and SmallBusiness Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P1 Types of entrepreneurial venture and their typology.............................................................1P2 Similarities and differences between different types of entrepreneurial ventures.................2TASK 2 ...........................................................................................................................................3P3: Interpret and assess of relevant data and statistics that show impact of SME on theeconomy......................................................................................................................................3P4 Importance of small businesses and business start-ups towards growth of social economy.5TASK 3 ...........................................................................................................................................1P5) Ascertain the Traits, skills and characteristics of successful entrepreneurs which variesthem from other business managers............................................................................................1P6 Aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation.........2TASK 4............................................................................................................................................3P7 Background and experience can hinder or foster entrepreneurship. .....................................3CONCLUSION ...............................................................................................................................4.........................................................................................................................................................4REFERENCES ...............................................................................................................................5
INTRODUCTIONAn entrepreneur can be defined as a person who identifies opportunities that are exists inthe market and take action for work on them. The term entrepreneur is applied on all thosepersons who seeks a need of market and convert it into business and economic opportunity. It isdefined as a process in which a person organizes, predict, evaluate and manage the risk to start anew business or organisation(Carree and Thurik, 2010). This project highlights on types ofentrepreneurial venture and its typology. Similarities and differences between differententrepreneurial ventures will be discuss in this report. Data and statistics that show theimportance of micro and small business's in economy along with this small business's and start-ups are discuss in context of social economy growth. At last skills, traits and characteristic ofentrepreneur that reflects their mindset is discourse in this assignment. TASK 1 P1 Types of entrepreneurial venture and their typologySmall Business Entrepreneurship Small business refer to those business's which are performs their operations at smalllevel. They manufacture, deal and deliver their products in local area such as their origin area,village or district. In present scenario most business are operating their business at small level.They recruit less than 50 number of employee's to perform their business and motive of smallbusiness is to earn more amount of profits. Small entrepreneurs or business follow lifestyletypology as they want to live a luxury and comfortable life by earning huge amount of profitsfrom their business(Chaston and Scott, 2012). Moreover turnover of small business's is upto 2crore.Scalable Startup EntrepreneurshipThis type of entrepreneurs start their business or operations to make changes in workingculture and way of living of the society. In order to complete their operations effectively theyraise funds from venture capitalist which leads to recruit expert and best employee's for theorganisation. Scalable business operate and perform their operations at small level. For this theyrecruit maximum 100 employee's for complete their operations. Whereas turnover of scalablebusiness is upto 5 crores. Further they follow growth typology of business as they perform theiroperations to make changes in society.
Large scale entrepreneurship Large business executes their operations at multi-national level which determines thatthere manufactures and deliver their products in bulk. The main motive of large organisation is toearn more amount of profits. So they develop products through innovation and research aboutproducts. They recruiting large number of employee's for executing their activities withinspecified time period. It determines that they hire more than 1,00,000 employee's as theirturnover is more than 20 crores. In order to sustain for longer period in the market largeentrepreneurs follow survival typology. It helps them to retain more number of profits from themarket(Glaeser, Rosenthal and Strange, 2011). P2 Similarities and differences between different types of entrepreneurial venturesIn this table similarities between small, scalable and large organisation is mention asbelow.ParticularScalableSmallLargeGoals The organisationalgoal of scalablebusiness is to developthe living standard ofsociety by makingchanges in the societythrough their new andinnovative products. Small organisationwork with motive offulfilling needs ofsociety through takinginitiative steps foridentifying businessopportunities in themarket.Large organisation areexpanding theirbusiness operations atglobal level. In thisthey identify differentneeds of residents orsociety individuals inorder to fulfil theirneed.EmploymentopportunitiesScalable businessperforms theiroperations throughengaging localemployee's forbringing change insociety. This business performtheir operations atsmall level but tocomplete their workthey hire employee'sfor attaining their taskwith more efficiency.Organisation whichare operating theirbusiness at global leveltheyprovideemployment to largeindividuals fordelivering theirproducts before time.
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