Entrepreneurship and Small Business Management Assignment - Talent Plus
Added on 2020-10-22
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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1 ......................................................................................................................................3Types of entrepreneurial ventures and their relationship with typology of entrepreneurship 3Similarities and difference between entrepreneurial venture ...............................................5TASK 2 ...........................................................................................................................................8Impact of micro and small business on an economy. ............................................................8Importance of small business and start up companies for the growth of social economy. 9TASK 3..........................................................................................................................................10Characteristics, traits and skills of successful entrepreneur that differentiate them from otherbusiness managers................................................................................................................10Entrepreneurial personality reflect their motivation and mindset ...................................12TASK 4 .........................................................................................................................................13Background and experience can hinder or foster entrepreneurship ...................................13CONCLUSION .............................................................................................................................14REFERENCES..............................................................................................................................15.......................................................................................................................................................16
INTRODUCTION An entrepreneur is an individual who has the potential or capacity to found or establishand runs small business, assuming all risks and reward for ventures. Apart from this, they areregarded as an innovator who grab all possible business opportunity and accomplish their goal byimplementing innovative and creative ideas (Baum, Frese and Baron, 2014). They plays a keyrole in an economy as they have the skills and initiative in order to anticipate current and futureneeds and bring innovative ideas to market. However, an individual who establish or introduceand runs new business i.e. small business is known as entrepreneurship. It is regarded as aprocess of setting up a new business and implementing innovative or creative ideas in order toadopt financial risk and attain a maximisation of profit. This report covers different types ofentrepreneurial ventures and their relationship with typology of entrepreneurship, examine thesimilarities and difference between entrepreneurial venture. Moreover, overview of influence ofmicro and small business and start up on social economy, identifying the characteristics, skill andtrait of entrepreneur and differentiate them with business manager. Finally, assess the aspect ofentrepreneurial personality reflect on their motivation and mindset. TASK 1 Types of entrepreneurial ventures and their relationship with typology of entrepreneurship Entrepreneur It is an individual who has the potentiality or skill to undertake, launch and come up withnew approaches or innovative ideas in order t meet customer's need or want that enable them toattain higher level of efficiency and productivity (Burns and Dewhurst, J. eds., 2016). Alongwith this, an entrepreneur has an ability to identify market opportunity and develop creativeresponse to opportunity with market potential for garner the confidence of possible investors.They plays a pivotal role in economic development as it provides enormous employmentopportunity to a large number of people which remove unemployment problem from communityand enlarge economies of scale. Entrepreneurial Venture It is an owner of organisation who attempt to make profit from business. In other words,an entrepreneurial venture can be defined as an organisation that places innovation andopportunism at its heart in order to produce economic or social value. Furthermore, each
business is differ in size and scope from each other. As it is classified into two ways i.e. smalland medium business and big business and many more. However, entrepreneurs are innovationdriven, and are always ready to challenge conventional business knowledge. Apart from this,entrepreneurial venture generate new wealth as they encourage entrepreneur to adapt innovativetechnologies in order to enhance existing market situation. The different types of entrepreneurialventure are as follows: Small business entrepreneurship: It is concerned with those business which is privatelyowned and operate , with a smaller number of employees and relatively low volume of sales.They are normally privately owned cooperation, partnership and sole proprietorship. Moreover,their main motive is to earn profit but they make profits to support their families and theirimprove their living style (Types of Entrepreneurship. 2019). For example, Talent Plus, a famousUK based small business company. It's a HR consulting firm which provide job opportunities tovarious individuals according to their potentiality and capability which leads them to acquirevarious platforms to innovate and growth of business. Scalable Start-up Entrepreneurship: Under this type of entrepreneurship, entrepreneurintroduce their business with a vision to change the world. As their fund comes from venturecapitalists and they hire suitable and best employees for obtaining high profitability. Scalablestart up only make up small proportion of all business due to the risk capital and outsize returns.For example, Bulb a UK biggest green supplier and start up company which is established withan aim to eradicate pollution from environment and provide healthy atmosphere to everyindividuals. They provide services to 3,00,000 households in UK in a best quality and theyalways seek for nee possibilities to enhance their proficiency among industry. Large company: In this type of entrepreneurship, they sustain innovation, offer newproducts in order to meet with customer need and gain competitive advantage amongcompetitors. In this, their main objective is to adopt advanced technology for capturing themarket share effectively and efficiently. For e.g. GlaxoSmith Kline, a reputed firm which dealsin pharmaceuticals and drugs. Their main vision is to satisfy customer demand in an effectivemanner and gain competitive advantage. Social Entrepreneurship: In this entrepreneurship, an entrepreneur creates products andservices to solve social needs and problems as their main goal is to make a world better place andnot to generate profit or acquire wealth (Burns, 2016). They are non- profit, profit or hybrid
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