Entrepreneurship & Small Business Management Assignment Solution - (Doc)

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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Examine different types of entrepreneurial ventures and their relation to typology ofentrepreneurship.....................................................................................................................3P2. Similarities and Difference between entrepreneurial ventures........................................6M1 Diverse Range of entrepreneurial ventures to demonstrate an understanding ofentrepreneurship in both the public and corporate sector.......................................................8D1 Scope, Development and growth of entrepreneurial ventures..........................................8TASK 2............................................................................................................................................9P3. Relevant data in order to understand the impact of small business on the economy of acountry....................................................................................................................................9M2 Difference made by small, medium, large businesses in the economy...........................9D2: These enterprises contribution at different levels like national, regional and local....10P4. Importance of small businesses and business start-ups to the growth of the social economy..............................................................................................................................................10TASK 3..........................................................................................................................................11P5. Characteristic Traits and Skills of Successful Entrepreneurs that differentiate them frombusiness managers................................................................................................................11M3: Different Lines of Argument Relating To Entrepreneurial Characteristics..................14D3: Characteristics, Traits, Skills and Motivational Drivers of Successful Entrepreneurs..14P6. Aspects of entrepreneurial personality which reflects its motivation and mindset........14TASK 4..........................................................................................................................................16P7. Background and Experience of entrepreneur which hinder or foster............................16M4: Link Between Entrepreneurial Characteristics And The Influence Of PersonalBackground And Experience To The Successful Entrepreneurs.........................................17D4: Background And Experience Influences Entrepreneurs Positively And Negatively....17REFERENCES..............................................................................................................................19
INTRODUCTIONEntrepreneurs play very essential role in the development of an economy. Entrepreneur isa person who runs, operates as well as manages a new business. In addition to this, they takecomplete responsibility about all the risks along with rewards and profit. Entrepreneur is usuallya partner, sole proprietor or a person who own operates all the business activities of the venture(Acs, Autio and Szerb, 2014). Entrepreneurship is the capability and willingness of an individualto launch, develop or manage a new business venture in order to earn profit. In this presentreport, various types of ventures along with their interrelationship with different typologies havebeen included. On the other hand, this report will be able to give an overview about the impact ofSMEs upon the economic development of the UK. In addition to this, this report includes variouskey skills of a successful entrepreneur as well as their mindset while they operate their businessactivities which make them different from other managers. At last, various elements present inthe environment which will hinder or foster an entrepreneur has been discussed in this report.TASK 1P1. Examine different types of entrepreneurial ventures and their relation to typology ofentrepreneurshipEntrepreneurship:It is the act of creating, organising and developing a new business venture with the mainaim of earning profit. Entrepreneur assumes that while undertaking all the business activities inorder to provide goods and services, they face many risk which will aid them in maximising theirprofitability.Entrepreneur:It is a term mainly used for a business organisation which generate profit for a longduration of time(Blackburn, Hart and Wainwright, 2013). Enterprise communicates all theactions taken by an individual, who is willing and capable to take risks in order to launch a newbusiness organisation. There are different types of entrepreneurs which are discussed below:-Serial entrepreneurs:Entrepreneur is an individual who comes with an innovative andcreative idea in order to start their own business venture while executing their thoughtsand ideas. Serial entrepreneur is a person who after developing a start-up business assign
all the roles and responsibilities to their team members and move towards generating ideaor venture.Owner Managers:They are the person who are generally responsible in order to manageall the working activities. They have the power and authority to control and manage thewhole entity. Top management team of the company give authority to their them in orderto take decision in their absence and execute the same without any kind of interruption(Bosma and et. al., 2012).Social entrepreneurs:By bringing creative changes in the society, socialentrepreneurshelp the country by increasing the living standards of the people. Their main aim is toimprove the standard of living of individual rather then making money with the help ofgiving them products and services at very low cost required by them in their daily life.Entrepreneurial venture: It refers to an entity which has emerged by innovating new productsin order to develop economic as well as social value. There are different types of ventures settingup by an entrepreneur which are as follows:Small Business entrepreneurship:It refers to those business organisations which areestablished on a small scale. Entrepreneur of these ventures employs individual fromlocal market. The main aim of such business ventures are not big but limited to achievetheir desired targets. In addition to this, such companies get finance from their familymembers, friends or from small business loans. Some of the main examples of such typesof business ventures are hairdressers, travel agents, consultants, grocery stores and manymore.Social entrepreneurship:These are the business organisations who have a clear visionin order to develop the society by fulfilling their requirements and needs.Their main aimis to provide better place at the competitive marketplace and not to earn profit. Some ofthe example of these business ventures are non-profit organizations.Scalable start-up entrepreneurship:These are the entrepreneurs who have the believesthat their vision can modify the current scenarios of the country. In such businessorganisations those people are hired who are highly capable with effective skills andtalents.Typology of entrepreneurship:
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