Entrepreneurship and Small Business Management : Similarties and Diffrences
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Added on 2021-02-21
Entrepreneurship and Small Business Management : Similarties and Diffrences
Added on 2021-02-21
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Entrepreneurship andSmall BusinessManagement
Table Of ContentContents...........................................................................................................................................1INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Entrepreneurial ventures and interrelation to typologies.......................................................1P2. Similarities as well as differences between ventures of entrepreneurial...............................3M1. Entrepreneurial ventures for demonstrating entrepreneurship understanding in corporateas well as public sector................................................................................................................5D1. Growth, scope together with development of entrepreneurial ventures...............................5TASK 2............................................................................................................................................6P3. Data interpretation illustrating the ways in which micro as well as small businessesimpacts on economy....................................................................................................................6P4. Importance of small businesses together with start-ups towards social economy growth....7M2. Differentiation among small, medium along with large businesses making economy........9D2. Examination of small businesses having impacts at distinct economic level.......................9TASK 3............................................................................................................................................9P5. Characteristic traits together with skills of entrepreneurs.....................................................9P6. Aspects of entrepreneurial personality................................................................................10M3. Different lines of arguments in relevance to entrepreneurial characteristics.....................11D3. Analysis of characteristic traits and motivational drivers of entrepreneurs........................12TASK 4P7. Background and experience................................................................................................12M4. Linkage among entrepreneurial characteristic together with influences of experience andbackground................................................................................................................................13D4. Critical evaluation of experience and background that influences entrepreneurs in negativeand positive manner...................................................................................................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONEntrepreneurship is described as willingness, potentiality addition to capacity fordiscovering and acting on distinct opportunities for translating technologies along withinventions into unique commodity (Adhikari, 2018). It captures innovative activities that are partof existing business together with similar operations that are part of new venture. To managesmall businesses, it is necessary for entrepreneurs to have diverse knowledge about businessrelated field. The report illustrates various venture types which are considered entrepreneurial. Italso assess impacts that micro as well as small businesses have on economy. In addition, keyaspects of entrepreneurial mindset are properly determined along with characteristic traits andskills of entrepreneurs. At last, the report discusses distinct environment which hinders or fostersentrepreneurship. TASK 1P1. Entrepreneurial ventures and interrelation to typologies.Entrepreneurs: These are human beings works across disciplines, meets with distinctpeople, think ahead, develop transferable skills and are in charge of their own fate. These humanbeings takes various risks for organising as well as operating business at distinct level. Enterprise: It is used for profit businesses and is concerned with entrepreneurial venture.It is usually associated with bringing production factors in conjunction, allotting each factor itsaccurate tasks and making regular payment at the time of work completion. Organisationspossessing entrepreneurial success are referred to enterprising. Entrepreneurial venture: Firms which emphasises more on innovation and opportunismin order to produce economic together with social values are entrepreneurial ventures. Theseventures creates solid wealth by targeting rapid growth in order to achieve high returns ().Following are entrepreneurial venture types:Small entrepreneurial venture: This venture type requires small proportion of capitaland limited technology for starting business operations. Maximum entrepreneurial venturesbegins working as small businesses (Baldacchino, 2015). Salons, small restaurant, bakeries,guest houses, grocery stores, tradespeople and photographers are named after smallentrepreneurial venture. Purpose for existence of such businesses are restricted within littlegeographic area. Entrepreneurs who wants limited success and do not wish to face risks1
associated with loss or competition usually takes such initiative. They only aim to earn revenuethrough which they can feed their family members and maintain position in local market. Social entrepreneurial venture: In such ventures, originators works to resolve issuesalong with providing social development. The entrepreneurs who has aim to gain respect fromsocial members by resolving all their issues generally takes such initiation. They works withsuch rule that none of the operations results in negative impacts on society members. Socialentrepreneurs have objective to make the nation a better location instead of creating wealth orachieving market share. Such entrepreneurial venture develop, funds together with implementssolutions for environment and social problems. With social media websites, using internet andsocial networking, these ventures reaches numerous people to understand the pertaining issuesand accordingly invest funds and resources to manufacture suitable solution that can resolve allthe needs or problems. Sanergy, Good Eggs, GoldieBlox and Oxfam are social entrepreneurialventures.Scale startup ventures: Another name for such venture is job creator or revolutionaryentities who posses innovative ideas addition to searches scalable business model that helps inturning towards high growth. These ventures attains all the objectives by entering into largemarket as well as taking away shares of existing ventures. In addition, these also focuses oncreating new market for accomplishing growth rapidly. These businesses generally expands therevenues without any additional high incremental costs. One of successful example of thisentrepreneurial venture is Online Shopping which tends to serve qualitative commodities formaximising profits with increasing sales volume. Large company entrepreneurship: This venture has objective to make huge profits soto sustain in competitive market. They operates tasks in finite business cycle so that they cansustain innovation for long time phase. Such entrepreneurial ventures offers new commoditieswith unique attributes that are distinct from their core products. These businesses needs hugefinancial resources in investment so that existing companies converts into large firms throughmerging with other small companies so that they can make attempt to diversify their existingportfolios. Companies like Coca-Cola, Yahoo, Microsoft and BBC are considered as largecompany entrepreneurship. Entrepreneurial typologiesDistinct entrepreneurial typologies are as discussed:2
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