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Entrepreneurship and the Small Business Management

   

Added on  2020-06-05

14 Pages4074 Words132 Views
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT

ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3P1 Various types of entrepreneurial ventures and its typologies.............................................3P2 Differences and similarities between different entrepreneurs.............................................5P3 Impact of micro and small business firms on economy.......................................................6P4 Significance of start up and small business on growth of social economy........................8TASK 2.................................................................................................................................................9P5 Characteristics, traits and skills of successful entrepreneurs.............................................9P6 Entrepreneurial personality reflects entrepreneurial motivation and mindset.................11P7 Background and past experience of person foster and hinder entrepreneurship.........11CONCLUSION..................................................................................................................................12REFERENCES..................................................................................................................................13

INTRODUCTIONEntrepreneurship refers to an activity to starting a new business or venture orcan say ability to introducing and managing a venture for the purpose of earningprofit. It is a creative and innovative activity. A person who starts new business isknown as entrepreneur. He/she is liable for managing and controlling a business andliable for taking risks. This people mostly start their business at small scale and theyare very self motivated, creative and risk taker (Schaper and et.al., 2014). Everyentrepreneur is not same their skills, abilities and capabilities are different from eachother. In this report mentioned about various types of entrepreneurial ventures andtheir typologies. There are some differences and some similarities among varioustypes of entrepreneurs. There are some impacts of small scale business and start upbusiness on economy of United Kingdom country. In this present report, it is alsomentioned about the skills, traits and characteristics of successful entrepreneurs.TASK 1P1 Various types of entrepreneurial ventures and its typologiesThe main objective of any entrepreneur is to earn profit by providing goodquality products and services to its customers and its main focus is on the givingservices to small stage. In entrepreneurial venture considers generation of thoughts,analysis of feasibility, managing finance, making strategies and policies related withthe introducing and selling products at market place and at last to recruit thosepeople who have knowledge, skills and abilities about the work (Storey and Greene,2010). The entrepreneurial ventures are many types which are given below asunder:Small Business Ventures- These are small scale industries and the salesand revenue of these type of business are not much high as comparison to largescale organisations. In small companies there are small number of employees areworking and along with increasing the profit, its main objective is to provide goodquality services and products to its customers. These types of companies aregenerally owned by sole proprietorship.

Large Business Entrepreneurship- These are large size industries and thesales or revenue of large companies is high. In large companies there are largenumber of employees are working. The main purpose of these types of companies isto earn more and more profit. In this, the chance of risk is high than small business.Social entrepreneurship- The main objective of these of businessenterprises is to provide better and satisfactory goods and services by identifying theneeds and wants of customers. These companies also work for welfare of societyand also conduct many activities for local community.Lifestyle entrepreneurship- The basic purpose of these industries is tomaintain and fix its lifestyle not purpose for maximisation of profit or money(Henrekson and Sanandaji, 2014). Its main focus is on improving the lifestyle ofother people of local areas or community by providing them jobs and they have a bigpassion to do this. These all are the entrepreneurial ventures and goals and objectives of everyventure are different and their qualities, capabilities and skills are different. Thevarious types of entrepreneurs are as given below:Social Entrepreneur- The main goals and objectives of these types ofentrepreneurs is to producing qualitative products which can helps in fulfil thedemand of customers. Before manufacturing the products these entrepreneurs areconduct research on tastes and preferences of customers.Technical entrepreneur- They set up its business which is based ontechnology and science ( Ackermann, 2012). To make business successful, thesetypes of entrepreneurs use new and advanced technology and machineries.Private entrepreneur- These entrepreneurs start managed and controls itsbusiness individually and also takes risk single. Small scale entrepreneur- These people start their business at small scaleand there are many few people are working and their sale is low as comparison tolarge entrepreneurs. Serial entrepreneurs- These business persons are come with new innovativethoughts and develop new business with innovative ideas and view and after earning

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