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Entrepreneurship and Small Business Management - Types

   

Added on  2020-10-23

15 Pages5325 Words300 Views
Entrepreneurship andsmall businessmanagement
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Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1 Different types of entrepreneurial ventures and their relation with typologies ofentrepreneurship.....................................................................................................................1P2 Similarities and differences between various entrepreneurial ventures............................3LO2..................................................................................................................................................5P3 Determining the impact of micro and small business on economy...................................5P4 Importance of Small and New starts-up business in the growth of Social Economy ......6LO3..................................................................................................................................................7P5 Determining the characteristics, traits and skills of successful entrepreneurs whichdifferentiate them from other business managers ..................................................................7P6 Entrepreneurial aspects that reflects the mindset and Motivation of entrepreneurs.........9LO4................................................................................................................................................11P7 Examine the background and experiences of enterprises can hinder the entrepreneurship11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTIONEntrepreneurship can be defined as the activity of setting up a business for accomplishingthe organizational objectives. These objectives may be profits or non profits such as NGO's.Also, this can be termed as the process of designing and launching new products and services forthe growth and sustainability of the business. Entrepreneur is a person who undertakes variousplans and strategies for the successful development of the firm in market. This study willdescribe different entrepreneurial ventures and their similarities and differences as well. Also, it will help in assessing the impact of SME's on the economic development of thecountry. This report will also create complete understanding about skills and traits of successfulentrepreneurs and also reflection about personality they posses. Also, it will help inunderstanding the characteristics and personality traits of the successful entrepreneurs.LO1P1 Different types of entrepreneurial ventures and their relation with typologies ofentrepreneurshipEntrepreneurial venture can be identified as overall unit which is generally engaged invarious different kinds of activities such as Management, operation, direction, controlling andstrategic management etc. All such tasks are carried out by the person who is known asentrepreneur (Chaston, 2017). Most of the enterprises are generally aimed at earning huge wealthand reputation in the economic market of the world. At the same time, few firms run for thewelfare of the society and these firms doesn't run with the main motive of earning profitability.All those business operations which involves the exchange of goods and services in response ofearning money can be termed as business enterprise. Different types of ventures can be classifiedas large-scale, small scale, scalable and social entrepreneurship. Small business entrepreneurshipThere are large number of small businesses and start-ups are generally present whichemploys almost 50% of all non governmental workers. Small businesses are generally operatedby own abilities. The owners of these businesses generally fund the company via friends, familyor small business loans. These business generally lies in the typology of FemaleEntrepreneurship which describes thatIf a business may also be operated by female, it is calledFemale Entrepreneurship. It is mention in the employment law that 26% seat of management isreserve for female and they have to hire the female (Etzkowitz and Zhou, 2017). Thus, female1
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entrepreneurship is related to all kind of entrepreneurial venture whether it is private or public orvoluntary. Organizations which are managed and controlled by one or more individuals formaking profits. The main purpose of these industries is the sustainability and growth of the firmfor achieving long term profits in the market. Funding can be done through individual, friendsand family. This company can invest the minimum capital of one million. For example, TurtuleBay.Large scale entrepreneurshipMost of the large scale entrepreneurs grow through sustaining innovation and offers neinnovative products which may vary from their core products (Akpoviroro and Amos, 2018).Whenever the changes in technology, customer taste, legislation law occurs then this may createsmore disruptive innovations. The main objectives of these ventures is to earn huge profits inexchange of goods and services. These types of ventures commonly lies within LifestyleEntrepreneurship topology For An Example of individual who promote the concept ofLifestyle Business favourably includes Rodrick Bodyshop. The entrepreneur who start thebusiness to improve his lifestyle, not to make profits. His focus is on the improvement oflifestyle of people. This kind of entrepreneurship is mostly work in public sector because theirfocus is also on the public well being and improvement of health and lifestyle of public. That ishow Public Entrepreneurial venture is related to the lifestyle entrepreneurship. Public companywhich is runed by state or local government and generally owned by tax payers and voters.Scalable business The entrepreneurs start the scalable businesses with a particular perspective and vision ofchanging the world. These businesses uses the venture capital money to generate and innovatenew ideas within the business. Such ventures generally adopts various innovations which possesa higher scope in the future. Serial Entrepreneurship typology can be suited for scalablebusiness in which entrepreneurs always comes up with new idea and open the new business(Taiwo and Olufunke, 2018). Mostly private sector entrepreneur is risk taking and ready to bringnew technology or new products for the purpose of attracting customers and making profits. Forexample NHS (National health service).Social entrepreneurshipSocial entrepreneurs are investors who mainly focus towards creation of products andservices which mainly helps in fulfilling the needs of society.These companies are controlled by2
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