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Entrepreneurship and Small Business Management - Assignment Sample

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Added on  2021-02-20

Entrepreneurship and Small Business Management - Assignment Sample

   Added on 2021-02-20

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Entrepreneurship and SmallBusiness Management
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Entrepreneurship and Small Business Management - Assignment Sample_2
INTRODUCTION Entrepreneurship is the activity of bringing something new and innovative into marketwhich can successfully meets the needs and requirements of targeted customers. It is the capacityand willingness of the leader to manage the business venture in the profitable manner.Entrepreneur is the individual who has the ability and willingness to carry out the businessactivities in a proper manner by assuming risk that may harm the business in near future(Blackburn, Hart and Wainwright, 2013). Therefore, this entrepreneur business greatly enhancethe nations economy and contributes to the growth and success of the country. It is easy to setnew business enterprises by analysing demands and requirements of the customer and survive inthis competitive world. This project is based on global business consultancy firm which is “Makeit Work' in order to advise the entrepreneurs in running their venture in successful manner. Thisproject will throw highlights on different types of entrepreneurial ventures in relation to thetypology as well as determines similarities between different entrepreneurial ventures and alsoassess the impact of small business on the economy. In addition to this it determines key aspectsof the entrepreneurial mindset and differentiate it those from business managers, as well asexamines how the background and experience can hinder and foster entrepreneurship. TASK 1P1Entrepreneurship is the procedure of determining and running the small business byassuming all the risk so as to enhance their profitability levels. Entrepreneurs is the person whohas accepts all the roles and responsibilities in running the business in a successful manner.Therefore, different kinds of entrepreneurial ventures in relation with the typology ofentrepreneurship, which is described as follows- Small Scale Enterprise- Entrepreneurship business are normally the small scale businesswho is owned and controlled by single owner and earns small amount of money so as meet theirdaily expenses. These small business are normally the grocery stores, hair dressers, travel agents,plumber and electricians. This business is generally operated by the family members and takefunds for their business through friendly or family.3
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Scalable Start up Entrepreneurship- This type of entrepreneurial ventures greatlybrings innovations in the modern world as it leads to provide products as per customers'expectations and requirements of the customers. Their main focus is towards rapidexpansion of business as well as earn high amount of returns on their investment.Example of scalable enterprises is that of Amazon and Facebook. Large scale business- These are the large scale business which continuously grows byproviding innovating products and meets the demands and requirements of the customers.This venture enhances the growth of the nations economy by generating job opportunitiesfor large number of people. Example of large scale venture is Apple. Social Entrepreneurship- Social enterprises are the ventures which focuses on creatingproducts and services that meets the need and solve the social issues and problem of theindividuals within the society. Their main focus is to make the world a proper place andthereby enhance the standard of living of all individuals. Example is Cafe Direct (Bridgeand O'Neill, 2012). Typology of EntrepreneurshipTheir are various typologies of entrepreneurship is discussed as follows-Survival Firms- This type of ventures may not be registered and provides basic financialneeds to the new start ups. Therefore providing funds to the small business helps themto execute different business activities in desired manner. Life style firms- This business ventures are located in single locations and are operatedby founders primarily having an objective of improving lifestyle and standard of living. Managed growth firms- This type of ventures achieves higher growth and profitabilityof their business as they continuously develop more innovative products according to thedemands and requirements of the customer. Relation with the Typology of Entrepreneurship Different Entrepreneurial ventures Relation to the typologySmall Scale BusinessThese are related to survival firms as theirmain focus is to earn livelihood.Large scale businessLarge scale business is related to lifestylesfirms as to enjoy a particular lifestyle ofbusiness. 4
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