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Entrepreneurship and small business management - 3

   

Added on  2020-01-07

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Entrepreneurship and smallbusiness management
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TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................3P1 Types of entrepreneurship venture and their relation to typology .........................................3P2 similarities and differences between entrepreneurial ventures...............................................4P3 impact o small business micro business on economy ............................................................5P4) importance of small-business and Startups on the growth of social economy .....................6PART 2............................................................................................................................................8P5 Characteristics, traits and skills of successful entrepreneurs..................................................8P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindsets9P7 Impact of person’s background and experiences can hinder or foster entrepreneurship.....10CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTION Small-business and micro business have huge impact on UK economy. Small businessesgenerate significant number of employment and revenue of UK government. The present reportmake analyses of entrepreneurship and their impact on UK economy (Ács, Autio and Szerb,2014). It also makes analyses on different types of characteristics, skills, traits which are requiresbecoming a successful entrepreneur. In addition, it makes analyses on personal backgrounds andexperience of individual which may become hinders or foster in entrepreneurship. TASK 1P1 Types of entrepreneurship venture and their relation to typology Entrepreneur is that person who start and run business with limited resources andplanning to taking all risks and rewards for his ventures. Enterprise is that business which is runby individual or by group of persons. Along with this they also offer innovative products orservices to their customers. Entrepreneurship is considered as the process of designing, launching and running a newbusiness. It can also be describe as then capacity to develop new products and services for theircustomers in order to earn profits (Alguezaui and Filieri, 2014). The person who run business iscalled entrepreneur. The person conducts all activities of the business is called entrepreneur. Themain aim of the entrepreneurship is designing new products which can satisfy an individualneeds. There are different types of entrepreneurship ventures. Some of them are given below. Local entrepreneurshipIn this type of business is run and owned by local or private entrepreneur. In this type ofbusiness mainly includes small-business, grocery shops and saloon etc. this type of business isgenerally run by the individual or their family members. The main aim of such type ofbusinesses is earn profits and conduct their daily operations.Global entrepreneurshipThe global entrepreneurship is that business ventures in which operations are conduct oninternational level. In this type of venture main aim of entrepreneurs is earn profits andmaximum customers gaining (Autio and et..al. 2014). This types of venture are generally focuses
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on term growth and innovation. So, global venture is mainly focused on customer's preferencesand new technology. Example of such types of business person is Mark Zuckerberg. Serial entrepreneurshipA serial entrepreneur is that person which create and innovate an idea and transfer intosmall business and then see day to day activities functional activities. After, development of suchbusiness that venture is taken over by some other persons. Example of serial entrepreneur isRichard Branson. Female entrepreneurshipFemale entrepreneur is that person, which run, design and develop by female. In this typeof business all activities are run and organized by female entrepreneurs (Ayala and Manzano,2014). In this type of business women run business at initial level and transform into a largeorganization. Social entrepreneurshipSocial enterprises is that person which is mainly focuses on developing such products orservices which helps to society for solving their daily problems. In this type of entrepreneurshipindividual main aim is to develop such technology and innovation which helps to them forserving society and conduct its activities for non- profit purpose. All the entrepreneurship are related to their different types of typologies. In this localbusiness are related to their earn their daily earning on the other hand the typology globalentrepreneur is to use of innovation and technology in their businesses (Baum, Frese and Baron,2014). In serial entrepreneur is run by individual to particular time and then taken over by someother persons. On the other hand female entrepreneur is focused on develop services by femaleand adding quality in their services along with a vision to transform their business into largeorganization.P2 similarities and differences between entrepreneurial ventures There are different type of similarities and differences in entrepreneur ventures. All thebusinesses which are established the make contribute in economy growth. In the businessenvironment there are different types of entrepreneurship ventures and the many similarities anddissimilarities.
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