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Entrepreneurship and Small Business Management Assignment - Solved

   

Added on  2020-10-05

12 Pages3925 Words218 Views
Entrepreneurship and SmallBusiness Management01

Table of ContentsINTRODUCTION...........................................................................................................................3PART 1............................................................................................................................................3P.1 Examine different types of entrepreneurial ventures and their relation with typology........3P.2 Different types of entrepreneur with their similarities and differences considering theirroles and responsibilities.............................................................................................................4P.3 Interpretation and assessment of relevant data to illustrate the impacts of small and microbusiness on economy...................................................................................................................5P4 Importance of small businesses and business start-ups.........................................................6P5 Characteristic, skills and traits of successful entrepreneur ..................................................7P6 Assess the entrepreneurial personality aspects .....................................................................8P7 Investigating background and experiences of entrepreneurs.................................................9Conclusion ....................................................................................................................................10REFERENCES..............................................................................................................................1102

INTRODUCTIONEntrepreneurship is a word demonstrated for those who have their own creative ideas andinnovation to establish and run a business by taking all the risks. This is the fundamentalcomponent fr economic and social growth. This is done by acquiring more experience andknowledges so that it can reduce the chances of risk. The national development as well as theregional and local developments are enhanced by these type of businesses. These are complexand dynamic and having different kinds of business are categorised with the respect of lifeknowledges and experiences that have been acquired. Here in this contest entrepreneur with itsvarious ventures is going to describe here(Dees, 2017). Difference among all entrepreneurship with their roles and responsibilities isdepicted below. Different start ups and their impact on regional, local, national and internationaleconomy is about to describe in this given topic. All personalities and innovations that re neededto make a successful entrepreneur, these all are here. The skills and characteristics of each andevery type of business including private and public enterprise are also discussed below.PART 1P.1 Examine different types of entrepreneurial ventures and their relation with typology.An entrepreneur is an individual by whom a business is started and with restrictedresources to by taking all the risks and rewards of the business venture. This business planrelated with new innovations, ideas, products and services instead of other business that is calledassociate existing business model. There are enormous number of ventures that are being used byentrepreneurs and every single venture holds a specialised operate ability that can prove helpfulon various factors involved in the business. There are various kinds of entrepreneurial ventures.Large corporations: Leading a large corporation is not an easy task because they require growth andsuitability through synthesizing new products and services. They run with a particular cycle tocontrol all the operations in a managed way(Fried and Taue, 2015). There are many types ofcompetitions so it is necessary to mould new products and services according to the changingbusiness and the trend of markets. The effective and the adaptive changes are made in businessby different entrepreneurs. The manifestation of innovative, creative abilities of the entrepreneurare made during the turning point or imminent change.Small Entrepreneurship: 03

These are small business that are the main sprout start up of a business. The small startsup had been taken a great root in UK during 2015 to 2016. There were about more than 3630start-ups had been sprouted at that time in UK. Businesses like local and regional super markets,internet cafes and stores, auto mobiles retailers and small scale production domestic companies.These small businesses were to emerging for the economic of UK because this evolution of smallbusiness reduces the employment rate. The formations of these companies were made by thememe bes of a family. So it is also called a family business model.Social Entrepreneurship:The main behind this type of entrepreneurship is to develop the products and services forthe betterment of society. These types of business are done by the people of society to increasethe efficacy of social people and to provide a better management for socialworks(Guerrero,Cunningham and Urbano. 2015). There are involvement of the social businessmen, services people and one who are interested in these types of social activities. The growthrate of this type of business is not in a cycle so it takes more time to make a new step for the newdevelopment. Scalable business: These types of business mainly focus on the quality and creative aspects of business.Personnel workforces are involved to run these types of business. These are run to increase thescale of companies. The most powerful pillar of this entrepreneurship is the capital and fundsbecause they use this to expand the companies and business at large scale.P.2 Different types of entrepreneur with their similarities and differences considering their rolesand responsibilities.The main objective of a business is to generate revenue and profits. Though the main aimis to generate more revenue and profit but there are many roles and responsibilities that are needto be completed to resist the competition in market. These roles and responsibilities are followedto achieve goals and to increase the shares of their products and services.Social Entrepreneurship: This entrepreneurship is mainly oriented on the basis of social peopleand environment. This is started for the betterment of society, surrounding people andenvironment(Hitt,and Duane Ireland ,2017). This help in enhancing the life style of people and toincrease the ongoing conditions of environment. Macro entrepreneurship: 04

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