Entrepreneurship & Small Business Management Assignment Solution - Doc
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Added on 2020-11-12
Entrepreneurship & Small Business Management Assignment Solution - Doc
Added on 2020-11-12
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Entrepreneurshipand Small BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Different types of entrepreneurial venture and their relation with typologies......................1P2. Similarities and differences between entrepreneurial venture..............................................2TASK 2............................................................................................................................................4P3. Impact of micro and small business over economy..............................................................4P4. Importance of small businesses and start ups in social and economical growth after Brexit.....................................................................................................................................................5TASK 3............................................................................................................................................7P5 Characteristics, Traits and skills required for ideal or successful Entrepreneur ...................7P6 Reflection of the entrepreneurial body motivation as well as their mind-set........................8TASK 4............................................................................................................................................9P7 Explanation regarding the fact that “ background and experience can hinder or fosterentrepreneurship” with suitable examples. ...............................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONEntrepreneurship refers to the capability of a person to bring up a new or innovative ideawith an aim to scaling up a business by taking up all the financial risk for making profit. Smallbusinesses play an essential role in economical growth of a country by providing several socialbenefits. This report is about the importance of small businesses and entrepreneurship for acountry in its development. It elaborates about the types of entrepreneurial venture and theirrelation with typology along with similarities and differences they posses. It also explains aboutthe impact of micro and small businesses in economical development of UK after Brexit. Furtherit describes about the characteristics, traits and skills that a successful entrepreneur have alongwith impact of entrepreneurial personality over the motivation and mindset of entrepreneur. Atlast it explains about how background as well as experience of an individual hinder or fosterentrepreneurship.TASK 1P1. Different types of entrepreneurial venture and their relation with typologiesEntrepreneurship refers to the process of creating and managing a business venture bytaking up all the financial and failure risk in the hope of making higher profit. Apart from this anentrepreneurs is a person who come up with new or innovative idea for scaling up a new venture.There are number of entrepreneurial venture which performs their operations in businessenvironment that can be better understood using following points:Small business enterprises:- It refers to the type of entrepreneurial venture which isgenerally owned and operated by a sole proprietors and also employ small number ofworkers. These businesses includes grocery stores, travel agents, hairdressers, plumbers,hairdressers etc. Small businesses are generally established with an aim to satisfy thebasic requirement of family and they hire only local people or relatives. Large scale enterprises:- It refers to the type of businesses which follows a finite lifecycle and are generally grown up through sustainable innovation, acquiring innovativecompany or by introducing new products to market. Large scale organisation have to facea huge competition in marketplace as they operates in dynamic environment wherecustomer taste, preference and technology changes on a frequent bases. Scalable start ups:- This includes type of entrepreneurs that brings up innovativeproduct or services to market with an aim to scale up their business. They are always in1
search of new opportunities present in market and then exploiting it by establishing theirown venture with a vision to change the world. After establishing their business, theyhand it over to other person and move in search of another opportunity. Social enterprises:- It refers to the type of businesses venture which focuses onproviding product or services with an aim to solve the problem faced by society. Mainaim of social enterprises is not to generate profit or capture larger market share rather itfocuses on providing services for the welfare of society. These enterprises can be profit,not for profit or hybrid.These all are the types of entrepreneurial venture present in business environment butapart from this there are certain typologies to which these venture relate which influence the wayin which these business operates. Following points describes about the entrepreneurial typologiesLifestyle entrepreneur:- It refers to the type of entrepreneurs who scaled up a businesswith an aim to altering their personal lifestyle and not for earning profit. Scalable startups belongs to lifestyle entrepreneurial typology as they convert their passion or dreaminto business. Male entrepreneur:- Under such enterprises all the business activities, operation anddecision making process are controlled and managed by male entrepreneurs. Mainobjective of these entrepreneurial venture is to gain competitive advantage in marketplace. P2. Similarities and differences between entrepreneurial ventureEntrepreneurial venture is defined as an organisations that focuses on innovation andopportunism for running its business operations for providing social as well as economical valueto its customers at marketplace. These venture are different in term of their level of operationsand objectives behind running up business venture. But apart from this these entrepreneurialventure posses certain similarities which can be better understood using following points:Similarities:-Similarities between small business and scalable start ups:- Both the enterprisesdoesn't operate their business with an aim to earn profit or maximize their market share. Insteadsmall business aim to create a source of regular income through scaling up business and socialenterprises aims toward offering product for the welfare of society at large. 2
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