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Entrepreneurship & Small Business Management ( pdf )

   

Added on  2021-01-01

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Entrepreneurship and SmallBusiness Management

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Types of entrepreneurial ventures and typology of entrepreneurship..............................1P2. Similarities and differences between entrepreneurial venture.........................................2M1. Public and private entrepreneurial venture.....................................................................3D1. Scope, development and growth of entrepreneurial venture...........................................3TASK 2............................................................................................................................................3P3. Impact of micro and small business on economy............................................................3P4. Importance of small business and business start-ups to growth of social economy........4M2. Small, medium and large business make economy........................................................4D2. Impact of small businesses on different level..................................................................5TASK 3............................................................................................................................................5P5. Characteristic traits and skills of successful entrepreneurs..............................................5P6. Entrepreneurial personality reflect motivation and mind-set...........................................6M3. Line of argument of entrepreneurial characteristic.........................................................7D3. Characteristic traits and motivational drivers of successful entrepreneur.......................7TASK 4............................................................................................................................................7P7. Background and experience can hinder or foster entrepreneurship.................................7M4. Link between entrepreneurial characteristic and influences personal back ground.......8D4. Critically evaluate background influences' entrepreneur both positive and negative.....8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTIONEntrepreneurship is the procedure of designing, establishing and running a new companywhich is often small business. The people who make these businesses are known asentrepreneurs. It has been described as capacity and willingness to evolve and manage businessventure with any of the risks to make profits (Abdnor, 2015). This assignment will explainentrepreneurial venture and typology of entrepreneurship. It will explore similarities anddifferences in between different entrepreneurial ventures. Furthermore, report will explain theimpact of micro and small businesses on economy. It will also provide importance of smallbusiness and business start-ups to the growth of social economy. Moreover, characteristic traitsand skills of entrepreneur will be discussed here.TASK 1P1. Types of entrepreneurial ventures and typology of entrepreneurship Types of entrepreneurial ventures:Small entrepreneur: This business includes grocery stores, consultant, travel agent,carpenters, electricians, etc. Small entrepreneur running their own business. Their meaning ofsuccess is to provide goods and make profits. They are borrowed funds from friends and family. Scalable start-ups entrepreneur: These businessmen open firm by adopting innovationthat is vision changes the world (Beu and Leonard, 2014). They force investment from equallyfinancial investor like venture capitalists. They recruit the best employees for business success.They find repeatable and scalable business model to fast expansion. Large entrepreneur: Large firms grow by sustainable invention, offering new goodsaround their core goods. These businesses require invention, because there are more pressured bychanges in customer taste, new technologies, new challengers etc. Typology of entrepreneurship: TypologyDescription ExampleMicro EntrepreneursIt is generally determined assmall business financed bymicrocredit. These businessesclassified with 1-9 employees. Ensoft is the small softwarecompany.1

Small and MediumEntrepreneurship These businesses have fewerthan 250 employees. Theyhave also set value in wider. Wiser co. is the creative andrecruitment company. Large Entrepreneurship It is also known as corporateentrepreneurship. It refers todevelopment of new ideas andchances with large business. TESCO is the largest grocerystores. P2. Similarities and differences between entrepreneurial venture Differences between entrepreneurial ventures:Differences Small Venture Scalable ventureLarge venture Social venture Meaning It refers to anindividual runtheir ownbusiness. It means anindividual openfirm for makeprofits. These venturesrun the businessto generaterevenues. These venturegives socialneeds to public. Purpose The aim is tomake profits inbusiness. The purpose is tofocus onrequiring scaleforfastexpansion(Borde, 2016). The aim is togenerate revenueof business andcontribution ineconomy. The purpose isto improveculture ofsociety. Rising funds They acquirefunds from theirfamily andfriends. They get fundsfrom venturecapitalist. They attain fundsby sellingcorporate bonds. In this business,volunteersprovide funds tosocial needsfulfilment(Hattn, 2015.). Example Wiser solution isrecruitmentcompany in UK. Monzo is mobilebanking app aswell as start-upbusiness in UK. Tesco is thelargest groceries'supermarket inUK.National Healthservices (NHS)is providing thehealth andsocial care2

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