Report on Small Business in Development of Social Economy
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Added on 2020-06-03
Report on Small Business in Development of Social Economy
Added on 2020-06-03
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ENTREPRENEURSHIP AND SMALLBUSINESS MANAGEMENT
Table of ContentsTASK 1 : The range of venture types that might be considered entrepreneurial.................................3P1 Different types of entrepreneurial ventures and how they are related to the typology ofentrepreneurship...............................................................................................................................3P2 Similarities and differences between the various entrepreneurial ventures................................3TASK 2 : Assess the impact of small businesses on the economy.......................................................4P3 Effect of small and micro businesses on the economy...............................................................4P4 Small business and start-ups contributing to the growth of the social economy.......................5LO3. : Determine and assess the key aspects of Entrepreneurial mind-set..........................................5P5 Characteristics, traits and skill of a successful entrepreneur.....................................................5P6 Aspects for entrepreneurial motivation and mind set.................................................................6TASK 4 : Examine the different environments that foster or hinder entrepreneurship........................7P.7 Background and experience can hider or foster entrepreneurship.............................................7CONCLUSION....................................................................................................................................8REFERENCES.....................................................................................................................................9Books and Journals .........................................................................................................................9
INTRODUCTION This report describes the Entrepreneurship and the small business management in thebusiness environment. There are different types of entrepreneurship ventures which are related toentrepreneurship typology. Each and every entrepreneurial venture have some similarities as well asdifferences among them(Acs,Autio and Szerb,2014) The impact of micro and small businesses onthe economy is described in this report with relevant information. Furthermore, the report willdescribe the contribution of small businesses in the development and growth of the social economy.It determines the various knowledge, feature and trait of an effective entrepreneur or businessowner. TASK 1 : The range of venture types that might be considered entrepreneurial.P1 Different types of entrepreneurial ventures and how they are related to the typology of entrepreneurship.There are many types of business that are owned and operated in the marketplace. These business venturescan be considered as entrepreneurial and are related to the typology of entrepreneurship. Theseentrepreneurship ventures or businesses are described as below - Small scale enterprise or business – The small scale enterprise or business start-ups which asestablished at a low budget. The investment made under these types of business is not so high anddoes not require more funds. The small scale business or start-ups are mostly established andoperated locally and do not need a large workforce or human resource. There are many examples ofsmall scale businesses such as a general store, travel agencies a parlour etc.Scalable businesses or Entrepreneurship – The scalable businesses or firms have the ability tochange its structure and size. The entrepreneur can change the size and structure of his or herorganisation according to the needs or market changes. These scalable entrepreneurship known asthe ownership of a firm or business which can be modified in terms of size(Bhatia andBatra,2016).Large Business or industries – It is easily understood by the name the large business and industriesare basically the firms or organisations which are established and operated with a large size andlevel. The large businesses need a huge amount of capital, a proper management or levels of theorganisation to operates different areas of the business and a big as well as strong human resource.These types of businesses are not flexible because it needs a proper planning and strategies to beimplemented in any of the areas in the organisation, because the various areas in a large industry ororganisation are interconnected. Social Entrepreneurship – The social entrepreneurship refers to the business organisation which areowned and operated for the welfare of the society and community. They are controlled by individualsas well as government bodies. These types of organisations use the profit generated with the businessfor the growth and development of the society and for the benefit of the citizens. The socialentrepreneurship is the ownership of businesses like schools, hospitals etc.P2 Similarities and differences between the various entrepreneurial ventures.Different ventures or businesses have different structure and size of business. The various organisations havetheir own values, beliefs and working procedures. The business organisations can be different from eachother and also can share some similarities(Chaston,2017).Entrepreneurs and Business owners – An individual develops an idea of establishing anorganisation and generate profit from the same. This idea is based on various business plans andgoals, the entrepreneur or business owners have their personal and professional objectives that theyneed to achieve from the business or organisation such as profit, popularity and many more. Thepeople have various thinkings and different point of view, some entrepreneurs performs healthybusiness activities to achieve their targets and goals whereas some of them start practising false ornegative business activities or operations that can harm the environment and society. Therefore, the
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