P5. Examples of successful entrepreneur with their traits, skills and characteristics
Added on 2021-01-03
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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1P1 Several types of entrepreneurial ventures and their typology................................................1P2. Similarities and comparison between various entrepreneurial ventures...............................2P3 Impact of micro and small business have on the economy....................................................5P4 Importance of small and micro business on growth of social economy................................6PART 2............................................................................................................................................7P5. Examples of successful entrepreneur with their traits, skills and characteristics.................7P6 Personality reflect to the entrepreneurial motivation and mindset........................................8P7. A person's background and experience can hinder or foster to entrepreneurship.................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONEntrepreneurship means willingness, wants and capacity to create, maintain and developany type of new business to earn profit or for a special objective. An entrepreneur is a personwho either work as an employee or owner of the business and operate small business withassuming all losses and profits (Bridge and O'Neill, 2012). This report will describe differenttypes of entrepreneurial ventures and similarities as well as differences between each other. Italso includes impacts of medium, micro and small business have on the economy and importanceof small businesses start-ups on the growth of social economy. Further, it will contain differentskills, traits and characteristics of successful entrepreneurs and reflection of entrepreneurialpersonality on mind set and motivation. Lastly, it will cover experiences that can foster or hinderof a particular entrepreneur. PART 1P1 Several types of entrepreneurial ventures and their typology.Entrepreneurship refers as a person or group of individuals start a business withcombination of labour, land, sufficient capital and natural resources that are uses in that newlyestablished business (Burns and Dewhurst, 2016). In other words, it is an activity that conductsby a person who has various skills, talent and knowledge to starts any business activity related toeconomic and make profits. An entrepreneur starts a business with hope of profits and take allfinancial and economic risks. The small scale enterprise offers better scope for the growth anddevelopment of entrepreneur and make a huge amount of selling their products and services. Inthis context, the entrepreneurial ventures are described as below:Public enterprises – It is a special type of entrepreneurship that undertake by thegovernment who maintain the whole control and management to handle its operations. Inevery country, it is start, develops and operate through different governmental agencies. Private enterprises – This is initiated under private sector and control by an entity orperson who run and operates business (Dennis Jr, 2011). It starts with own capital orborrowed fund that are necessary for running the enterprise. Social enterprises – In this type, the entrepreneur produce and sell those products andservices that solve social problems and requirements with public welfare. The1
entrepreneur does not want to take market share and it may be for profit, not for profitand combined business. Large enterprises – In such kind, the business operates at large level with having manyassets and capital. It is starts with huge amount of investment and raw material and itsstructure also great (Hatten, 2011). Large enterprises have several life cycles and sustainthrough innovation. It requires huge finance, raw material and labour to run its businessactivities in a competitive market. Small enterprises – It operates at small level with some employees and produces outputs.Such enterprises are generally owned by a sole proprietorship and corporations. It doesnot require more equipment and capital and all profits is owned by a trader. P2. Similarities and comparison between various entrepreneurial ventures.Entrepreneurship is a systematic process which includes diversified and multifacetedactivities that offers different services and products for society. It must have various types ofbusinesses that operates for profit or for non-profits (Ligthelm, 2010). Those entrepreneurialorganisations have many similarities and differences in the UK. In United Kingdom, there areseveral small, micro and medium enterprises operates by privately, publicly and socially. In thiscontext, these small micro and medium enterprises are describes as under:Micro enterprise – These businesses have only 10 or less than ten employees as well as itsannual sales not goes more than 5 million Pounds. Small enterprises – These are defined as businesses which have less than 50 employees andwhose annual sales is not more than 10 million Pounds.Medium enterprises – In this category, it includes those organisations which have less than 250workers and annual turnover does not exceed 50 million Pounds.All such ventures or enterprises are different from each other’s according to their role,objectives and characteristic (Scarborough, 2016). In this context, major differences andsimilarities are discussed below:Differences among entrepreneurial ventures:Basis of differencesPrivatePublicSocialRoleIt operates for growthof trader or proprietorIt is runs and operatesby government andThese type of venturesare run for the2
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