(Doc) - Entrepreneurship and Small Business Management

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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION..........................................................................................................................3TASK 1...........................................................................................................................................3P1) Types of entrepreneurial ventures and typology..............................................................3P2) Similarities and differences between entrepreneurial venture.........................................5TASK 2...........................................................................................................................................7P3) Statistical analysis of impact of small medium enterprise on economy of UK.............7P4) Importance of small business in growth of social economy............................................8TASK 3............................................................................................................................................9P5) Characteristics, traits and skills of successful entrepreneurs...........................................9P6) Entrepreneurial motivation and mindset.......................................................................12TASK 4........................................................................................................................................13P7) Impact of background and experience on entrepreneurship..........................................13CONCLUSION.............................................................................................................................14REFERENCES.............................................................................................................................15.......................................................................................................................................................16
INTRODUCTIONEntrepreneurship refers to the ability and willingness of an individual for launching anddeveloping a business in which entrepreneur is responsible for all the financial and other risk andalso enjoy the maximum amount of profit. Business environment includes a lot of threats andrisk therefore every entrepreneur wishes to begin with a small business as it requires limitedresources thus, risk involved is also low(Runyan and Covin, 2019). This project includes varioustypes of entrepreneurial ventures and also includes typology. Significance of small and microbusiness on UK's economy is also included. At last it also includes entrepreneurial mindset anddifferent factors of environments that foster or hinder entrepreneurships.TASK 1P1) Types of entrepreneurial ventures and typologyIn every business environment different type of entrepreneurial ventures are there whichprovide many option to an entrepreneur to select the most suitable type of business venturewhich will be beneficial for them. Broadly entrepreneurial venture are classified as public andcorporate sector which are described below:Public sector– These organisations are owned and managed by central, state or localgovernment and by any legal or government authority of nation.Corporate sector– This sector is also known as business sector or private sector. Itincludes all those business venture that are owned and run by private individuals for fulling theirown needs and to earn profit(Pelz, 2019).Public and corporate sector are further divided into different types of entrepreneurialventure which are described below:Large company Entrepreneurship-This kind of entrepreneurship are based on largeoperation and activities and their main targets is to earn maximum amount of profit andtherefore, deals in multi-product to increase their customers base.Scalable Start-up Entrepreneurship- Huge creativity and new innovative ideas givebirth to scalable start-up entrepreneurship. A deep search about new technology is required tocreate new things and to take current operations to next level. Funds requirement is also high fordeveloping a new item or better services.
Small Business Entrepreneurship- This kind of entrepreneurship mainly deals in localproducts and between small geographical area. These organisations are mainly handle andoperated by small number of private individual. In UK, an organisation having employeesbetween 1-250 is termed as a small business Entrepreneurship. Operational cost of this type oforganisation is also very low thus, attract maximum number of individuals from economicallyweaker section.Social Entrepreneurship- These type of venture is mainly concerned with providingbenefits to society and there main aim is to create social equality. Products and services provideby these corporation or organisation are for meeting basis requirements of society and especiallyof vulnerable group. They never operate for earning profit but their main aim is to full fill basisrequirements of society(McMullen, 2019).Types of typologyTypology is basically a group of people who belongs to a similar category on the basis ofsome common characteristic or feature. Some of most common typology of entrepreneurship isdescribed below:Lifestyle entrepreneur– These are the entrepreneur who creates business venture foraltering their personal lifestyle and not only for making profits. They are more passionate abouttheir work and focus more on life satisfaction and pursuing their passion thus, they are morecreativity, innovative and high risk taker. Lifestyle entrepreneur mainly develop a scalable startup organisation for showing its creativity and passion.Serial entrepreneur –This type of entrepreneur are those who creates severalcompanies, out of which some are failed and some gets sold when it reaches its crushing point tostart a new business venture. These are the entrepreneurs driven by fierce desire to create andloves opportunities(Brush and et. al., 2019). They always remain excited for producing moreand come up with new idea and after sometime give responsibility to someone else and move onto some other new idea or new venture. They work on the strategy of “do different things or dothings differently”.Entrepreneurship is a very vast term which includes many function and responsibility andit is not always possible for a single individual to perform all these role and duties thus, someother individuals are also there in an organisation to help entrepreneur in successfully ruining
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