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Relationship between Entrepreneurship and Small Business Organisations : Assignment

   

Added on  2020-09-03

14 Pages4244 Words52 Views
ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT

Table of ContentsINTRODUCTION ..........................................................................................................................3PART 1............................................................................................................................................3P1. Different types of entrepreneurial ventures and their relation with typology ofentrepreneurship..........................................................................................................................3P2. Similarities and differences between entrepreneurial ventures ...........................................5P3 Impact of micro business organisation upon economy .........................................................7P4 Importance of small business organisations .........................................................................8PART 2............................................................................................................................................9P5 Characteristics, traits and skills of entrepreneurs .................................................................9P6 How entrepreneurial personality reflect motivation and mindset........................................10P7 How a person’s background and past experiences can hinder or foster entrepreneurship. .11CONCLUSION..............................................................................................................................11REFERENCES .............................................................................................................................12

INTRODUCTION “Entrepreneurship is the critical term that is defined simply as running own business”. Itsarea is much broader than the creation of new business venture. The most appropriate example ofentrepreneurship is new business start-ups and small business organisations. Entrepreneurship isrelated with willingness and capacity in order to evolve, manage and organise a commercialenterprise organisation along with this any of its risks to make profits (Armour and et. al., 2017).Along with this, the present assignment is based upon relationship between entrepreneurship andsmall business organisations. It involves several types of entrepreneurial ventures and theirrelation with the typology of entrepreneurship. There will be a discussion upon the impact ofSMEs on entrepreneurship. The report will be enlighten business person's spirit that ischaracterisedby risk taking,invention and policy formulation. It is an important component of anation's ability with that it can besucceed in the dynamic and competitive global market place.Assignment also describes about the past experience and background of two entrepreneurs i.e.Bill Gates and Mark Zuckerberg. PART 1P1. Different types of entrepreneurial ventures and their relation with typology ofentrepreneurshipFollowing stated are the types of entrepreneurial ventures that are stated as follows:Small business entrepreneurship – Such type of commercial enterprise is concernedwith those enterprises which are privately owned and operated by an individual with anaim of earning profits. Businesses are circumscribed as small in the terms of being able toapply for government support and qualify for preferential tax policy. They are startedwith a few number of employees and comparatively low volume of sales (Baron andTang, 2011). Along with this, small business entities can also be classified as permethods of sales, net profits and assets. It involves privately owned partnerships, soleproprietorships and corporations. Scalable start-up entrepreneurship – It involves a start-up enterprising venture that istypically a newly appeared and fastest thriving business. The main aim of scalableentrepreneurship is to meet the needs of marketplace by developing a viable business

model around creative products, process and a platform. In addition, these entrepreneursstarted their business by knowing that one day, their vision could change the world. Suchentrepreneurs attract many investors or capitalists by their innovative ideas. They engrosson scale needs even more venture capital in order to fuel rapid expansion. Social entrepreneurship – It drives social transformation or innovation in different fieldsinvolving pedagogy, welfare, geographical area and enterprise development. Socialentrepreneur prosecute impoverishment alleviation goals and vision with entrepreneurialardour. These business methods are encouraged in order to introduce and overcomeconventional practices (Breugst and et. al., 2012). A social entrepreneur is as same asbusiness entrepreneur who builds sustainable and strong entities that are either set up asnon-profit or companies. Its prime aim is to focus foremost on the ecological and socialvalue creation. It also tries to modify the frugal value creation. Large company entrepreneurship – The concept of large companies is related withearning more profits and make higher sales. Managers are such business organisation arefocused on evolving new opinions and opportunities that can immediately impact uponthe betterment of lucrativeness and enhancement of agonistic position of the company intarget market. Typology of entrepreneurshipTrading entrepreneur: Such type of entrepreneur undertakes the overall tradingactivities. They obtain the finished goods from manufactures and then sell them to thecustomers by a retailer or directly. Trading entrepreneur serves as the middleman asdealers, retailers as well as wholesalers among manufactures and buyers. Manufacturing entrepreneur: These types of entrepreneurs are focused onmanufacturing or producing products. In addition, they tend to determine the needs andwants of consumers and after that, explore the technologies and resources to be used tomanufacture products in order to satisfy buyer's desires. Innovating entrepreneurs: Such types of entrepreneurs are the one who innovate newideas, products, processes, production methods and recognise company's structure as wellas discover potential markets (Brooks and et. al., 2014). Along with this, innovatingentrepreneurs are the market leaders that contribute significantly towards the economicdevelopment of country.

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