Entrepreneurship and Small Business Management: Entrepreneurial Ventures Types

   

Added on  2021-01-02

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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
Entrepreneurship and Small Business Management: Entrepreneurial Ventures Types_1
Table of ContentsINTRODUCTION...........................................................................................................................3ACTIVITY 1....................................................................................................................................3P1. Different types of entrepreneurial ventures and their relation to the typology ofentrepreneurship.....................................................................................................................3P2. Similarities and differences between entrepreneurial ventures........................................5M1...........................................................................................................................................6D1...........................................................................................................................................7P3. Interpret and assess relevant data and statistics to analyse how macro and microbusinesses impact on the economy.........................................................................................7P4. Importance of small business start up on the growth of social economy ........................9M2.........................................................................................................................................10D2.........................................................................................................................................10ACTIVITY 2..................................................................................................................................10P5. Characteristic traits and skills of successful entrepreneurs............................................10P6. In what way aspects of entrepreneurial personality reflect the motivation and mindset ofan entrepreneur.....................................................................................................................12M3.........................................................................................................................................13D3.........................................................................................................................................13P7. Background and experience can hinder or foster entrepreneurship...............................13M4.........................................................................................................................................14D4.........................................................................................................................................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
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INTRODUCTIONEntrepreneurship defined as the process of developing, designing, launching and runninga new business by an individual on their own. It is a fundamental component for social andeconomic growth. The people who created and manage the small businesses called asentrepreneurs. Entrepreneurs are responsible to manage the small business and entrepreneurshipwith specific skills. The report will analyse various types of entrepreneurial ventures and specifytheir relation with typologies of entrepreneurship. Report will asses differences and similaritiesbetween various type of entrepreneurial ventures. The study will interpret and asses impact ofmicro and macro businesses on the country's economy and importance of small businesses andstart-ups on social economic development. Characteristic traits and skills will be also determinewith example of successful entrepreneurs and along with that it will asses aspects ofentrepreneurial personality reflect entrepreneurial mindset and motivation. Lastly, the study willexamine how background and experience can foster and hinder entrepreneurship.ACTIVITY 1P1. Different types of entrepreneurial ventures and their relation to the typology ofentrepreneurshipAn entrepreneur is an individual person who runs a small business rather than work asemployee and assume all the risks and rewards to the project (Amato and et.al., 2017). Goodentrepreneur is innovative and are always ready to challenge conventional business knowledge.Entrepreneurship defined as the most creative approach towards the business activitiesthat manage, organise and lead people within the company to achieve business goal. Entrepreneurial venture defined as an organisation that places opportunism andinnovation in order to produce economic and social value. They are interrelated withentrepreneurial characteristics. There are various types of entrepreneurial ventures:Micro Business entrepreneurshipMicro business are very basic type of entrepreneurial venture and this type of businessconsist of maximum 9 and minimum 1 employees. Micro business are can be defined as soleproprietorship (Arthurs and Busenitz, 2015). This type of business is easy to operate and requireminimum capital.Small Business entrepreneurship
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There are large number of businesses in this category, For example; grocery stores,consultants, plumbers, travel agents, electricians, etc. they are the person who run business ontheir own. Small businesses are operates with minimum 10 and maximum 49 employees andthese type of enterprises requires limited capital to operate.Medium Business EntrepreneurshipMedium businesses are non-subsidiary and independent organisation and run with lessthan 50 employees (Brush and Greene, 2015). Entrepreneurs of this type of businesses hire localemployees. Mostly medium businesses can be in form of private, partnership.Large Business EntrepreneurshipLarge business entrepreneurship is of minimum 250 employees. There focus onsuccessful business is through sustaining innovation, offer new products that are different aroundtheir core products from competitors. As the business is large, entrepreneurship face high riskand earn higher rate of profit. This type of enterprise manufacture the products in bulk, provideservices in high volume and they contacted to many clients and consumers.Relation of different type of enterprises to the typology of entrepreneurshipScalable start-up entrepreneurship- A scalable start-up research and take innovativeidea and search for repeatable and scalable business model that turn in high marketgrowth. For example; large internet business like eBay is scalable entrepreneurship and ithas high and meteoric potential (Burns and Dewhurst, 2016).Social Entrepreneurship- Social entrepreneurship are may be non- profit, voluntary, forprofit or hybrid organisations that mainly focus on understand the need of people andsatisfy them by creating and providing quality services to them. For example; AmericanRed Cross is a voluntary company that run the business to provide necessary help to thelocal public in specific situation like, war, disaster by weather, etc.Lifestyle Entrepreneurship- An individual that build business with the motive ofaltering their personal lifestyle and not for the sole purpose of making profit. Lifestyleentrepreneur concentrate on the life rewards offer to people that enjoy and have passionon what they are doing (Dees, 2017). For example; Elizabeth is lifestyle entrepreneur andshe conducts her business with passion.P2. Similarities and differences between entrepreneurial venturesDifferencesMicroSmallMediumLarge
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