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Entrepreneurship and small business management INTRODUCTION 1 Part 11 P1 Various types of entrepreneurial ventures

   

Added on  2020-06-04

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Business DevelopmentFinanceEntrepreneurshipProfessional DevelopmentPolitical Science
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Entrepreneurship and smallbusiness management
Entrepreneurship and small business management INTRODUCTION 1 Part 11 P1 Various types of entrepreneurial ventures_1

Table of ContentsINTRODUCTION...........................................................................................................................1Part 1................................................................................................................................................1P1 Various types of entrepreneurial ventures.........................................................................1P2 Differences and similarities between entrepreneurial ventures.........................................3P3 Impact of micro and small businesses on economy..........................................................4P4 Importance of small businesses and start-ups in social economy.....................................6Part 2................................................................................................................................................7P5 Characteristics and traits of successful entrepreneurs.......................................................7P6 Reflection of personality over entrepreneurial motivation...............................................8P7 Background and past experiences that hinder or foster entrepreneurship.........................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
Entrepreneurship and small business management INTRODUCTION 1 Part 11 P1 Various types of entrepreneurial ventures_2

Entrepreneurship and small business management INTRODUCTION 1 Part 11 P1 Various types of entrepreneurial ventures_3

INTRODUCTIONAn entrepreneur is a person who initiates an idea of business and then take steps toestablish it, manage its functions and operations in appropriate manner, take risks and thenachieve its previously set organisational goals. Entrepreneurship is relating to developing anybusiness idea and then manage it in appropriate manner. It is simply defined as designing,launching and then running that business effectively (Blackburn, Hart and Wainwright, 2013).4Com PLC is one of the small business organisation that can be taken as an entrepreneurship. This company provides services relating to business broadband, internet as well as otherservices. Generally small businesses are managed by an individual or group of some people toachieve personal as well as organisational objectives. Entrepreneurship and small businesses arenot only self oriented but they also provide sustainable growth to economy as well. Mainobjectives of these are to maximise their profits and satisfying demands of customers. In thegiven report different typologies of entrepreneurial venture, characteristics and qualities ofsuccessful entrepreneurs, their mindset as well as past experiences are discussed.Part 1P1 Various types of entrepreneurial venturesEntrepreneurship is related to taking any new idea and then work on it. Manage businessactivities after taking and managing all risks associated with them an effectively run theorganisation. It helps in maintaining stability of enterprise in economy and move ahead to itssustainable growth. These are a set of personal as well as professional qualities and skills of aperson that are used from origin to the end of any organisation. Following are different types ofentrepreneurial ventures:Lifestyle ventures: These ventures are such organisations that does not work or operatetheir activities for profit motive in terms of monetary rewards. They work for makemodifications and wanted changes in their lifestyle (Bridge and O'Neill, 2012). Thesetype of entrepreneurs value their lifestyle more then money. These ventures areestablished by those individuals who give preference to their families and their freedommore then profits and money, they want to live wherever they are desiring to live. Survival ventures: These ventures do not have enough work space and premise and theydo not have sufficient resources to run business effectively. It is not necessary for these1
Entrepreneurship and small business management INTRODUCTION 1 Part 11 P1 Various types of entrepreneurial ventures_4

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