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Entrepreneurship And Small Business Management - Typology

   

Added on  2020-10-23

15 Pages4917 Words85 Views
FinanceLeadership ManagementEntrepreneurship
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Entrepreneurship And Small Business Management
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Table of ContentsINTRODUCTION...........................................................................................................................1LO 1 ................................................................................................................................................1P1 Explaining different types of entrepreneurial ventures and relate to typology ofentrepreneurship.....................................................................................................................1P2 Explaining and explore the similarities and difference between entrepreneurial ventures.3LO 2.................................................................................................................................................4P3 Assessing and interpret relevant data and statistics to define the micro and small businessesimpact on the economy...........................................................................................................4P4 Explaining the important small business and business start-ups contribute to the growth ofthe social economy after Brexit..............................................................................................6LO 3 ................................................................................................................................................7P5 Determining the characteristics, traits and skill of two successful entrepreneurs them fromthe business managers............................................................................................................7P6 Assess how aspects of the entrepreneurial personality reflects entrepreneurial motivationand mindset.............................................................................................................................9P7 Examine how background and experience can hinder or foster entrepreneurship..........10CONCLUSION..............................................................................................................................11REFERENCES .............................................................................................................................12
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INTRODUCTIONEntrepreneurship and small business development are areas that are constantly evolving,requiring creative minds that are willing to play with considerable levels of risk. Entrepreneursare the heart of every business. Entrepreneurial and small business management sequence isdesigned to build entrepreneurial skills' step by step. It is the unique experience that individualexperienced from its overall journey and facing all ups and downs. Present study will be basedon the two successful entrepreneurs Philip Green and Richard Branson who is the successfulentrepreneur which set up his businesses. They provide their services who processes online andcredit/Debit card payments from vendors. The main purpose of the report is to make freshgraduates aware about skills of an entrepreneur. Further, this report will explain active differenttypes of entrepreneurial ventures and explain how they relate to the typology ofentrepreneurship. LO 1 P1 Explaining different types of entrepreneurial ventures and relate to typology ofentrepreneurship.Entrepreneur is one who organizes, manages and assume the best possible action plantowards success. Entrepreneur minimizes the risk of a business or provides unique services orconcepts (Asanov and Levitskaia, 2016). Each entrepreneur come up with their unique anddifferent ideas that helps to develop society growth. Types of entrepreneurs venturesSmall business entrepreneurs: All small business concern are privately owned andoperated business with small number of staff and low volume of sales. Small enterprises mostlyfound either in partnership, sole proprietorships or small owned corporations. Small businessentrepreneurs generally operate business with one main objectives that is long termed businessgrowth or profits sustainability. For example, restaurant, retail stores, construction firms oragriculture (Burns and Dewhurst, eds., 2016). Micro entrepreneurs generally arrange their capitalfunds from micro loans, revenue, friends and families or from personal funds. They providegenerally small based product or services as well as leisure goods etc. Lifestyle business or freelancers: Self-employed is the another business venture whichearns money for itself. This is one of the best or essential journey in the entrepreneur’s journey in1
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which individual person learns many experiences and growth. Freelancers is the most motivatedindividual person who really engage and loved their work (Fayolle and Gailly, 2015). Mainobjective of freelancers is to earn a long term, self-directed business that engage the founders'passion and experience. There are different types of independent business man are smalloperations, one person firms, self-employed individuals. etc. These companies are not a bigestablished companies or creators. They believed in quality performances. Social entrepreneurs : This is the non-profit entrepreneur ventures who always look forminimizing the social issues and think about social welfare (Gilson and et.al., 2015). This is theanother type of entrepreneur ventures with long lasting goals. The main purpose of this firm is tomaximize the impact in a sustainable way. They solve the issue of global health and also resolvesspecific problems that society faced in the current environment. Large entrepreneur venture : Big enterprises starting business from scratch has becomea big deal (Goss, 2015). In many cases, these volatile big bets create bigger movements and longterm challenging goals. Big entrepreneurs generally have more than 500 employees. Bigentrepreneur has a big profit making company and its shareholders. It is generally based on largescale. Typology of entrepreneurship Entrepreneur typology is the term that helps to define entrepreneurial activities to knowmore about the activities and goals of the businesses. This business typology of entrepreneurialactivity can provides empirical researches with a tool to ensure the all activities and venturesfrom the classes of entrepreneurial activities they wish to examine about the overall scenario(Laukkanen and Tornikoski, 2018). Typology of entrepreneurial are totally different from others,non entrepreneurial managerial activities. Individual life is full off challenging for that they needto give efforts towards creating the future goals. There are different types of entrepreneurshipwho make their own profit revenue such as business enterpriser, trading businessperson,industrial entrepreneurs, corporate enterpriser, Agricultural Businessperson etc. each and everytypology of entrepreneur defines their own working and goals methods towards earning profitrevenue. All types of different typologies as mentioned above such as small, large, social andfreelancers all are the classification of entrepreneurs market.2
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