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Entrepreneurship & Small Business Management - Assignment (Solution)

   

Added on  2021-02-21

14 Pages2523 Words50 Views
Entrepreneurship and Small BusinessManagement

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3LO 1.................................................................................................................................................3P1 Different types of entrepreneurial ventures............................................................................3P2 Analysis of similarities and difference between entrepreneurial ventures.............................5P3. Data and statistics for the impact of micro and small business on economy........................7P4. Importance of small businesses and start-ups in the growth of social economy...................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11BIBLIOGRAPHY..........................................................................................................................12

INTRO DUCTIONEntrepreneurship can be defined an activity of settingbusiness by taking financial risk with a hope of making profitout of it. It is a way to set up business by taking financial aswell as managerial risk. The study highlights the different typesof business such as micro, small and medium-sized business. Italso discusses the various characteristic, traits and skills of anindividual. LO 1P1 Different types of entrepreneurial venturesAn entrepreneur can be an individual that starts andoperate the business with proper planning and limitedresources. The entrepreneur usually introduces a new idea orproduct in which it sees potential rather than business that isalready existing. These ventures are mostly targeted on gettinghigh returns with high uncertainties. They introduce theircapital by arranging funds and in a way risk their financialsecurity (Blackburn, 2016). The responsibility of arranging rawmaterials, skilled employees as well as arranging funds. Thedepartments of marketing, sales and distribution are controlledby the entrepreneur.Enterprises are associated with entrepreneurial venturesthat are formed to earn profit and when they get successful it isknown as enterprising. The concept of entrepreneurship is veryeasy to understand. It simply means an individual who bears allthe risk for the business and in return it takes all the profitsfrom the business as well. It beings new goods, services andtechnology in the market. To understand the concept better it is important tounderstand the importance of entrepreneurship that is

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