Report on Entrepreneurship and Small Business Management (DOC)
Added on 2020-06-04
15 Pages4859 Words54 Views
FinanceEntrepreneurshipProfessional Development
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Entrepreneurship and SmallBusiness Management
Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1 ...........................................................................................................................................3P1 Entrepreneurial ventures and their relation to the entrepreneurship topology ......................3P2 Similarities and differences between entrepreneurship ventures ..........................................4P3 Impact of micro and small business on economy..................................................................6P4 Significance of small business in the growth of social economy..........................................7TASK 2............................................................................................................................................8P5 Skills of Thomas Eddison......................................................................................................8P6 Aspects of entrepreneurial personality reflect his entrepreneurial motivation and mind set...................................................................................................................................................10P7 Background and experience can hinder or foster entrepreneurship.....................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTION Entrepreneurship refers the ownership of a business or organisation within themarketplace. This report is in context top the Entrepreneurship and small bushiness managementThis report will determine the various types of entrepreneurial ventures and their relation to thetopology (Abreu and Grinevich, 2013). The similarities and differences between theentrepreneurship ventures will be identified in this report. The impact of small business on theeconomy will be also determined in the following report in order to understand the nature smallbusinesses. The report will also focus on the importance of small businesses and business start-ups to the growth of the social economy. Furthermore, the study will determine the characteristictraits and skills of successful entrepreneurs Thomas Eddison along with the aspect ofentrepreneurial personality that reflects entrepreneurial mindset and motivation. TASK 1 P1 Entrepreneurial ventures and their relation to the entrepreneurship topology An Entrepreneur is a person or individual who develops a thought or idea with respect toa business activity or operation as well as generates a capacity or ability to manage or handle therisk in order to earn revenue. The Entrepreneur has a mission and visions regarding the futuristicstrategies and objectives (Drucker, 2014). Considering these objectives and plans he establishes abusiness or organization with effective management of liabilities and assets. The Entrepreneurlike Thomas Eddison develops effective strategies with respect to the business functions and theeffective utilization of resources within the business activities. There are different types ofventures in the entrepreneurship which are as mentioned below - Small business – The small business or venture is the most popular and highest adoptedentrepreneurship in the business environment (George and Bock, 2011). These businessare established and operated at a small level or scale and needs a small investment. TheEntrepreneur starting small venture or business with a very small amount of investmentby taking loan or finance from a bank etc. These businesses includes ventures related totraveling agencies, boutique and small manufacturing units (Schaper, 2016).Scalable Entrepreneurship – The sacalable entrepreneur or ventures where an individualrequired to develop effective plans or strategies in order to establish a structuredorganization or business with the aim of earning high profit out of small investments orfunds. Scalability is one of the most essential factors for entrepreneurs considering
starting a new business or hoping to take a current business to the next level. Successfulbusiness growth depends on a scalable business model that will increase profits overtime, by growing revenue while avoiding cost increases.Trading Entrepreneurship venture – The ventures or business based on supply of goodsand services are known as the trading organizations or ventures (Boyett, 2013). Thesetypes of business only focus on supplying the good from the manufacturer to thecustomers, they do not perform any production function. Social Entrepreneurship – The social entrepreneurship which are established in order toprovide effective services or products to the people in order to develop and improve thewell-being. These organizations such as Generic electricity, Edison illuminating companyetc have a main objective to provide social care services to the people of the societySocial entrepreneurs make significant and diverse contributions to their communities andsocieties, adopting business models to offer creative solutions to complex and persistentsocial problems. We propose that social entrepreneurship “encompasses the activities andprocesses undertaken to discover, define, and exploit opportunities in order to enhancesocial wealth by creating new ventures or managing existing organizations in aninnovative manner"P2 Similarities and differences between entrepreneurship ventures There are different kinds and types of entrepreneurship ventures or businesses whichhave different mission and vision with distinct surviving and managing strategies or plans TheseSmall, Scalable and Social ventures are somewhat similar to each other as well as share manydifferences among them. The similarities such as they all have some aims or objectives for whichthey are operating the business or organization, they all perform many similar functions such asmarketing, planning, accounting etc. Along with the similarities they are various differenceamong the various types of entrepreneurship ventures. The differences such as size of thebusiness, investment differences, scope of the business etc are the major differences among thevarious types of business or ventures. As Edission is the successful entrepreneur who works forthe development of the firm which was large size.. There are various types of entrepreneurship inthe business environment such as male entrepreneurship and female entrepreneurship, each ofthe entrepreneur type also shares many differences among themselves such as the decisionmaking process is easy in the male entrepreneurship as compared to the female entrepreneurship.
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