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Entrepreneurship and Small Business Management - Assignment Sample

   

Added on  2021-02-19

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Entrepreneurship and SmallBusiness Management

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Types of entrepreneurial venture and its typology............................................................1P2 Similarities and differences between several entrepreneurial ventures .........................2TASK 2............................................................................................................................................3P3 Data and statistics that illustrate impact of micro and small businesses on the economy 3P4 Importance of small businesses to the growth of the social economy..............................4TASK 3............................................................................................................................................5P5 Characteristic, traits and skills of successful entrepreneurs that differentiate them fromother business managers .....................................................................................................5P6 Some aspect that reflect the personality of an entrepreneurial motivation and mindset...6TASK 4............................................................................................................................................7P7 Examples which show background and experience hinder or foster entrepreneurship....7CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8

INTRODUCTIONEntrepreneurship can be defined as the way to manage, organize and develop a newventure in order to get the returns from their investment. It is the accumulation of severalresources which undertakes natural resources, labour, land and capital to generate profits for theorganisation. Small business are managed and controlled by an entrepreneur who ownsoperations and staff to meet the needs of customers. The major agenda of small business is todevelop a new market for their service and products which is based on a business plan. Balfourbeauty is small business of UK which deals in construction services and infrastructureinvestment. This report involves different types of entrepreneurial ventures and its typologyalong with similarities and differences between them. Moreover some skills and mindset that isrequired to set a business are elaborated in this report. TASK 1P1 Types of entrepreneurial venture and its typologySmall business entrepreneurship- In this business there are small number of employeesalong with a single owner. The main purpose of this it to earn more amount of profits byfocusing on large number of clients that helps them to increase their market share. Further theybring innovation in existing products for satisfying the need or demand of customers. Scalable entrepreneurship- These types of business are started with the idea that bringan radical change in the society by introducing the innovative products and services from thestarting. Scalable business are focused towards goals by which they make changes in the methodor technique to operate a business. Example- The method for making a payment through digitalmedium (Zahra and Wright, 2016). Large company entrepreneurship- Large business refers to those which provides largenumber of products to customers. The main intention of them is to changes their existingproducts which determines that innovation plays an essential role in the organisation tosustaining in the market for a longer period.Social entrepreneurship- This entrepreneurs are the innovators that focuses onmanufacturing effective products and services in order to solve the needs and problems ofsociety. The main purpose of this is to develop the business for a better place. They operate theirbusiness on non-profit basis it governs that main motive of them is to satisfy need of society.1

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