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(doc) Entrepreneurship and Small Business Management Essay

   

Added on  2020-06-04

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Entrepreneurship and smallbusiness management

Table of ContentsIntroduction................................................................................................................................3P1 Types of entrepreneurship.................................................................................................3P2 Similarities and dissimilarities between ventures............................................................4P3 Effect of micro and small business have on the economy................................................5P4 Importance of small businesses and business start-ups on the growth of the socialeconomy.................................................................................................................................6PART..........................................................................................................................................1P5 Traits, skills and characteristics of successful of Bill Gates and J.K. Rowling................1P6 Aspects which reflect entrepreneurial motivation and mind sets.....................................2P7 Investigating background and experiences of entrepreneurs............................................4CONCLUSION..........................................................................................................................4REFERENCES...........................................................................................................................6

IntroductionThe persons who have special attributes and new ideas and views to explore a newventure or establish a new business, start up and try to reach top in market are calledEntrepreneurs. These are personalities with strong view point and try to explore globally andtry to improve the way of living of complete community (Alsos, Carter and Ljunggren, eds.,2011). It simply requires complete vision. And goals and objectives to achieve to be anentrepreneur. With deep knowledge and good marketing skills they grab big opportunitieswhich come in their way. Every entrepreneur has a desired goal and perspective with theirtargets and follow the same. P1 Types of entrepreneurship Entrepreneurship :it is all about the starting new business or creating a new design ofbusiness which is starting from small. The people who start a new business are entrepreneurs.The owners of new business should know how to manage all things whether loss or profit.This is the risk which depends on us how to manage them. It is the process through which wegain knowledge and act like managers (Baum, Frese and Baron, 2014). These are the peoplewho go beyond the thinking and think something out of box. They take risk and initiativefrom which gain profit. Risk is the important part of their working. Higher the risk higher theprofit. From economics point of view it is the mixture of land, labour, capital which generateprofit. Everybody do entrepreneurship but the people who get success who think out of box.Determined entrepreneurship -these are the people who think and focus on one thingthat in any situation we have to do our work. They face every situation and cope with them.They see possibility in every work and do that work (Barringer, 2012. They make positivemindset about the work and see possibility in every impossible work.Accomplish entrepreneurship -this type of people gone through every stages of workand gain success. They faced every situation and gained success and now enjoying thefreedom of doing the work wisely. They understand their customer very well and solve theircomplex issues for them. By experience they find out the best things in you to achieve thesuccess. If freedom given to employees in manner they work they do best work for you.Intrapreneur -the person who possess all skill of entrepreneur but work in an organisation.They work on their innovative ideas and make it presentable in the company. They neverthink about the success or failure because they have enough skills, knowledge, finances and

contacts for their work. They take full responsibility of their work and turn into profitableone.Serial entrepreneur -these type of people have innovative ideas and start a venture and play avery important role in the company regarding the growth. Later on they are given someoneelse work to start a new venture. This is best for any individual to work on new ideas so thatthey gain enough knowledge and success.Lifestyle entrepreneurship – these are the people who change their lifestyle for their work andtheir main purpose of life is not to run behind the profit. They do their work because of theirpassion which keeps them from away from boredom. Social entrepreneur – these are the people who through by making change in the society.They do their work by making aware people about social issues like poverty, education andall tat traditional work which are in practising till now. These people changes the traditionand make new things to work out.Growth entrepreneur -the main aim of the people is the overall growth of business. Theyemphasis on the raising money from outside. They try that things in innovative way so thatour business grow faster. Growth entrepreneur work is to growth of business in tremendousway.P2 Similarities and dissimilarities between venturesThere are different types of ventures based on their capabilities :Small Business Ventures : Ventures which are started with small amount of capitalinvested with the help of their relatives and family friends in order to generate revenue so thatnew and innovative products can be launched are small business (Awogbenle and Iwuamadi,2010). They have sole proprietorship with small market area. Employees are also fewer innumber.Scalable Start-Up Ventures : Entrepreneurs of these ventures are highly educatedand have big dreams to capture the whole market. They are funded by large equityinstitutions by giving a detail report of their project. They are new to the market and their aimis same as of small business venture i.e. to to achieve a big platform. But these fail usually.They have partnership with other business so that their business can run smoothly.

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