Entrepreneurship and Small Business Management : Project
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Added on 2020-07-23
Entrepreneurship and Small Business Management : Project
Added on 2020-07-23
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Entrepreneurship and SmallBusiness Management
ContentsINTRODUCTION......................................................................................................................3TASK 1......................................................................................................................................4P1 Different types of entrepreneurial ventures and their relation with typologies................4P2 Difference and similarities between social and lifestyle entrepreneurship.......................5TASK 2......................................................................................................................................8P3 Impact of small medium enterprise on economy of United Kingdom..............................8P4 Significance of small medium enterprise and business start ups to growth of socialeconomy in United Kingdom.................................................................................................9TASK 3....................................................................................................................................10P5 Characteristic traits and skills of entrepreneur ...............................................................10P6 Way in which aspect of entrepreneurial personality of entrepreneurs reflect theirmotivation and mind-set.......................................................................................................10TASK 4....................................................................................................................................11P7 How personal background, skills, experiences and personality can hinder or fosterentrepreneurship success or failure......................................................................................11CONCLUSION........................................................................................................................12REFERENCES ........................................................................................................................12
INTRODUCTIONEntrepreneurship is identified as a procedure of setting up new venture by taking financialrisk with the hope of earning high profits. It it is defined as an activity in which individualswant to manage and operate business functions by using their own resources and skills so thathigh profits can be earned (What is Entrepreneurship?. 2018). Entrepreneurs are mainlyknown by their innovations as they have ability to find out opportunities from market andexploit them on time so that high competitive edge can be gained by company in market.They are the one who convert low productivity resources into higher one. This reportincludes various kinds of entrepreneurial Ventures as well as typologies. Similarities anddifferences between social and Lifestyle entrepreneurial Ventures are also included in thereport. In addition to this impact of small businesses in economy and significance of smallbusinesses and growth is define. Apart from this, various skills traits and characteristics ofsuccessful entrepreneur and the way in which their personality effects motivation and mindsetas discussed in this project.TASK 1To: The Director, Unicorn GroceryFrom: Assistant Manager, Unicorn GrocerySubject: Discussion about prospective entrepreneursDate: 20th June, 2018P1 Different types of entrepreneurial ventures and their relation withtypologiesSmall business entrepreneurship: Today, various small businesses are established by numberof entrepreneurs (Audretsch and Link, 2012). They make up around 97.7% of all businessesand provides employment to about 50% of population. Consultants, plumber, carpenters,hairdressers, travel agents, electricians, grocery stores etc. are all small businesses. They canbe anyone who run their own business. These firms hire family members or local employeesand most of the businesses are barely profitable. Main objective of small businesses is to earnprofit and feed family members. They do not aim to build 100$ business or take over an
industry. These businesses are funded by family members, friends or small loans as theycannot administer a scale to draw interest of venture capital. Scalable startup entrepreneurship: In contrast to small businesses, these startups are what theentrepreneurs of Silicon Valley and their investors do. These companies are started byentrepreneur knowing the fact from day one that the world could be changed by their vision.These are skilled as well as creative entrepreneurs and they also have potential change worldby using their competencies and skills (Barringer, 2012). Their creative ideas brings hugeinnovation within world. Their main focus is to find out such a business model which isrepeatable and scalable. When they found this kind of model, they are not trying to getattention of venture capitalist. These are the individuals who create, grow as well as expandtheir business by which are creative and innovative. Social entrepreneurship: this is the kind of entrepreneurship in which entrepreneurs areinnovators and exercise on creating those goods and services services which assist inreducing issues of society and its members (Baum, Frese and Baron, 2014). Major reasonbehind starting this kind of entrepreneurship is to improve the economy of country. Thesefirms exist not only for single reason. Its aim is to earn high profits along with ensure theircontribution in society welfare and development. These ventures work for resolving variousissues of society such as illiteracy and poverty. Serial entrepreneurship: in order to establish a new venture, individuals continuously comeup with new ideas. They are distinct from others as other people establish business with theirunique idea and play crucial role in managing its routine operations (Bosma and Levie,2010). Serial entrepreneurs are the one who start their business with innovative idea and giveits responsibility to others after successful running of its operations and start again with a newventure with an another new idea. They are known as the founder of new businesses.Large scale entrepreneurship: these are the firms whose initiation requires highamount of capital. These companies emphasize on innovation as well as creativity sothat high profits can be yielded. These Enterprises highly engaged in activities relatedwith corporate social responsibility and run their business in an ethical manner. Theymainly focus on satisfying needs and preferences of customers and improved qualityof product so that high competitive advantage and can be gained in market andincreased profit can we earn. Entrepreneurship typologies:
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