Entrepreneurship and Small Business Management

ENTREPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT
NAME OF THE STUDENT:
STUDENT’S ID:
NAME OF THE UNIVERSITY:
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Contents
Introduction:...............................................................................................................................3
Part 1:.........................................................................................................................................3
P1............................................................................................................................................3
P2............................................................................................................................................4
P3............................................................................................................................................6
P4............................................................................................................................................7
Part 2:.........................................................................................................................................8
P5............................................................................................................................................8
P6............................................................................................................................................9
P7..........................................................................................................................................11
Conclusion................................................................................................................................11
References................................................................................................................................12
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Introduction:
Without being affected by the various importance of marketing to entrepreneurial ventures,
only a few researchers studied the connection with different business connections. The
purpose of this report is to determine the number of various practices related to the
performance of various mall scale firms. Entrepreneurship is basically the activity of setting
new business and risking finances in the hope of receiving a huge amount of profit. With the
help of new business is helpful in encouraging entrepreneurship on a very large scale.
Economies that are emerging are stated by the orientation in the market and expansion of the
foundation in an economy. The reason for the success of these economies is entrepreneurship
in the economies that are emerging(Simons, 2013, p.65). The different types of
entrepreneurship are the small business entrepreneurship like grocery stores, consultants,
travel agents.Scalable startup entrepreneurship, large-scale entrepreneurship and social
entrepreneurship. Entrepreneurship operates within an ecosystem-based for entrepreneurs
which includes the government programs and some services that promote and support start-
ups for small scales firms. As venture creation is a golden opportunity as it is a set which is
adapted by the individuals for starting a new business. Entrepreneurs are likely to be
confident and try to form a vision as the business starts up.
Part 1:
P1
M1, D1
Entrepreneurial ventures require gathering funds, raw materials, different and working
locations along with skilled employees to carry out the production process or to offer various
services. An entrepreneur also controls the sales and marketing along with distribution and
different kinds of important aspects. Entrepreneurship is different from running or taking
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over the same business either it is a family business or co-owned business. Also, working for
some other businesses or other entrepreneurs for earning a salary or becoming a commission
agent for some other business and selling the goods or services that already available in the
market. There is a very thin line between the small business and an entrepreneurial venture as
there are many things in common (Renz, 2016, p.554). In the initial stages of both small
business and entrepreneurial ventures there is a high requirement of dedication and hard work
and later on, a very small amount of small businesses become entrepreneurial ventures.
Usually, a small business uses products and services that are already known and established
in the market whereas the entrepreneurial ventures offer innovative and new products and
services to the market. In other words, the small business aims mainly for limited growth and
maintain the equal amount of productivity where the entrepreneurial venture targets for
growth at a very high speed and requires high production as a return. Small businesses are
known and aware of the various types of risks that might affect them and the entrepreneurial
ventures face a lot of risks which are unknown. Entrepreneurs often take risks that are
unknown and uncalculated to them but they also keep a well-précised plan to deal with those
unknown risks to an extent. Most of the entrepreneurs start a business with innovative ideas
and revolutionary inventions which help in their rapid growth and makes them an
entrepreneurial venture (Chiarini and Vagnoni, 2015, p.593). As most of the entrepreneurs
are young and not much experienced and mainly follow their passions and often do not carry
out the research that is required. As capital being the most important requirement of the
entrepreneurial venture and in many cases, most of the entrepreneurs start with insufficient or
less capital making the plan of running a business risk. There are mainly four different types
of entrepreneurship.
P2
M1
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