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Entrepreneurship and Small Business Management

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Added on  2021-02-16

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This project discusses different types of entrepreneurial ventures like small business, scalable or start-up business, social business and large business. It also covers the impact of small businesses on the economy and the importance of small businesses and business start-ups on the growth of social economy.

Entrepreneurship and Small Business Management

   Added on 2021-02-16

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Entrepreneurship and SmallBusiness Management
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1P1. Different types of entrepreneurial ventures and their relation with typology..................1P2. Similarities and differences of different types of entrepreneurial ventures.....................2P3. Impact of small businesses on the economy....................................................................4P4. Importance of small businesses and business start-ups on the growth of social economy4PART 2............................................................................................................................................6P5. Skills and characteristic traits of two successful entrepreneur.........................................6P6. The way entrepreneurial personality reflects on entrepreneurial motivation and mind-set................................................................................................................................................7P7. The way a person’s background and past experiences can hinder or fosterentrepreneurship.....................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONEntrepreneurship means starting and planning of new business. In other words, they areperson who are willing to take risk (Burns, 2016). businessman have creative ideas and takeinitiatives to start up new bventure. They focus on gaining profit by understanding needs andrequirements of customers. Various obstacles that come along the path of starting a businessrequire a creative mind to deal with. They have to find out an opportunity for the growth anddevelopment of businesses. This project discuss about different types of entrepreneurial ventures like small business,scalable or start up business, social business and large business. relation between different typeof ventures. There are some types of similarities and differences in between each type of venturethat will also be discussed here with different criteria and further, there will be study on theimportance of small businesses in growth of social economy. Along with that, skills andcharacteristic traits of two successful entrepreneurs and difficulties faced by them will bediscussed.P1. Different types of entrepreneurial ventures and their relation with typologyEntrepreneur and entrepreneurship: Entrepreneur is a person who is willing to take alltypes of risks involved in business. The new business is actually created and started by him.Controlling of the whole business is done by him; he is his own boss and all decisions related tobusiness are taken by him only (Schaper and et.al., 2014). A new business needs new ideas andso, entrepreneur should be very ambitious. As they are the sole owners of business, they areresponsible for all profits and losses. Planning of the new business should be done very carefully.There are different types of entrepreneurship ventures:Small business entrepreneurship: Small businesses are the backbone of manydeveloping countries. They have very less paid up capital. They know their market andthe audiences with whom they have to deal, they are very few and work on a small scale.Main motive of them is to feed their family they usually come up with unique ideas. Theydon't operate on a large scale and arrange funds from unsecured sources like friends,family, etc.Scalable startup business: Scalable start-up is like small business only; it starts theirproject with a small investment or capital. They plan to expand their business with1
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several new ideas and attract investments from investors (Scarborough, 2016). Thesebusinesses build a strong foundation; it is very important for these types of businesses tobe patient. These types of businesses are very less because it attracts loss of risk and thereare only few people who are willing to take this risk.Large company entrepreneur: Large companies have a huge amount of paid up capital.They are usually those types of entrepreneurs who have a large amount of risk takingability. It is because; risks involved in these types of companies are usually very high.They work according to the rules and regulations listed by law. Innovation plays animportant role in these types of businesses (Wang, Jessup and Clay, 2015). In thisdynamic world, everything changes from time to time and they need to have creativeminds to deal with changing environment.Social entrepreneurship: Motive of this entrepreneur is not to earn profit but to providesocial services to society. They want to help and develop society. They not only focus onearning profits, but at the same time, take care of society’s needs and work for theirwelfare (Storey, 2016). Profit of company is spent on fulfilling the social targets set bybusiness. These ventures Carefully look around the social and ecological problems ofsociety and critically examine problems. They take feedback from society, whether theyare happy or not from there services. After getting feedback from society they make planto satisfy society. Social service is there motive, they focus on society’s needs.P2. Similarities and differences of different types of entrepreneurial venturesThere are similarities and differences between various type of venture. On the basis ofvarious categories, classification between each of them is done. various types of ventures likesmall scale , large scale public and private, ventures are even categorized according to the size ofbusinessesSIMILARITIESSmall scale businessScalable businessMotive of small business is to earnprofit.The small business does not have morescope of growth.The motive of scalable business is alsoto earn profit.The growth of this business is related toscale. 2
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