Entrepreneurship and Small Business Management: Different Types

Added on - 21 Feb 2021

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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and its typology.................................................1P2 Similarities and Differences between entrepreneurial ventures.............................................2TASK 2............................................................................................................................................3P3 Data and Statistics that show the impact of micro and small business on the economy of acountry.........................................................................................................................................3P4 Importance of small business and starts-ups in the social growth of economy.....................5TASK 3............................................................................................................................................6P5 Characteristic, traits and skills of entrepreneurs that differentiate them from managers......6P6 Aspects of entrepreneur personality that reflect their motivation and mindset.....................7TASK 4............................................................................................................................................8P7 Background and Experience of entrepreneur.........................................................................8CONCLUSION..............................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONEntrepreneurship is defined as the act of establishing a new venture or business togenerate profits by solving the problems of the society and market. In order to conduct themsuccessfully entrepreneurs formulates new products innovative products in order to fulfil needsof customers. The main agenda of an entrepreneur is to set up a business with the aim of makingprofits. Moreover an entrepreneur take actions to change the world by executing new methodsthat bring dynamic changes in the society. In the present assignment different types ofentrepreneurial venture and with their typologies will be discussed. Moreover the similarities anddifferences between different types of entrepreneurial ventures. Some data and statistics thatshow the importance of small and micro business in organisation that boost the social economyof the country(Walsh and Cunningham, 2016). While to conduct them properly characteristic,skills and traits of an entrepreneur with the purpose of establishing new venture will also bediscussed in this report.TASK 1P1 Different types of entrepreneurial ventures and its typologyIt is the process of launching, developing and running a new business that containfinancial risk is known as entrepreneurship. In this task different types of entrepreneurialventures are covered which is mention as follow:Small business entrepreneurship-Small business are operated within smaller area ofmarket which determines that they cover few part of the country. This type of business requiresmall amount of capital and resources in order to complete their operations and activities. Themain intention of small business is to gain high profits from the market by providing goodquality products to local individuals. It result that business turnover of this business is up-to tomillion.Large businesses-This types of business are operated and managed at large level whichgoverns that they require high amount of capital, workers and resources. The size and scope oflarge organisation is wide due to which they invested more amount of money to complete theiroperations. This types of business produce or manufacture goods at ample level in order to fulfilthe needs of all customers(Spence, 2016).1
Social enterprise-Social enterprise are started with the aim of manufacturing thoseproducts that reduces the problems and needs of the society. The main goal of social enterprise isto develop the world in a better way.In order to conduct them properly entrepreneur developsnew ideas and concept that helps them to lead comfortable life in the organisation. The scope ofthis firms is high as they fulfil the needs of local customers while in terms of their size it dependson the area that is covered by them.Typologies of entrepreneurshipLifestyle enterprises-This type of business are managed or operate in order to earn highamount of profits that helps them to lead a comfortable life. Along with this it is also beneficialfor entrepreneur because it helps them to improve the living standard of their life by modifyingand improving their daily activities.Growth firms-The main intention of growth business is to bring innovative and newproducts in the society due to which it is easy for them to raise their market share. Moreover thereason behind the idea generation is to fulfil need of customer in desired by performing differentresearch in the market(Smallbone, Welter and Ateljevic, 2014). Usually size of this firms issmall as they are new starts-ups.Survival firms-This type of firms operates their business by cutting extra cost likelaying of new employees, saving cash etc. It results that there is increase in their profit margindue to which it is easy for them to expand their operations. It helps them to develop effectivestrategy that help them to sustain their business for a longer period in the market.P2 Similarities and Differences between entrepreneurial venturesIn this table similarities between the small, large and social firms are mention:ParticularSmall businessLarge businessSocial organisationFulfil of needsThe major purpose ofsmall business is tofulfil the needs ofsociety by providingproducts of goodquality.Large business alsofulfil needs of societyby delivering theirgoods among overallworld.Social entrepreneur ororganisation start theirbusiness in order tomatch their productswith the needs of thesociety.Upliftment of societySmall organisationprovides earningLarge business ororganisation providesSocial enterpriseprovides different job2
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