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Assignment | Entrepreneurship And Small Business Management (PDF)

   

Added on  2020-11-12

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Entrepreneurship AndSmall BusinessManagement

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1) Explain different types of entrepreneurial ventures and how are they interrelated witheach other. ..................................................................................................................................1P2) Show similarities and differences between entrepreneurial ventures...................................3TASK 2............................................................................................................................................4P4) Importance of small business start-ups and how it contributes to the growth of socialeconomy. ...................................................................................................................................6TASK 3............................................................................................................................................6P5) Study the skills and characteristics traits of successful entrepreneurs which differs fromother business managers. ............................................................................................................6P6)Asses how the aspects of entrepreneurial reflect the entrepreneurial motivation andmindsets.......................................................................................................................................8TASK 4............................................................................................................................................9P7) Evaluate with examples how background can hinder entrepreneurship..............................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONEntrepreneurship is the process of framing, launching new and creative business idea andmanages a business venture along with risk in order to make it a successful business in the globalmarket. Small business are interdependent firm owned and operated and does not engage ininnovative practices. A seminar is being conducted by the HMRC in the UK and company askit's employees to address it and prepare a report on the seminar conducted. This report includesdifferent types of entrepreneurial ventures and how are they related with the typology. Also,similarities and differences are studied between the ventures and how micro factor affects thebusiness economy. It focusses on the different characteristics, traits, skills etc. which make thebusiness different from other and how new start ups contributes in the economy growth at a largescale. Whereas, how entrepreneurial personality reflect entrepreneurial mindset as well as howexperience and background can hinder business in the cut throat market (Bennett, 2014). P1) Explain different types of entrepreneurial ventures and how are they interrelated with eachother. Entrepreneurial venture can be explained as organization or a firm that places innovationand creative ideas in order produce social and economic value in the market or society. Anentrepreneur is an individual who discover an innovative business and runs a small firm,assuming all the rewards and risks of the venture. There are various types of entrepreneurialventures which are, serial entrepreneur, female entrepreneur, social entrepreneur etc. whichcontributed in the economy growth worldwide (Burns and Dewhurst, 2016). There are varioustypes of entrepreneurship typologies in the market are explained as follows: Small Business Entrepreneurship: Small business entrepreneurship is contributinggreatly in the growth of the economy. In UK around 5.7 million small business are runningsuccessfully across the globe as well heirs 50% of all non-government workers in theirorganization. They make up 99.7% of all the companies and are able to satisfy customers. Someof the small businesses are, travel agents, consultants, hairdressers etc. Scalable Start-up Entrepreneurship: The main vision of the Scalable Start-upentrepreneurship is that their creative idea will change the world. They accumulate investmentsfrom financial investors like, venture capitalist. Scalableentrepreneur ventures also give birth tonew ideas in the market which help the typology to be a successful business in the global1

market. They appoint the best team whose job is to search out scalable and repeatable businessmodel in the market.Large Company Entrepreneurship: They grow and flourish in the market because ofinnovation in the new product. Disruptive innovation take place due to the frequent changes inthe customers, preferences, taste, law, legislation, competitors etc. which leads the business tocreate entirely new innovative product so that it can be sold to new customers in the cut throatcompetitive world.Social Entrepreneurship: They are innovators who are more focusing on framing,designing and creating products and services which is able to solve the resolve the social needsand problems emerging in the market. They work for the betterment of the society andcommunity so that living standards of the people can be raised. Both are interlaced with eachother to uplift the community in a market by motivating females to share their talent on businessformation. There are different types of entrepreneurial typologies which are discussed below: Serial entrepreneur venture: A serial entrepreneur venture is an individual whocontinuously workday and night and come up with new creative ideas and starts a new businessin the market (Burns, 2016). Female entrepreneurial venture: Female entrepreneurs venture is the business operatedand owned mostly by females who hold all the risks and profits in their own court and worktowards the betterment of the organization. They encompass around 1/3 of all entrepreneurs.Social entrepreneurial venture: Social entrepreneurship venture is the use of start upcompanies to develop finance and contribute to the social problems like, cultural, pollution,environmental issues, social activities etc.Lifestyle entrepreneurial venture: This is set up and operated by its founders and themain aim of the business is sustaining a specific level of income so that lifestyle can be enjoyed.Small business entrepreneurship is related with the lifestyle entrepreneur venture as bothfocus more on profit maximization and does not focus on earning 10 million cores in the market.They are happy with the daily or annual income from their business so that smooth life can beenjoyed. Scalable typologies is related with social ventures as both work for the betterment of thesociety as well tries to uplift the living standards of the people living in the community.Additionally, large entrepreneurial typologies are related with the female ventures as they2

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