Entrepreneurship & Small Business Management : Assignment
Added on 2020-07-23
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Entrepreneurship and SmallBusiness Management
Table of ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3P1 Types of entrepreneurial ventures and their relationship with typologies..................................3P2 Similarities and Difference between entrepreneurial ventures...................................................5TASK 2.................................................................................................................................................7P3 Assessing and interpreting the impact of micro and small businesses in economy...................7TASK 3.................................................................................................................................................9P5 Characteristics, traits and skills of successful entrepreneurs......................................................9P6 Assessment of aspects of entrepreneurial personality in reflecting entrepreneurial motivation and mind-set ..................................................................................................................................11TASK 4...............................................................................................................................................11P7 Factors that foster or hinder entrepreneurship..........................................................................11CONCLUSION..................................................................................................................................12REFERENCES...................................................................................................................................13
INTRODUCTIONEntrepreneurship can be defined as a process in which an individual starts its own businessand takes all the risks and rewards by himself. It is considered as a dynamic process for creatingwealth by taking huge risks in the business. It can be in any form like time, cost and equity etc.Entrepreneurs are having new ideas with them selves which helps them in making new types ofproducts in the market or introducing the old products in the new form (Blackburn, Hart andWainwright, 2013). So, it is very much required for the entrepreneur to be creative and innovativeso that they can grab more and more customers .Small business management can be defined as a managing process in which the operationsand activities conducted in a small business is maintained and controlled in an effective manner. Itsmain aim is to gain more and more profits in the market and it can only be done through effectivemanagement. This report discusses about the range of venture types along with their typologies,impact of small business have on the economy, key aspects related to entrepreneurial aspect,environments that foster or hinder the entrepreneurship. TASK 1P1 Types of entrepreneurial ventures and their relationship with typologiesEntrepreneurial Ventures – It is often said that entrepreneurial ventures are similar like the regular business but it is notso. It is an organisation or a business that is prepared by a person who is innovative and knows verywell how to grab any opportunity so as to produce economic as well as social value in the business(Bridge and O'Neill, 2012). It is very fast in creating wealth but the risk attached with it is very highs they out of the way ton produce goods and services. Entrepreneur – He is the person who starts the business and runs it along with the limited resources he haswith him. They are the sole ones who are responsible for making effective goods, taking all he risksand rewards all by himself. Types of Entrepreneurs – there are various types of entrepreneurs. Few of them are:-Serial Entrepreneurs – These are the type of entrepreneurs who starts their businesscontinuously and sells it off on a later stage. They have lots of new s well as creative ideaswith themselves and enough funds as well. Social Entrepreneurs – They are the type of entrepreneurs who focuses m,ore on solving theproblems of the society rather than earning profits from it . They are very ambitious andcapable of handling major social issues that are prevailing in the society. Female Entrepreneurs - These are the entrepreneurs who runs a whole an enterprise which
consists of mostly women. These enterprises are mainly owned and controlled by womenitself and are responsible for creating 51% of employment. Concept of Entrepreneurship - It can be defined as a process of preparing , designing and ten finally launching a newbusiness which is started as a small business but later on can take a huge form (Carsrud andBrännback, 2011). The people who runs it is called as a entrepreneurs. It is a creative process ionwhich lots of time and energy is required of the person who runs it. Key Ventures of Entrepreneurs – The various types of Entrepreneurial ventures are :-Small-business Entrepreneurship – As per the current scenario , there are various types ofentrepreneurial ventures that are running in UK . There are approximately 6 million smallbusinesses that are currently running in the market. It includes various types of businesseslike grocery stores, internet cafe owners, travel agents, consultants , carpenters, electriciansetc. These people are running their business on their own risk and making all the profits bythemselves only. Scalable Entrepreneurship – These are the ventures which are being created by a strong ideaof the entrepreneurs . They have a vision to change the world by there idea. They arrangefunds from market and for this they have to convince the people to invest in their idea.Social Entrepreneurship – These are the type of business hat is running so as to providebenefits to the society through their products . They produce only these type of products thatare healthy and does not affect the people in any wrong manner. For e.g. Patanjali Productsare very healthy and this venture was started just to provide Ayurvedic products to theircustomers at affordable prices. Relation of ventures with Entrepreneur Typology – All the entrepreneurial ventures are connected with the typologies in some or the othermanner like scaleable entrepreneurship can be connected with the Lifestyle ventures and socialentrepreneurship can be connected with the managed growth venture typology. So , there arevarious types of topologies that are present and that connect very well with the type of venturesrunning in the market (Chittithaworn and et. al., 2011). Types of Topology - The various types of Entrepreneurial typologies are :-Lifestyle Ventures – These type of businesses gives immediate profits to the businesses. Theentrepreneurs here generally likes to work alone. Survival Ventures – These are the type of business which is started just to earn a livelihoodfor the family. It is generally a small business which can be in the form of Grocery store,internet cafe, barber store etc. Managed Growth Ventures - These are the businesses that is run by a smart business man
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