Entrepreneurship And Small Business Management - Assignment Sample
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Added on 2021-01-01
Entrepreneurship And Small Business Management - Assignment Sample
Added on 2021-01-01
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Entrepreneurship and SmallBusiness Management
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1LO 1 ................................................................................................................................................1P 1 Different types of entrepreneurial ventures and typology ...................................................1M 1 Different ventures of entrepreneurial in both public and corporate sector .........................2D 1 Scope, development and growth of ventures ......................................................................2P 2 Similarities and differences between entrepreneurial ventures ...........................................2LO 2 ................................................................................................................................................4P 3 Micro and small business impact on economy.....................................................................4M 2 Difference in small, medium and large businesses make economy ...................................5D 2 Impact of small business on different level .........................................................................5P 4 Small business and start-ups contribute in social growth ....................................................6LO 3 ................................................................................................................................................6P 5 Characteristics, traits and skills of two successful entrepreneurs.........................................6M 3 Different lines of argument to entrepreneurial characteristics............................................8D 3 Traits and motivational forces of successful entrepreneur ..................................................8P 6 Entrepreneurial personality reflect motivation and mindset.................................................8LO 4 ................................................................................................................................................9P 7 Background and experience can hinder and foster entrepreneurship...................................9M 4 Link between characteristics influences of personal background ....................................10D 4 Positive and negative influences .......................................................................................11CONCLUSION .............................................................................................................................11REFERENCES .............................................................................................................................12
INTRODUCTIONEntrepreneur is a person who is working as an employee, founds and runs small businessby taking all risks and rewards. Process of designing and running a new business with innovativeideas and creation is known as entrepreneurship. It has been described capability and willingnessto develop and manage business venture with risks to make profits (Belz and Binder, 2017).The present case study based on a very successful entrepreneur that is Joe Woods. Ownerof company have successfully set up IT business. They have to facilitate number of companieswho processes online and credit/debit card payment from vendors. In this context study based on different types of entrepreneurial venture and typology ofentrepreneurship. It will explore similarities and differences between ventures and assess microas well as small businesses impact on economy. It will explain that how small business willcontribute in economy growth. It will explain characteristics and skills of two successfulentrepreneurs. LO 1 P 1 Different types of entrepreneurial ventures and typology Entrepreneurial venture is targeting high returns with equally advanced level ofuncertainty. They are focusing on offering new and innovations. It impacts economies andpeople in significant manner. With the respect, there are different types of ventures (Birley andStockley, 2017). Such as follows: Types of Entrepreneurial ventures: Small Business Entrepreneurship: Any of the person who run their own business bytaking all risks. Such as grocery stores, electricians, travel agents etc. They are hiring familymembers or local employees. Companies are taking small business loans and fund throughfriends or family. Small business entrepreneurs are making profits with taking all responsibilitiesindividually. These Entrepreneurs cannot take venture capital. (Caliendo and FossenandKritikos, 2014). Scalable Start-up Entrepreneurship: These entrepreneurs are starting up businessknowing from day one that their vision could change the world. They are attracting investmentfrom equally venture capitalists. Scalable entrepreneur is focusing on arranging capital which isrequired for starting up firm. These entrepreneurs are making up innovation cluster for attracting1
returns from outside. Typology of this type of entrepreneurship is that acquiring more capital forgrowth of business (Cavusgil and Knight, 2015).Large Company Entrepreneurship: large companies' life cycle is unlimited. Throughinnovation, offering new goods which are variants around their core products. There are variousfactors which creates pressure such as competitors, new technologies, changes in customers’taste, rules and regulations. Large business is to create new products and sale into new customersin new market. Typology of this form of entrepreneurship is that create and develop new goodsand services for generating revenues (Cumming and Zahra, 2016). Social Entrepreneurship: These entrepreneurs are focusing on creating services forresolving social needs and difficulties. They are running business for either profits or non-profit.It is start-up to create funds and apply resolution to societal and society issues. Typology of thisform of entrepreneurship is that improving changes in society. This thought is applied to varietyof companies with different sizes, purpose and values.M 1 Different ventures of entrepreneurial in both public and corporate sector Small entrepreneurs are providing goods and services for public for making profits. Thereare other entrepreneurs who are running business only for providing services for solving socialneeds of peoples this kind of enterprisers called as social. This business is working as publicsector. Large enterprises are creating new products for generating revenues and contributing inthe economy (Dees, 2017). These are working as corporate sector.D 1 Scope, development and growth of ventures Large companies are growing their business through creating new products and sale ofnew customers in the new market. Scalable enterprisers growing and developing by acquiringmore capital. Small entrepreneurs are taking loans from friends or family. Social entrepreneursare running business only for solving social problems. The scope of large companies is tomaking more profits and revenues.P 2 Similarities and differences between entrepreneurial ventures Differences Small business Scalable business Financial goals Goals of small business isprofits maximization.Goal of scalable business isto increase growth.2
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