Entrepreneurship&Small Business Management Assignment
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Added on 2020-06-05
Entrepreneurship&Small Business Management Assignment
Added on 2020-06-05
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ENTREPRENEURSHIP ANDSMALL BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Major entrepreneurial venture and its relationship with typology. .......................................1P2 Major similarities and differences between entrepreneurial venture.....................................2P3 Impact of small business on economy. .................................................................................3P4 Impact of small business in the major development of social economy................................4TASK 2............................................................................................................................................5P5 Traits of successful entrepreneurs and identify whether they are born or made....................5P6 Entrepreneurial motivation and mindset are reflected by entrepreneurial personality..........6P7 Concept of entrepreneurship is affected by past experience and background.......................7CONCLUSTION.............................................................................................................................8.........................................................................................................................................................8REFERENCES ...............................................................................................................................9.......................................................................................................................................................10
INTRODUCTIONEntrepreneurship is the key concept which involves the idea of designing and running anentire new business. People who involve in these kind of activities is probably known asentrepreneur (Fassin, Van Rossem and Buelens, 2011). It is evaluated that entrepreneur indulgedin business activities from start up companies. Entrepreneurs in context of start up companieshave limited resources and they served in limited area. But with strong determination and willpower, these companies finally attain market shares and profit. Small business managementrefers to the idea where entrepreneur basically indulged in establishing and maintaining allbusiness operation with most effective manner (Helfat and Winter, 2011). They aim to attainstability and sustainability in the market. It is important for every country to encourage the ideaof entrepreneurship because with introduction of new business unit, opportunities of employmentincrease. Thus, there will be more money creation in the market. There will be growth in theeconomy. Given report is based upon the entire concept of entrepreneurship and the ways bywhich entrepreneurial venture affect the typology of entrepreneurship. TASK 1P1 Major entrepreneurial venture and its relationship with typology. Major entrepreneurial ventures Start up companies- This is the most common venture in which any new entrepreneurinvest their money, resources, idea and time. This is the foundation of establishing any newbusiness which can gradually expand in the market with their continuous efforts. Social- In this kind of venture, company mainly focus towards providing solutions to thevarious social issues (Dennis Jr, 2011). They mainly work for the improvement of social people. Corporate- In this kind of venture, large company invest their money into start upcompanies and thus, it becomes important for them to gain profit in the market. Public sector- In this type of entrepreneurial venture, it is necessary to be more focusedtowards delivering effective and efficient public services. Typology of entrepreneurshipOn the basis of above entrepreneurial ventures, typology of entrepreneurship can bedecided. 1
Small business- This is the most common type of entrepreneurship which mainly dealswith small business plan and idea. Example of this can be plumber, electrician etc. they havelimited resources but work with most effective manner. Scalable start ups- In this kind of entrepreneurship, it has been evaluated that they havestrong believe in their business idea and thus they aim to survive long in the market with byfulfilling the need and demands of people (Chrisman, Chua and Barnett, 2012). They try to earnmaximum number of market shares. Large company- They are well established companies in the market with high market shares andprofit. They act like a market leader and thus serve as per the demand of the customers. Social entrepreneurship- Main aim under this type of entrepreneurship is not to earn anyprofit but to work for the common people. They get full support from the side of government andhence can work in the most effective manner.On the basis of above it can be concluded that the understanding of entrepreneurialventure is important in order to follow the right type of entrepreneurship approach.P2 Major similarities and differences between entrepreneurial venture.Similarities1 All business venture comes under the head of business. They may have differentobjectives but they are indulged in one or the other business activity as a whole. That is why is isestimated that 2. They need to follow same procedure in the establishment of their business. This isbecause there are some set of rules, relations, norms which must be followed by companies inorder to run their business without any obstacles (Nga and Shamuganathan, 2010). There aresome legislations made by government to describe the basis on which all business venture canperform their actions.3 they contribute to the society. Business venture may vary from each other in thecontext of their objectives and goals. On the other side, they must be liable for contributing in thegrowth of the economy. Differences1 One of the major difference between all business venture is that the have differentobjective, purpose, mission, goals and vision. That is why, their desired level of result will be2
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