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Factors Influencing Small Business Success

   

Added on  2020-06-06

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ENTREPRENEURSHIPAND SMALLBUSINESSMANAGEMENT
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures which are related to entrepreneurship..........1P2 Similarities and Difference between entrepreneurial ventures.........................................3TASK 2............................................................................................................................................5P3 Impact of micro and small business economy..................................................................5P4 Contribution of business start ups and small business on social economy.......................6TASK 3............................................................................................................................................8P5 Characteristics, skills and traits of successful entrepreneurs............................................8P6 Aspects of Entrepreneurial Personality.............................................................................9TASK 4.........................................................................................................................................10P7 Factors that foster or hinder entrepreneurship.................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
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INTRODUCTIONEntrepreneurs in a company act as innovator who brings new ideas, products and servicesto run small business successfully. They play an important role in economy of organisation whotake many risks in decision making as well as take necessary steps to evaluate future and currentneeds of business. Therefore, these persons are rewarded with profits and opportunities ofgrowth in industries (Lee-Ross and Lashley, 2010). Through their efforts, an enterprise becomesable to give tough fight to competitors. The Boston Consulting Group (BCG) is a smallconsultancy firm of UK that operates in 90 offices in 50 countries. It gives suggestions to private,public and not-for-profit sectors about how to allocate or utilise cash in their business. Thisassignment shows different types of ventures of entrepreneurial as well as their relationship withtypology of entrepreneurship. Along with this, similarities and differences of various venturesare also discussed in briefly. This report also reflects impact of assessment and interpretation ofrelevant data on economy of BCG. Furthermore, role of small business and start-up's in thegrowth of social economy etc. are shown. TASK 1P1 Different types of entrepreneurial ventures which are related to entrepreneurshipAn entrepreneurial venture is like a small business in which entrepreneurs take completerisk to produce new and innovative products. They use effective strategic methods for thisprocess. These ventures provide a platform to individuals to share their innovative ideas whichhelps in developing social and economic value (Kirzner, 2015). With this assistance, companiesare required to have sufficient number of employees which help in carrying out businessoperations in an appropriate manner. Skilled and qualified workforce aid to accomplish all taskin a limited period of time successfully. Generally, entrepreneurship can be classified as:-Small business entrepreneurship: It includes business sectors like groceries and retailshops, departmental store, consultancy agencies, cafes and restaurants etc. which are operated bysingle owner. These companies are work on special motive that is to earn enough money so thatthey can fulfil their basic requirement easily. With this assistance, business owners use specialtechniques and offer products on discounts in order to gain large number of customers. Thisprocess helps them to gain sustainability at marketplace for longer period. Furthermore, to start-up small business people usually take loan from banks or own capital.1
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