Assignment Entrepreneurship & Small Business Management
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Added on 2020-06-06
Assignment Entrepreneurship & Small Business Management
Added on 2020-06-06
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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures ..........................................................................1P2 Explore the similarities and differences between entrepreneurial ventures...........................4TASK 2............................................................................................................................................6P3 Micro and small business impact on the economy................................................................6P4 Importance of small businesses and business starts-ups to the growth of social economy...8TASK 3............................................................................................................................................9P5 Characteristic traits and skills of successful entrepreneurs ...................................................9P6 Personality of entrepreneur act as a motivational tool.........................................................10TASK 4..........................................................................................................................................11P7 Background and experiences which can hinder or foster entrepreneurship.........................11CONCLUSION..............................................................................................................................11REFERENCES .............................................................................................................................13
INTRODUCTION‘Entrepreneurship’ is a effective procedure that used to designing, processing andlaunching a new venture in an economy. People who used to implement these techniques in theirstrategic management process are known as entrepreneurs. This process describe as willingnessand desired of individual person to introduce a new venture along with any risk in order to makemoney and profit. This is a large process that include business start up techniques, managementstrategies, fund management and economic as well as market analysis to getting desired growthand income. This process helps to identify business opportunities from target market to developnecessary resources and funds as well (Ackermann, 2012). This report includes different type ofentrepreneurial venture, similarities and differences between entrepreneurial ventures as well asMicro and small business impact on the economy. It also represent Importance of smallbusinesses and business starts-ups to the growth of social economy, Characteristic traits andskills of successful entrepreneurs, Personality of entrepreneur act as a motivational tool andBackground and experiences which can hinder or foster entrepreneurship. TASK 1P1 Different types of entrepreneurial venturesIntroduction – This present task explain about different types of entrepreneur ventures,Typology of Entrepreneurship, Relationship between ‘types of entrepreneurial ventures’ and the‘typology of entrepreneurship’ and Life Cycle of Entrepreneurial Firms. In a economy different type of enterprises are establish for making money and gettingappropriate growth as well. Main objective of these organisation is to create their appropriateimage and goodwill in target market (Blackburn, Hart and Wainwright, 2013). Through theseactivities, they can easily create strong relation with target customers to maximise organisation'ssales and revenue at a time. For this individual require to create impactful strategy to implementeffectiveness in their firm. In target market these enterprises faces strong competition throughexisting ventures. So for this owner of these firms requires to make strong plans to face thosechallenges easily. Entrepreneurship and entrepreneur are two different terms as - Entrepreneurship – This is a procedure that used to design, create and introduce a newbusiness in targeted economy. It is describe capacity and willingness of individual to develop a1
venture along with any kind of risk in order to getting desired growth and income as well. Insimple words, this term is used to starting a new business in effective manner. Entrepreneur – These are the individuals who create impactful strategy to establish anew venture in target economy. They take risk in order to getting desired competitive advantagesas well as make a profit. In this procedure they implement innovative ideas and advancetechnology to maximise their organisation and its service values. Typology of Entrepreneurship - Individual Entrepreneurship – These type of Entrepreneurship are carried out by aindividual person who have specific right to make any changes in them. They hasauthority of ownership and also a right or license to use it and disposal of property. Forthem it is requires to use all resources properly and allocate appropriate funds for firm.Moreover to mange resources it is required to utilize them effectively and properly. Corporate Entrepreneurship – This is a traditional form of entrepreneurship in which allthe organisation wants to get effective growth and success in target market to achievehigher competitive advantages easily. For this firm requires to create appropriateframework that used to support innovation and creative ideas. This process basically usedto develop new venture, process and strategies inside of an existing organisation tomaximise its values, growth and revenues as well (Bridge and O'Neill, 2012). Public Sector Entrepreneurship – These type of entrepreneurship are basically used tomake effective modification in public initiatives and policy which is carried out bydifferent groups or individual. For this entrepreneur requires to use conductive andstrategic process to engaging in such activities to face uncertainty. In these initiatives,public sector Entrepreneurship requires to use advance technology and innovative ideasto make impactful modifications. Types of Entrepreneurial VenturesStart-up – This term is basically uses for a new development in economy that can be abeginning of company. These are the new ventures and companies that implement newand innovative ideas to enter into the market. High risk are associated with their activitiesbut large number of opportunities are available for capturing target market (Bruton,Ahlstrom and Li, 2010). 2
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