Entrepreneurship & Small Business Management | Assignment

Added on - 21 Feb 2021

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Entrepreneurship and smallbusiness management
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1P1 Different types of entrepreneurial ventures and its relation with topology...........................1P2 Similarities and difference between entrepreneurial ventures...............................................2P3 Statistical data related to impact of micro and small business on economy...........................4P4 Importance of small businesses and business start-ups for growth of social economy..........5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONEntrepreneurship refers to business that is run by an individual by taking risk for thepurpose of earning profit in the future (Amato and et. al., 2017).It brings new ideas andinnovation into company that will lead to bring more opportunities and growth. According toSchumpeterian entrepreneur are the owner of organizations for the purpose of earning profit andgrowth in the future. These are creative and innovative practices. This defines different aspectthat lead to bring effectiveness in business and the main purpose of business get fulfilled byearning profit in the company.Report will include different types of entrepreneurial ventures and their relation withdifferent topologies. It also includes similarities between entrepreneurial venture and impact ofsmall business in an economy. Furthermore, it will include importance of small businesses andbusiness that will help in growth of the social economy.MAIN BODYP1 Different types of entrepreneurial ventures and its relation with topologyThere are four types of entrepreneurial venture are as follows:Survival business:-This type of business is owned by an individual independently for thepurpose of earning profit in the future (Venkataraman, 2019). Its main goal is to earn profit andsustain into market for the long term that will lead to bring more growth in the future. It is s typeof business that include restaurants, agriculture and retail stores. This will bring moreopportunities and growth for the future.Lifestyle business:-In this type of venture profit will be earned by doing business that will helpin satisfying needs and preference of consumers. It is changing its business operations accordingto market trend as different styles will be followed for becoming successful in the marketplace. Itincludes self employed business and small operating business that help in future growth. Thisbring more growth andManaged growth business:-This refers to managing business for future growth and bring moreopportunities. If business will be well managed then it will create different perspective for thebusiness. Managed business ventures will have long term survival for the future (Doern, 2016).Proper budget will be prepared that enhance more profit as it ensures proper utilization ofresources in the company.1
Aggressive Growth:-This refers to giving potential growth that will help increase productivityin the company. Growth will be occurred that will lead to create different aspects as there arepossibilities of having competitive advantage in the company. There are different perspectivethat create market situation that will bring efficiency and effectiveness for the future.Different topologies that are related to entrepreneurial ventures are as under:-Scalable:-This type of topology is related to survival business venture that is based on somecriteria that will be depend on size on business. As this type of topology is useful for larger scaleenterprise as there are more chances of growth in the future. This will bring more possibilities byadopting this topology company run its operation for expansion in future course of action.Social:-Lifestyle business venture is related with this type of topology as customers are king ofmarket that brings more opportunities and expansion of business (Yan and Yan, 2016). This willbe related to culture, beliefs and norms that will be followed into business for future course ofaction.Female:-This topology is related to managed growth business that enhance further growth. Thisemphasize on taking into account various aspect that will bringing in enhancement of femaleemployees in the company.High Scalable:-This is related to aggressive growth that will bring more opportunities in thecompany. As in this company is depended on scale that has expansion in future course of action.Types of entrepreneursThere are three types of entrepreneur according to (Weenekers & Thurik 1999)are asfollows:Schumpeterian entrepreneursEmployee in companiesManagerial business ownersTypologiesSchumpeterian entrepreneur topology is related to experience of different people that areworking in various sectors in the economy. In this performance will be checked depending uponfeedback that is received from other employees in the company (Miles &Snow 1992)In thisperformance will be evaluated by involving different aspect that lead to bring effectiveness inbusiness. On the other hand, there are different topologies that will be worked together andenhance productivity in entrepreneurial venture. In this managers having different aspect that2
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