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Introduction to Entrepreneurship and Small Business Management

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Added on  2020-06-05

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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT Contents Introduction 4 TASK 1 4 P1 Different types of entrepreneurial ventures and topology 4 P2 similarities and difference between entrepreneurial ventures 5 TASK 2 6 P 3 impact of micro and small business on economy 6 P 4 Explain the significance that small businesses on the growth of social economy. 7 TASK 3 8 P5 Characteristics as well as abilities of successful entrepreneur 8 P6 Assessing the way aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset 9 TAS

Introduction to Entrepreneurship and Small Business Management

   Added on 2020-06-05

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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
Introduction to Entrepreneurship and Small Business Management_1
ContentsIntroduction......................................................................................................................................4TASK 1............................................................................................................................................4P1 Different types of entrepreneurial ventures and topology......................................................4P2 similarities and difference between entrepreneurial ventures.................................................5TASK 2............................................................................................................................................6P 3 impact of micro and small business on economy..................................................................6P 4 Explain the significance that small businesses on the growth of social economy.................7TASK 3............................................................................................................................................8P5 Characteristics as well as abilities of successful entrepreneur...............................................8P6 Assessing the way aspects of the entrepreneurial personality reflect entrepreneurialmotivation and mindset................................................................................................................9TASK 4............................................................................................................................................9P7 Assessing the way persons background as well as past experience can hinder fosterentrepreneurship...........................................................................................................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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IntroductionEntrepreneurship is the skills of the person that support the person in establishing the newbusiness and operating it in smooth manner. Small business contributes well in the economydevelopment of the nation (Schaper, 2016). Present study will discuss different types ofentrepreneurial ventures and their topology. Furthermore, it will explain similarities anddifference in these different enterprises. Furthermore, report will describe contribution of smallbusiness in the growth of economy. In addition, skills of entrepreneurs will be illustrated with theexamples. Study will examine impact of background, past experiences on entrepreneurships.TASK 1P1 Different types of entrepreneurial ventures and topologyEntrepreneurship is the ability of the person that makes the person able to establish a newbusiness and earn profit (Schaper. and et.al., 2014). There are several ventures that have uniquecharacter tics. These are explained as below:Local business entrepreneurship: It is the type of business which conducts at small level.Travel agents, plumbers, stores etc. are examples of such type of business units. Theseare opened by single person or by the family members (Abreu and Grinevich, 2013).Their main agenda is to earn profit for their survivals. They have limited funds thus; theyhave to carry out the operations at limited areas. They invest own money in the business.They conduct market research and analysis needs of consumers. On the bases of theirneeds they offer them goods and services. It supports these entrepreneurships ingenerating profit ((Stimpson and et.al., 2016)).Their topology is to earn more profit andsustain in the market for longer duration.Scalable start up entrepreneurship: It is another type of business. They have innovativeideas that support the business owner in attracting investors (Stimpson and et.al., 2016).The target of the organization is to implement innovative ideas so that unique products
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can be provided to the consumers. In order to accomplish their objectives they always tryto recruit skilled people those who have fresh talent. This supports in bringing innovationin the business. Silicon Valley is the great example of such type of entrepreneurshipventure. Their topology is to serve innovative products to the market and offer amazingservices to consumers (Scott, 2016). They have such amazing ideas of new technologiesthat support these firms in managing their operations well and gaining success in themarket ((Stimpson and et.al., 2016)).Global entrepreneurship: They are the large business units. Their main focus is on thegrowth and expansion of business unity. They always concentrate of needs of consumersand look at the competitor strategy. According to these elements, these firms make theirstrategy. This helps them in gaining competitive advantage and sustaining in the marketfor longer duration. They have adequate financial resources (Dorantes, Hallam andZanella, 2017). They get funds from banks or other investors. That funds support theseentities in conducting their business at large scale. They have advanced technologieswhich supports the entrepreneurship ventures in minimizing mistakes and enhancingefficiency level of operation. Serial entrepreneurship: They are such ventures which pay more operations on day to dayfunctioning of business. Such type of business is developed by other persons and theseentrepreneurs help these firms in their expansion. For example Sir Richard Branson is theperson who has supported in development of Virgin group (Schaper, 2016).Female entrepreneurship: They are the business units those which are run by femaleperson. They take initiative to start a new business and work for making it largeorganization. Social entrepreneurship: they are another type of ventures those which work for socialwelfare. Their agenda is not to earn profit, they just work for the welfare of population(Stimpson and et.al., 2016). Activities of Entrepreneur Entrepreneur are those business person (small or big) who takes lots of responsibilities ofcompany and manage them efficiently. Here is the work they do.
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