Entrepreneurship and Small Business Management Assignment - Doc
Added on 2020-01-16
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Running head: Entrepreneurship and small business managementENTREPRENEURSHIP AND SMALL BUSINESSMANAGEMENT
Entrepreneurship and small business managementTable of ContentsIntroduction......................................................................................................................................3Part 1................................................................................................................................................3P1: Providing an introduction and examining various types of the entrepreneurial ventures whileexplaining their relation to typology of the entrepreneurship.........................................................3P2: Building several types of the entrepreneurial ventures and exploring differences andsimilarities........................................................................................................................................4P3: Presenting, interpreting and assessing relevant statistic and data for illustrating impacts ofsmall and micro businesses on the economy...................................................................................5P4: Explaining importance of small businesses as well as business start ups on the socialeconomic growth.............................................................................................................................6Evidence: Written Report................................................................................................................7P5: The characteristic traits and skills of a successful entrepreneur:.............................................7P6: Aspects of the entrepreneurial personality that reflect entrepreneurial motivation andmindset:............................................................................................................................................8P7: Influence of past experiences and other factors in determining successful innovators:............9Conclusion:....................................................................................................................................10References......................................................................................................................................11Page 2 of 12
Entrepreneurship and small business managementIntroductionEntrepreneurship is one of the key materials used for commencing any business organisation inorder to achieve the set goals as well as objectives. An appropriate and proper entrepreneurshipis highly required for a successful organisation. The study provides explanation of various typesof entrepreneurial ventures as well as their relation to the entrepreneurship. It also provides anexploration of the differences and similarities among the entrepreneurial Ventures as well as theentrepreneurship they carry with themselves. The study shows the importance of smallbusinesses as well as the start-ups on achieving the growth of the economy the second section ofthe study determines the criteria behind a successful entrepreneur along with few of the examplesit also reveals about the aspects of entrepreneurial personality which reflects mindset andentrepreneurial motivation. The study portrays the effects of an individual's past experiencesalong with their background on hindering of fostering the entrepreneurship.Part 1P1: Providing an introduction and examining various types of the entrepreneurial ventureswhile explaining their relation to typology of the entrepreneurshipEntrepreneurial ventures are typically focused over providing the advisory services to mid stageas well as early stage companies. The role of entrepreneur ventures varies depending upon thestages of the company. The principal goals associated with any entrepreneurial venture areconsidered as growth and profitability and the particular business is characterized throughinnovative and strategic practices. Entrepreneurial ventures are said to be for the new andinnovative offerings. The entrepreneurial ventures have been habituated in undertaking hugerisks (Rivera-Santos, Holt, Littlewood & Kolk 2015). The prime target of these entrepreneurialventures is higher returns on productivity as well as Rapid growth. The various types ofentrepreneurial Ventures are:Private ventures: Private Enterprises are those ventures which are governed and owned by private owners ofbusinessman. The entire investment is done by them and they are huge risk lover. Most of thePrivate Enterprises aim at earning more and more profit and revenue. The profit oriented mind ofPrivate enterprises let them achieve and pursue greater good in the economy by meeting up eachand every goal and objective. Every private entrepreneurial venture possesses business as well asindustrial entrepreneurship.Page 3 of 12
Entrepreneurship and small business managementPublic Enterprises: Public ventures on those ventures which are owned by government every decision in thisventures are taken up by the government itself and processing the decisions also comes underresponsibility of the government. Public ventures tend to focus more upon the welfare and wellbeing of the society they are hardly profit oriented the type of entrepreneurship that is beingmaintained under Public ventures is trading entrepreneur as well as business entrepreneur.Social Enterprises:Social entrepreneurs seem to be the innovators who extremely focus on the creation of servicesand products which solve the social problems and needs. Their goal is basically towards makingthe world a better place and not to enjoy the market for creating wealth for founders. Theseenterprises or ventures might be for-profit, non profit or hybrid. The kind of entrepreneur relatedto social Enterprises is social entrepreneur who ends at achieving social benefits rather thanearning profits (Park, LiPuma & Prange (2015). Small businesses:Small businesses are the ventures which have not been formed for longer period of time left theyhave on huge profits through their innovative and modern ideas and thoughts small businessescould be regarded as hairdressers, consultants, grocery stores, travel, agents, storefronts, Internetcommerce numbers carpenters and the electricians. Small business enterprises have smallbusiness entrepreneurs who govern and own the businesses. P2: Building several types of the entrepreneurial ventures and exploring differences andsimilaritiesAmple differences could be figured out in the context of various entrepreneurial ventures and thesimilarities and differences could be explored easily. The prime differences among the private,social and public Enterprises could be illustrated as follows:Public enterprisesEnterprises have the objective to render service to society including people. It effectively playsthe role of minimising wealth concentration and accumulation in hands of specific persons.These Enterprises are formed with social interest and prevents regional and unbalanced growthof different industries. The public Enterprises are often free from the risk of expectation andhence, the consumers as well as the employees are provided with fair dealings. The scope andopportunities of public Enterprises are quite large and can attain growth at a gigantic size. ItPage 4 of 12
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