Assignment on Entrepreneurship and Small Business Management
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Added on 2019-12-28
Assignment on Entrepreneurship and Small Business Management
Added on 2019-12-28
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ENTREPRENEURSHIPAND SMALL-BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4P1 Types of entrepreneurial ventures..........................................................................................4P2 Similarities and differences between entrepreneur ventures.................................................5M1 Entrepreneurship in the public and corporate sector............................................................6D1 Growth and the development of Entrepreneur venture.........................................................6TASK 2............................................................................................................................................7P3 Impact of micro and small business on the economy............................................................7P4 Small business and business start up contributes to growth of Economy..............................7M2 Differences that small, medium and large businesses make to the UK economy,.............8D2 Small business impact on the economy.................................................................................8TASK 3............................................................................................................................................8P5 Characteristic traits and skills of Elizabeth Gooch and Tom Mercer, ..................................8P6 Entrepreneurial personality of Elizabeth Gooch and Tom Mercer reflect theirentrepreneurial motivation and mindset......................................................................................9M3 Entrepreneurial characteristics............................................................................................9D3 The characteristic traits, skills of motivational entrepreneur's............................................10TASK 4..........................................................................................................................................10P7 Background and experience can hinder or foster entrepreneurship:...................................10M4 Personal Background..........................................................................................................10D4 The positive and the negative effects of personal influences on entrepreneur..................10Conclusion.....................................................................................................................................11REFRENCES.................................................................................................................................11
INTRODUCTIONEntrepreneur is person who has a business idea and he uses these ideas to start-up hisbusiness. They are the heart of the business operating activities. They start their business on asmall scale and than they becomes entrepreneurs. They are ready to take risk in every situationand hence they are the termed as challenging skills and behaviour. The economy becomes morevolatile because the person has the skill and the ability and he uses these ability in performingthe business operations. They have a innovative idea and mind set and they uses it in the businessactivities. The new opportunities in the growth and the business sector have encouraged theentrepreneurship activities on a large scale. They have passionate to do the desired activities bythe ideas that are generated in their mind sets and they wanted to turn the business ideas to makeprofit in the long run.TASK 1P1 Forms of entrepreneurial venturesDifferent types of entrepreneurial ventures in the economy are discusses as underSchumpeterian Entrepreneur Ventures: They are the business at the small level in theeconomy and they are operated by the small owner of the organisation who are operating theirindependent business operations. The aim of this venture is to earn growth for the economy bymaximising the level of the profits in the economy. They are denoted for the innovative nad thedifferent skills they used in the firms opportunities that are to be explored in the economy. TheThe Schumpeterian entrepreneur have the development in the small scale operations of thebusiness and they also act as the owners of the managerial business practices. This venture triesto open up new business where there are chances for new opportunities of the business areprevailing. The innovative skills can be used at the work place so as to have the opportunities forthe new products to be brought at the market place and the target market and the area could beset up for the new products.(Blackburn, 2013)'Intrapreneur' ventures: These ventures operates in those organisation where thebusiness owner is not the person who comes out with different ideas for the business operationsbut the ideas comes from the other persons who are working in the organisations. Anintrapreneur is a person who has the capacity to implement the important functions of theentrepreneurial activities not for the use of his personal objectives but to achieve the goals andthe objectives of the organisation. At a time of realization of being expert in this, the
intrapreneurs even come out along with their own of ideas of start-up of the new venture anddevelop into a Schumpeterian entrepreneurs.Established Ventures: An established venture is an organisation that employees at least500 or more employees in the organisation. The main purpose of the venture is to generate thedesired revenues and profit for the organisation and the stakeholders who are involved in thecompany. They can include any types of the products like the material handling or the productsin the term of services.(Bridge, S. and O'Neill, K., 2012.) They are implementing certain changesin the economy and the societies because such a large organisations are having the significantemployer and the employees in the organisations who are remaining ideal. The establishedcompany has the reputation and the brands of the products and the level of the presence in theeconomy.Social Good Enterprises: These are the business which are having the social motivesand they are providing solutions of innovations and the deep desires to make the world betterplace to live in. The goals of the organisation are creating maximum social impact on the societyin a sustainable way. The working programmes and the procedures are based on the themes thatcreate an impact on the society. These social entrepreneurs does not aim at making the profits inthe economy in monetary terms but their success is measured in the economy by the level of theoutputs it produces for the economy.P2 Similarities and differences among entrepreneur venturesThere are various similarities and the deviation between the entrepreneurial ventures firstlet us know about the similarities of the entrepreneurs ventures:Challenging and risk taking: In the entrepreneurship ventures there will be anentrepreneur who are taking the risk for the achievement of the goals and the objectives that aredecided by the organisation (Carland and Stewart, 2015). An entrepreneur has challenge to takethe risk that are associated with the business. An entrepreneur may be of the large or the smallfirms has the opportunities for the growth in the large scale business and earn maximum profitsand it is not possible until the company creates an impact on the industry and the market.Innovative and creative: An entrepreneur of an organisation could not exceed if thecompany has an creative idea behind the establishment otherwise the firm can end up in thealmost all the companies of the organisations. The innovation in the products and the workingstyles of the employees are essential for gaining the reputation and the attention of the
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