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Entrepreneurship and Small Business Management Docs

   

Added on  2020-12-29

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Entrepreneurship andSmall BusinessManagement

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Types of entrepreneurial ventures and its relation with typology of entrepreneurship.........1P2 Similarities and difference between Entrepreneurial venture................................................2TASK 2............................................................................................................................................4P3 Interpretation of statistics for showing impact of micro and small business on the economy.....................................................................................................................................................4P4 Importance of small business and start-up companies for growth of social economy..........5TASK 3............................................................................................................................................6P5 Characteristics, traits and skills of successful entrepreneur and differentiate them withbusiness manager ......................................................................................................................6P6 Entrepreneurial personality that reflect motivation and mindset...........................................7TASK 4............................................................................................................................................7P7 Background and experience can hinder and foster entrepreneurship ...................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTION Entrepreneurship is the process by which a product is developed and launch in themarket that include risk as well as profits. Every big organisation first establish themselves as asmall business which is led by the entrepreneur. It help country to increase their economy and todevelop more job opportunities by starting new venture in their origin and other country. Smallbusiness management usually privately owned for which a owner is responsible and authorise tooperate their business activity and operation (Nambisan S. and Baron, 2013). For this proprietoris responsible to monitor all activities that operate inside company. The present assignmentdiscuss different types and scope of entrepreneurship is described. Along with this the relationbetween an entrepreneur and small, medium and large organisation is mention. With thisdifferent type of typology of entrepreneurship is mention that relate with differententrepreneurial venture.TASK 1P1 Types of entrepreneurial ventures and its relation with typology of entrepreneurship.Entrepreneurship is the combination of different activities which work to start a newbusiness and to generate more amount of profits from it. While venture concentrate on differentexploring innovation and opportunities to produce economic and social value in the market.Several types of entrepreneurship ventures are explained below:Large organisation- The major motive of a large organisation is to offer new products inthe company. This help company to meet with different changing need of the customer and toadopt new technology to gain competitive advantage against their customer.Small organisation- Usually small organisation are privately owned and there are lessnumber of employees which work to obtain more amount of profit. This starts-ups work toincrease number of clients which help them to expand their business (Martiarena A., 2013). Scalable start-up organisation- In scalable entrepreneurship, proprietor start theirbusiness with a motive that ideas or product change the world. They gain funds in large amountswith the support of venture capitalists with this it is they heir best employee's that help to expandthe business.

Social entrepreneurship- Individual who start their work as a social entrepreneur theywork with the purpose to solve problems and fulfil the need of society. This business aredeveloped or established for the welfare of society (Gates B., 2014). Typology of entrepreneurship- Different type of entrepreneur typology for an industry isgiven below:Lifestyle- The word lifestyle refer to those activities for which individual is alwayspassionate and it help them to accomplish goal of their business. More efforts bring out moreproductive in operation activities that increase profit for business. Growth- This type of entrepreneurship is expand by investing high amount in thebusiness. As entrepreneur want to gain more more capital investment to provide sufficient returnto its investor. Male typology- Under the male typology of a business, a firm is operated, directed andcontrolled by the male individual (Miller J., 2017). This is because it is easy for them tounderstand financial risk that has to face by business in upcoming future. Female typology- This entrepreneurship state that a female owner or supervisor help abusiness to achieve high level of productivity in its products. Along with this they developstrategy to make social contribution in business if it relate with upcoming threat for future. P2 Similarities and difference between Entrepreneurial ventureSimilaritiesBasisSmallentrepreneurshipLargeentrepreneurshipScalableentrepreneurshipSocialentrepreneurshipCustomer needThe main motiveof small businessis to satisfy thedifferent need ofcustomer. In largeorganisation anentrepreneur offernew product tosatisfy need ofcustomer. The main motiveofthisentrepreneurshipis to developthose productwhich satisfy theneed of society.Under thisvarious need anddemand of clientsare developed togain companygoal.Risk takingThe common goalof everyorganisation is toThey operate theirbusiness in largecompany so theyWith thiscompany has tobear risk factorsIn this the impactof risk factors arethose in which a4

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