Entrepreneurship and Small Business Management - Assignment Sample
Added on 2021-01-02
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Entrepreneurship andSmall Business Management
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures...........................................................................1P2 Similarities and differences between entrepreneurial ventures.............................................2Task 2...............................................................................................................................................4P3. Impact of micro and small businesses on economy..............................................................4P4. Importance of small and start-up businesses in contribution to growth...............................5P5. Characteristics, traits and skills of successful entrepreneur..................................................6P6. Entrepreneurial personality which reflect entrepreneurial motivation and mindset.............7Task 4...............................................................................................................................................8P7. Different environment that foster or hinder entrepreneurship..............................................8Conclusion.....................................................................................................................................10References......................................................................................................................................11
INTRODUCTIONIn this report various range of business venture considering entrepreneurial are beendetermined and explained. Entrepreneurship refers to developing or starting a new businessventure with innovative products and new ideas involved with risk taking for earning profits. Inthis the impact of small businesses on economy is been assessed. Further, it will determine thekey aspects, characteristic and traits for entrepreneurial motivation and mind-set. Thus, it willexamine the various factors that hinders or foster entrepreneurship.TASK 1P1 Different types of entrepreneurial venturesEntrepreneurship is the willingness and capacity to create, manage and organising abusiness along with all the risks involved for gaining profits. In simple term it refers to starting anew business. In terms of economics capital, land, natural resources and labour combined withentrepreneurship generates profit for a business venture (Mariotti and Glackin, 2014). It is alsodefined as an activity for setting up or starting a new business or enterprise by taking financialrisk with the hope of earning profit. An enterprise is a small company or a business which isbeen newly established.Different types of entrepreneurial ventures:Micro Entrepreneurship: Micro entrepreneurship refers to those enterprises or businessventures with maximum number of employees are less than 10 members per firm. Mostof the capital invested in it is owners fund, or his savings. Mostly there is only one personi.e., the owner who does all activities.Small Business Entrepreneurship: Small business entrepreneurship are those businesswhich capital investment are small and operate at small scale (Scarborough, 2016). Smallbusiness entrepreneurship is those business like grocery or retail stores, travel agents, etc.The owner is only on who runs and manages his business.Medium sized entrepreneurship: Medium sized enterprises are independent non-subsidiary firms which employ only fewer than given employees number, that are lessthan 250 employees. It can have a single owner or can be partnership. In this capitalbrought can be more than from micro and small business ventures (small-business-management 2017).1
Typology of entrepreneurship:Start-up Entrepreneurship: Start up entrepreneurship refers to newly developed businessventure in aim to meet the needs and wants of market and customers. Start-up is at itsfirst stage of operations. The entrepreneur or owner develop a new product or services,believing there would be demand for it in market.Large Company Entrepreneurship: It is also known as corporate entrepreneurship; theyhave a large or huge amount of capital invested in business. Large companyentrepreneurship grows through offering new products or services around their coreproducts and sustain innovations. They face high risk in order to gain profits (Burns andDewhurst, eds., 2016).Social Entrepreneurship:Social entrepreneurship refers to solving social problems andneeds, new products and services are being created by innovators. Instead of creatingwealth or to take market share, their goal is to make world a better place. They can beprofit motive, non-profit or hybrid (Drucker, 2014).Lifestyle firm: Lifestyle firm refers to a business venture with its main aim of having acertain level of income rather than earning a huge amount and for the purpose of alteringpersonal lifestyle. Its goal is to maintain a pleasant and sustainable work life balance.P2 Similarities and differences between entrepreneurial venturesFor determining the similarities and differences between different entrepreneurialventures their roles and characteristics are been studied. Below explained are the roles andcharacteristic of different ventures, that are micro, small and medium-sized enterprises:Similarities between Micro, small and medium sized entrepreneurship:They are generally a one-man show. Most of the activities or decisions are done or takenby one person or owner of the venture.Owner has the knowledge of what's happening in business and takes effectiveparticipation in all business matters including decision making.They have a low gestation period, which means their return on investment starts quickly.To cater the regional or local demands is their focus and main scope of operation.Easy availability of resources like labour, raw materials, etc., as they use indigenousresources that can be located easily in location of operation.2
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