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[solution] Entrepreneurship and Small Business Management : Assignment

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Added on  2021-01-02

[solution] Entrepreneurship and Small Business Management : Assignment

   Added on 2021-01-02

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INTRODUCTION Now a day almost every individual wants to establish their own business or anentrepreneurship. Government are also supporting to individuals who want to establish their ownventure this is because it help in growing economy and standard of country in effective manner.Entrepreneurship refers to a process in which a person develop strategies and plans in order toestablish an entrepreneurship venture in order to fulfil need as well as requirement of society orpotential customers (Avnimelech, Zelekha and Sharabi, 2014). Respective report is based onhow an entrepreneur do management of their new venture in order to get succeed at marketplaceand it include various type of of entrepreneurial. Along with this it include impact of smallbusiness entrepreneurship on country's economy as well as it include key aspects which is basedon an entrepreneurial mindset. At last it will discussed about different environment that fosterentrepreneurship venture. TASK 1P1. Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurshipEntrepreneurThey are defined as an individual who run small business rather than working in anyorganisation as employees and bear all risk and rewards of venture. Entrepreneur is an innovator,business procedure, source of new and innovative ideas, goods and services. They plays aneffective role in economy of nations and provide lots of employment to individual. Such personpossess skills and initiative for anticipating current and future needs. EntrepreneurshipIt is considered as process of launching, designing and running new and small types ofbusiness. It is willingness and capacity for developing, organising, and managing organisationventure by carrying risk for making profit. This is the act for being entrepreneur, owner, managerof enterprise who is taking initiative and risk in attempt to make profits. Entrepreneurial ventureIt is explained as business which take place opportunism and innovation at its heart forproducing social or economic value (Baltar and Icart, 2013). They focused on providing servicesthat is related to advisory to mid and early stage of organisation. The main goal of
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entrepreneurial venture is to earn maximum profits and growth in business and focus on doinginnovation. Enterprise: This is considered as a profitable firm and frequently related with venture ofentrepreneurial. There are multiple forms of legal enterprise such as partnership corporation,limited liability firm, sole proprietorship etc. Typology of EntrepreneurshipLarge company entrepreneurship: Herein, workers those are working in company aremore in number. They concentrate upon various kinds of products or services to itsconsumers in order to sustain for long time (Baron and Markman, 2018). For example:Facebook and google are the innovative high tech companies. Small company entrepreneurship: Generally small business operates to gain profitabilitywith the purpose to support its family. They are lack in garbing attention of venturecapital and most of the finances are obtain from friends and family. For example: grocerystores, plumbers and so on. Scalable start up entrepreneurship: Herein, the main purpose of owners is to developcreative goods or services and facilitate that to clients. Also, it has full trusts on itsproducts which it posses the capability to modify the world. For example: Ma Baker is astart up firm that are established by Liz Wilson. Social entrepreneurship: These ventures are existing into market area and do itsoperations fro the beneficial of the society. Its objectives is to provide products orservices which benefits society. For example: NHS, Funeral care and so on. Types of Entrepreneurial VentureSurvival Firms: These typology concentrate upon doing its operations to survive intomarket place as well as satisfy its basic requirements. These are generally small incontext of size and it tent to perform with limited resources (Bjerke, 2013).For example:PODIVIA, Wolfio and many more.Lifestyle Firms : These ventures concentrates upon generating goods or services in hugequantity so that it can expand the opportunities for business. They are usually smallbusiness organisation that performs at smaller level. For example:Funeral careManaged growth firms: These can be established smart business for gaining huge profitswhich can be related with scalable entrepreneurship. It has effective model of business
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which look for stable growth which can be reflected into seasonal goods and periodicalentry in new market place.For example: Ma Baker etc.Differences between serial entrepreneurs, intrapreneurs and owner- managersSerial entrepreneursIntrapreneurs Owner- managersIt is considered as anentrepreneur who continuouslycomes up with innovativeideas as well as initiate newenterprises. It is considered as a workerswho is worked with improvingcreative ideas or project infirm.Its concentrated upon businessoperations in order to affordthe time to think about as wellas plan for upcoming time. M1. Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding ofentrepreneurship in both the public and corporate sectorThere are several forms of entrepreneurial ventures like social, small, large etc. some ofthem lie under private and public sectors that plays crucial role into the development andmaximisation of economy. Whole these are essential aspects within economy with public as wellas corporate industry. D1. Critically examine the scope, development and growth of entrepreneurial venturesEntrepreneurial ventures are crucial for the growth as well as development of economythrough identifying out of sight opportunities. Where as on another sides they are few timeshinders self interest by developing less employment opportunities and do not identify creativeproducts or services which are advantageous for the firm's growth. P2 Explore the similarities and differences between entrepreneurial venturesSimilarity between entrepreneurial ventures:-Among Survival and lifestyle entrepreneurial ventures-Sustain against large businesses: It refers to situation when an entrepreneurship venturewant to gain competitive advancement against big competitors (Daszkiewicz, 2014). Forthis both Survival, managed growth ventures and lifestyle entrepreneurial ventureconduct market analysis and develop strategies accordingly which help them insustaining their business in effective manner at a marketplace.
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