Entrepreneurship and Small Business Management Assignment
Added on 2019-12-18
13 Pages3334 Words174 ViewsType: 174
EntrepreneurshipProfessional Development
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Table of ContentsINTRODUCTION...........................................................................................................................3P1 Types of entrepreneurial ventures and their relation to typology..........................................3P2 Similarities and differences between different entrepreneurial venture................................4P3 Role of small and micro businesses to the economy.............................................................5P4 Role of small startup in the growth of social economy.........................................................6P5 Characteristics, traits and skill of successful entrepreneurship.............................................7P6 Reflection of entrepreneurial motivation and mind set..........................................................8P7 Examining the background and experience which hinder or foster entrepreneurship...........9CONCLUSION .............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONTo develop any business in correct direction its necessary for company to understand theimpact of environment both external and internal on organisation.The present research study isupon entrepreneurship and small business management. Small business are privately owedcorporations or sole proprietorship, that kind of business does not generate high sales of volumebecause few numbers of employees are working there. All enterprises make some degree ofcontribution in the country economy. Every enterprise has different attributes and characteristicsbut all are working towards a common goal that is customer oriented product or services. Thisreport describes the importance of small business venture for the country economy. Smallbusinesses are much flexible compare to large organization because they can easy to adoptenvironmental changes and maintain sustainable image in the market place. All enterprises havesome similarities and differences due to the different characteristics, traits and skill ofentrepreneur. Background and experience of an entrepreneur also affects the business activitiesand growth of the business. P1 Types of entrepreneurial ventures and their relation to typologySmall organization are quite different in the way they do business, but they all share acommon characteristic that is the freedom to there work without any interference.a) Small business entrepreneurship- This type of business are small having diminutive salesrevenue, with defined no. employees.This firms can be of any type like grocery store,consultants, travel agent, carpenter etc. They are hardly profitable. They hire local employeesand family person. Business fund can be arrange by the family and friends or any kind of smallbusiness loan. b) Scalable start-up entrepreneurship- They are not like a small business it is a start-up ofbusiness venture. These type of entrepreneurs start a company with the vision to change theworld. They hire best and brilliant employees for the innovation. That type of ventures attractsthe investors to invest their money like venture capitalist and other financial investors whichhelps in to rapid expansion of business. They are exist in the world in small percentages becauseof their outsize return. c) Large entrepreneurship- Large size of organization have finite life cycle after that productinnovation and use of updated technology helps in to maintain sustainable competitive image in
the market place. Changes in the customer taste, new technology and entering of newcompetitors creates the pressure for disruption innovation that companies serve their new productto new customers in to new market. Large companies sometimes acquire innovative company forbuilding disruptive product which provides competitive advantages to capture wider marketregion. d) Social entrepreneurship- They are the innovators for creating products and services whichsolves social needs and problems. Scalable start up company major goal is to make better worldrather than to capture wider market share and create wealth of company. They may be a kind ofnon profit, for profit or hybrid. e) Research entrepreneur- It is a type of entrepreneurs examining the every possible scenarioand its outcome in order to evaluate the success of an organization. It helps in to start andexpansion of any business enterprise because they efficiently detect the existing externalenvironmental factors makes an greater impact on the organizational activities. It also providesadvices to the firms to have better standing in the competitive market by telling them about thekey element and how to proceed in market. Typology is the categorization of several entrepreneurial characteristics and theirattributes which provide diversification in market. Typologies helps in to examining wholeactivities and their effective outcomes in order to gain competitive advantage. Small and largeorganization capital requirement is varies according to the size. All enterprises have same motiveto generate profit and become cost leadership of the product in market place. P2 Similarities and differences between different entrepreneurial ventureEvery enterprise have different characteristics and their norms and policies so that somesimilarities may be possible there if they serve same kind of services. a) Goal- Every business organization main motive is to achieve financial and business goalwhich helps into maintain interest of company shareholders towards high profitability anddevelopment of organisation. At the same time, social entrepreneur believes into sustainableprofit with social welfare of society.b) Mind set- Mind set of various organization are different. There are many firms whose mainaim is to achieve the highest profit possible but there are also few organizations who give more
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