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Entrepreneurship and Small Business Management Assignment : Austin Fraser

   

Added on  2021-01-02

13 Pages3868 Words482 Views
Entrepreneurship
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And Small BusinessManagementINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Examining different entrepreneurial ventures and their relation to typology........................3P2 Exploring similarities and differences between entrepreneurial ventures..............................5TASK 2............................................................................................................................................7P3 Analysing and Interpreting of relevant data and statistics in order to interpret impact ofsmall business operations on economy........................................................................................7P4 Contribution of start-ups and small business on social economy..........................................8TASK 3............................................................................................................................................9P5 Traits and skills of successful entrepreneurs..........................................................................9P6 Aspects of entrepreneurial personality.................................................................................10TASK 4..........................................................................................................................................11P7 Ways in which background and experience hinder and foster entrepreneurship.................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONEntrepreneurship is described as the process which is linked with development of newbusiness ideas in order to earn high growth and profitability from there ventures. This is the mostimportant aspect in this modern world. Entrepreneur is the person who is having theresponsibility in order to execute similar operations market place. The importance ofentrepreneurs is that they are developing new ideas for business thus it results in earning highprofitability (Blackburn, Hart and Wainwright, 2013) . There are some entrepreneurs who arerunning the business and developing new ideas with the main motive of earning profits fromtheir ventures. The assignment based on the implication of Austin Fraser and they are involved inrecruitment people all around UK. The undermentioned report is based on differententrepreneurial ventures, impact of small business operations on the economy, skills and traits ofan entrepreneur and in the end those factors are analysed which are useful in hinder or fosterentrepreneurship.TASK 1P1 Examining different entrepreneurial ventures and their relation to typologyThe process of starting a business can be carried out in different ways by various firmsbut there aims is similar which is linked with achievement of financial stability at market places.The new business which is started by entrepreneurs are evaluate below as:Small Business Entrepreneurship: The small business operations are similar to those ofself employed business activities. The main aim of starting the enterprise is related withachieving financial stability. Example: Plumbers, consultants, grocery stores and carpenter asthere operations are running at smaller thus less number of employees are involved in businessoperations. They are running business in order to fulfil needs of their family member.The small business entity are linked with the topology of survival ventures. There mainaims is linked with making an individual survive in this competitive era. These business whichare running at smaller scales are not registered and they are trusting on faith among the parties.Monetary transactions are the most important of exchange while taking about these ventures.3
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Scaleable start-up entrepreneurship: The entity is having sufficient resources in order toexpand their business operations at higher level. The enterprise who are involved in thisoperations thinks that vision can change the mind set of people and they will achieve success intheir operations. The business is offered financial help for their operations by Venture capitalistsas it helps them in executing their innovative ideas. These entity are highly risk taking but theiroperations are carried out at smaller scales. The entrepreneurial topology related with thebusiness is aggressive growth. There ventures are helpful in order to carry out the innovativeplans at market areas. The venture capitalist provide assistance and directions to execute theirbusiness activities at market place.Large Company Entrepreneurship: The another name for this business is Corporateentrepreneurship. In order to maintain growth and stability at market places the firms arecarrying out research and development activities in order to identify those plans and strategies bywhich they can sustain strong images foe long time period at market places thus achievinghighest level of profitability from their business operations. This is the vital factor while makingcomparison with the rivalries who are dealing in similar business as it results in putting megaentity at highest position in market place (Bridge and O'Neill, 2012) The topology which are linked with these types of ventures are known as growth businessventures. The mega entity aims at achieving growth and stability in business environment withthe assistance of these ventures.Social entrepreneurship: The main aim of these business is linked with offering thoseproducts and services to customers which are beneficial fore them in order to attain attain growthand development in society. The entrepreneurs are mainly focused on identifying those factorsby which the problems faced by them can be easily resolute. Example: The new business ofonline consultancy of doctor have helped the older age population of economy in order to getmedical services sitting at home.These ventures are termed as lifestyle ventures as they are valuable in order to fulfilneeds and wants of the people of the society thus achieving monetary benefits. If there is notsufficient funds then it results in decrease in business operations.4
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