(Solution) Entrepreneurship and Small Business Management PDF
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Added on 2020-12-18
(Solution) Entrepreneurship and Small Business Management PDF
Added on 2020-12-18
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Entrepreneurshipand Small Business Management
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INTRODUCTIONEnterprise is the way toward presenting and maintaining another business,known as independent venture. The individual who makes such organizations is calledbusiness visionaries. A business person is a man who maintains a business with littleassets and arranging, and is liable for all risks and rewards of business venture. Thereare different types of business ventures; a sole proprietorship, general partnership,corporation etc.(Baum, Frese and Baron,2014). Entrepreneurial Ventures focus onproviding services to companies in early or middle stage. Further explanation will cover about entrepreneurship, different type of entrepreneurialventures by considering entrepreneurship in a corporate or public sector context.Further, it will cover similarities and differences between entrepreneurial ventures, microand small businesses, how small businesses and business start-ups is important to thegrowth of the social economy.TASK 1P 1 Entrepreneurship is the willingness to develop, organise and manage a business.It consists of land, labour, natural resources and capital. Starting a business venturegenerally requires an idea involving product, service process or technology, people tostart the work, enough money to support an idea.Entrepreneurship is an activity which involves beginning and operation of an enterprisewith a view of making value by ensuring optimum usage of rare resources.Small/micro enterprises: an enterprise consist of not more than 50 employees isknown as small enterpriseMedium size enterprises: It consists of employees between 50 to 250. Theseenterprises grow from a successful small scale businesses.Large-scale enterprises: An enterprise that has grown on the far side of the limitsof a medium-sized business is known as large scale enterprise, consist morethan 260 employees.There are various types of entrepreneur and their typology of entrepreneurship:-1
Innovative entrepreneur: - These business visionaries have the ability to thinknew, better and more financial thoughts of business. They are the benefactorsand venture pioneers to the financial change of the nationImitating entrepreneur: - Imitating business visionaries venture to every part ofthe way that creative business visionaries took after. They duplicate imaginativebusiness people in light of the fact that the earth in which they work is with theend goal that it doesn't enable them to think inventively and creatively of theirown(Hajar, 2014).Fabian entrepreneurs: - these entrepreneurs are those who are not interestedin visualising and utilising innovative ideas. Dron entrepreneurs: - Drone entrepreneurs are people who are fulfilled with thepresent situation of business activity and show no tendency in gaining marketleadership and also they are ready to suffer the loss of business.Social entrepreneurs: - Social entrepreneurs manage social creation andchanges in various fields like, health, human rights, environment, and education.Serial entrepreneurs: - these types of entrepreneurs always make innovativeideas for starting up a new business. They do stay in a single business for a longtime.Research entrepreneur: - This entrepreneur researches every possible planand outcome for strategies to start or grow an enterprise. They research everypossible opportunity in the market.P 2Sole proprietorship: -it is one of the famous business concern, since it is the leastcomplex and it requires just a single person. A sole proprietorship is a business which iscontrolled by just a single individual. The good thing about a sole proprietorship is that you don'thave to go through any legal procedures to state this type of business. It is not a legal entity. Thesole proprietor is responsible for everything the venture does. However, this venture can alsoapply to people who run small, web-based businesses.2
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