Entrepreneurship and Small Business Management | Report
Added on 2019-12-28
16 Pages5459 Words156 Views
Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................4TASK 1 ..........................................................................................................................................4P1 Entrepreneurial ventures and their relation with typology of entrepreneurship....................4P2 Resemblance and difference among several entrepreneurial ventures..................................6P3 Effect of micro and small businesses on economy................................................................7P4 Significance of small business and start-ups on the development of social economy...........9TASK 2..........................................................................................................................................10P5 Factors that are helpful in making successful entrepreneur.................................................10P6 Personality of an entrepreneur that reflects entrepreneurial motivation..............................12P7 Examine past experience and background that can hinder entrepreneurship......................13CONCLUSION..............................................................................................................................15REFERENCES .............................................................................................................................15
INTRODUCTIONEntrepreneurship can be termed as the study regarding creation of new business as wellas the process or way to start a new business. It may mean different to different people. It is alsotermed as ability or willingness which is required to develop, arrange and control a businessorganisation in addition with risks so as to generate profits and revenues. On the other side it isthe duty of small business directors to manage and control each and every responsibility of thecompany. Management is termed as the cooperation and coordination several activities which arethere in an organisation (Leitch, Hill and Neergaard, 2010). Managers and the owners ofbusiness make use of administration skills in order to accomplish goals and targets of anorganisation. This report is prepared on the basis of entrepreneurship and small businessmanagement topic. It is prepared by the member on behalf of Federation of Small Businesswhich will be helpful to assist and motivate entrepreneurs in order to start business venture in amarket. The main objective of this report is to find out various types of new business which willbe helpful for entrepreneurs, effect of small business enterprises on global economy, differenttypes of entrepreneurs and their mindset will be discussed in this report. TASK 1 P1 Entrepreneurial ventures and their relation with typology of entrepreneurshipAs the member of Federation of Small Business, it is determined that there are severalentrepreneurial ventures, which can be discussed as follows: Lifestyle ventures: They are the kind of ventures who helps in providing stable income tothe owners based on conservation approach for administration and trade model.Investments are being done under this venture in order to maintain local marketcompetitiveness. It has one specific location and employees but is not having appropriatedevelopment and growth. Amount of employees in these ventures are generally constant.Survival ventures: These are those ventures who are very new in a market and givemaintenance to entrepreneur as well as their family members. There is no particularpremises, no coordination with banks and no formal registration. They have very fewassets and working is made on the basis of cash and barter system (Ligthelm, 2010). Managed growth ventures: Such business ventures are having stable and appropriategrowth. They are having uninterrupted and ongoing investments in a business and is
having moderate growth which will be helpful in the appropriate business growth. Timeto time launching of various new products, good expansion of locations and appropriatefacilities to staff is give in this venture. Aggressive growth ventures: They are the technology based ventures who have thecapability regarding growth and strong innovation. They get funds from equity capitaland its an opportunity driven venture. Above discussed ventures are in relation with several types of entrepreneurship, whichcan be defined as follows: Small business entrepreneurship: These businesses on the small scale like travel agents,consultants, plumbers, grocery stores etc. These are those entrepreneurs who own theirbusiness and make hiring local employees and families. They are related with survivalventures as they are not able to attract large funding and venture capital for their business.Funding in such ventures are done by friends, small business loans and families (Preuss2011). Scalable start-up entrepreneurship: Such entrepreneurs settle their business bydetermining that their venture' s vision will be helpful to change the world. They makeinvestments with the support of financial investors like venture capitalists. Their mainaim is to make search regarding scalable recapitulate business model. Large company entrepreneurship: These entrepreneurs are in relation with managedgrowth ventures. They make their growth by presenting new innovations, products andvariations in a particular product. If there will be change in customer's taste then it willcreate pressure on disruptive innovation. Social entrepreneurship: In this kind of entrepreneurship, entrepreneurs behave asinnovators and develop such products which will be helpful in satisfying social issues andproblems. Their main objective is to create world better place (What isEntrepreneurship?. 2017) Development, scope and growth of entrepreneurial ventures: As per Sampaio, Thomas and Font (2012) entrepreneur is that person who is ready totake risk and makes development of innovative products. Global development will develop anew phase, where entrepreneurs are going to play an important role. Managed economy will bedependent on big trade and mass production, which will provide way in the progress of
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