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Entrepreneurship and Small Business Management Ventures

   

Added on  2020-10-22

16 Pages4073 Words495 Views
ENTREPRENEURSHIPAND SMALLBUSINESSMANAGEMENT

Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Define different kinds of entrepreneurial ventures and their relation with typology ofentrepreneurship..........................................................................................................................1P2 Similarities and differences between different entrepreneurial ventures...............................2TASK 2............................................................................................................................................3P3 interpret and Assess relevant data & statistics to defined the impact of micro and smallbusiness on economy...................................................................................................................3P4 Importance of small businesses and business start-up to growth of social economy............5TASK 3............................................................................................................................................6P5 Characteristics, skills and traits of successful entrepreneurs and their differentiation formmanagers.....................................................................................................................................6P6 Evaluate how aspects of entrepreneurial personality reflect entrepreneurial mindset andmotivation ..................................................................................................................................8TASK 4............................................................................................................................................9P6 Relevant examples to show how background and experience can hinder or fosterentrepreneurship..........................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTION Entrepreneurship is defined as a procedure of establishing a new business, running andmanaging it in order to attain long term growth and high profitability. Under this aspect, a firmcombines capital, labour, land so that high revenue can be generated. Entrepreneurs are thoseindividuals which start-up these new businesses (Barringer, 2015). These individuals have abilityand urge to convert their ideas and concepts into reality by executing business operations. Thisassignment is going to cover various kinds of entrepreneurial ventures along with typology ofentrepreneurship by discussing their similarities and differences. Also, impact of small and microbusinesses on economy of a country is discussed. Different characteristics of entrepreneur, theirbackground and experiences are discussed to understand which factors foster and hinder growthof an individual. TASK 1Define different kinds of entrepreneurial ventures and their relation with typology ofentrepreneurship There are different kind of entrepreneurial ventures that differentiate a business formanother. In this regard, Types of Entrepreneurial VentureSmall Business Entrepreneurship: These are those people which run their ownbusinesses. Main aim of these entrepreneur is to earn high profitability so thatstandardised living can be lived without facing any complexity. It includes grocery store,travel agent, consultant etc.Large Business Entrepreneurship: Entrepreneurs which follow diversification strategycome under this strategy. These people believe in innovation in accordance with theneeds and demands of customers. These are risk taking people which achieves highrevenues and profitability. Scalable Start-up Entrepreneurship: To start business, they attract the attention ofventure capitalist. In contrary, these venture capitalist only funds them if they getsatisfied with their business plan. They earn high revenue and growth without payingadditional on social sites and online media (Bhachu, 2017). 1

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