Entrepreneurship & Small Business Management Assignment
Added on 2020-06-06
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ENTREPRENEURSHIP AND SMALLBUSINESS MANAGEMENT
CONTENTSINTRODUCTION.......................................................................................................................................1TASK – 1....................................................................................................................................................1P1 Introduction to different types of entrepreneurial ventures and how they relate to typology..............1P2 Exploring the similarities and differences between the types of ventures...........................................3P3 Assessing the impact of small and micro business on the economy...................................................4P4 Explaining the importance of small businesses on the growth of social economy..............................5TASK – 2....................................................................................................................................................6P5 Determining the traits of a successful entrepreneur............................................................................6P6 Assessing how aspects of entrepreneurial personality reflects motivation and mindset......................7P7 Examining how past experiences and person’s background hinders and fosters entrepreneurship.....8CONLCUSION...........................................................................................................................................9REFERENCES..........................................................................................................................................10
INTRODUCTION In today’s scenario development of the entrepreneurship has become the vital key for theeconomic development. The main objectives of industrial development, employment generationand regional growth are mainly dependent on entrepreneurial development. Therefore, it can besaid that entrepreneurs are being regarded as the seed of development of industries and its fruitsare higher employment opportunities, increased per capita income, higher standard of living,more savings, more revenue with the government in terms of taxes, export and import duties andfinally, balanced development of regions (Kuratko, 2013). Speaking in relation with theentrepreneurship, it is nothing but a process of actions where in an individual is engaged insearching new ideas and makes use of such ideas to gain maximum opportunities by facing therisk as well as uncertainty with the business. As a senior member of the Federation of Small Businesses (FSB), various ways in whichthe Federation of Small Businesses can promote entrepreneurship in the local areas positivelywill be considered. Pertaining to this, the research report will encourage and support potentialentrepreneurs to initiate a new business. Further, the main aim of the present research report is toexplore varied business ventures that are accessible to entrepreneurs. Further, the report willevaluate the influence of small businesses on the economy. The final part of the report study willgoing to assess the mindset of entrepreneurs and at the same time will evaluate variousenvironments that fosters and hinders the development of entrepreneurship. TASK – 1 P1 Introduction to different types of entrepreneurial ventures and how they relate to typologyArticulating in relation with the word “entrepreneur”, it is derived from the French verb ‘Enterprendre’, which signifies to undertake something. Thus, it can be said that those whoundertake something or the risk to start a new venture are known as entrepreneurs. It is theenterprise that helps in creating an entrepreneur and the whole process pertaining to this is calledas entrepreneurship (Westhead and Wright, 2013). Each and every organization irrespective ofindustry is benefited by entrepreneurship in many ways like, developing the capabilities of the1
managers, development of economy, creating employment opportunities and improving standardof living.The scope of entrepreneurship is increasing in the present times because of varied reasonslike to earn more profits, lack of employment opportunities, desire to control the future of othersand various measures taken by government to promote entrepreneurship (Sánchez andSahuquillo, 2012). This domain is helping towards the economic development by generatingample of growth opportunities to people. In addition to this, it is successfully reducing themonopoly of rich business man and contributing in the balanced development of the region.Furthermore, government is also making efforts to promote entrepreneurship by offeringassistance to financial as well as non-financial institutes (Burns, 2011). Thus, it can be said thatthe scope of this domain increasing at a tremendous speed due its contribution in the nation’sdevelopment. The types of entrepreneurial ventures are related with the type of entrepreneurs andexplanation of this is being defined below: According to ownershipPrivate entrepreneurship – people related to this are profit oriented and no government ispartner with them. They are the sole entrepreneurs and restrict themselves to enter intomarket which have lower amount of return associated with it (Carter and Jones-Evans,2012). Public entrepreneurship – Talking about the public entrepreneurs, these are the peoplewho have partnership with the government and work in collaboration with each other toestablish such enterprise that serves the public by adopting various innovative ways.Social entrepreneurship – These individuals are engaged in exploring innovative ideasthat helps them in driving social transformation in different fields like education, health,environment etc. According to scale of business Large scale entrepreneurs – Such type of individuals are generally found in the developednations. They employ revolutionary ideas and thus, generate higher amount of profits.They also undertake technological advancement because of good financial capabilities. 2
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