Entrepreneurship and Small Business PDF
Assignment brief for the Entrepreneurship and Small Business Management unit of the Higher National Diploma in Business course.
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Added on 2020-11-23
Entrepreneurship and Small Business PDF
Assignment brief for the Entrepreneurship and Small Business Management unit of the Higher National Diploma in Business course.
Added on 2020-11-23
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Entrepreneurshipand Small Business
Table of ContentsINTRODUCTION ...........................................................................................................................................3TASK 1..........................................................................................................................................................3P1. Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship................................................................................................................................3P2 Explore the similarities and differences between entrepreneurial ventures......................................5TASK 2..........................................................................................................................................................8P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy...........................................................................................................................8P4 Explain the importance of small businesses and business start-ups to the growth of the social economy................................................................................................................................................10TASK 3........................................................................................................................................................11P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers..............................................................................................................11P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset..................................................................................................................................................13TASK 4........................................................................................................................................................14P7 Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship...................................................................................................................................14CONCLUSION.............................................................................................................................................16REFRENCES................................................................................................................................................17
INTRODUCTION Entrepreneurship refers to a way in order to set up a business unit through analyzing andevaluating different risks which are related to startup a new venture such as financial as well asmanagerial risk. Entrepreneurial ventures is started by an entrepreneur who have ability to takerisk in order to set up own business (Chi, Tansuhaj and Sun, 2016). Along with this it may havevarious ownership structures and an entrepreneur must need to have some specific skills andability which help them in development and management of a business unit properly. Moreover,experience as well as personal background of an individual may also have diverse impact onentrepreneurship which may be promote a business unit. Skills and ability of an entrepreneur canbe god gifted by birth or it can be enhanced by attending classes or sessions. Topics covered inthis report are various types of entrepreneurial ventures and it impact on country economy. Apartfrom this, it include skills and mindset which are required in order to set up a business unit aswell as it will also include factors such as experience and personal background that may impacton a start-up of business unit.TASK 1P1. Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurshipEntrepreneurial venture refers to a business unit which is established by an individual inorder to fulfill need and demand of their target audiences. Along with this, an entrepreneurshipventure can be established in order to serve society. There is various type of entrepreneurialventure which are mentioned below:- Small business entrepreneurship: It refers to that startup businesses unit which can beonly run by owners and in this number of employees are very low such as approx 5 staffs.Along with this, in this type of venture revenue or profit generation is not too high as wellas these ventures are continuously focuses on attracting more and more customers due towhich they design and development its products or services accordingly (DAILY, KIEFFand WILMARTH , 2014). Respective type of business unit can be established with
members of family or with friends as partnership. Moreover this type of business unitmust conduct analysis and then develop as per the demand of customers.Scalable startup entrepreneurship: It refers to those business units which starts itsbusiness through innovative and creative ideas that mainly focus on serving innovativeproducts or services to its customers or potential audiences from beginning. Basicallyentrepreneur who are going to established this type of venture believe that their idea maychange the world, due to which start arranging capital from various investors in order tostart their activities or operations. This type of business units are mainly based on theirinnovative ideas which help them, in attracting customers appropriately and effectively. Large company entrepreneurship: It refers to those type of entrepreneurial businessunit which have limited life cycle as well as they are mainly focus on serving newproducts or services to its customers in order to sustain for a long time at a particularmarketplace (Davidsson, 2015). While operating or conducting activities in respectiveindustry an organization may face some difficulties such as demand of customers,legalizations, policies and many more things are changing on continuous basis due towhich owner or entrepreneur of this business has to develop strategies and policesaccordingly in order to fulfill need as well as demand of customers in effective way thatleads to enhancement in profits and market shares. Social entrepreneurship: This refers to type of entrepreneurial venture which mainlyfocus on solving problems or issues of potential customers by offering them products orservices accordingly that fulfill demand and need. Along with this their main aim is todevelop a better world for people or customers. Social entrepreneurship venture can be invarious forms such as for profit motive, non-profit motive or hybrid.Serial Entrepreneurial venture: It refers to those entrepreneurial venture who alwayscome up with new and attractive idea for starting a new business. They are generallyopposite of general or normal entrepreneurial venture. The owner of these type ofentrepreneur generally operate more then one business.
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