Entrepreneurship and Small Business Management (PDF)
Added on 2020-09-08
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Entrepreneurship and SmallBusiness Management1
Table of ContentsINTRODUCTION...........................................................................................................................3P1 Different type of entrepreneurial ventures and their relation to the typology ofentrepreneurship.....................................................................................................................3P2 Similarities and difference between entrepreneurial ventures..........................................4P3. Interpretation of relevant data and statistics to define how micro and small businessesimpact on economy.................................................................................................................6P4 Importance of SME to growth of social economy............................................................8P5. Characteristics, traits and skills of successful entrepreneurs...........................................9P6. Aspects of entrepreneurial personality depict motivation..............................................10TASK 4..........................................................................................................................................10P7: Background and Experience can hinder or foster Entrepreneurship..............................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................132
INTRODUCTIONEntrepreneurship is the concept of undertaking extensive risks with a view to gain the attentionof large number of individuals (Burns, 2016). The owner of an entrepreneurial venture is termedas an entrepreneur. The present report seeks to explore the different types of entrepreneurialventures along with their typologies. Further, it includes the impact of SMEs over nationaleconomy. Further, it includes the aspects of entrepreneurial personality demonstrated with theassistance of OCEAN model. Lastly, it includes the skills of 2 renowned entrepreneurs alongwith the factors that hinder or foster their entrepreneurship. P1 Different type of entrepreneurial ventures and their relation to the typology ofentrepreneurshipEntrepreneur can be viewed as a person who is not afraid to undergo risks as they have the intentto come up with innovative and unique offerings that have the potential to resolve the issuesfaced by society at large (Kirzner, 2015). In this regard, it is identified that there are varioustypes of entrepreneurial ventures upon which a discussion is given beneath:-Small business:These are the form of entrepreneurial ventures which require lower amount of venture capital. Itis usually started by one person and has the aim of generating satisfactory amount of profitabilityand revenues through provision of goods and services of high quality. These businesses functionwith the motive of earning huge profits. They consist of less than 50 employees and have anoverall net worth of 2 million Euros. They do not have a wide scope as their only intent is to earnhigh income in the form of profits. Small businesses are majorly found within the confines ofconstruction and production sector. For example: Orion Electrotech LimitedLarge Enterprise:These ventures require large amount of investment. Such extensive financial resources provideassistance to them in expanding their growth and developing themselves in accordance with themarket. Their main motive is to earn huge revenues as well as profits by undertaking risks. Theseorganisations consist of over 5000 individuals and have an overall turnover of 1.5 million Euros.They have a wide scope as they intend to enhance their scale of operations with the passage oftime (Landström, Harirchi and Åström, 2012). For example: Marks and Spencer, TESC andmany more.3
Social Enterprises: These are the ventures which are setup with the sole intent of ensuring social welfare ofindividuals. Social entities are generally managed and run by trustees who intend to work in acollaborative manner for the welfare of society as a whole. These entities are usually funded bylarge scale companies as their aim is to earn goodwill in rapid course of time. For example:Oxfam, Save the Children and many more.Scalable Enterprises:These are the ventures whose entrepreneurs do not intend to run within the confines of smallbusiness area. These entities emphasize over the provision of high quality offerings with a viewto maximise their profitability (Wright and Stigliani, 2013). They have restricted scope owing toits functioning with the concern of all the partners. The main intent of scalable enterprises is toenable business development. Example: Partnership and automate solutionTypes of entrepreneurshipBelow discussed are the various typologies of entrepreneurship:-Lifestyle enterprises:These are the entities which are mainly aimed at inflating the standard of living of personnel byproviding them with job opportunities. As a result of this, their lifestyle and living standards getsignificantly enhanced.Growth firm:These are the entities whose sole motive is to earn extensive profits and sale. The entrepreneurshereby come up with new ideas so as to solve the issues faced by society and subsequently fillthe market gap to enhance the venture’s profitability (Bridge and O'Neill, 2012). P2 Similarities and difference between entrepreneurial venturesThere are different types of entrepreneurial ventures that have already been discussedabove. In this regard, it is also determined that these ventures differ from and are alike each otheron the basis of a number of aspects. It is essential to take into account the similarities anddifferences lying between the different entrepreneurial ventures in order to ascertain probableopportunities and threats associated with the same. In this relation, a discussion over the same isgiven beneath:-Similarities between small, large, scalable and social entrepreneurs4
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