Entrepreneurship and SME Assignment
14 Pages3667 Words191 Views
Added on 2019-12-18
Entrepreneurship and SME Assignment
Added on 2019-12-18
ShareRelated Documents
ENTREPRENEURSHIP AND SME
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Various types of entrepreneurs and their relationship with the typology ofentrepreneurship..........................................................................................................................1P2 Similarities and differences between the entrepreneurial venture.........................................3TASK 2............................................................................................................................................4P3 Assessment and interpret relevant data and statistics and how a micro small businessimpact on the economy...............................................................................................................4P4 Explanation about the importance of small business and business start up will contributesto growth of the social economy after Brexit..............................................................................5TASK 3 ...........................................................................................................................................5P5 Determination of the characteristics, traits and skills of two successful entrepreneur whichdifferentiate them from other business manager.........................................................................5P6 Entrepreneurial personality impact on business implementation.........................................7TASK 4............................................................................................................................................7P7 Explanation about the background and experience can hinder or foster entrepreneurship...7CONCLUSION................................................................................................................................8
INTRODUCTIONEntrepreneurship is an activity under which entrepreneur start business along with hisidea, thought, creation etc. It is a capability and willingness to develop , organise and manage thebusiness venture along with any of its risk in order to make a profit. The most obvious exampleof entrepreneurship is the starting of new businesses. Entrepreneurship concept is a wide rangeof meanings. Anyone who wants to work by his own consideration and risk is known asentrepreneur (Baker, Grinstein and Harmancioglu, 2015.). In the business context, A person whohave capacity and willingness to establish, organise and manage a business firm with any of itsown risk in order to gain profit and maximise return is known as entrepreneur. Further, thoseactivities under which includes borrow land, labour, natural resources, working capital whichassists in produce profit is called entrepreneurship. The following report is going to depthknowledge about the new start up business and also explore the similarities and differencesbetween the entrepreneur venture. In addition to this, in this report various traits and skill of twosuccessful entrepreneurs which differentiate them from other business managers.TASK 1P1. Various types of entrepreneurs and their relationship with the typology of entrepreneurshipEntrepreneur is a person who possesses the capability and possession of a new enterprise,venture or idea and assumes significantly accountability for the inherent risks and results. He orshe is an ambitious leader who invests in the land, labour and capital to often create and marketnew goods and services. There are various kinds of ventures which are as follows-
Small business entrepreneurship- Small business entrepreneur are anyone who runs his/her own business. They convert ideas into reality and deal with both manufacturing andtrading aspects of business. For example: grocery stores, hairdressers, consultants, travelagents, internet commerce store fronts, carpenters, plumbers, electronic, etc. They hirelocal employees or family.Scalable start-up entrepreneurship- This entrepreneurship activity is related withorganizing business according to vision and attracting unique quality features regardingnew ventures. However, it is appropriate for scalable business model and rapid expansionof enterprise (Bae and et.al., 2014). Under this technique, high amount is required fororganizing and implementing plans for effective fund and resource allocation.Social entrepreneurship- Social entrepreneurs are those risk takers who focus onproviding products that are useful for resolving society's needs and problems. These arenon profit entrepreneurship entities in which limited risks occur in operating businessactivities (Bird,2015). Thus, its target is to make decisions related with society'sawareness and creating wealth for founders. It is beneficial for nation's development andcontributing effectively in all other sectors of nation. Such as; employment, tourism,production related to export-import of goods etcTrading entrepreneur- This kind of entrepreneur undertakes trading activities andconcerned with marketing. The enterpriser is not concerned with the manufacturingworks and activities (Bruni, Gherardi and Poggio, 2014.). They do not deal with activitiesof production and procurement. They just purchase the finished product and directly sellit to the customers. In this entrepreneurship, owner sell finished product either by self orby retailer. This kind of entrepreneur acts as the middlemen between manufacturer andcustomers and they are the wholesaler, retailer and dealer.Industrial entrepreneur- Industrial entrepreneur is a manufacturer who starts or set up anindustrial unit. This kind of entrepreneur identifies the actual customer requirementrelated with products and services and deliver the exact commodity to them. The majorobjective of this kind of entrepreneurship is to satisfy the needs and wants of buyers inthe market by manufacturing products accordingly. This entrepreneur is a productoriented man who realizes the opportunity to set up and industrial unit because of thepossibility of making some new product. This kind of entrepreneur has the capability to
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Unit 9 Entrepreneurship Assignment (solved)lg...
|19
|4849
|286
Impact of Small Business and Entrepreneurship on Social Economylg...
|10
|2716
|142
Entrepreneurship & Small Business Management after Brexit (Doc)lg...
|19
|5692
|50
Entrepreneurship Assignment Solvedlg...
|14
|4606
|35
(Solution) Entrepreneurship Assignmentlg...
|15
|4526
|219
Micro and Small Business Impact on Social Economylg...
|17
|5184
|282