Entrepreneurship and Small Business Management
Added on 2020-07-22
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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION...........................................................................................................................1TASK...............................................................................................................................................1P1. Different types of entrepreneurship and their scope of typologies..................................1................................................................................................................................................3P2. Similarities and Differences between different kinds of entrepreneurial ventures..........3P3. Evaluation of the statics to display the impact of small business on different economies4P4. Influence of small businesses on the social economy......................................................5TASK 2 ...........................................................................................................................................6P5. Traits and Skills of an Successful Entrepreneur...............................................................6P6. Role of motivation and mindset on the entrepreneurial personality................................7P7. Impact of past experiences and personal background......................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONEntrepreneurship is a job of working together which is conveyed by a business visionary.Entrepreneur can be characterized as a man who make utilization of the assets accessible inbusiness environment and tries to alter them into some productive products. They attemptdifferent sort of thoughts and ideas for producing a commodity and use distinct attractingmarketing techniques to pitch it to the clients. General goal of these entrepreneurs is to developan interest for a particular item and urge buyers to purchase it. League of Small Business (ESB)intention is to make a domain where private ventures can develop effectively (Storey andGreene, 2010). They ensure that undertakings grow their operations and set new and innovativeoptions in the market. Development of such undertakings is vital for an economy progresses asthis way greater work doors are open for individuals and in the meantime they will likewisebring an item which is absolutely extraordinary for customers. The following report will talkabout different types of ventures and their similarity and differences with one another. Apartfrom this it will also be discussed that what impact does these entrepreneurs have on economy. TASKP1. Different types of entrepreneurship and their scope of typologiesEntrepreneurship is not a single term as it includes various concepts which are complexin nature. It consists of different activities like forming, implementing and operating an entirelynew business in the market which involves a great degree of risk. Depending upon the scale ofventure it is categorised into small big and large entrepreneur. It is not necessary that a newproduct is launched in the market by these individuals as sometimes change in the existingbusiness can also be done to cover a greater market share. By adding a unique feature to theexisting service or product customer’s attention can be achieved which helps in fulfilling the aimand objective of entrepreneur which are associated with the risk taken by him in tryingsomething new (Burns, 2010). A variety of entrepreneurial ventures can be understood from thetext given below:Social enterprise – Business which is commenced with an intention of serving society sothat upliftment of same can be done fall under this variety. Profit earning is their secondary goalas they run and invest resources into different sections in order to raise the standard of living ofthose who need external assistance for earning their livelihood. There is some exception to thisvariety as few enterprises find an option from thee society which can offer a good platform for1
business so that they can earn high profits. For instance, farmers with weak backgrounds areprovided with high technology so that they can increase their level of production. This way theirtotal revenue increases along with an increase in the profit margin of entrepreneur providingapplication assistance to this section of society. In Uganda production of coffee is much but poorcultivators do not have enough resources to earn actual level of returns. In this case a socialorganisation took initiative and help them in increasing their market which further raise theincome of poor farmers with 5%. Such entrepreneur ensure that development of society is donealong with their own profits (Stokes, Wilson and Wilson, 2010).Business run by family – It is some other form of venture which is operated by a singlefamily. All members are part of it and are responsible for taking different decisions and investtheir resources with mutual concept of one another. Ownership passes from generation togeneration and growth is done with time.Franchises business - this type of venture is adopted by those business units whichoperate on large scale and wish to expand scope of operations by exploring new cities with ahelp of franchising concept. Under this different enterprise invest their amount in a big brand andcontinue that business with a brand name. Best examples of such variety is MacDonald, KFC etc.which are now available all over the world. It helps both the parties involved in earning higherprofits as entrepreneur need not to invest much on marketing and other indirect expenses and cansimply earn profit.Small business venture – These are those venture which has limited resource andtherefore operate on a less diversified scale. They start a new business which does not demandmuch investments and use the income earned through same in order to reinvest in business. Mainsource of finance for such enterprises is self-raised finance and small loans from different banks(Bridge and O'Neill, 2012). There is a direct connection between the different types of typologiessome of which are discussed below:Female entrepreneur – It is that variety of business which is started by females keeping ina normal return. It is assumed that the females are comparatively more effective and are capableof giving more efforts towards what they do. Oprah Winfrey is one of the most importantexample of such type of entrepreneur who has successfully carried out the business atinternational level.2
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