Entrepreneurship of business ventures and business management Assignment
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Added on 2021-02-19
Entrepreneurship of business ventures and business management Assignment
Added on 2021-02-19
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Entrepreneurshipand Small BusinessManagement
Table of ContentsIntroduction......................................................................................................................................3Task 1...............................................................................................................................................3P1. Different types of entrepreneurial venture and its relationship with topology ofentrepreneurship..........................................................................................................................3P2. some similarities and difference between different entrepreneurial ventures.......................4TASK 2 ...........................................................................................................................................6P3 How micro and small business impact on economy with interpret and assess relevant dataand strategics to illustrate. ..........................................................................................................6P4. Importance of small business and start-ups to the growth of social economy.....................7Task 3...............................................................................................................................................8P5. Characteristic traits and skills of successful entrepreneurs..................................................8P6. Different entrepreneurial personality reflecting the entrepreneurial motivation andmindset......................................................................................................................................10Task 4.............................................................................................................................................11P7. Different ways by which background and experience can hamper the performance ofentrepreneurship........................................................................................................................11Conclusion.....................................................................................................................................12References......................................................................................................................................13
IntroductionEntrepreneurship and Small Business Management is a person, who starts new thebusiness, with bearing risks and enjoying the profit. The entrepreneur is known as innovator orthe business person. It plays an important role for the business organization as they have variousunique skills and initiative to grab new opportunity and ability of fulfils current and future needsas they bring the new innovative idea into the market. An entrepreneur deals with all resource ofthe business such as land, labour, capital, machine to manufacture and generate new innovativegoods and services through different resources which helps in the formation of a firm (Ahmad,2015). As small businesses organization play an important and crucial part of any economy, asexternal factor of business environment supports new and innovative idea of entrepreneur onsmall scale of industry in large and effective manner. In other words, entrepreneur is a person,who owns the small business and work with employee, so they can focuses on the customer needand creates the market for their product and services to achieve the desired goals. Task 1P1. Different types of entrepreneurial venture and its relationship with topology ofentrepreneurship.Entrepreneurship is a process of launching and generating the new innovative ideawhich helps business man, for running his business organization with bearing risk and earningthe profit is known is Entrepreneurship. There are number of entrepreneurship venture whichhelps the entrepreneur to run his idea. Some of the venture are, small business, scalable start-up,large company,social entrepreneurship. Different types of Entrepreneurial VentureThere are different types of venture which helps the entrepreneur to execute their idea ofselling goods and services. Some the the ventures are described below:Small BusinessEntrepreneurship: Some of the small business ventures are grocerystores, consultants, travel agents, cyber cafe, carpenters, plumbers, electricians, etc. thesebusiness are family business as they hire local people to earn more profit and they do business tosupport and feed their family(Belz and Binder, 2017) .Scalable Start-upEntrepreneurship: scalable start-ups entrepreneurship sets their goalto expand their business and make the world a better and beautiful place,they do not work for
the market share and profit maximization they focuses on creating the brand image and goodwillthat affects the wealth and image for the founders. This Entrepreneurship may be non profit,for-profit, or hybrid. Example of scalable start-up entrepreneurship include Facebook, Instagram,Online shopping for electronics and many more.SocialEntrepreneurship: Social entrepreneurs are innovators and the business person asthey focuses on creating innovative and effective products and services, by which they can solvethe problem of social needs as well as customer needs. But unlikeLarge CompanyEntrepreneurship: Large companies focuses on sustaining newinnovation and also offers the new products different from the core one (Audretsch and Caiazza,2016) . New innovative products are developed customer needs and advanced technology asthis leads to the sale of their products and profit maximization. some of the large companyentrepreneurship are Google,Apple, Microsoft, Samsung, etc.Topology of EntrepreneurshipThe skeptical entrepreneur: These person notice the growth and success of otherentrepreneur and starts questioning to them as they examine the business idea to their andsearches for opportunities and inheritance as they think that they are very successful andinnovative entrepreneur. The manager Entrepreneur :This type of entrepreneur are those who are involvedwith start-up form beginning of planning the business as they are fully involved in managingall the activities like manager. The research Entrepreneur : This entrepreneur like to gain knowledge as thesebusiness person do the research as collect all the information about the idea and business andanalysis the problem and threats, and find the solution in the business ans they learn andimplement their ideas. The copycat Entrepreneur : These entrepreneur are those who notice the successfulperson and tries to copy them as it is as they are. This is a way of copying or modelling but thereis a little difference. As these copy their business cards, the way of presenting themselves everything as they are a copy cat.P2. some similarities and difference between different entrepreneurial ventures.There are different enter-pruner which founded in the market(Bryson and Daniels, 2015) .They uses different strategies for the earn more profit and achieve there organisation goal. These
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