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(Doc) Entrepreneurship & Small Business Management Assignment Solved

   

Added on  2020-10-22

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Entrepreneurship And Small Business Management
(Doc) Entrepreneurship & Small Business Management Assignment Solved_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3P1. Explaining different type of entrepreneur venture and different type of entrepreneurship.................................................................................................................................................3P2.The similarities and differences between different types of entrepreneurial venture in thebasis of role, characteristics and objectives............................................................................4P3 Illustration on the impact micro and small business have on the economy. With the help ofstatistical data.........................................................................................................................5P4 Importance of small business and business start-ups on the growth of the social economy.................................................................................................................................................7P5. what makes an entrepreneur successful with the characteristics and skills of entrepreneur.................................................................................................................................................7P6 The aspects of the entrepreneurial personality reflect entrepreneurial motivation andmindset...................................................................................................................................9P7 examine how person's background and past experiences can hinder or fosterentrepreneurship...................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTIONEntrepreneurial development today has become very significant in view of beingimportant for economic development of a country. The objectives of industrialdevelopment ,regional growth , and employment generation depends upon entrepreneurialdevelopment. The present reports gives the overview about the entrepreneurship and helps toknow different type of entrepreneurial venture and entrepreneurship types, with the differencesand similarities between them. This report also depicts about how the small scale business helpsin development of economy. The report also presents the qualities and characteristics needs tobe a successful entrepreneur by taking example of some successful entrepreneur of UK. Thereport also interpret the impact of small business in the different field of economy. The changeswith the impact on entrepreneurial motivation on the personality and lifestyle and familyupbringing is presents in the report. The factors that could hinder the entrepreneurship withexamine different factors are mentioned in the report.P1. Explaining different type of entrepreneur venture and different type of entrepreneurship.The capacity and willingness to start a business organize and manage all the risk associatewith the new business in order to make profit is entrepreneurship. An entrepreneur is the onewho starts and runs with limited resources and planning and is responsible for all the risk andrewards of his business venture. Entrepreneurship is very important for the economic growth.Entrepreneurial venture targets high profit with high level risk and uncertainty. The differenttype of entrepreneurial venture are:Small Business Entrepreneurship: It is the small business venture which required lesscapital. They are barely profitable. Grocery stores, travel agents, electrician are theexample of small business. Basic need to start the business is for the basic survival ofthe family (Drucker, 2014). A person who has the knowledge about the business canstart his/her own business.Scalable Start-up Entrepreneurship: unlike small business venture, scalable start-upsentrepreneur knows that their business idea can change the vision of world. They attractthe investors who will be curious for such business. They hire the best and brightestemployee who can work to search for a repeatable and scalable business model. A
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scalable business can increase its revenue without the additional high incrementalgrowth. Once succeeded it will be highly profitable business for an entrepreneur.Large company entrepreneurship : these business have finite life cycle. They growthdepends on sustaining innovation, offering new products in market. They keeps eye onchanging customers tastes, change in technologies, legislation, new competitors etc.because of the large its of business its being difficult to execute the innovative ideas.Social Entrepreneurship: this business focuses on the needs of society. They works forcreating products and services that solves social needs and problem. Entrepreneurship is the act of creating business with all the risk to generate profit. It isan act of creating innovative products or presenting a life-changing solution (Abreu andGrinevich, 2013). The different type of entrepreneurship are:Public entrepreneurship: The entrepreneurship that is undertaken by the government Ithrough its various development agencies is public entrepreneurship.Private entrepreneurship: it is initiated under private sector. The government givesvarious support service to encourage private initiative taking entrepreneurial ventures. Amutual relationship between public and private sectors helps in speedy and balancedeconomic growth.Social entrepreneurship: this entrepreneurship started for the welfare of the society, theinitiative is taken to give proper chance to the people to make innovative idea for thebusiness. There motive is the welfare of society, the profit margin is very low in thisventure, example of social venture is non-profit N Go's .P2.The similarities and differences between different types of entrepreneurial venture in thebasis of role, characteristics and objectives.The similarities between the different types of entrepreneurship are:Public private and social entrepreneurship can be successfully handled with the commontechniques , skills and method etc. While public and social entrepreneurship works for thebetterment of the society, private sector indirectly gives its contribution for the welfare ofthe society, by providing funds or by providing employment to the society. Entrepreneurshipleads to the better standard of living.
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