Assignment on Aspects of Entrepreneurship and Small Business Management

Added on - 06 Jun 2020

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Entrepreneurshipand Small BusinessManagement
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Types of entrepreneurial ventures and their relation with typology of entrepreneurship1P2. Different types of entrepreneurial ventures and their similarities and differences..........2The characteristic and roles of various types of ventures are as follows:-.............................3P3. Impact of micro and small business on economy............................................................4P4. Importance of small businesses and business start-ups have on the business growth ofsocial economy.......................................................................................................................5TASK 2............................................................................................................................................6P5. Successful entrepreneur's characteristics traits and skills................................................6P6. Entrepreneurial motivation and their mindset, their personality shaped with factors......7P7. Way in which person's background can hinder or foster entrepreneurship......................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONEntrepreneurship is a dynamic process in which they usually engage with the differentactivities such as designing, introducing, offering products, selling them and moving to their newbusiness (Sciascia and et. al, 2012). An a individual person who make efforts and create suchtype of business is known as entrepreneur. This small business and midget businessentrepreneurship is basically a venture and every business person have to go through by this pathway. Every big organisation initially starts with small one. They basically come up with thecreative ideas, innovative thinking and spirit of doing something new.This assignment is going to present all the basic aspects of entrepreneurship and smallbusiness management. Along with this, it also involves types of the entrepreneurship and studythis will evaluate information of the macro and micro business. It examines the behaviour ofentrepreneur and their characteristic traits which influence their business and lead to the growthand other economic development.TASK 1P1. Types of entrepreneurial ventures and their relation with typology of entrepreneurshipEntrepreneur is quite contrasting and they establish various kind of the business although,it is better know all the possible risk of the failure along with the success. The entrepreneur isvery brave and instead of to blame and afraid of the failure they learn from it and take thatexperience along with them. Enterpriser basically make action plan and compel them along withthe limited resources and capital funds with them.There are various types of the entrepreneurship among which some of them are as follows:-Scalable start up entrepreneurship: -This is basically initiated from the investors ofsilicon valley and their respective stakeholders of venture. Comparison view from the smallentrepreneurship, these entrepreneur usually start journey along with basic knowledgable processthat scheme so their through can change world. They already set up the vision which try to makechange the world. They attract financial investors which spend at the good place (Storey, 2016).Large company entrepreneurship: -These big companies always demand for the largeamount of resources. They carry out with maintaining the growth and goodwill. The largecompanies generally peruse varieties of the variations and fluctuations in the size, colour,1
product, innovation, launching of the product at the specific interval of the time. They utilizeadvanced technologies through which they produce the unique product.Small business entrepreneur: -The small business entrepreneur actually determinesparticular products which define consumer and create a strong business strategies. This smallbusiness basically consists of the saloons, grocery stores, electricians, travel agents, internetcommerce, carpenter and plumbers as well as many more. These types of businesses does notneed such promotions along with this, they also consider the funds from the loans(Vanevenhoven, 2013).Social entrepreneur: -This is basically focused on the social issues which help in thefunds for their respective business which actually serves them. They willing to improve thesociety in better way without expect back the profit in return from them.Typologies of the entrepreneurship are as follows:-Survival venture: -These types of ventures make their livelihood. They go with thebarter system instead of the cash systems rather than to carrying out any contract with the landsites and banks. They barely register themselves in the authorities (Schaper, 2016).Lifestyle venture: -They provide stable income on the basis of model of business. Theyalso invest on maintenance through which they can survive in the competitive market. Theyusually have a very few number of the employees.Managed growth ventures: - They ensure the stable progress with practicable model ofentrepreneurship. They invest in the improved managed services. They manage growth ratio witha few staff members.Aggressive growth venture: - They smoothly run their venture with the help of technicaland creative innovations which are not funded by the equality capital (Storey, 2011).P2. Different types of entrepreneurial ventures and their similarities and differencesEntrepreneur ventureSimilaritiesDifferenceSurvival ventureThe presentation ofentrepreneurial as survival andlifestyles are lower and theirapproach exist at the sametime .Example shutdownThis is very activated andunique from others. Theirgrowth is analysed at last ,accordingly they maintain theirgrowth.2
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