Entrepreneurship Assignment Solved - Doc
Added on 2020-10-05
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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P.1. Different types of entrepreneurial ventures and how they are related to the typology ofentrepreneurship..........................................................................................................................1P.2. Differences and Similarities between entrepreneurship ventures:.......................................2TASK 2............................................................................................................................................4P.3 Impact of micro and small businesses on economy..............................................................4P.4. Importance of small and start-up businesses in contribution to growth of the ...................5TASK 3............................................................................................................................................6P.5. Mini-research to know the characteristics, traits and skills of two successfulEntrepreneurs,.............................................................................................................................6P.6 Entrepreneurial personality which reflect entrepreneurial motivation and mind-set............8TASK 4..........................................................................................................................................10P.7. Different environment that foster or hinder entrepreneurship...........................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship refers to starting a new business undertaking with different andinnovative products and risk is taken in order to earn higher income and profits. Entrepreneursstart the business with a view to achieve success and make their own venture. In this report,impact of small enterprise on economy will be analysed. Further, it will also ascertain the keyaspects, characteristic and traits for businessperson motivation and their mind-set. Along withthat, this study will also determine distinguishing traits and skills of successful entrepreneurs likeWarren Buffett and Richard Branson. At last, different environment that foster or hinderentrepreneurship will also be discussed.TASK 1P.1. Different types of entrepreneurial ventures and how they are related to the typology ofentrepreneurshipEntrepreneurship is the willingness and capability to make, manage and setting up of abusiness by taking all necessary risks involved in order to earn income and profits. Entrepreneur is the person who grabs the opportunity and takes that risk to start abusiness. The one who is either a sole trader, partner in any business concern or possess themajority of shares in a company (Dees, 2017).There are many kinds of entrepreneurial ventures. Below are some of them:-1.Micro Entrepreneurship: In this type of business, investment in fixed assets like plantsand machinery does not exceed US $34821.38 and number of employees working inthese firms are not more than 10. Major part of capital is invested by owner in such kindof business and he is the only person who manages it completely.2.Small business entrepreneurship: In this type of business, investment in fixed assetslike plants and machinery should be more than US $34821 but less than US $696718 andemployees are more than 10 but less than fifty in such kind of enterprises. Example ofsmall business entrepreneurship are retail shops, photographers, bakery shops etc.3.Medium sized entrepreneurship: Those entities which have a higher capital investmentthan small businesses and have less than 250 employees are called medium sizeentrepreneurship. Such firms are run by either a single person or can be run in partnership(Hitt and Duane Ireland, 2017).
Typology of entrepreneurship:Start-up Entrepreneurship: A new company is established to make those products andservices for which there is a demand in the market. Such organisations are at the veryfirst stage of their operations and majorly focuses on the growth factor to be the part ofcompetitive corporate world. Social Entrepreneurship: These organisations has no motive of earning profits and theearnings which earns is used for the society and its development (Parker, 2018)Thesefirms do not calculate or measure performance of the enterprise on the basis of profits tothe company or increase in th prices of the stock etc.Large Company Entrepreneurship: Amount of capital investment in such firms is largeand they take more risk in order to earn higher profits. These are also known as corporatecompanies.Lifestyle firm: These are those firms whose main aim is not to earn only profits rather itfocuses on fixing their personal lifestyle. Those who run such enterprises are verypassionate about their work. Such firms have higher rate of success because entrepreneurhas passion for the work he is doing. Growth firm: Major focus of such firm is to earn higher growth in their field. Companieslike this are fast and achieve more growth than its competing entities who has same kindof business (Kazanjian, Drazin and Glynn, 2017).Similarities between Male and female entrepreneurs Both male and female business person are equally focused and serious towards theirventures. Both of the genders are equally self-confident and know how to deal with thesituationsDifferences between female and male entrepreneurMale entrepreneurFemale entrepreneurMale entrepreneur have strong decisionmaking power. Whereas, female entrepreneurs does nothave flexible and fast decision makingpower.P.2. Differences and Similarities between entrepreneurship ventures:For determining the similarities and differences between different entrepreneurial venturestheir function and characteristics are required to be studied. Below explained are the roles andidentification of different ventures that are micro, small and medium-sized enterprises:
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