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Entrepreneurship and Management of Small Business Assignment

   

Added on  2020-10-22

12 Pages4173 Words229 Views
Leadership ManagementEntrepreneurshipPolitical Science
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Entrepreneurship
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Table of ContentsINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1P1: Different type of entrepreneurial project and their relation with typology...........................1P2: Similarities and Difference entrepreneurial projects............................................................2P3 Impact of micro and small business on economy..................................................................3P4 Importance of small businesses as well as starts-ups in the growth of social economy........5PART 2............................................................................................................................................6P5: Characteristics, traits and skills of successful entrepreneurs................................................6P6 Entrepreneurial personality that effect entrepreneurial motivation as well as mindset.........6P7 Background and experiences that foster and at the same time hinder entrepreneurship.......7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTIONEntrepreneurship is a very important aspect of any economy which is reliable on varioussorts of factors that prevails within an economy. The commercial activities of a particular regionis determined by the entrepreneurial abilities that individuals residing there posses. The skills ofentrepreneurship is developed by an individual through various observation of society, cultureand personal experiences etc. If there exist any opportunity within the environment, theentrepreneur would want to capitalise on it either for survival or for financial gains. The currentreport is based on entrepreneurship and the development as well as management of smallbusinesses. The various types of entrepreneurial ideas that are available for achieving the growthhas been discussed in detail within the current report. The traits and skills that an entrepreneurmust possess in order to be successful have also been discussed under the current report in adetailed manner (Anderson, Drakopoulou Dodd and Jack, 2012).PART 1P1: Different type of entrepreneurial project and their relation with typology.There are various types of businesses that exist which can be used by an entrepreneur forachieving higher level of growth in their respective career. The scope of entrepreneurship is quitelarge and it includes various aspects, which is quite essential for the growth and development ofentrepreneurial talents. Various scope includes Small scale businesses which can be opened byan entrepreneur, sole proprietorship is another format and other includes partnerships etc. If anentrepreneur wants to open up a small business, then there are various alternates that availablefor him, these can be described as under:Small scale business: An entrepreneur can open up a small scale business which will allow himto do business with limited resources, it is usually opened by individuals who try to earn frombusiness for the purpose of meeting their daily family needs, instead of the desires to become bigcorporation etc. The amount of capital that is being infused under this kind of business is quitesmall and the risk is bear by the owner himself. This types of business is also called soleproprietorship.Scalable Start up business: These are those business ventures which are being started by theindividuals who are having an idea that is exceptional and innovative and can change the overalldynamics of the market and thus can be easily scalable.1
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Social Business: These kinds of organisations does not exist for the purpose to earn profits, butthe ultimate aim is to provide goods and services to the society, without any ambition to becomebig by making higher level of profits, the aim is to serve society in the longer run (Burns, 2016).Typologies of EntrepreneurshipLifestyle Entrepreneurship: The ultimate aim of such kind of entrepreneurs is to raise thestandard of living of people within the society through innovative goods as well as services to beproduced by the entrepreneurship.Social entrepreneurship: These entrepreneurs are also known as social entrepreneurs, whoconduct business not for profit but to serve society through their goods as well as services in thelong run.Serial entrepreneurship: These are those entrepreneurs who conduct business on a regular basisand not just to end meets. The aim is to become big in terms of size and operations in the longerrun. The level of enthusiasm in these types of entrepreneurs can be seen and are most activelyparticipate in the activity as well as decision making of the business (Cope, Kempster and Parry,2011).P2: Similarities and Difference entrepreneurial projectsThere are different types of entrepreneurial ventures that exist and an entrepreneur optsthem by having a proper analysis of his needs as well as wants, for example if one wants to earnhigher profits, he won’t open social entrepreneurship but rather go for making profits through alifestyle entrepreneurship or a serial entrepreneurship. The various types of ventures and theirsimilarities and differences are discussed in detail as follows:LifestyleSerial VentureSimilaritiesDifferencesIt is a venture openby an individual withan aim to improvethe lifestyle ofindividuals withinthe society.It is formed with aimto take businessforward and becomebig overtime.Both the ventures areopened for thepurpose of conductingbusiness and anultimate aim is tomake decent profits.Both the ventures aredifferent from eachother in the sense thatlifestyle venture isopened for thepurpose of increasingthe lifestyle andstandard of living ofindividuals within the2
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