Scope of Entrepreneurship and Small Business Management
Added on 2020-06-06
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Entrepreneurship and Small Business Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Scope of Entrepreneurship.....................................................................................................1P2 Similarities and difference between Entrepreneurial venture ..............................................3TASK 2............................................................................................................................................4P3 Assessing the way micro and small business impact on the economy..................................4P4 Importance of small business in contributing towards economy...........................................5TASK 3............................................................................................................................................6P5 Determining the characteristics, trains and abilities of successful entrepreneur anddifferentiate them from business manager..................................................................................6P6 Assessing the way aspects of entrepreneurial personality reflects entrepreneurialmotivation and mindset...............................................................................................................7TASK 4............................................................................................................................................8P7 Determining the way background and experience can hinder or foster entrepreneurship.....8CONCLUSION ...............................................................................................................................9REFERENCES................................................................................................................................9Online........................................................................................................................................10
INTRODUCTIONThe individual those who establish business is known as entrepreneur. Entrepreneurshipcan be referred to as capacity as well as willingness to create, organize and manage anorganization along with risk bearing abilities to make profit. Small medium enterprise areconfidentially owned corporations, sole proprietorship or partnership business entity. Suchorganization consists of fewer workers and have less annual turnover.The report have focus on developing understanding about the meaning and scope ofentrepreneurship. It also emphasizes on identifying the barriers to establishing small mediumenterprise in context of Talent plus company that is small medium enterprise UK. The businessunit is providing human resource consultancy firm.. In this project representation ofentrepreneurial strategy formation outlook,.TASK 1P1 Scope of EntrepreneurshipEntrepreneurial organization emphasizes on delivering advisory services to middle aswell as big companies Role of entrepreneurial ventures may base on the development stage ofenterprise. Small business organization assist new business entity in their early developmentprocess and aid them in formulating strategies as well as policies ,implementation of plans andbuilding industry specific networking. Entrepreneurial ventures are established and maintainedby Entrepreneurs. Enterprise that chase opportunities are regarded as innovative firm. These firmhas high potential and capacity to achieve growth as well as increasing profitability. Theentrepreneurial business organization are usually significant for every level of corporations.. Inthat sense, the scope are increasing. In present era people are interested in facilitating innovation process.Small Business Entrepreneurial:A businessperson is a single person who establishes,control and manages business with limited resources and has high potential to takeresponsibilities of all the risks and rewards related to business venture. Entrepreneur with highentrepreneur spirit believe in facilitating innovation. Such entrepreneurial organization purpose is togain high returns, these entrepreneurs are always ready to deal with high level of uncertainty.The entrepreneur has no difficulty or issue in order to place their money security and career athigh threat and they have high capacity to take unlimited risks on a motivation,investing huge amount of capital on associate uncertain business venture. Moreover, this1
businessperson employ local employees or members from their own family to work in an organisation. Forentrepreneurs and small business owner-managers, the relations selected will be determined to a large extent bythe activities to be performed, and will in turn influence the selecting of new activities madepossible by their own existence.Corporate-Level Entrepreneurship:Entrepreneur with this kind of entrepreneurial typology are usually highlyproactive, self-motivated and action-oriented persons who easily make suitable aswell as effective decision or plan their own actions, uniformly within the limitations set byenterprise. Entrepreneurs are interested in developing innovative goods and services. The mostsignificant fact is that entrepreneur with entrepreneur is in comfort zone because such businessperson considers that failure does not have any special cost as it is the same for abusinessperson because business have the ability to recuperate the loss arising fromfailure.The person within the business unit that manages employees and ensures that work aredone effectively as well as efficiently by workers. They are mainly paid employees who have theauthority and responsibility for bringing positive changes within the enterprise with priorapproval of top level management. Such entrepreneur are very tactical in nature and always in aflurry to manage others or subordinates.They are mainly accountable for the managing andcontrolling routine activities. These types of business person do not have innovation skills.But these form of entrepreneur can identify the way to make other learn about relating the onething with other.Social entrepreneurship-Venture used the technique through which enterprises are established and Entrepreneur are hired to develop, fund and identify solutions to social, cultural andenvironmental problems. This concept assists business entity in differentiatingthemselves from other business entities in terms of aims, purpose etc. It alsosupports firm in attracting more number of investors and also help organization inexpanding their core business activities. Exit strategy has been adopted byentrepreneur and they are more passionate about their business. The socialentrepreneur typology enables an entrepreneur to determine sameness and deviationamong broad range of idiosyncratic and an organisation which are involved in socialentrepreneurship.P2 Similarities and difference between Entrepreneurial venture BasisSocial entrepreneurshipLife styles entrepreneurshipInvestmentSocial entrepreneurship have focuson seeking support frominvestors .As business person hasobjective to expand core businessThese types of entrepreneur does notseek support from investors and theybelieve in investing their ownmoney in their business.2
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