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Entrepreneurship & Small Business Management - Report

   

Added on  2020-06-05

14 Pages4593 Words37 Views
ENTREPRENEURSHIP AND SMALL BUSINESSMANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P.1. Different types of entrepreneurship and their typology.......................................................1P.2. Similarities and differences between entrepreneurial venture.............................................2P.3. Micro and small business impact on the economy..............................................................4P.4. Explain The importance of small businesses and enterprise start-ups will contribute to thegrowth of the social economy.....................................................................................................5P.5. Characteristic and traits essential for successful entrepreneur ............................................6P.6. Aspects for entrepreneurial motivation and mind set..........................................................8P.7. Examine, using appropriate example obtained through min-research how background andexperience can hinder or foster entrepreneur..............................................................................9REFERENCES..............................................................................................................................11

INTRODUCTIONThere are various opportunities in the market which gives you the possibility to start anew business according to your preferred fields. Opportunities are determined by the person whosearch the needs and demands of the person that are faced by people. The all demands and needsare faced by people would because to born a start-up in the market. Entrepreneurship is definedas an exercise which are setting a new venture in the market and also take an effective action tomanage all activities. This investigation covers all type of entrepreneurship enterprise and theirtypology. Apart from this, different and sameness among several kinds of entrepreneurshipenterprise would also discuss. Moreover, elements which will be the barriers and foster for theentrepreneurship venture while setting up a new business which are as follows:TASK 1 P.1. Different types of entrepreneurship and their typologyEntrepreneurship is comes with the ways in concern about to the having exercises tobring out some innovative ideas to snatch new opportunities which would help to accomplishgood place and value in the market(Alsos, Carter, and Ljunggren, eds., 2011). At the place ofsetting up new venture, there are various factors which are ascertained and faced by anentrepreneur. At the starting point of an entrepreneur it might get successful in the market, if theywill earn profit an initial level then they would go ahead to enhance their business in new market.They are highly motivated and inspired from the issues which are faced by the people in themarket and they at that point they take right step in order to accomplish their targeted goals andobjectives in the venture. There are several issues which are faced by an entrepreneur whilesetting up anew business. There are several types of entrepreneur which are as follows:Small business venture: It is determined that where the minimal scale of venture carryout their corporation exercises. In this segment involves the business like grocery, salonsand parlor, electrician shops and consultant office etc. while an entrepreneur start up theirnew business can not afford all the problems and work individually. It required toassistance all business activities at initial stage. Normally, these kinds of entrepreneur getsupport from family members to manager daily operation. Scalable start-up venture: Withhold to this venture kind, an entrepreneur who start theirenterprise as a scalable start-up need highly motivated in terms of start a new companyand their vision and mission is centering on the significant changing the world. Moving1

on, to achieving the successful business operation, an entrepreneur is needed to makingthe team of a highly skilled and experienced expertise who are capable to achieve theirgoals and targets.Large venture: This type of business venture comes in the market with huge amount ofcapital investing in their business and there are also new entrepreneur furnish serviceslike plans, projects and essential activities which are essential for setting up a newbusiness(Audretsch, 2012). Several types of approaches are formulated in terms ofmanufacturing our new products and which helps in generating the profit and fulfill theconsumers needs as well.Social venture: This type of entrepreneur venture comes in the market specially when,then there are need for social welfare in the market. Usually, they are not doing theirbusiness for generating profit they majorly work for developing the all kind or servicesand products which is needed to social welfare and furnish their appropriate services tosocial well-being.Determiner entrepreneur: This type of entrepreneur are specially pacemaker, they do notfollow the way in which other companies are working and manufacturing their productand services in order to boost up their sales and productivity.These all type of enterprises are related about to the entrepreneurship typology. The major aim ofany kind of entrepreneur venture is, generate their profit and enhance their business in the future.On the another side of this, the large corporation is centering on the generating maximum profitand enhance their productivity as well.P.2. Similarities and differences between entrepreneurial ventureWhile we have discussed above interrogation there are many kinds of entrepreneur andthey help in contributing development of economy of their domestic country. There are somesimilarities and differences between the entrepreneur in terms of generating profit and expandingtheir business as well. There are one of the major similarities is that they all develop product andservices in order to satisfy their targeted customers demand(Bridge, and O'Neill, 2012).Furthermore, the other differences among them is that they all work for different type of theirtargets and goals. This is the difference in large enterprise and small venture in terms ofgenerating profit. And investment in small business is low and in comparison to the largebusiness, they need to invest high capital in business. Furthermore, there are another type of2

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