Entrepreneurship&Small Business Management
Added on 2020-06-04
13 Pages3942 Words74 Views
Leadership ManagementEntrepreneurshipPolitical Science
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Entrepreneurship and SmallBusiness Management
Table of ContentsINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................4P1 Explain entrepreneurial ventures types and typologies of entrepreneurship.........................4P2 Explain different type of entrepreneurial ventures( differences and similarities).................5P3 Explain How economy is affected by micro and small business...........................................7P4 Explain the importance of small businesses in social economy............................................8TASK 2 ...........................................................................................................................................9P5 Explain key characteristics of a successful entrepreneur.......................................................9P6 Explain aspects of entrepreneur personality........................................................................10P7 How a person's background can foster entrepreneurship.....................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13.......................................................................................................................................................15
INTRODUCTIONFor every entrepreneur it is important to go through with the activities of small businessmanagement and entrepreneurship. When a person started a business it is important for them toinitiate as small business. Various business framework are including in small businessmanagement rather than a large enterprise. It is important for a entrepreneur to take risk in time,money, and efforts which helps to make shape of their ideas and thoughts. Entrepreneurshipmeans there is chance to make something creative and innovative but this chance is not existalways. The report is going to discuss aspects of small business management andentrepreneurship(Alsos, Carter and Ljunggren, 2011). Report will also includes all the data ofmicro and macro business and how these influence to the business. How a entrepreneur gettingsuccess in their businesses and manage all the functions and operations for sustain in theindustry. It will also include that how a business is affected by behaviour of entrepreneur.TASK 1P1 Explain entrepreneurial ventures types and typologies of entrepreneurshipThere is difference between entrepreneur and a businessman because they identify everyfactor related to the success and failure. Before start a business it is important for a entrepreneurto learn from failure which helps to them getting success in future. Entrepreneur create new ideasand implement them with limited number of resources and try to get success in future timeperiod. There are some type of entrepreneurship are mentioned below:Scalable start up entrepreneurship: Silicon valley investors and their stockholder is developedthis kind of entrepreneurship. These kind of entrepreneurs think that their thought is change thewhole world when they started their businesses. They are focuses to attract the investors to investin their ventures so that they can easily conduct their business activities.Large company entrepreneurship: Large companies have various number of resources and theyfocus to improve their products according to the available resources. According to customers
need, large organisations focuses on improve the qualities of the products(Awogbenle, A.C. andIwuamadi, 2010).Small business entrepreneurship: These kins of entrepreneurs are produce products and targetthe various customers. These includes consultant, saloons, grocery store, carpenter, travel age ,electrician and plumbers. The main motive of small entrepreneurs is that to earn some money forliving. Promotion strategies and raised funds from loans are not used by the small entrepreneurs.Social entrepreneur: These kind of entrepreneurs are focus to serve that kind or products andservices which helps to make better to society. Their main motive is to solve social problems andnot make profits(arringer, 2012). Entrepreneurship Typologies: There are some entrepreneurial ventures are given below:Lifestyle ventures: These ventures are initiated by the individual with employee various workers.These kind of investments focuses on financial gain to businessman.Survival ventures: These kind of ventures started to full fill basic needs of themselves and theirfamily members. They do not make any contract with other parties because they focuses onbarter and cash system. So basically survival venture are not register their business activities andoperations.Managed growth ventures: Feasible model of entrepreneurship and growth is provided by thesekind of ventures. These kind of person take interest to invest in developed business so that theycan gain more profits. They are focuses on launch quality product and try to gain growth whichis very important for their ventures.Aggressive growth ventures: Various technical methods and innovation is used by these kind ofventures which helps to them high boost up in growth.P2 Explain different type of entrepreneurial ventures( differences and similarities)There are some differences and similarities between different entrepreneurial are givenbelow:Difference:Small and social entrepreneurial:Solve social problems and make effort for society betterment is main motive of socialentrepreneur on the other hand main purpose of small entrepreneurial is that earn profits.Another difference is that small businesses are earn profits and social entrepreneurial areserve profit to society(osma and Levie, 2010).
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