(doc) Report on Entrepreneurship & Small Business Management
Added on -2020-07-23
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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Various types of entrepreneurial ventures and typologies................................................1P2 Similarities and differences between the ventures of the entrepreneurs...........................3TASK2.............................................................................................................................................3P3 How small and micro businesses affects the economy of UK..........................................3P4 Importance of small scale enterprise and start-up's in the growth of the social economy5P5 Characteristics, traits and skills of successful entrepreneurs............................................6P6 Motivation and mindset aspects of entrepreneurs personality .........................................8P7 Hindrances of entrepreneurship regarding background and experience...........................9CONCLUSION..............................................................................................................................10REFERENCES .............................................................................................................................11
INTRODUCTIONThe entrepreneurship is the process of creating a new business which can be big or smallbusinesses also known as start-up's.This Start-up'soffersproviding services or products for theconsumption purposes. The person who owns is called as entrepreneurs (Berglund, Johannissonand Schwartz, 2012). It is having the ability to administer the business that usually has a biggerrate of risk to generate revenue or profit. This businesses involves lot of risks as launching a newproduct or services in the market, will serve profit or not. Many businesses shut down becauseof not having appropriate funds or market instability that is inappropriate demand and supply orby taking wrong decisions in the businesses or combination of the three, usually affects thebusiness. Entrepreneurs identifies the opportunities that is analyses the market requirementneedor trends and develop the product and services according to the needs that are there in themarket and alaiding in sogenerate revenue (Blackburn Hart and Wainwright, 2013). Theentrepreneurs acts as a manager that organises and directs the business activities also hires theemployees and are solely responsible for the business failure or success. Business can be small,medium or large firms that can be either for-profit or not-for-profit firm that is can be acharitable firm. Government encourages small business firms by launching new schemes for theentrepreneurs for the benefit of the society. In this report, different types of entrepreneurialventures as well as typologies are discussed.TASK 1P1 Various types of entrepreneurial ventures and typologiesEntrepreneurs is an individual who arranges and administers the business that involveshigh risk. Entrepreneurship helps the personindividual to become a successful businessentrepreneur by creating and innovating new ideas for generating maximum profits and also formaintaining and managing their funds in an appropriate manner (Bridge and O'Neill, 2012). Forselling the products as well as the services it is necessary to innovate and create them accordingto the buyer's needs and wants for an easy sell. The entrepreneurship has various kinds of venturethat are related to their topologies for achieving success in the business and also for not havingany hindrances in between. For attaining the success in the business, entrepreneurs need toadminister the risks involved and generating maximum profit. Following are the kinds ofventures :1
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