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Entrepreneurship And Small Business Management [pic] Introduction

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Added on  2021-01-02

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Entrepreneurship And Small Business Management [pic] INTRODUCTION Entrepreneurship is identifiedy as an effective and main process of running, designing and establishing a new business, which isoften initiallystarted as a small organisation. LO 1 1 Types of entrepreneurial venture and their interrelationship with its typology An entrepreneur is a person who has willingness and capacity in order to manage, organise and develop a new business. In business environment, different kinds of entrepreneurial ventures which are determined as under: Entrepreneurial venture: This are

Entrepreneurship And Small Business Management [pic] Introduction

   Added on 2021-01-02

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INTRODUCTIONEntrepreneurship is identified as an effective and main process of running, designing andestablishing a new business, which is started as a small organisation. The people who lunch thesetype of firm are called entrepreneurs (Abebe, 2014). In addition, it is the capacity and willingnessto organize, manage and create a new venture along with any kind of uncertainty in order tomake profit. Main purpose behind conducting this report is to identify the importance ofentrepreneurship for small organisation and start-up. This report divided into different partswhich cover different types of entrepreneurial ventures and their relation with typology ofentrepreneurship. All types of ventures has similarity and difference which is also determined inthis study. Impact of small business and starts-ups on the growth of economy is also described inthis project. At last, characteristic, threats and skills of a successful entrepreneur is determinedhere which highly impact on its mindset and motivation towards lunching a new venture. LO 1Types of entrepreneurial venture and their interrelationship with its typologyAn entrepreneur is a person who has willingness and capacity to manage, organise anddevelop a new business. Entrepreneur has more ability to start new venture and satisfycustomer's needs and wants systematically. In business environment, different kinds ofentrepreneurial ventures which are determined as under: Entrepreneurial venture: This are identify as an organisation which are managed and run by anindividual in order to utilise chances of market. Entrepreneur have innovative and creativebusiness plan which they follow to design effective system. Types of Entrepreneurship Scalable start-up enterprise: It is another kind of entrepreneurial venture where a peopleidentifies the chances and cope-up with unique thought to scale up its firm. Such type of businessare mainly establish with a motto to change the globe. Coffee shop, Lawn care business areconsider as a best example of Scalable starts-up enterprise. Large scale organisation: These are kind of organisation which are mainly grown up andestablished via sustaining innovation, offering innovative goods and getting innovationenterprise. Main motive of large scale enterprise is to achieve maximum amount of capital by1
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capturing large number of market share. There are few examples of large scale organisation suchas Waitrose, TESCO, M&S etc. Small scale enterprise: This type of business is basically operated and owned by soleproprietors. In this business approximately 50 employees are work with the purpose of achievingbetter outcomes. Such kind of organisations only recruit local people and their main motive is togain their livelihood. There are some examples of small business such as plumber, hairdressers,travel agents, consultants etc. All these are main types of entrepreneurial venture that existing in business environmentand are not same in term of their objectives, gaols and size (Baum, Frese and Baron, 2014). Allthese ventures belongs to various typology of entrepreneurship which are determined as under: Types of entrepreneurs: Serial entrepreneurs: It is a type of entrepreneur which have unique ideas or plans thatthey follow in lunching start-ups. In addition. Serial entrepreneurs are main person who afteroperating their business with success further turn on to lunch of their new venture. Social entrepreneurs: This type of venture start their business for resolving problems ofcommunity. For this, they need to concentrate their efforts and knowledge to give services topersons, thereby satisfy their demands and requirements. Female entrepreneur: Female entrepreneur has more knowledge and skill to operate andrun their business in successful manner. Main motive of this venture is to used their capabilitiesand achieve maximum amount of capital for keeping their living standards (Blackburn, Hart andWainwright, 2013). Male entrepreneur: It is type of entrepreneur that has entire power to establish and runtheir business operations in appropriate manner. Diverse range of entrepreneurial ventures Typology: A classification as per the general type, particularly in archaeology, socialsciences or psychology of the study and interpret. It introduce as a type of entrepreneurship andits relation with the entrepreneur venture. There are some types of ventures which are determinedas under: Managed growth ventures: These are business which are run and started by a person inorder to implement creative and innovative business ideas. This support them to raise business2
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