Entrepreneurship & Small Business Management Assignment PDF
Added on 2021-02-20
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Entrepreneurship & SmallBusiness Management
Table of ContentsINTRODUCTION...........................................................................................................................1Task 1...............................................................................................................................................1P1 Types of entrepreneurial ventures and relation to typology..................................................1P2 Similarities and difference between entrepreneurial ventures...............................................3Task 2...............................................................................................................................................5P3 Interpretation and assessment of relevant data......................................................................5P4 Importance of small businesses and start up business to the growth of social economy.......6Task 3...............................................................................................................................................7P5 Traits and characteristics of successful entrepreneurs...........................................................7P6 Aspects of entrepreneurial personality which reflects entrepreneurial motivation andmindset........................................................................................................................................9Task 4.............................................................................................................................................10P7 Background and experience of entrepreneurship that can hinder and fosterentrepreneurship........................................................................................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONA capacity and willingness to start, develop, manage and organize a venture along withrisk in order to make profits is known as entrepreneurship. It mainly focused on launch andrunning a business independently that helps to make profits. It impacts on social and globaleconomy by running a small business. To understand about entrepreneurship a consultancy firmhas been selected that provides advice and market intelligence to small business andentrepreneurs (Irene, 2017). The aim of such venture is to attract and guide new businesses bysupporting them which helps to run a business successfully. The manager of such organizationprepare this report in which different aspects are going to be cover like impacts of differentventures, difference and similarities between entrepreneurial ventures. Moreover, importance ofdata and statistics that impacts on small, medium and large organization, growth ofentrepreneurial ventures and different successful entrepreneurs are consist in this report. Task 1P1 Types of entrepreneurial ventures and relation to typologyEntrepreneurship: A new business activity which is run by an individual throughinnovating new ideas and thoughts along with risk is known as entrepreneurship. In other words,incubator of innovation and new business consider as entrepreneurship. A small venture shouldhave skills and capabilities to set a business by taking financial risk which helps to maintain theproductivity and profitability in business environment. Entrepreneurs: Person or business owners who look for generate value by creating andexpansing of economical activity is known as entrepreneur. These person identify and introducenew opportunities by launching new products and processes that helps to meet withorganizational objectives (Ibrahim and Mas’ud, 2016). Entrepreneurial activity: It contains human actions that helps to generate value, throughexpansion and generate economic activity. There are different types of activities which are runby human being by taking risk is known entrepreneurial activity. To identify the opportunities,innovate ideas, arrange capital, use new technology and start a business is consider asentrepreneurial activity. It organize and manage business with the help of human activity for thepurpose of making profits. 1
Enterprise: A small company and a business is known as enterprise. It is run by differenttypes of entrepreneurs by starting and managing a business at small level. The main aim of suchenterprise is to earn profits by taken risk in business activities. Social enterprise: Basically, it is non profit organization which is run by trusties, NGOand society in order to improve living standard of people and also helps to increase financial,social and environmental aspects. It has specific objectives that to serve people and environmentby using social fund. Social entrepreneurs: This means a people who are interested to work for poor peopleand make them feel good are known as social entrepreneurs. This type of entrepreneurs runs andmanage a business by solving the social problems and earn minimum profits. Such as microfinance institutions, banking services, educational programme etc. are consist in socialentrepreneurs which helps to improve the social economy. It focuses on growth of socialeconomy by solving the problems and running a business on continuously basis (About socialentrepreneur, 2018).Different types of entrepreneurship ventures are as defined: Serial entrepreneur: Entrepreneur who comes with new thoughts and ideas oncontinuously basis in order to start new business is consider as serial entrepreneur. Entrepreneur: This means an entrepreneur who often come with single idea and start acompany by focusing on day to day functions is consider as entrepreneur. Owner manager: A person who own and manage small or medium size business byfocusing on future plans and goals is known as owner managers. This type of entrepreneur havefull control over business activities and function that helps to make profits (Korsgaard, Andersonand Gaddefors, 2016).Typology of entrepreneurship are as defined:Life style: The demand and fashion of local and regional people are changing oncontinuous basis who needs to get new products and services in order to improve their livingstandard. This typology creates a great opportunity for entrepreneurs to earn profits by launchingnew product and business. It is consider in corporate sector that bring new ideas or innovation inorder to make profits. Therefore, Lifestyle typology is interrelated with serial entrepreneurshipwho comes up in market with new products and attracts people to buy goods that helps toimprove their living standard. 2
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