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Assignment Entrepreneurship & Small Business Management

   

Added on  2020-06-04

17 Pages5194 Words28 Views
Entrepreneurship and SmallBusiness Management

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Relationship between types of entrepreneurship and ventures.........................................3P2 Difference between ventures of entrepreneurship.............................................................6P3 Effect of micro businesses or small-business on economy...............................................7P4 Importance of small businesses in development of social economy.................................9TASK 2 .........................................................................................................................................10P5 Characteristics of a successful entrepreneur...................................................................10P6 Factors of entrepreneurial personality reflect motivation and mind-set.........................12P7 Use of person's background and past experiences in enhancing entrepreneurship ........13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15

INTRODUCTIONEntrepreneurship means the ability and willingness to establish, organise and supervisean organization along with risk in order to earn maximum profit. The best example of it, isbegging a new business. It is comprises of land, natural resources, labour and capital used inproducing surplus (Blackburn, Hart and Wainwright,2013). The soul of entrepreneurship isidentified by creativity and taking risk and an important factor of a nation's capability to achievesuccess in changing and competitive market. It is considered to be the process of representing,instigating and carrying an enterprise that provides goods or service for hire and sale. The wordentrepreneur is determined as a person who mange or operates an entity. It is also defined as anindividual who pays a specified price for a good and resale it at an undetermined price formaking profit.TASK 1P1 Relationship between types of entrepreneurship and venturesThe word entrepreneurship originates from a French word 'Entrependre' and the Germanword 'Uternehmen' which means to undertake (Bridge and O'Neill, 2012). It is an effectiveactivity that supports to bring alteration in the procedure of manufacturing, innovation, utilisationof resources, market creators etc. an entrepreneur is defined as an economic agent with skill,experience, drives, capability and soul of innovation to obtain the overall objective of anorganization. Difference between Entrepreneur and IntrapreneurMEANING- An entrepreneur is a person who sets his own business. It has traits whichmake him different with rest of the world. With his innovative ideas and risk takingability an entrepreneur makes products and departs services which is not made before byany of the other firm or enterprise. On the contrary an intrapreneur is a person who alsoconsists of an innovative mind like an entrepreneur but he is bounded by the boundariesof an organisation. Intrapreneur is an employee of an organisation and doesn't consists hisown business.RISK- The amount of risk taken by an entrepreneur is born by himself whereas the risktaken by the intrapreneur is born by the organisation where he is employed.

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