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How Entrepreneurship Impacts Small Business and Their Relation to Typology

   

Added on  2020-06-03

14 Pages4741 Words322 Views
Entrepreneurship

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and their relation with typology........................1P2 Similarities and differences between entrepreneurial ventures.............................................2TASK 2............................................................................................................................................4P3 Relevant data to understand impact of small business on economy......................................4P4 Contribution of small businesses and start ups on social growth..........................................4TASK 3............................................................................................................................................6P5 Traits and skills of successful entrepreneurs.........................................................................6P6 Aspects of Entrepreneurial Personality..................................................................................8TASK 4............................................................................................................................................9P7 Ways in which background and experience hinder and foster entrepreneurship...................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONA person with different thought processes and these procedures are used to run a businessenterprise in order to gain personal objectives which is catering need of person himself and hisfamily also. Person with distinct ideas is an entrepreneur and corporate entity which he isrunning is to be called as enterprise and process of running enterprise by entrepreneur is definedas entrepreneurship (Drucker, 2014). There are lots of ways in which distinct idea can be usedlike in manufacturing process, in sales and distribution processes etc. Main advantage ofentrepreneurship is that it allows business personnel to gain rival's benefits which aids strongermarketplace than competitors in industry. This report is based upon Wiser Co. which is acreative and recruitment firm and provides young and dynamic people to a platform whereyoungsters can dream big to get all achievements which they want to gain in their lifetime. TASK 1P1 Different types of entrepreneurial ventures and their relation with typologyEntrepreneurs are the individuals who deliberately takes risk with a view of earning higherprofits. They explore the market opportunities and exploit them which further raise the totaloptions in the market. The rate of investment varies with the capacity of an individual that howmuch resources does he willingly wish to allocate. Some of the key enterpreurail ventures arediscussed below:Small Business Enterprise: These ventures are started by single persons in order tosatisfy need of himself and family members. Examples of these firms are painters, owner ofgrocery shops, plumbers etc. These people run their business venture to satisfy need. A littlescaled enterprises are interlinked with other business typologies. Businessman are thosepersonnel’s who put efforts in his association to gain greater market share and financial benefits.The thing which makes an enterprise successful is higher satisfaction of customers by productsand services that are served by company and main reason behind producing unique items andfacilities is to gain that satisfaction from clients. Whether loss and profits any of these isgenerated by business entity is bearable for entrepreneur. Most of the employees working underthis type of variety are the family members.Scalable Start-Ups Entrepreneurship: These ventures are grown up a per time passes.When a person operates these type of firms then it means businessman is able in generatingfunds from many options (Dees, 2017). The most concern of these ventures are to improve level1

of society by serving extraordinary quality goods and services. All business activities dependupon financial resources and it is required from entrepreneur that he should arrange requisiteamount of funds in order to conduct all operations in beneficial manner because these enterprisesare point of higher risk which is not able for everyone to bear (Schaper and et. al., 2014). Aggressive Development Ventures: This is a kind of scalable start-upsentrepreneurship. The entrepreneur dealing in this type of venture wish to earn higher returns ona large scale and for same take high risk.Large Company Entrepreneurship: These ventures can be stated as corporateentrepreneurship. Businessmen take care about all activities and risks which are linked withventures to get done all actions and tasks in most efficient way. Main attribute of these firms areantique items and facilities. Research program is a best tool to get information and knowledgeabout taste preferences and desires along with needs & wants. For investigating all required info,entrepreneur hires an investigator who collects all know-how about consumers in order toproduce required number of products. Social Entrepreneurship: Main aim of these type of enterprises is to serve better qualitygoods and service to society and these ventures also want to facilitate society members inenhancing their living standards by providing employment opportunities to young and dynamicpersonnel’s of total population. These facilities could be anything like providing educationfacilities to those whom not having sufficient financial resources. Relation with typology of entrepreneurshipVariety of entrepreneur and their connection with the typologies are discussedbelow:Female entrepreneur – It is a variety of entrepreneur venture which is specificallyoperated by females. They prefer doing a safe business and ensures that high quality ismaintained in whatever work they do. The most commonly used option under this category isstarting up a saloon, boutique, coaching etc. They are hardworking and dedicated towards theirwork.Serial entrepreneur – They are those individuals whose major role is confined to thestarting up of a new business plan. Once a particular idea is successfully set up it is handed overto some other person and again the serial entrepreneur starts working towards another idea.2

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