Report on Entrepreneurship & Small Business Management Strategies
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Added on 2020-06-03
Report on Entrepreneurship & Small Business Management Strategies
Added on 2020-06-03
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Entrepreneurship and SmallBusiness Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and relation of typology with entrepreneurship1P2 Similarities and difference between various entrepreneurial ventures..................................2P3 Impact of micro and small business on economy of country.................................................3P4 Importance of small and start-ups businesses for the growth of social economy..................4TASK 2............................................................................................................................................6P5 Factors or characteristics that makes a successful entrepreneur............................................6P6 Entrepreneurial personality which reflects entrepreneurial mindset and motivational..........7P7 How past experience or background can hinder or foster entrepreneurship..........................8CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
INTRODUCTIONEntrepreneurship refers to set of activities which are undertaken by an individual with themotive of earning profit. A person who starts a business with some uniqueness and takes risk, isknown as an entrepreneur. He has to manage all activities related to enterprise so that project canachieve its desired result or outcome (Radojevich-Kelley and Hoffman, 2012). This report isbased on entrepreneurship and small business management. As a member of federation of smallbusiness, this project will motivate the people to start a firm in local area. This study will explaindifferent types of entrepreneurial ventures and their relationship with typology ofentrepreneurship, similarities and difference among those ventures, impacts of micro and smallfirm on the economy and various characteristics of an entrepreneur.TASK 1P1 Different types of entrepreneurial ventures and relation of typology with entrepreneurshipBeing a senior member, it is analysed that there are various types of ventures which areas follows-Small: It includes grocery stores, hairdressers, consultants and travel agents etc that arebarely profitable. Small entrepreneurial venture lays high level of emphasis on appointingoutsiders and family members as employees. Besides this, small entrepreneurs are not inposition to attract venture capital so they raise fund via family members and bank loan. Medium: Such kind of entrepreneurial ventures come in the category of Silicon Valleytypes of entrepreneurs. Moreover, medium or scalable entrepreneurs have vision inrelation to changing the world. Medium sized entrepreneurs make focus on hiring bestand brightest personnel that aid in the productivity & profitability. Usually, such type ofentrepreneurs raise fund via venture capitalists source. Large: In large entrepreneurial aspects, companies grow through the means ofinnovation. Large sized companies have finite life cycle and places more emphasis onoffering new products to the customers. Further, large entrepreneurial ventures makemore focus on innovation and enhancing customer base by acquiring profitable as we3llas unique companies. Besides this, there are also some other types of entrepreneurial ventures such as: 1
Lifestyle ventures- This type of business is started by a person for maintaining hislifestyle and status in the society. In this, entrepreneur takes some steps so that he canmaintain competitiveness in the local market but this firm does not expand their businessand focuses on operation in limited market area.Survival ventures- This business is helpful in survival of businessman as well as his orher family. This undertaking is small in nature and operates with limited resources.Generally, it is based on cash as well as on barter system and have no relation with banksand other financial institutions (Bjerke, 2013).Managed growth ventures- This type of project is more profitable and has stable growthwith use of workable model. In this, entrepreneur invests their time and moneycontinuously so that he can get his specified result. This kind of venture introduces newproducts or services and also hires large number of employees so that they can carry outbusiness in proper and efficient manner.All above mentioned ventures are related with various typologies of entrepreneurshipwhich are given below-Small business- This venture includes travel stores, grocery, car painters etc. who areonly responsible for running an organisation. This undertaking does not require largeamount of investment as well as employees. In this, only one-person is responsible fortaking all decision related to firm (Bjerke and Ramo, 2011).Scalable start up entrepreneurship- This business is commenced just for changing theworld. By starting this undertaking, businessman is able to attract more investors whowill invest their money into this firm. Those investors are known as venture capitalists.Large company- These companies identify the requirement of their target market andaccordingly produce goods or services so that it can serve to their customers accurately.If there is any change in taste and preferences of consumers as well in the market then itincreases pressure for the company and also creates disturbance in the functioning oforganisation.Social entrepreneurship- This type of venture has main objective to serve the societyand then to earn surplus. This undertaking provides innovative products or services toconsumers that assists in satisfying their needs and wants.2
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