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Entrepreneurship & Small Business Management Typology

Added on - 08 Dec 2020

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EntrepreneurshipandSmall businessmanagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and its interrelation typology ofentrepreneurship..........................................................................................................................1P2 Various similarities and difference among entrepreneurial venture......................................3P3 Interpreting and assessing the impact of small business in economy growth........................5P4 Contribution of small organisation into social economy.......................................................6TASK 2............................................................................................................................................8P5 Characteristics, skills and trait of successful entrepreneurs...................................................8P6 Feature of entrepreneurial personality in order to influence entrepreneurial motivation......8P7 Component of foster or hinder entrepreneurship...................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONIn current business environment, entrepreneurs has develop new ideas for working tosolve social issues in an effective manner. Thus create positive impact on the nation economicalgrowth. So that, government of United Kingdom has make rule and regulation for promotingstart up's that provide high employment opportunities approx 16.1 million and new working areafor people thus reduce unemployment rate (Blackburn, Hart and Wainwright, 2013).Contribution of small business in UK economy is 51 % of all private enterprises in the year of2017. In this report select Uber which is most successful entrepreneurship venture that wasestablished by Travis Kalanick and Garrentt Camp at US. They are develop mobile applicationfor save time, money and effort to book a taxi in United State. Through this activities at are solvesocial issues and provide comfortableness to their clients. In this assignment covers differenttype of entrepreneurial venture and typologies of entrepreneurship. It also includes importance ofsmall business and start up's to contribute into growth of economy in long period of time.TASK 1P1 Different types of entrepreneurial ventures and its interrelation typology of entrepreneurshipAnentrepreneurial venturecan be defined as a combination of failure, risk, ambiguityand success: embracing and learning it. It can affirm that there is a fine difference between twoterms enterprise and small business venture which establish a major distinct between both ofthem.Entrepreneurterm refer to the individual who sets a business venture considering the riskof financial asset at stake in expectation of better outcome. This can influence the economies andcommunities in more better manner which can also build a cascading influence on creation of joband other business segments(Bridge and O'Neill, 2012). There are numerous differententrepreneurial venture types as well as typologies which are interlinked with each othermentioned briefly as below:Small Business Entrepreneurship: As per the recent scenario, numerous various distinctentrepreneurial venture types that are operating their business in UK. More than 6millionenterprises are recently running their commercial organisation.Scalable Entrepreneurship: In this, person has give new innovative ideas and they havedevelop vision. For that, entrepreneur has find out investor at market place for rise capitalto operate business activities effectively.1
Social entrepreneurship:People has make ideas in order to solve social problem andprovide benefits to all communities by delivering their goods and services. Managementof the company has analyse needs, want of clients and accordingly produce commoditieswhich help to full fill customers demand effectively.Large scale entrepreneurship: In competitive environment, these kind of organisationhas develop strategies to run their whole business activities for profits as well as worththat help to achieve objective and sustainability in long period of time(Carsrud andBrännback, 2011).All typologies has interrelated with all kind of entrepreneurship venture that set theirvision, mission, goals, objective in order to run their business activities which help to runenterprise in significant manner. So that there are various type of typologies which are affectbusiness are explain as follows:Lifestyle venture:It is a business that set up and run by owner with the aim of sustainingsome particular level of income in order to enjoy their lifestyle effectively. Its a growthplan of small enterprises for not for profits but improve living standard to their own lifein the society.Survival venture:People has inter under this type of venture with the purpose of earningmoney for their livelihood. For example, grocery store, internet cafe, food stall, etc.Survival venture has run their business activities at small level mostly in local area.Managed development venture:Entrepreneur has managed development venture toearn fix profits with out taking high level risk as well as uncertainty. They alwaysconsider investment is not a benefits and part of the enterprise, it is definite in their natureso that owner of firms has make certain profits in long period of time with long termsustainability as well as development(Chittithaworn and et. al., 2011).There are several kind of entrepreneurs that are work in different working area has detail below:Serial entrepreneur:This kind of entrepreneurs has develop one working ideas andwork on that until success then after move on other business ideas and left previousenterprises to run new business activities. This serial has go on in long period of time andperson has work in different type market area.2
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