Entrepreneurship & Small Business Management Typology - Doc

Added on - 21 Feb 2021

  • 14

    Pages

  • 3504

    Words

  • 12

    Views

  • 0

    Downloads

Trusted by +2 million users,
1000+ happy students everyday
Showing pages 1 to 4 of 14 pages
Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1P1 Types of entrepreneurial ventures and its relation with typology of entrepreneurship.........1Typology of entrepreneurship and its relation with entrepreneurs.............................................1P2 Similarities and difference between entrepreneurial ventures...............................................2P3 Interpretation of statistics for showing impact of micro and small business on the economy.....................................................................................................................................................4P4 Importance of small business in growth of social economy..................................................5P5 Skills and characteristics traits of successful entrepreneurs which differs from otherbusiness managers.......................................................................................................................6P6 Asses how the aspects of entrepreneurial reflect the entrepreneurial motivation andmindsets.......................................................................................................................................7P7 Background and experience can hinder or foster entrepreneurship.......................................8CONCLUSION................................................................................................................................8REFERENCES.............................................................................................................................10
INTRODUCTIONEntrepreneurship is the activity to design and organize a new venture initially at smallstage. An entrepreneur take risk and combine man, machine and material in order to generateprofit from this operation or activities. A small business is flexible and adopt changes quickly asthey have small number of employees. With this changes they fulfil demand or need of customerin effective and efficient way(Sahut and Peris-Ortiz, 2014). The term management is defined asallocation of different activities by which an organisation operate their activities. In presentassignment types of entrepreneurial venture and relation of entrepreneur with different type oftypology of is discussed.P1 Types of entrepreneurial ventures and its relation with typology of entrepreneurshipEntrepreneurship is the process by which new start-ups are generated in market. In thistask different type of entrepreneurial venture are mention as follow:Small entrepreneurship business-The small business operate their activities with smallnumber of employees. It is owned by an individuals and arrange essential resources from localmarket. Usually small business are sole proprietorship that run by single person.Large entrepreneurship business-The large business operate their business in differentcountries. This organisation work with a purpose to bring innovative products in society. Forthis they update the technology to manufacture their products.Scalable start up business-Entrepreneurs that start their business with motive and visionto change the world. For this they get support from venture capitalist and implement thoseresources by which company produce inferior quality products or services to offer theircustomers.Social Entrepreneurship-The motive of social entrepreneurs is to create those productsby which they solve the needs and problem of society. With this they raise the standard ofsociety and update customer to consume better product or service. Usually this organisation worknot to earn profits but to develop society.Typology of entrepreneurship and its relation with entrepreneurs.Lifestyle venture-The lifestyle venture is established and operated by an entrepreneurwith a aim to sustain new start up in company. As it help an entrepreneur to earn sufficient1
income. It help them to live lavish lifestyle and to explore opportunities that have potential togrow business at local or global level.Female venture-As the word female state that it is operate by women. Major purpose ofthis typology is to match with company objective. Apart form this female entrepreneur relatewith its employee's. As they develop or build healthy relationship between employee's andmanagement(Oni, E.O., 2012).Man venture-This venture is totally control and operate by the man. Usually businessare hard to operate in competitive market. So in this case man venture has more economicstrength because they are aware about economic risk. It help them to take effective decision bywhich they overcome upcoming threats.P2 Similarities and difference between entrepreneurial venturesSimilaritiesBasisSmall businessSocial businessLarge businessPurposeMost of the smallbusiness work to earnenough amount ofprofit for theirbusiness. Like LMengineering ltd.Develop budget forsmall business thathelp them to achievetheir goals easily.This business housesare operate to developthose product orservice by which theysolve issue incompany. As in thiscase company solvethis issue by analysingcustomer need.In this business themain purpose is to getmore amount ofprofits. Along withthis they want todevelop innovativeproducts by whichthey increase morenumber of customerfor their business.ScaleThis business areoperate at small levelin this company investlittle amount as theyoperate business inlocal market or smallarea. Like LMEngineering limitedSocial business areoperate under differentmarket. In this theyfind the solution ofparticular society. Asit is hard to solveproblems of wholeindustry.Large organisationcover large area ofmarket. As this helpthem to cover localand inter-nationalmarket both, like M&Sdeveloped expandtheir store in other2
desklib-logo
You’re reading a preview
Preview Documents

To View Complete Document

Click the button to download
Subscribe to our plans

Download This Document