Entrepreneurship - Small Business Management
13 Pages4568 Words156 Views
Added on 2020-01-23
Entrepreneurship - Small Business Management
Added on 2020-01-23
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UNDERSTANDINGENTREPRERSHIP
Table of ContentsINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1P1: Different types of entrepreneurial ventures. ........................................................................1P2: Different types of entrepreneurial ventures..........................................................................2P3: Impact micro and small business have on the economy. .....................................................3P4: Importance of small businesses and business start-ups. ......................................................5M1: Diverse range of entrepreneurial ventures...........................................................................6M2: Small, medium and large businesses make to the economy. ..............................................6D1: Examining the scope, development and growth of entrepreneurship ventures....................6D2: Small businesses have an impact on different levels of the economy . ..............................7PART 2 ...........................................................................................................................................7P5: Characteristics and traits of successful entrepreneur............................................................7P6: Entrepreneurial personality reflect entrepreneurial motivation and mindset. ......................8P7:Person’s background and past experiences can hinder or foster entrepreneurship.. .............9M3: Different lines of argument relating to entrepreneurial characteristics. ...........................10M4: Link between entrepreneurial characteristics....................................................................10D3: Characteristic traits, skills and motivational drivers of successful entrepreneurs. ............11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONEntrepreneur means a person who wants to start his business on his own. He is theperson who manages his business and is a risk taker. He brings innovative ideas for his concernand creates something different. It means a person create new idea for development of hisbusiness and create profits. An enterpriser must be motivated as well as confident so that he doeshis business effectively and efficiently manner (Webb, Ireland and Ketchen, 2014). Businessperson must be passionate and he will also give advice to other people and motivate them. Thereare many types of venture and types of the entrepreneurship. The purpose of this report is toidentify the roles of small, micro and medium enterprises and they also affect the economygrowth. There are various types of culture and motivational tools which also can affect theentrepreneur. PART 1P1: Different types of entrepreneurial ventures.Entrepreneur is a person who takes risk and produce new products by innovation and newcreation. He is the person with full determination as well as self – motivated. Along with this, heis an innovative thinker who generates new idea for his enterprise (Seelos and et. al., 2011).There are various types of typology of entrepreneurship which are described as below:Small business entrepreneurship: There are many types of tiny organisations whichdevelop and generate more profits. It cater growth to the economy and provides more jobs topersons. In micro associations, it consists plumbers, electricians and so on.. They are anindividuals who takes all the profits and if there is loss in the concern then it is also bear by themonly. It assists to reduce unemployment as well as poverty line in the country.Large company entrepreneurship: Company who works on large scale has long lifeand if they want to survive for long term then they have to produce their products and servicescreatively. They need to introduce new merchandise to their clients and accomplish their demandtimely. They sell their products in new markets to create more buyers (Venkataraman and et. al.,2012).Scalable start up entrepreneurship: This kind of enterprise implies the generalpopulation or person who begin adaptable start up, begin doing their business when they becomemore acquainted with about their vision that can change the world. These sort of enterprise draw1
in more financial specialists for their business. The general population who are working withthese sort of business enterprise are ideal and brightest. They extraordinarily concentrate on theinvestments and need fastly development moreover. They are by and large more imaginative andmore unsafe contrast with all kind of business enterprise.P2: Different types of entrepreneurial ventures.There are many sort of entrepreneur businesses in the world. Small as well as largecompany entrepreneurship are most important from all of them. But there are various differencesand similarities between them. Which make them different from each other; there are somecrucial deviation which are discussed as below:BasisSmallbusinessentrepreneurshipLargecompanyentrepreneurshipBusiness SizeIn this there are not more thannine people who worked forsmall organisations.In this there are not more thantwo hundred fifty memberswho worked for largecompanies.FinancingSmall associations need lessfinance for their activities ofthe firm.Big enterprises need morefinance compare to microconcern, for their businessactivities (Rasmussen, 2011).There are many similarities between them which are described as below:Both type of entrepreneurship need innovation and creativity in their businesses whichwill aid them to survive in competitive world. They both generate employmentopportunities for general public which assists them to reduce unemployment as well aspoverty line. There are also some roles, characteristics and objectives of private, pubic, micro and smalland large ventures which are described as below:RolesCharacteristicsObjectivesPrivate ventureThey want to promotethe economy of thenation and reducepoverty line.Liability of themembers of privateorganisations islimited to their sharesor guarantee.The main objective ofprivate enterprise is tomaximize theirrevenues.Public ventureThey provide growthto the economy aswell as reduce thecorporate taxes.There is aninvolvement of theirstakeholders (Jones,and Matlay, 2011).Theywantdevelopment of-backward areas toprovide growth to the2
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