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Types of Entrepreneurship and Small Business Management Assignment

   

Added on  2020-10-04

20 Pages5990 Words371 Views
ENTREPRENEURSHIP &SMALL BUSINESS

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Different types of entrepreneur ventures and the typology of entrepreneurship ventures.....3P2 Similarities and difference among the different entrepreneurship ventures..........................5TASK 2............................................................................................................................................7P3 Impact of macro & small business on economy with relevant data......................................7P4 Importance of small business in social economic growth.....................................................9TASK 3..........................................................................................................................................11P5 Characteristics & traits of successful entrepreneur..............................................................11P6 Reflection of Entrepreneurial Personality on entrepreneurial motivation and mindset.......12TASK 4..........................................................................................................................................14P7 Real Example of Entrepreneurship......................................................................................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16

INTRODUCTIONEntrepreneurship is a process of setting up new business venture with the aim of profitmaximisation. Small Enterprises are business firms whose turnover is in between 5-75 crore andthese organisations give employment to 10-12 individuals. This report explains various type ofentrepreneurship businesses and their typologies. Further, below report compare similarities &dissimilarities among different entrepreneurship ventures. Furthermore, this report includesimpact of small business in development of economy. Moreover, this report explains importanceof small business enterprises in growth of social economy. Further, this report elaboratespersonal characteristics & skills of successful entrepreneurs. Furthermore, this report includesreflection of personality on mindset of entrepreneurs. At last, below report gives experience ofentrepreneurship with real life examples. TASK 1P1 Different types of entrepreneur ventures and the typology of entrepreneurship venturesThe entrepreneurship venture is defined as a new enterprise this is defined with an ideaand outlook that financial benefit will follow. However, regularly, this sort of business is knownas a small enterprise, as it generally begins +9with a small amount of monetary resources.Entrepreneurship is the method of making a brand new company and taking the risk to bear theloss with the aim of making profits. Further, it's miles a procedure of making investment andmanufacturing possibility, developing and coping with a business project, in order to undertakeproduction feature, managing inputs like property, labour, cloth and capital, introducing newstrategies and merchandise, identifying new resources for the organization (Barringer, 2015).Moreover, the individual that creates a new organisation and faces every challenge for itsimprovement and commercial activity is referred to as an entrepreneur. EntrepreneurVenture isalso defined as risky business organisations as these businesses are new.Types of Entrepreneurship VenturesSmall Business Entrepreneurship: they're generally slightly worthwhile, but they earnincome to fulfil their basic needs and aid their families. However, Such companies lack thedimensions to draw undertaking capital and they may be funded via friends and may their circle

of relatives or small enterprise loans. For instance, small scale enterprise consist of hairstylist,grocery shops, lineman, woodworker, plumbers, adviser, and many others.Scalable Business Entrepreneurship: Within this type of venture, businessman starttheir business enterprise believing that their idea can change the perspective of general peopletowards the business operations. Further, they fund their business with the support capitalists andthey recruit the excellent employees (Yakovleva and Vazquez-Brust,2018). Moreover, Scalablestart-ups the handiest make up a small share of all agencies because of the capital risks and hugereturns. For Example, scalable start-up include Facebook, Instagram, online shopping etc.Large Business Entrepreneurship: Big organizations maintain innovation by impartingnew merchandise which are different from their main products. Further, new merchandise areadvanced with a purpose to meet with converting patron wishes and advanced technologies.However, corporations do this by using partnering with or acquiring developed companies. As aninstance, large business entrepreneurship include Google, Microsoft, Samsung, Sony etc. Social entrepreneurship: Social entrepreneurship is in which a businessperson developsgoods and services to solve social desires and challenges. Further, their most effective aim is tomake the society a developed place and notto make income or gather wealth. Thus, they may benon- profit organisation, income or hybrid.Types of Entrepreneurial VenturesStart-Up- This business ventures includes companies which are operating their businessat 1st time. These type of business ventures are operated and controlled by companies owners orindividuals. In this entrepreneurship venture individual having an idea of establishing a newbusiness form a company with a small amount of investment. Start-up business is operated withan objective of developing products & services having high demand in market. Further, thisbusiness ventures are run with the motive of profit maximisation. This business venture offer innovative products and services but they does not haveenough capital to expand their business offerings with that these organisations cannot survive inlong run. This venture is related to corporate typology as new business is developed in thisventure.

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