Entrepreneurship & Small Business Management – PDF
Added on 2021-02-19
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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1 Different types of entrepreneurial venture and how they can have relatively typology ofentrepreneurship..........................................................................................................................1P2 similarities in different entrepreneur venture.........................................................................2M2 How small, medium and large business make to economy..................................................4D1 examining the scope, development and growth of entrepreneurship ventures......................5LO2..................................................................................................................................................6P3 Micro and small business impact on economy.......................................................................6P4. Importance of small businesses and business start-ups to the growth of the social economy.....................................................................................................................................................8M4 diverse range of entrepreneurial ventures............................................................................9D4 how background and experiences influences entrepreneurs, both positively and negatively9Conclusion.....................................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONThe entrepreneurship and small business management now days is the most evolving anddeveloping business with very creative mind holding a different level of risk. It the field wherecreative ideas have business development to start their business at the certain moment of time.There type of development of small business created a greater degree of flexibility in level ofincome and interested generated in development of business. In this report the various type ofsmall business entrepreneur will be discussed. There are various similarities and differencebetween entrepreneur ventures. The impact of micro and small business entrepreneur oneconomy of country and how it is differentiated from other business managers. The report willdiscuss the experience which hinder and poster on entrepreneurship. There are many decisionsregarding development of business.LO1 P1 Different types of entrepreneurial venture and how they can have relatively typology ofentrepreneurship.Entrepreneur is a person who has its own business development for the meeting the demand ofits customer. The entrepreneurship is the business development process in which theentrepreneur will develop its own market for its product(Saleem, M.A., 2017). The major part of development of small business organization is development of marketstrategies by creating policy and procedure to guide market(Venkataraman, 2019.) Both entrepreneur and intrapreneur share the similar kind of quality and most of the timeused interchangeably. As entrepreneur is the person who bears a large level of risk as to operatesthe successful operation and management as to earn the rewards and return(Zacca, Dayan andAhrens, 2015). On the other hand intrapreneur is a business employee who have been paid forthe success in business unit as be responsible for the task he has been hired. The basic differencebetween the entrepreneur and intrapreneur is that the former is one who take the initiative andrisk for development of business and latter is hired to develop business within the limits ofcompany.There are different of business actives that are needed for development of business in targetmarket. Some major activities are-11Planning for product development is done by entrepreneur as to launch successfullyproduct in market so that the more achievement in targeting.1
11Brain storming for target the market and pricing strategies as to develop the product withdifferent strategies so that the maximum output can be generated with minimum output.11Networking is an important part as variety of network will help to analysis the demandforecasting of goods produced and sell in market.There are different type of ventures into the sector entrepreneurship in economy. Themaking enterprise are the public company, private company and voluntary company (Volery andMazzarol, 2015). There are following example of the public company is government owned company as theremain aim is provided a variety of quality goods as there aim is to serve citizen of country ratherthan profit maximization(Zahra and Wright, 2016) The privately owned small business are termas is the private company. There main of this type of company is having profit maximizationrather than welfare of citizen. The company which works for social benefit and ethics of societyas to have the profit but with development of society.There is more more of the SME sector in account having more than 99.99% of businesspopulation having this much of non employing population developing there own business. As perestimation there is 5.5 million of private sector business in UK. In this there are 1.3 million ofthese had employees and no employee in 4.2 million. In 76% of there business didn't employeeaside from the owner. Almost 99.3% of total business population there were were 5.5 millionsmall business.P2 similarities in different entrepreneur ventureSimilaritiesThere is the requirement of will power so development of any business as the aim of verydifferent entrepreneurial venture is earning profit. There is need of strong will powerestablishment has to achieve their common objective of earning profit(Runyan and Covin, 2019)All the ventures need the capitalist as there is basic needs of finance for development oforganization . The funds are required all the ventures.For the success in dynamic environment there is requirement of unique and constantinnovation of idea.2
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