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Entrepreneurship and SME Management

Added on - 08 Dec 2020

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Entrepreneurship
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1............................................................................................................................................1P2............................................................................................................................................3TASK 2............................................................................................................................................5P3............................................................................................................................................5P4............................................................................................................................................7TASK 3............................................................................................................................................9P5............................................................................................................................................9P6..........................................................................................................................................10TASK 4..........................................................................................................................................12P7..........................................................................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONEntrepreneurship is an activity which is carried by anparticular personto develop and setup a new firm(Blackburn, Hart and Wainwright, 2013). This is a fundamental element whichcontribute in economic and social growth of country. Market opportunities that is unmet needsof people are identified by a person to allocate resources and create value. For this, anentrepreneur require to have traits to manage resources and conduct business processeseffectively. Along this, they even need to have ability to take risk of investing money to generateprofit.This assignmentis based on Joe Woods who is an owner of IT business that provideonline payment facility to vendors. This assignment specifies different types of entrepreneurialventures and their relation with typologies. Besides this, impact ofSMEon the economy and keyaspects of an entrepreneurial mindset is stated. Experience and background hindrance or fosterentrepreneurship is also mentioned in report.TASK 1P1Entrepreneurship:As per the views of Paula Fernandes, 2018 entrepreneurship is determines as character,trait and attributes that assist to make an person entrepreneur.Itis a creative approach in whichpeople are organised, managed and lead for attainment of organisational objectives and goals. Itis process which is conducted by an entrepreneur to make social and economic value by creationof innovative ideas. These are various kinds of enterprises which are described below:Small business entrepreneurship:such type of businessare introduced as well asmanaged by an individual for generating money to maintaintheir living standards.Grocery store, hairdresser, plumber, electrician, carpenter and many other are variousexample of this tactic.Scalable start-up entrepreneurship:These enterprises are originated by an entrepreneurwhose vision is to change the world (Bridge and O'Neill, 2012). For this, venturecapitalists develop creative ideas are used for taking funds. Besides this, best and brightindividuals are employed that help them to expand business in according to marketconditions.1
Large entrepreneurship:These firms are managed by business persons that contributemoney to generate huge amount of revenue. Different types ofofferingsare provided tocustomers according to their taste and requirements. For this, new technologies andtechniques areappliedin system to deliver innovative and creative items in market.Social entrepreneurship:These are enterprise which is run by person to overcomewiththe issuesand fulfilrequirementof community. Non- profit, hybrid and For- profit aretypes of this whose goal is to develop andimprovestate of society. For this, products andservices are provided in according to requirements of people.Entrepreneurial ventures:These are organization which are started by an individual to utilise opportunities byestablishing a new enterprise. An entrepreneur formulate innovative and creative business ideasto make good amount of profit and social value (Carsrud and Brännback, 2011). These arevarious forms of entrepreneurial ventures which are stated below:Survival entrepreneurial venture:These are organisation whose goal is to sustain inmarket for longer time. For this, advanced technologies are implemented in system toreduce production costs and make employee perform tasks effectively. Thus, businessperson is able to complete financial obligations of venture by making sufficient profit.Lifestyle entrepreneurial venture:These are firms which are run by person to makeincome for maintaining their standards of living. In such companies, only few people areinvolved in business to conduct business activities economically.Typology of entrepreneurship:Small, social, scalable start up and large are differenttypes of entrepreneurial ventures. These have relation with entrepreneurship typologies which isstated below:Serial entrepreneur:These are individual who have unique and innovative businessideas to incorporate a new firm (Chittithaworn and et. al., 2011). This help them toexecute operations in creative manner and provide different products and services fromrival firms. But, after sometime, originator of company transfer ownership to anotherindividual for creating a new venture.Social entrepreneur:Person who set up enterprise to solve problems of society andimprove it by providing services and items to needy people. Their mission is to create andenhance value of community by making innovation in business.2
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