Entrepreneurship and Management of Small Business : Report
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Added on 2020-06-04
Entrepreneurship and Management of Small Business : Report
Added on 2020-06-04
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ENTREPRENEURSHIP
Table of ContentsINTRODUCTION ..........................................................................................................................1P1 Different kinds of businesses or entrepreneurship ................................................................1P2 Similarities and differences among various types of businesses...........................................2P3 Impact of small businesses on economy ...............................................................................3P4 Small business and start ups contributing to the development of the social economy..........4P5 Skills, traits and Characteristics of a successful entrepreneur...............................................5P6 Entrepreneurial mind-set and motivation ..............................................................................6P7 Experience and Background fostering entrepreneurship with suitable example ..................9CONCLUSION..............................................................................................................................10
INTRODUCTIONThe present report is context to Entrepreneurship and management of small businesses.This study describes the various types of entrepreneurship ventures and their relation with thetypology of entrepreneurship. It also determines the similarities as well as differences betweenthe various entrepreneurial ventures. The report also describes how micro and small businessesaffecting the economy with proper information. Contribution by small scale business in growthor development within economy will be also discussed in this study.Furthermore, the report willalso identify knowledge, traits and different features of a successful and effective entrepreneur orbusiness person.(Bhatia and Batra,2016).P1 Different kinds of businesses or entrepreneurship Various kinds of Entrepreneurship or businesses are discussed as below- 1.Small scale Entrepreneurship - These kinds of businesses are generally established byinvesting a small amount or budget. A person planning to start a small scale businessdoesn't require a large investment or huge amount of funds.Small business can be ageneral store, a small travel agency etc which can operated and started at a low level witha small amount of money. (Storey and Greene,2014).2.Scalable business or Entrepreneurship – The scalable entrepreneurship refers to anownership of firm which can be modified in respect of the size. In these types of firms orbusinesses the owner can change size and structure of an organisation from a hugeindustry to a small scale business. 3.Large Businesses or industries - By the heading it is easily understood that the largebusinesses or companies are the organisation which are started and operated at a largelevel. These kinds of business needs a huge amount of capital to be invested and alsoneeds to a proper management structure to manage and operate the day to day operationsof the organisation. The large business are not highly flexible and needs a completemanagement strategies to adapt a change in the organisation.(Kirzner,2015).4.Social Entrepreneurship - The social business refers to the organizations which aredeveloped and operated with regards to the welfare of the society or community. Theseorganizations are owned and operated by both individual or the government. The profitearned by these business are used for the benefit of the society and the citizens of thecommunity.1
These are the various kinds of business and ventures associated to the typology ofentrepreneurship with respect to their size, nature and scope. P2 Similarities and differences among various types of businessesThere many types of entrepreneurship which are sharing many differences as well assimilarities. Some entrepreneurial ventures having such differences and similarities are asfollows- Business Owners and Entrepreneurs - The Business owners or the entrepreneurs starts and operates a business or firm forearning the profit out of it. Every individual has some specific needs and wants him to be fulfill.The business are affecting the psychology of an individual, some entrepreneurs are choosinghealthy practices to obtain their personal and organizational goals, on the other hand somebusiness owners try performing negative activities within their business or organizations whichhave a wrong impact on the society and environment of the community. The entrepreneur needsto analyze the market conditions and the effective way to earn profit through the best businessoperations. While planning to start a business an entrepreneur needs to identify the political,economical, social and ecological factors that can affect the business or organisation.(Chaston,2017).Social business entrepreneur- The social business person's main importance is thewelfare of the society and community. The social business is an organisation whichprovides services to the society and helps the citizen to utilize the services for theirbenefits. These businesses do not focus on the profit earning. The objectives and goals ofthis organisation are completely based on the welfare, development and benefits to thesociety or community. The social entrepreneur identifies the needs of the society andelements for the growth of the community, this helps him or her to create and start asuitable organisation which can serve the people and generate a specific income orrevenue from the same.Entrepreneur in between – These are business persons who focuses on both the aspectsof a business. The profit earning and the social aspects. These entrepreneurs operate theirbusinesses with a goal of generating profit as well as serving the society or citizens of thecommunity. These entrepreneurs are effectively managing there business operations and2
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