Entrepreneurship Typology and Small Business Management.
Added on 2020-10-22
15 Pages4450 Words391 Views
Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Different types of entrepreneurial ventures and typology of entrepreneurship....................1P2. Similarities and differences between entrepreneurial ventures............................................3TASK 2............................................................................................................................................4P3. Assess how micro and small businesses impact on the economy ........................................4P4. Important small businesses and business start –ups after ‘Brexit’.......................................7TASK 3............................................................................................................................................9P5. Characteristics, traits and skills of two successful entrepreneurs and differentiate themfrom other business managers.....................................................................................................9P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mindset...............................................................................................................................10TASK 4..........................................................................................................................................11P7. Background and experience can hinder or foster entrepreneurship....................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship is kind of innovative idea which helps to run every business. They areinnovators who are willing to take risk by generating fresh ideas to create unique and able to getprofitable solutions to a modern issues. Small business bring flexibility among employees andtheir partner whereas entrepreneur bring out innovative idea to earn more profits in their business(Ackermann, 2012). For a successful business, it is necessary to have managerial skills and havean ability to develop strong team. Therefore, an entrepreneur is a combination of leader as wellas manager that can able to develop skills, abilities and their experience from the past records. This report covers different types of entrepreneurial ventures and their typology ofentrepreneurship, similarities and difference between entrepreneurial venture. This assignmentalso includes how small and micro business impact an economy and talks about importance ofsmall businesses after Brexit. TASK 1P1. Different types of entrepreneurial ventures and typology of entrepreneurship.An Entrepreneur is a person who take initiative by organizing a venture to take benefitof an opportunities such as decision-making, decides what to do, how and by whom it should bedone. An entrepreneur is the one who manages all the resources and other efficient methods forachieving per- determine objectives of a business firm.The Entrepreneurship is a study of how new businesses are to be created and theoperations that are required to start a new business. They are high risk taker and bear lossesagainst them while attaining their perspective.A entrepreneurial venture refers as a business enterprise who undertake risk and dangerto generate new and fresh ideas using creativity and innovation for improving revenues andsocial economic conditions (Blackburn, Hart and Wainwright, 2013).There are some key entrepreneurial ventures are as follows:Small business entrepreneurship: It is a start-up company which are opened up with asmall investment is known as small business entrepreneurship. This includes stores,consultant, electricians, carpenters, etc. They are the one who runs their own business.Generally, they hire local employees or their family people to bare their profits Also, they
cannot provide scale to attract venture capital as their funds for business are taken bytheir relatives or friends for a business loan.Scalable start-up entrepreneurship: Unlike small businesses, these are the businessfirm which able to get expand according to the requirement of funds. The funds are ableto manage by an entrepreneur to increase or grow their business into large extent. Large company entrepreneurship: They have limited life cycles. Some of the businessgrow through sustaining innovation, offering new products that are different around coreproducts (Bridge and O'Neill, 2012). These firm includes change in taste, newtechnology, new competition which can create pressure for more unique ideas. Largecompany entrepreneurship is basically for manufacturing industries and factories whichserve their services in form of raw material to other business firm.Social entrepreneurship: These are the innovator who focus on creating goods andservices to solve social needs and problems. They make the world a better place, not withcreating wealth or market share, but as a non- profit, for profit or both.Relations with typologies of entrepreneurshipThe typology of Entrepreneurship are describe under below as:Serial entrepreneur: In case of serial entrepreneur venture, they come up with new ideasand start businesses based on them. They takes challenges repeatedly and once theyestablished their business, they delegate their responsibilities to their subordinates to runoperations and move to other ventures (Bruton and Ahlstrom, 2010). Individualscontinuously come up with new ideas and innovation to meet their goals. For example,Andreas von Bechtolshiem co- founder of Sun Microsystems used in building thecompany, he left sun established granite system which manufacture network switches. Social entrepreneur: In this type of typology, an entrepreneur take initiative to solvesocial issues related to society. They are generally focused on developing sustainabilitythat would be either profit or non- profit organization. For instance, Bill Drayton who isfounder and chairman of Ashoka.Female entrepreneur: According to this type of venture, female start and operate theirown venture and able to manage the workforce. They are enough qualified to take anykind of decisions (Burns, 2010). For example, Oprah Winfrey, had started her career as a
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