Small Business Management and Entrepreneurship
Added on 2020-07-23
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Entrepreneurship
Table of ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3P1 Types of entrepreneurial ventures and their relationship ...........................................................3P2 Similarities and Difference between entrepreneurial ventures...................................................5TASK 2.................................................................................................................................................6P3 Micro and small businesses impact on the economy..................................................................6TASK 3.................................................................................................................................................8P4 Contribution of Small business and Business start-ups on social economy...............................8P5 Characteristics, traits and skills of successful entrepreneurs......................................................9P6 Aspects of Entrepreneurial Personality.....................................................................................10TASK 4...............................................................................................................................................11P7 Factors that foster or hinder entrepreneurship..........................................................................11CONCLUSION...................................................................................................................................11REFERENCES...................................................................................................................................11
INTRODUCTIONEntrepreneurship can be defined as a process of creating something new of value byaccepting all the risks associated with the process. It is also considered as a dynamic process inwhich the individuals is taking huge risks for creating wealth in the business by increasing the4investment, time and equity. The individuals who conduct this process is called Entrepreneurs. Theyconduct the whole process of introducing a new product in the market or reintroducing the oldproduct in a new way (Blackburn, Hart and Wainwright, 2013). Another important topic that will bediscussed in this report is small-business management. It cab be defined as a management of smallbusiness activities in an effective manner so that the companies can gain more and more profits .Entrepreneurship is always considered beneficial for economic growth and development since itbrings so many changes in the company . Therefore, UK government is also trying to bring moreand more entrepreneurial ventures in their economy. This report will discuss about the range ofventure types, impact of small businesses in economy, key aspects of entrepreneurial mindset andalso the different environment that foster or hinder the entrepreneurship in UK. TASK 1P1 Types of entrepreneurial ventures and their relationship Entrepreneurship is considered as one of the important activity that is conducted in thecompanies in which the person who is given the responsibility to manage this process develops thewhole business through his creative ideas and runs the whole business successfully through his ownskills . These entrepreneurial ventures are having huge risks attached with it as it becomes reallydifficult for a person who is having just an idea to go and start a new business again. Theentrepreneur is asked to adopt various techniques for conducting the activities in an effectivemanner. The entrepreneur is also told to make several plans and policies which will help them inmaintaining the work environment efficiently (Bridge and O'Neill, 2012). The main aim of theentrepreneur is to establish themselves in the market by conveyancing their idea to more and morepeople and also making more profits as well. It is not easy to become an entrepreneur as there areseveral traits that are required to be present in the person to become an entrepreneur. Theentrepreneur should behave like :-Opportunity seizerOpportunity screenerOpportunity seekingThere are various types if entrepreneurial ventures that are present in the economy. It helps indeveloping the services that are being run in an opening level. It depends on the person that whichtype of entrepreneurship he wants to do in the society as every business idea does not suit every
venture type. The various types of entrepreneurial ventures are described as :-Small business entrepreneurship:- When a business is there at their opening level only andare not having much staff and funds then it comes under small businesses. They are alsocalled as start ups (Carsrud and Brännback, 2011). According to the recent data, it is knownthat there are approx 6 million small businesses that are currently running in UK. If therewill be more businesses running in the country then it will be good for the economy as itwill help in their development and growth. It creates more and more employment whichhelps the people in living a good life . The various types of small-business are grocerystores, electricians, consultants, travel agents etc. these people are responsible for generatingprofits in their own way and arranging funds also from their means as well. Large scale entrepreneurship – These are the type of businesses tat is running in the societyfrom a very long period of time and they ate already established in the market and thus theyare considered as very important for the economy as they are helping the country bygenerating large amount of employment and income which is beneficial for the countriesonly this that is required to be noticed by the large scale entrepreneurs is the changes that arehappening in the economy and also in the taste and choices of the customers as their profitsare dependent on these customers only. Scalable start up entrepreneurship – These are the type of businesses in which the personwho is running the business is having a strong idea behind opening this new venture,. Theyknow very well that there ideas may bring strong changes in the market as well as economy.They are having an aim to bring changes in the economy and for this they arrange fundsfrom those people who believe in this idea of the entrepreneur. These investors are alsocalled as venture capitalists. Social Entrepreneurship – The people who are given the responsibility to run these type ofbusiness are doing their activities by keeping the benefits of the society in mind. They trythat none of their activity should cause any harm to the society and rather they shouldalways try to give something to the society. They try to make this society a better place tolive in and not earning much profits (Chittithaworn and et. al., 2011). Various types of entrepreneurial typologies are:- Lifestyle Ventures – These are the types of ventures in which the entrepreneur thinks towork alone and he does not want anyone to interfere in their work as well. These people tryto take out some time for being in the competition always otherwise they are not interestedas such. Survival Ventures – These types of businesses is generally started for earning the livelihoodfor the family . Through this business only the individual is running their family. These
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