Assignment: Entrepreneurship and Small Business Management (Doc)
Added on 2021-01-01
17 Pages4477 Words290 Views
EntrepreneurshipPolitical Science
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Entrepreneurship and Small BusinessManagement
Table of Contents
INTRODUCTIONEntrepreneurship has a broad scope of meanings, the willingness and capability to create,deal and manage a business project along with any of its risks in order to make a profit. The mostevident example of entrepreneurship is the starting of new business (Mariotti and Glackin, 2015).And small business is an independently handled and function company that is limited in size andin revenue depending on the industry. In this report covers different types of entrepreneurial ventures and relate to the typologyof entrepreneurship. Explore similarities and differences between entrepreneurial ventures, miniresearch on micro and small business. Importance of small business and businesses start ups anddetermine characteristics, traits and skills of two successful entrepreneur these are Joe woods andPhilip green. TASK 1P1 Different types of entrepreneurial ventures and its related to the typology of entrepreneurshipEntrepreneurAn entrepreneur is an individual who identifies a need in the marketplace and works tofulfil it. On the broad level an entrepreneur is a person of very high ability who innovatorrelation, dominate characteristics found in only a very small fraction of the population (Schaperand et. al., 2014). On other side, anyone who wants to work in own way that is reasoned to be anentrepreneur. Entrepreneurial VenturesIt can be determinate as an organisation that places self-interest and innovation at its heartin order to make social and economic value. It is centred on supply consultative services to earlyand mid stage companies. Entrepreneurial ventures' roles are depending on the level of thecompany. Entrepreneurs typesIn business world to see different types of entrepreneurs that are related to different areas,they are as follows - Innovative Entrepreneur – These are included one of them, who are invent new ideas, newproduction and new ideas methods or processes, discover potential markets and recognize the1
company's structure. These are industry leaders and contributes significantly towards theeconomic development of the country. Re-create Entrepreneurs – These types of entrepreneurs are who instantly copy the newinnovation made by the innovative entrepreneurs. These do not make any innovations bythemselves. They just immediate copy of the processes, new innovation, technology and methodsconceiver by others (Burns and Dewhurst, 2016). Socialism Entrepreneurs – These types of entrepreneurs are unbelieving about the changes to bemade in the organization. They are believing to solving problems with creativity but follow onlyafter they are satisfied with its success rate. They wait for some time before the innovationbecomes well tested by others and do not result in a huge loss due to its failure. Modulation entrepreneurs – These types of entrepreneurs are reluctant to changes since they arevery conservative and do not want to make any changes in the organization. They are happy withtheir present mode of business and do not want to change even if they are suffering the losses. Entrepreneurship It is the process of designing, launching, and running a new business, which is ofteninitially small business. The people who create these businesses are called entrepreneurs. It isalso defined as the capacity and willingness to develop, organize and manage a business venturealong with any of its risks in order to make a profit (Storey, 2017). Types of Entrepreneurial ventures It is shows small and medium sizes ventures are Scalable entrepreneurship: These types of entrepreneurs starts a company to knowing from dayone that their vision could change the world. This type business are created with the help of theirstrong ideas. These types of entrepreneurship have vision, mission to achieve by their ideas.They taking finance facility from market and convenience people for investing in their ideas. Small business entrepreneurship: In present scenario, there are 6 million people are operatingsmall business enterprises in the market with in united kingdom. In these types businessincluding grocery stores, travel agents, hairdressers, carpenters, electricians and plumbers. Forregulating of business hire local employees or family that are profitable to them. It is helping tothem to grab own profit in own way. Social entrepreneurship: It is the type of enterprises are focusing on creating products andservices that are useful for people and provide facility to solve problems. They are manufactures2
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