Entrepreneurship & Small Business Management Assignment (Doc)
Added on 2020-07-23
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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P1 Various kind of entrepreneurial ventures and their relation to typology..........................1P2 Similarities and difference between different types of entrepreneurial ventures.............4P3 Present, interpret and assess related data with impacts micro and small business............6P4 Importance that small businesses and business start ups in growth of social economy..11M1.........................................................................................................................................13M2.........................................................................................................................................14D1.........................................................................................................................................14D2.........................................................................................................................................14TASK 2..........................................................................................................................................14P5 Characteristic traits and skills to make successful entrepreneur.....................................14P6 Aspects of entrepreneurial personality reflective motivation and mindset.....................16P7 How person's background and past experiences can hinder or foster entrepreneurship.18M3.........................................................................................................................................19M4.........................................................................................................................................19D3.........................................................................................................................................20D4.........................................................................................................................................20CONCLUSION..............................................................................................................................20REFERENCES..............................................................................................................................20
INTRODUCTIONThe term entrepreneurship may described as an innovative and unique strength ofcreating something new and start new ventures. It is done through advanced ideas, thoughts andviews by which an effective projects can be done. In this case, growth will be achieved byprofessional and personal careers as they both are focussed. An entrepreneur is a person who hasspecial ability of generating new and creative things to grab fresh opportunities to make betterprofits. They have special qualities such as passion, independent thinking, optimism, selfconfidence, resourceful, problem solver, tenacity, vision and many more (Alsos, Carter andLjunggren, 2011). An entrepreneur has that capability of bearing risk and challenges becausethey always try to introduce something new in the market. Basically an entrepreneurship I relatedwith small business in terms that it is common tract of developing, necessitate creative ideas tobear a level uncertainty. This report is based in different kind of entrepreneurship relevant withtypology along with similarities and differences. Significance of small businesses and start upsfor improving economic growth. Various unique traits and skills to build a successfulentrepreneur will also explained along with personality and reflective motivational mindset. TASK 1 P1 Various kind of entrepreneurial ventures and their relation to typologyEntrepreneurship and small business are connected in case when a person have an interestto start new firm then they need to invest with unique and innovative idea. It will facilitate tobuild base for a successful business for achieving desired profits.On the other hand, enterprisecan be considered as whole activity of business depending on the purpose of starting a companywhich includes all the departments like operations, marketing, financial and other sections thatmay aid in hitting targets right on time.Small business entrepreneurship:- This can be described as several types of small firmsare established by individuals through an innovative and unique idea to attain profits. Theseenterprises are generally contribute into field of entrepreneurship to achieve better productivityas well as profitability in business industry (Audretsch, Falck and Heblich, 2011). It is beneficialfor country in terms that profitability of companies contribute to annual income which improveeconomic position amongst all the nations at global level. In small business, at the time of1
starting point they people appoint their own family members and known persons to carrying outor run that firm properly. Scalable start ups entrepreneurship:- The term scalable start ups of entrepreneurshipmay refers to that capability by which they copy and enhance free adjective through barriers ofperson's skills. Examples for this type of entrepreneurship are Facebook, Twitter, Instagram,Amazon.in and so on.Lifestyle entrepreneurship:- This can be explained as simply attaining an individual'sstandard of, lifestyle and sustain at the level by running that specific business successfully. It isjust to make survival of owners easy and comfortable through hat business (Awogbenle andIwuamadi, 2010).Large business entrepreneurship:- This can be described as large organisations whichare generally carrying out or owned by some partners in which they all have amount of shares incompany. In case of these enterprises, entrepreneur ship to implement fresh and innovative ideasor thoughts to launch some new products or services for achieving better productivity as well asprofitably, it is necessary to enhance image of brand to grab more market area along withincreasing number of clients for an organisation. Medium size business:- These organizations are engaged in offering best services totheir clients by coming with advanced ideas in order to enhance the overall society. If anassociation is having employees in between 50- 200 then it is known as a medium size. Alongwith this their main objective is to gain maximum benefits by satisfying consumer needs orrequirements. There are various kind of entrepreneurs who has their own working styles and creatingnew aspects and implement that into company's procedures or activities. Different people hastheir dissimilar mind set ups and thoughts and according to that they perform their tasks oractivities. Some of them are given below: Sceptical entrepreneur:- This type entrepreneurs are general first observe othersconcepts and create questions on it. And besides of this, they have to make ideas to apply butpredict outcomes in basis of looks of an individual and lucky point. Such people are lessconfident and due to this, they take their thought to limited heights. 2
Copycat entrepreneur:- As per name, this type of persons are fond of copying other'sconcepts work on that to expand profits of business (Bruton, Ahlstrom and Li, 2010). Generallythey make exact replication of products and services from reference of websites, samples etc.Research entrepreneur:- These entrepreneurs are fond of doing proper research bycollecting appropriate data and study market scenario along with desires or preferences ofcustomers. It is helpful to make correct goods to attain satisfaction of people and improveproductivity of the company.Different activities that are link to entrepreneurship:It is mandatory for entrepreneur to keep up the changes so that many benefits can easilybe gained right on time. Some of specific activities are given beneath:It is needed for entrepreneur to be ready and predictable through which changes caneasily be adopted.Planning for unique product can also be considered as another activity that should be keptin mind by entrepreneur while starting up a new business.Brian-storming the next business, entrepreneur should kept in mind and should havecapability to pull out ideas and execute them right on time.Entrepreneur should keep on studying mind of employees that are going to work withhim/her so that business activities can get successfully done in much effective andefficient manner.Relation between entrepreneur ventures and typologiesSurvival in micro firms: - The survival entrepreneurship is basically applicable ib microlevelled company as they think about to earns efficient to survive in current scenario. Lifestyle in small firms: - This type of entrepreneurship is applicable tgor amsll sizedfirms to fulfil desires of their lifestyles. Managed in medium firms: - The managed one is utilised mainly by medium sizedenterprise to earn profits as well as little bit growth of business.Aggressive growth in large organisations: - The high standards of growth is required inlarge levelled organisations to compete with its competitors at global market. Difference between entrepreneur and intrapreneurEntrepreneurIntrapreneurAn entrepreneur is a person who set upThis can be described as an employee3
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