Extent of Entrepreneurship

Added on -2020-02-14

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Entrepreneurship and SmallBusiness Management
Table of ContentsINTRODUCTION....................................................................................................................................................3TASK 1.....................................................................................................................................................................3P1 Different kinds of entrepreneurship...............................................................................................................3P2 Difference between large and small business entrepreneurship....................................................................4P3 Effects of small and micro business on the economy ...................................................................................6P4 Importance of small business in growth of social economy..........................................................................6TASK 2 ..................................................................................................................................................................7P5 Characteristics of a successful entrepreneur..................................................................................................7P6 Effects of entrepreneurial personality on entrepreneurial motivation...........................................................9P7 Impacts of past experiences to enhance entrepreneurship...........................................................................10CONCLUSION......................................................................................................................................................11REFERENCES.......................................................................................................................................................13
INTRODUCTIONThe entrepreneurship and small business management inspires people to start businessor achieve opportunities of employment in small businesses. It aids in recognisingemployment options in small businesses and help them to spread knowledge ofentrepreneurship and also in developing the skills and techniques of venture management(Lee-Ross and Lashley, 2010). The business skill is also in demand for establishment of abusiness which needs skills to survive. It is designed in such a way, which will help inbuilding knowledge.TASK 1P1 Different kinds of entrepreneurshipThe word entrepreneur derived from a French word, “enterprendre”, which means, “toundertake”. It refers to that person who undertakes the risk of establishing a new enterprise. Itis instituted by a person, who is tagged as entrepreneur. The process by which it is started iscalled entrepreneurship. It refers to a process of establishing, designing and running of a business whichstarted as a small business that helps in offering a product , services for sale. It is used as akey to economy development. The entrepreneurial progress helps in generating the objectiveof industrial development, employment generation.Extent of entrepreneurship is as follows:The biggest scope is to develop managerial capabilities which will help in recognitionand development of directorial capabilities. It assist an entrepreneur to enhance its skills indecision making (Burns, 2010). It also aids in developing new technologies in place of older,which leads to enhancement of performance.It also results into establishment of organisations in assembling and coordinatingresources such as physical, financial and human and also supports them to work towards theachievement of objectives.It assist an entrepreneur to improve living standard by the establishment of productiveorganisation which helps in production of goods and services that results in improving thestandard of living in society.
It also aids to maximise profit with available resources by use of creative ideas. Theseare also important for the development of an economy of a country. The four types ofentrepreneurship are as follows-Small business entrepreneurship- It includes grocery stores, travel agents,carpenters, electricians, plumbers etc. Their objective is to satisfy the needs of their familyand make a profit only. They do not help in attracting the scale of venture capital as theyinvest in business via family or loans (Stokes, Wilson and Wilson, 2010..Scalable entrepreneurship- These are the Silicon Valley entrepreneurs. Theyestablish a business whose objective is to change the world. They invest in their businessesthrough financial investors as venture capital.Large Company entrepreneurship- Sustaining innovation supports in the growth ofthese companies by providing new product. The factors which create pressure onentrepreneurs to create new products are change in taste of customer, new technologies,competitors etc. the culture and size of large company is difficult to manage.Social entrepreneurship- These entrepreneurs emphasis on the development ofproduct and services which helps to fulfil the social needs and problems. The types of entrepreneurship ventures and entrepreneur both assist in theestablishment of a new business (Dennis, 2011.). They also help to improve the standard ofliving by production of new products which will supports them to satisfy the need of thecustomers. They will results in increasing growth of the business.P2 Difference between large and small business entrepreneurshipbasisLarge businessSmall businessRegistration Required to be registeredunder Industrial Developmentand Regulation Act.Required to be registered asSSI under Director ofIndustries Capital Capital investment of Rs. 5Corers or moreMaximum 1 CorerOwnership Found as company formsSole proprietaryTechnology Higher technology and capitalLabour intensive Location Located in metropolitan andurban areasRural and semi urban areas

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