Entrepreneurship and Small Business Management (Doc)

   

Added on  2020-01-28

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Entrepreneurship and Small BusinessManagement
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Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Different types of entrepreneurship ventures and typologies................................................3P2 Similarities and Differences between entrepreneurial ventures.............................................4TASK 2............................................................................................................................................5P3 Impact of micro and small business on the economy............................................................5P4 Importance of small business in the growth of social economy............................................7TASK 3............................................................................................................................................8P5 Characteristics, traits and skills of two successful entrepreneurs .........................................8P6 Entrepreneurial motivation and mind-set...............................................................................9TASK 4..........................................................................................................................................10P7 Examine the background and experience can hinder entrepreneurship...............................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTIONThe concept of entrepreneurship has different meaning. Entrepreneurs is one who takesthe innovative ideas from the expertise to start their business with the aim of gain profits. Forthe successful entrepreneurship they value the money and innovate the new technologies fromtime to time which will also good for the economy. Entrepreneurship starts their business withsmall amount and with small business, entrepreneur starts a new company or offer a new productor hire a employees (Andersson, 2011). It signifies the person ability to develop their capacitiesfor attaining their targets. Entrepreneur is the one who takes risk which are emerging in thecompetitive market. The present report have discussed about different types of entrepreneurialventures . Further, it also emphasizes on the differences and similarities between theentrepreneurship ventures Along with this, the characteristics of different entrepreneur have beendiscussed. This report also gives detail scenario about the impact of small business on theeconomy of UK. TASK 1P1 Different types of entrepreneurship ventures and typologiesEntrepreneurship ventures includes risk tolerance,profit,loss,growth and learning from it.Basically it means starting a new and small business. There are some business venturesfollowing as under:Lifestyle ventures: This type of business is established to earn specific level of income.It’s mainly focused on lifestyle of persons. This sort of ventures can have satisfied theirpossessor as well as their customers. There is no such growth in this kind of businessbecause sometimes growth can have ruined lifestyle.Survival Ventures: Such business which are founded for the need of survival of ownerand his family members is known as survival ventures. This type of businesses generallydeals in money and swap system.Managed growth ventures: These kind of businesses gives central attention to thegrowth. These ventures are very balanced in nature and also helps owner in achievinghigh profit. Its highly focused on business expansion and its growth.
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Aggressive growth ventures: There are many opportunities in aggressive growthventures because its funds are acquired from equity market which is technology basedmarket and full of growth. It gives expansion by trading in stock market.Entrepreneurship ventures are those entrepreneur who carry the large amount of risk tostart the new business in competitive market. They have to manage the risk to achieveprofitability by eliminating all the barriers in the global competitive market. These risks can berelated with finance, infrastructure facilities, and investment and so on. For the successfulentrepreneur, it is essential to overcome all threats and weaknesses (Awogbenle and Iwuamadi,2010). On the other side, to utilize their strengths and opportunities to start a new business and toget the desired goals within time period. It will help them to retain in the competitive market fora long period of time. These ventures are starting their new business and putting the efforts sothat they can operate their activities to accomplish with the goals of the organisations. Thefollowing are different entrepreneurship ventures are described as below. Small business ventures – There are numerous entrepreneurs who start their businesswith small work. These ventures establish their own business with a motive to gain more profitsin competitive market. Here, entrepreneurs operates their business by taking loans from banks,families, friends and hire workers for offering products and services to the customers. (WhatBrexit means for the UK's small businesses, 2017) As it includes many ventures which are doingthe business at grocery stores, retail stores or they may be electricians also and many more(Blackburn, Hart and Wainwright, 2013). The objectives these types of ventures are to focus onbasic needs such as foods, shelter and clothes. Their main is to build strong image in the mindsof customers.Scalable start-up ventures – These are the those ventures who are establishes by theentrepreneurs and well as they are educated and experience so that they can covered theiropportunities to make the profits. These ventures have the ability to gather the resources whichwill help them to grow the business rapidly. Through this they will attain the special position inthe market. These venture hires the specialist person and taking the advice for developing thenew products and services which will enhance their sales and retain the customers for a longperiod of time. The funds are invested by the investor equity and they have confidence that theythey gain the large amount of profits from the innovation of products and services.
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