Management For Small Business : Assignment
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Added on 2021-01-02
Management For Small Business : Assignment
Added on 2021-01-02
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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
TABLE OF CONTENTSINTRODUCTION......................................................................................................................3LO 1............................................................................................................................................3P1 Different types of Entrepreneurial ventures and its relation to its typology.....................3P2 Similarities and differences between Entrepreneurial ventures........................................4LO 2............................................................................................................................................6P3 Impact on economy by micro and small businesses..........................................................6P4 Importance of small and start-up businesses on the economic growth after Brexit..........7LO 3............................................................................................................................................8P5 Determining the characteristics, traits and skill of successful entrepreneur.....................8P6 Explaining Entrepreneurial motivation and mind set......................................................12LO 4..........................................................................................................................................13P7 Examining the background and experience which foster and hinder Entrepreneurship.13CONCLUSION........................................................................................................................14REFERENCES.........................................................................................................................15
INTRODUCTIONEntrepreneurship is a concept in which the owner designs, launch and starts a newbusiness in order gain some good revenue from the business. It is the capacity of the owner tomanage all the business activities effectively. Person who owns and runs these types ofbusinesses are known as entrepreneur. They are set up a business by taking a financial risk inorder to gain some profit. It is very important for the entrepreneur to manage their businesssuccessful to achieve their objectives and targets. For small business it is essential to haveeffective management as this can assist them in enhancing their business in the industry.Present report will focus on entrepreneurship and its impact on small businessmanagement. This assessment will describe different types of entrepreneurship ventures andwill explain it how it is related to its typology. Further, it will focus on explaining similaritiesand difference between these entrepreneurial ventures. A mini research will be conducted toanalyse the impact on economy due to micro and small businesses, respectively. This reportwill also discuss about the importance of small and start-up businesses in contributing in thegrowth of social economy after Brexit. Moreover, it will explain about the characteristics ofentrepreneur and their entrepreneurial motivation and mind set, factors that foster and hinderthe entrepreneurship will also be explained. LO 1P1 Different types of Entrepreneurial ventures and its relation to its typologyEntrepreneurial ventures are those in which it includes different types of entrepreneurbusiness on the basis of their size and revenue generated from that business. There arebasically four different types of entrepreneurial ventures through which an entrepreneur canstart their business effectively (Mariotti and Glackin, 2015). These ventures are explained indetail below:SmallBusinessEntrepreneurshipThese type of business is owned and operated on a private level. The number ofemployees working in small business is less and the volume of sales is relatively low.Carpenter, boutiques, travel agents are some kinds of businesses that falls under the categoryof small business entrepreneurship. Generally the people they hire are local or from thefamily. Their idea of success is not to take over an industry but to make considerable profit(Mariotti and Glackin, 2015).
Scalable Start-upEntrepreneurshipStart-up companies are those companies which are freshly created or do not havemuch operating history. These business are in the phase where they are still developing bydoing market research. These entrepreneurs have a vision since day one that their business isgoing to blow up the market. For these types of scalable start-up entrepreneurship, it is veryimportant for them to have a good financial support which can help them in initiating theirbusiness effectively (Scarborough, 2016). These kind of businesses generally don’t have thatmuch of workers working with them. These businesses can include, food outlet, gift shopsetc. which has less earning.Large CompanyEntrepreneurshipThese are basically that business which is operating their business from longer time inthe respective industry. They have a high revenue generation from their business activities.These businesses, to sustain in the market, have to bring innovations, offer variants of theirexisting products etc. There are a lot of factors that may hamper the innovations, for example,change in taste of the customer, updating technologies, new competitors arriving in themarket. Sometimes they may also need to launch an entirely new product for new customersto be sold in new markets (Volery and Mazzarol, 2015). These businesses includes,multinational companies, which operates their business globally. Their main motive throughthe business is to earn a good profit and to expand it more in the industry.SocialEntrepreneurshipSocial entrepreneurship are the kind of business which is run by people whoseprimary focus is to make products or give services that fulfils social need or solve socialproblems. Their main motive is the betterment of the society, and to make world a betterplace to live, and not to make huge profits. Some examples of social entrepreneurship mayinclude NGOs, orphanages, old age homes. The main objectives of social entrepreneur is tomake their country a better place to live by helping them (Scarborough, 2016). Typology: P2 Similarities and differences between Entrepreneurial venturesOn the basis of the different types of entrepreneurial venture, these are basically offour different types, such as, small, scalable start-up, large and social businessentrepreneurial, respectively. There are various similarities and differences on the basis oftheir working style, their size, revenue generation, etc. These similarities and differencesbetween entrepreneurial ventures are explained below in detail:
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