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Entrepreneurship and Small Business Management Features

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Added on  2020-10-22

Entrepreneurship and Small Business Management Features

   Added on 2020-10-22

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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
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TABLE OF CONTENTSINTRODUCTION1Activity 1: Booklet1Different kinds of entrepreneurial ventures andtheir typologies..........................................................................................................................................................Similarities and differences betweenentrepreneurial ventures............................................................................................................................................Relevant data and statistics........................................................................................................................................The importance of small businesses and businessstart-ups to the growth of the social economy...........................................................................................................CONCLUSION7REFERENCES7INTRODUCTIONSmall businesses are run by individuals.Entrepreneurship is the volume to organize, manageand develop business for making revenue. It willexamine different types of entrepreneurship. It willdemonstrate similarities and differences betweenentrepreneurial ventures. This report will explainfeatures, skills and traits of successful entrepreneursthat makes them different and unique from othermanagers or owners of businesses. It will elaboratethe way in which characteristics of theentrepreneurial personality imitate entrepreneurialmind-set and motivation. This report will identify thevarious argument in relation to entrepreneurialcharacteristics. This study will also discuss howexperience and background can foster or hinderentrepreneurship.Activity 1: BookletMAKE IT WORKDifferent kinds of entrepreneurial ventures and theirtypologiesAn individual who starts any type of business withlimited resources is known as entrepreneur. Theytake the responsibility for all the risks & rewards ofthe ventures. Entrepreneurial ventures focus on new,innovative offers and products whereas, smallbusinesses are dealing with established and knownproducts (Amanchukwu, Stanley and Ololube, 2015).Entrepreneur faces unknown risks as it deals withunknown and new products. It targets rapid growthand high return.Typology generally refers the kinds ofentrepreneurship. Societal entrepreneur, owner manager &entrepreneur.Interest, creativity and innovation-Another factor which serial entrepreneurs possess iscreativity. It helps them to address things, search outnew data and think of problematic answers forexisting issues (Bolden, 2016).Intrepreneur- An intrepreneur is a personwho behaves like an entrepreneur whilst beingemployed. An entrepreneur is a person who haveentrepreneur skills but work within a company or anorganisation as an employee. They are encouraged bythe company to develop their ideas into a workableproduct. An intrepreneur is motivated and creative.The benefit of being an intrepreneur is that the risk offailure becomes less.Owner manager- A person who owns andmanages business is known as owner manager. Theyare responsible for the day to day activities. Bill gatesis an American business magnate, investor known forthe founder of Microsoft Corporation. Different types of entrepreneurial venturesThere are various kinds of entrepreneurialbusinesses and ventures for example small
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