Small Business & Entrepreneurship
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Added on 2020-10-04
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|[pic] | | |ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Small Business & Entrepreneurship
Added on 2020-10-04
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ENTREPRENEURSHIP AND SMALLBUSINESS MANAGEMENTMAKE IT WORK
Table of Contents........................................................................................................................................................................................................................................................................................................................................LO1.....................................................................................................................................................................................................................................................................................................................................Discuss various types of entrepreneurial ventures and how are they interrelated with typology of entrepreneurship........................................................................................................................................................................................................................................Show similarities and differences between entrepreneurial ventures..............................................................................................................................................................................................LO 2....................................................................................................................................................................................................................................................................................................................................Illustrate how micro and small business affect the economy.............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Discuss importance of small business start-ups and how it contributesto the growth of social economy. ....................................................................................................................................................................................................................................................................REFERENCES............................................................................................................................................................................................................................................................................................................Entrepreneurship can be explained as process of creatingor framing or designing a new business in the cut throat marketby handing or bearing any kind of risk in regards of makingprofits. Small business are independent firm and are not doesnot focus on innovative practices. The individual who frame ordesign a new business and embraces big to small risks for it'sgrowth and development is known as entrepreneur. Here, aresome of the skills required by the entrepreneurship are, businessmanagement skills, personal skills, technical skills etc. Thename of the business is Make it work which is a consultancyfirm. This report includes different types of entrepreneurialventures and relate them with typology of entrepreneurs. Alsofocus on similarities and different of entrepreneurial ventures(Burns and Dewhurst, 2016). Additionally, discuss importanceof start ups and how micro and small business affect theeconomy of the country.
LO1Discuss various types of entrepreneurial ventures and howare they interrelated with typology of entrepreneurshipAn entrepreneurial venture means business enterpriseplaces innovation and creative thought and thinking in order toproduce economical and social value in the community ormarket place. There are distinguished types of entrepreneurialventures such as, social entrepreneur, Female entrepreneur,serial entrepreneur, male entrepreneur etc. which directly orindirectly share hands in growth and success of the economyglobally. There are different types of entrepreneurshiptypologies in the competitive market which are discussedbelow:Small business entrepreneurship:Small businessentrepreneurship overs 95% of business in various countries.Around 5.7 million small business are running successfullyacross the globe in the UK market. They also hires 50 % nongovernment workers in their business enterprise (Burrows,2015). Scalable Start-up Entrepreneurship: Scalable start-upentrepreneurship main vision is to creative such ideas orthoughts will change the world. The allocation of investmentsare done from financial investors such as, venture capitalist.They hire or appoint effective and efficient teams whose job isto figure out scalable and repeatable business model in themarket place. Large Company Entrepreneurship: Large companyentrepreneurshipgrow and flourish in the market place becauseof innovation in the new product. Here, Disruptive innovationoccur due to dynamic changes in customers, demands, taste,law, etc. which motivates them to create totally new innovativeproduct so that it can be sold to new consumers worldwide. Social Entrepreneurship: Social entrepreneurship areinnovators who focus on designing, framing, and creatingproducts and services which are able to resolve the emergingsocial needs and problems in the competitive market place(Burns, 2016). They work day and night for the upliftment ofthe society so, that living standards of the people can be raised.Entrepreneur ventures and entrepreneur typologies are inter-related with each other to upgrade the community in market byencouraging females to share their hidden talent in businessformation. There are different types of entrepreneurial venturesin the market which are discussed below: Serial entrepreneur venture: A serial entrepreneurventure can be stated as an individual who continuously workday and night and come up with unique thought or idea and startup a new business in the market. They decentralize roles andresponsibilities to someone else and move ahead to a new newventure and new idea. Female entrepreneurial venture: Femaleentrepreneurs venture are operated, run-ned and owned mostlyby females entrepreneurs who bears all risks and profits intheir own court. They encompass around 1/3 of allentrepreneurs in the global market. This venture faces certainchallenges while opening business which are, balancingbusiness and family life, building a supportnetwork, copingwith failure, owning business accomplishments etc.
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