Report on Entrepreneurship and Small Business Management Strategies
Added on 2020-06-05
11 Pages3728 Words117 Views
Leadership ManagementEntrepreneurshipProfessional Development
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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Types of entrepreneurial ventures and their relation to typology..........................................1P2 Similarities and dissimilarities between entrepreneurial ventures.........................................2TASK 2............................................................................................................................................3P3 Impact of micro and small organisation on economy............................................................3P4 Explain the importance of small businesses and business starts-ups to the growth of socialeconomy......................................................................................................................................4TASK 3............................................................................................................................................5P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiatethem from other business managers............................................................................................5P6 Assess how aspects of the entrepreneurial aspect's personality reflect entrepreneurialmotivation and mindset...............................................................................................................6TASK 4............................................................................................................................................7P7 Examine, using relevant examples, how background and experience can hinder or fosterentrepreneurship..........................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONEntrepreneurship and small business management plays a vital role in establishingstability in society and promoting economic development. These are the ventures who works fordifferent purposes but are beneficial in making easy availability of products and services. Thereport will evaluate types of entrepreneurial ventures and their typology which will assist indefining their pattern of working. Besides, it will demonstrate data and statistic which will reflectimpact of micro and small business on the economy. In addition, it will derive traits and skillswhich is required for entrepreneur to manage successful business functions. Thus, it will identifyexample which will determine effects of background and experience on entrepreneurship.TASK 1P1 Types of entrepreneurial ventures and their relation to typologyEntrepreneurial ventures are key to societal development and therefore the countrypromotes the growth of different ventures and start up plans. Growth of small business firmshelps the society by enabling easy availability of products and services. However, entrepreneur isan individual who is focused on serving customers satisfaction a by making innovation inservices on the basis of changing trends. Generally, there are four types of with significanttypology which is described under:Small Enterprises: These are generally the star ups and initial business plans whichcame into existence with increasing needs of society. These business are run by singleperson or group of people which can be either family, friends etc. the venture is started byperson with the motive of earning money and establishing own existence in society. It isbased on individual efficiency in capital investment and is considered risky process,because attracting consumers to star up is long term process (Amato, Baron and Pierro,2017). It is an enterprise which own very few workers and have limited sales. Thus, smallventures are operated under partnership or sole proprietorship.Scalable start-up enterprise: This is the new ventures which has emerged with newproducts and services to establishing competition. Theses are the ventures which aims atgrabbing market place just after existence. However, to develop strong image in theestablishes use of model before entering into market. The models are used byorganisation are generally consumer centric and innovative. These entrepreneurs start upplan with complete market research which assist the person in managing successful star-1
up in competitive industry. Thus, these ventures are based known as innovation cluster,small percentage, risk capital and generally sole proprietorship.Large enterprise: These are the companies who already have strong market existence ashare. The concept of large enterprises is focused on increasing consumer based bymaking highly creative products by keeping a check of changing market trends andconsumer requirement. Apparently, the organisation already holds competitive positionand therefore, it is important for these enterprises to just maintain leading position byserving satisfaction to key stakeholders which comprise, suppliers, shareholders,employee and customers. Social enterprise: Theses organisation are also known as non profit business because theultimate motive by theses ventures is to serve social welfare and well-being. The firmcreates their services keeping in mind the needs and wants of society (Saleem, 2017).Nevertheless, the funding social firm are based on sponsors, charity, donation etc. Itinvolves no risk because it does not own capital investment.P2 Similarities and dissimilarities between entrepreneurial ventures.DifferencesSocial entrepreneurship ventures measures their success with response of society onspecific idea whereas the other enterprises analyses their success by calculating profits. Theplaning and innovation by social ventures are focused on societal benefits and changes with noconcern of making profits. Apparently, large scale and small scale organisation develops theirplan and idea more feasible with the motive of services consumer satisfaction and generatingprofitable returns. Profits is secondary of social firm whereas it a priority of scalable start-upsand small scale business. Similarly, the major different in social ventures and small and largescale enterprise is the calculation of success where social firm evaluates their achievement byanalysing people who are actually supported ad are supporting social services (Nabi, Liñán, andWalmsley, 2017). Nevertheless, other entrepreneurial ventures denotes accomplishment bymeasuring returns and revenues. In addition, decision making styles of social and privateenterprises are completely different because the decision of social firm are based on volunteers,interest of society and sponsors where decision of private organisation are based on interest ofstakeholders and generating returns. The pricing strategies of enterprises ensures companiesreturns with consumer satisfaction.2
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