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Entrepreneurship and Small Business Management- Report

   

Added on  2020-01-28

14 Pages4803 Words32 Views
ENTREPRENEURSHIPAND SMALL BUSINESS MANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P.1 Different types of entrepreneurship ventures and their relationship with typology.............3P.2 Similarities and differences between entrepreneurial ventures...........................................4TASK 2............................................................................................................................................5P3 Impact of the micro and small business enterprises on the economy....................................5P4 Importance of the small business and business start up to grow in social economy.............6TASK 3............................................................................................................................................8P.5 Characteristics, traits and skills of successful entrepreneurs................................................8P.6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mind-set................................................................................................................................9TASK 4..........................................................................................................................................10P7 Impact of the background and experience on the entrepreneurship....................................10CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................13

INTRODUCTIONEfforts makegenerate production by a man force to provide employment to unemployedpeoples(Bruton, Ahlstrom and Li, 2010). An entrepreneur starts a small business to develop it tillto enlarge their business structure. Many types of risks are available to start up a new business sothey have to analyse all the risks which can affect on the business. Entrepreneurship is anessential factor to start up, it helps to a person to develop their financial status and as well as intheir country's economy. This present report is based on the small business enterprises which isessential for the nation to develop the economy and as well as to reduce the economical threatsof the UK. This is report is having content on the different types of entrepreneurial ventures like:small business, large company and social entrepreneurs. This report will show differencebetween ventures and having type of similarities in them. Enterprises which are working on thesmall effects on economy of the UK which will be elaborate in this report. Background andexperience can impact on the entrepreneurship so it is essential for the entrepreneur to have someexperience in their field.TASK 1P.1 Diverse range of enterprises and relationship with typologyEntrepreneurs is a term which means initiating their idea,values and thoughts in mannerof starting a venture which offers different services and products to sale. This is also beendefined as willingness or capacity to create something new, organizes althoughmanaging aventure taking so many threatsfor a motive of making profit (Alsos, Carter and Ljunggren,2011). It involves high risks in start up of business. Risks can occur through insufficient funds,limitations in the fund investment, lack of fluency in the work.The Venture authority shouldsuccessfully work over these problems to increase its strategies and strengths. Some of the newlydeveloped enterprises are here:Small sized: It involves start up of business by entrepreneurs. Small business venturesare those who operates its own business. Local workers or people has been hired by theowner with the main aim or motive to make profits. Small business entrepreneurshipincludes grocery stores, hairdressers, travel agents plumbers and electricians etc. Themain aim of small business entrepreneurship is to allow customers to purchase products

to satisfy their needs and wants and earn profit out of it, not to grow a industry withworth 1500 billion dollars (Awogbenle and Iwuamadi, 2010). They do not have anysource of loan or venture for funding of business, so entrepreneurs take loans via familyor friends or small business loans.Scalable start up ventures: Scalable start up business are established to change vision ofthe world. In this they attract investment from venture capitalists. Scalable start upventures aim to have a maintained profit after some period of time. In this type ofventures best and brightest employees are hired in order to accomplish the objectives ofentrepreneurs. Their focus is on the rapid expansion of business. This form of venture isnot adopted by entrepreneur because it attracts almost all of the risks capital.Large company venture:Large company venture is that form which involves a hugeamount of capital investment by the owner (Carraher and Paridon,2015). The majorfactors which enable it to grow are; sustaining innovation, offering new products andservices in order to attract customers, that are in addition to its core products etc. largecompanies have finite life cycles. Changes in preferences and taste of customers,legislation and new competitors can create pressure for more disruptive innovation. Social venture:These kind of business setup are having focus to resolve issues of thesociety by their workings, mainly these business are having focus on the social problemsand these provides products and services to resolve possible social needs. This type ofentrepreneurship is working for the societal purpose.These above mentioned types of entrepreneurship is somehow related with typology.Entrepreneurs of Small business have lack of knowledge, experience and money. Entrepreneursbasically focuses in making profit for feeding hi family. On the other hand,large businesscomply, with all strategies and norms by company in order to achieve the goals and objectiveswith new ideas and innovations (Carsrud and Brännback, 2011). P.2 similarities and dissimilarities in between venturesEntrepreneurial venture is the type of entrepreneurship. There are different similaritiesand dissimilarities between entrepreneurial ventures. Business entrepreneurial venture is noending of finding new avenues for wealth creation,by the firm for its employees.Although,

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