Small Business Management & Entrepreneurship | Report
Added on 2020-02-03
15 Pages5351 Words30 Views
Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................4TASK 1 ..........................................................................................................................................4P1 Types of entrepreneurial ventures and their relationship with different types ofentrepreneurship..........................................................................................................................4P2 Similarity and difference between different types of entrepreneurial ventures.....................6P3 Impact of small and micro business on the economy............................................................7P4 Importance of start-ups and small business on the social economy's growth .......................9TASK 2..........................................................................................................................................10P5 Determinations of factors that makes a successful entrepreneur.........................................10P6 Entrepreneurial personality which reflects entrepreneurial mindset and motivation..........12P7 How past experience and person's background foster or hinder entrepreneurship..............13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONEntrepreneurship is explained as disposition and capacity to create, evolve and carry off aconcern along with its hazard in order to make revenue and income. It is process for starting anew enterprise. Then again small business owners have responsibility to manage each and everyaspects of company. Management is basically defined as the coordination and the alignment ofdifferent activities in a particular organisation. Administration skills are being used by thebusiness owners to accomplish objectives and goals of company(Leitch, 2010). This assignmentis based on the topic of small business management & entrepreneurship. As a member of Federation of Small Businesses, this report is being prepared to supportand encourage entrepreneurs to start new business in the market. The main aim of the report willbe to explore different types of businesses which are available for entrepreneurs, impact of thesmall business on economy, entrepreneurial mindset and various environments that hinder andfoster entrepreneurship will be assessed in this report. This is very essential to realize thegrandness of business start ups and small businesses so as to operate effectively and efficiently inthe existing and the new market, which will help in growth and success. TASK 1 P1 Kind of entrepreneurial undertaking and their state with different types of entrepreneurshipAs a senior member of the Federation of the Small Business, it is analysed that there arevarious sort of entrepreneurial undertaking, they can be defined as follows:Survival Ventures: This type of business provides subsistence to the entrepreneurs and totheir families. They do not have premises, no relationships with banks, have few assets,not registered formally, and make operations on barter and cash basis(Neergaard, 2010). Lifestyle Ventures: This kind of venture provides stable income stream to the owners onthe basis of maintenance approach for management and business model. Some modestreinvestments are being done for the maintenance of competitiveness in the local market.This kind of venture usually have single location, premises, employees but do not havemeaningful growth and expansion(Martin, 2013). Number of employees are basicallyconstant. Managed Growth Ventures: This kind of venture have stable growth and workablebusiness model. They have ongoing and continuous reinvestments in the business and the
growth is moderate which helps in the continuous development of the business. In thisthere is occasional launching of new products, steady expansion of locations, staff andfacilities(McNally, 2013.). Aggressive Growth Ventures: These types of ventures are based on the technologies withthe capability of strong innovation that pursue growth. The are being given finance by thestake assets. Establish of these project are opportunity-driven. These all ventures are related with the typology of entrepreneurship, these are as follows: Small Business Entrepreneurship: These are like adviser, food market stores , travelagents, lineman, plumbers etc. These people runs their own concern and hire families andlocal employees. As they are unable to attract venture capital, funding for their businessis being done by small business loans, families and friends. They are in relationship withthe survival ventures(Kay, 2013). Scalable Start-up Entrepreneurship: These kinds of entrepreneurs start a businessknowing from starting that their vision will help to change the world. Investment is beingattracted by financial investors i.e. venture capitalists. Their work is to make search forscalable and repeatable business model. Large Company Entrepreneurship: There is a finite life cycle for a large company andthey are related with the managed growth ventures. They grow with launching of newproducts, innovations and variations in their core product. Change in the taste ofcustomer, legislation, new technologies will create pressure regarding disruptiveinnovation. Ironically, culture and size of the large companies creates disruptiveinnovation which is difficult to execute(Onetti, and et. al., 2012). Social Entrepreneurship: These types of entrepreneurs are innovators who are havingfocus to create services and products that will satisfy social problems and essential.Merely their primary aim is to make the universe improved place.Scope, growth & development of the entrepreneurial ventures:According to Phillips, N (2011) entrepreneur is an individual person who takes the riskand develops something new. Global development is going to develop a new phase, where acrucial role will be played by the entrepreneurship. The managed economy have reliance onmass production and big business, which gives way to the development of entrepreneurialeconomy. Here small firms provides the knowledge driven services and goods. In the various
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