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Small Businesses and Entrepreneurship Assignment

   

Added on  2020-11-12

14 Pages4127 Words335 Views
SMALL BUSINESSES ANDENTREPRENEURSHIP

INTRODUCTIONThis report contains the types of different entrepreneurship like small, large, social, andscalable ventures and the challenges they faced to start their ventures. This report mentions thedifferent typology known as micro, macro and serial entrepreneurship. This report contains thestatistical data of the contribution of small scale industries towards the growth of social, nationaland regional economy. This report elaborates how entrepreneur motivates to their team to makethe venture successful. In the last part of the report it also contains the background and history ofthe successful entrepreneur. This report highlights the skills and characteristics of entrepreneurwhich helps them to boost their motivation with the help of OCEAN model.MAIN BODYTypes of entrepreneurship and its typology.There are generally three types of entrepreneurial ventures which are defined as below:Scalable venture: When small businesses are designed for the purpose of achievinghigh growth and are focused on rapid profit increases by provided better goods andservices. They develop strategies which helps them to promote their products andattract a large number of investors providing working capital to achieve profit andgrowth objectives. For a small or start up company to move on to the high growthventure must follow the business model that is designed to be repeatable and scalable.These ventures generate cash flow that is sufficient for them to grow. Social ventures: it is structured in many forms such as sole proprietors, profit and notfor profit firms (Audretsch, Heger and Veith 2015). Their focus is not on generatingprofits but rather use their profit to acquire balance in the environment and impove byminimizing poverty and inequality.Large ventures: The large ventures grow by providing the new innovations in theexisting products and services. These organizations are engaged in following varioustypes of structures. They earn a huge amount of profit. Small Business entrepreneurship: These types of business includes grocery stores,hairdressers, consultants, travel agents, electricians etc. by hiring local employees orfamily, they can't provide scale to attract venture capital, therefore they fund theirbusinesses via friends/family or small business loan. Serial entrepreneurIntrapreneurshipOwner-manager

Individual who starts abusiness, takes financial riskin order to earn profit.Individual who works asmanager and work forpromoting products andservices of organisation.Manager works against salary.Own capital is used by personto run the business.Individual is highly dependedupon the entrepreneur and usefunds provided byentrepreneur.Individual has to followinstruction of their higherauthoritiesIt is in depended in natureIt is highly dependent innature.Highly dependent and focuson achieving the commonbusiness goal.Typology of entrepreneurship:There are three types of typology which are given as below:Micro entrepreneurship: In this type of entrepreneurship it operates with fewer than 10employees and started with less amount of capital and they are generally specialize inproviding goods or services for their local areas.Macro entrepreneurship: It operates with more than 500 employees and the organizationget influenced by the impact of external factors. This factors include economic,demographic, legal, social, political etc.Serial entrepreneurship: In this entrepreneur thinks about starting a new business with itsinnovative idea. The entrepreneur will work individually to set up its business andfunction efficiently and effectively. They are enthusiastic and in search of newopportunities to expand their business on a large scale. With the help of innovative ideasthey can start new business and sell their previous one with good money. These leadersalways have a project in mind and have a great leadership qualities. They have desire tocreate and have passion for business creation. Explain entrepreneurial ventures with similarities and differences.Similarities between entrepreneurial ventures:Motivation

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