Small Medium Entrepreneurship Assignment
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Added on 2020-06-03
Small Medium Entrepreneurship Assignment
Added on 2020-06-03
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UNIT 9 Entrepreneurship
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Different form of entrepreneurial ventures and identifying the way they relate toentrepreneurship..........................................................................................................................3P2 Exploring the similarities as well as differences between Entrepreneurial venture..............5TASK 2............................................................................................................................................7P3 Assessing the way micro and small businesses impact on the economy...............................7P4 Explaining the way importance of small business and business start up will contribute tothe growth of the social economy after Brexit............................................................................9TASK 3 .........................................................................................................................................10P5 Determining the traits, skills and characteristics two successful entrepreneurs, whichdifferentiate them from other business managers.....................................................................10P 6 Assessing the way aspects of the entrepreneurial personality reflect entrepreneurialmotivation as well as mindset...................................................................................................11TASK 4 .........................................................................................................................................12P7 Examining the way background as well as experience can hinder or fosterentrepreneurship. ......................................................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................141
INTRODUCTIONEntrepreneurship is defined as the activity of establishing as well as managing business.It also involves taking risk in order to gain profit. Small medium enterprise are recognised asnon-subsidiary, independent firms which employ fewer than a given number of employees. Insuch types of organisation Entrepreneur is a person who is accountable for managing severalbusiness system operation and activities carried out by people within an enterprise. Role ofentrepreneur in small medium enterprise is to develop suitable strategies for expanding business.They are responsible for arranging resources for firm for conducting various operations.The purpose of the report is to examine the several forms of Entrepreneurial ventures. Ithas focus on identifying the way various types of entrepreneurial venture are related to Typologyof entrepreneurship. Project emphasizes on analysing the effect of micro small business on theeconomy in context of Talent plus company.TASK 1P1 Different form of entrepreneurial ventures and identifying the way they relate toentrepreneurshipThe success and growth every organisation is dependent on the skills as well skills ofEntrepreneur. He is a person who establish company and bear risk with the motive of earningprofit. Entrepreneur start business with planning and limited resources. He is the person who isaccountable for the risks and rewards. The entrepreneurial venture emphasizes on deliveringadvisory services to early and mid-stage companies. Objective of talent plus company which issmall medium enterprise is to deliver advice related to career for students. It also providessuggestion to other organisation related to improving human resource practices and managementsystem within an enterprise. The comparison between entrepreneurial and normal business canbe done in terms of innovation and risk. It has been identified that entrepreneurial venturegenerates more profits and revenue as compared to regular organisation. Entrepreneurial ventureis also refers to as an enterprise that facilitates opportunism as well as innovation in order toincrease social or economic value. The several components that helps in recognising the smallmedium enterprise are innovation, correlation Etc. These organisations has high ability to adaptchange. Entrepreneur is accountable for success and growth of such firm (Mathieu and St-Jean,2013)2
Several types of Entrepreneurial Venture are:Corporate level Entrepreneurial- The entrepreneur in this type of Entrepreneurial venturebelieves in renovating plan and improving the quality of product or services. This form ofentrepreneurial venture include two types of physical procedure. These phenomenons areestablishment of new business venture within existing organisation. This activity or developmentcan be done through innovation or forming partnership or joint venture with other companiesdealing in same industry. The another procedure is conversion of business or entering into newproduct or market segment. It is required by entrepreneur in such entrepreneurial venture tomake amendments or modifications in strategies according to the demand of situation. Inentrepreneurial venture like talent plus company a hierarchical system and classification offactor at each level enables to create typology of entrepreneurial activities. Role of entrepreneuris to explore as well as capture opportunities for establishing new business.Social Entrepreneurial -Entrepreneur in such types of organisation have focus on identifyingthe appropriate methods or techniques to engage company in social activities. As this strategyadopted by Entrepreneur will help talent plus company in enhancing brand image. It will alsosupport firm in gaining competitive advantage. This idea can be used by talent plus and otherorganisation with difference in aims and objectives. In such types of entrepreneurial venture, attime of profit making, business owner supports the social as well as cultural objectives. Thesocial entrepreneur typology enables business owner to determine or recognise similarities anddifferences among wide range of business unit that are engaged in social entrepreneurship.Enterprise-Level Entrepreneurial-In this types of Entrepreneurial venture, business ownerEmphasizes on revaluation, reviewing and reconsidering the objectives of establishing acompany. An example of business level entrepreneurial activity can be demonstrated in a wayEntrepreneur in Talent plus company is taking high initiative to inspire and brighten thebusiness. Role of entrepreneur in such types of Entrepreneurial venture is to develop appropriateas well as effective plans and strategies for managing business in systematic manner.3
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