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The Entrepreneurship & Small Business Management Essay

   

Added on  2020-07-23

18 Pages4144 Words31 Views
EntrepreneurshipPolitical Science
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Entrepreneurship and SmallBusiness Management
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Types of entrepreneurial ventures and relation with the topology. ......................................1TASK 2............................................................................................................................................3P2 Similarities and differences between ventures.......................................................................3TASK 3............................................................................................................................................5P3 Small and micro sized enterprises (SMEs)............................................................................5TASK 4............................................................................................................................................6P4 Importance of small businesses and start-ups in the growth of economy..............................6TASK 5............................................................................................................................................8P5 Comparison of successful entrepreneurs with other business managers...............................8TASK 6............................................................................................................................................9P6 Impact of entrepreneurial personality....................................................................................9TASK 7..........................................................................................................................................10P7Effect of background on promoting and fostering entrepreneurship...................................10CONCLUSION .............................................................................................................................11REFERENCES .............................................................................................................................12
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INTRODUCTIONEntrepreneurship is to develop and set up new goals to fulfil the needs of the organisationas well society. Entrepreneurship always impact on the economy with their decision relatedmonetary and other changes in the business policy (Salami, 2011). With the help of moderntechnologies, barriers for the entrepreneurs have been minimized to a great extent.Entrepreneurial spirit can be determined by two factors- innovation and risk taking. Theentrepreneurial personality will change the thought of the society and motivate them to becomeentrepreneur rather than focusing on the jobs. Entrepreneurs are like gamblers, their chance ofwinning increases as they got the right cards. TASK 1P1 The topology related with different types of entrepreneurial ventures. . An entrepreneur is the one who start the new business with huge capital and high risk formaking more revenue. The actual role of entrepreneurial ventures are to provide advisoryservices to the early and the mid-stage organisations. Variations in the role depends on differentstages of the company. (Source : Preparing your business plan, 2017)1Illustration 1: Essential components of Entrepreneurial Ventures
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Some characteristics are to be perceived with strength which determined entrepreneurial ventureswith a random reactions. It can be launching of new products, established of new techniques ofproduction, inauguration of new plaza and other industrial changes.Small business Entrepreneurship: As a whole the number of entrepreneurs and Start-upsin the United Kingdom are active only small businesses. In the UK total number of smallbusiness are 5.7 million (Storey, 2016). They make up at least 99.7% of all organisationsand employees. 50% of workers are not associated with the government. Small businessrun by different types of persons such as electricians, mediators of services with tours andtravels agencies and it can be generals stores, etc. They recruit the regional labours on thebasis of nominal commissions or daily payment mode in which they are not earning anyprofit. (Luiz, 2011). Their motive is not to take over the industry or the market share withhigh profits but they want to fulfil the needs of their family and to meet the daily expnsesas per the requirements. A determined entrepreneur can do everything for starting andgrowing their business. They are so determined that they start a small business with alimited amount of money and also, on financial risks in search of a profit or a pathtowards success. 1.Scalable Start-up Entrepreneurship: This are the business which are start with innovativeideas with huge funding’s. The Scalable Start-up Entrepreneurs start the organisationswith the vision to make changes in the existing market. Mostly this business attract theinvestors which are invest in the Venture Capital who take the small share of theirbusiness. The venture capitalistics always search the stable and scalable business modelwhich gives high ROI. (Morris, Kuratko and Covin, 2010). Today the Silicon Valley,Boston, New york, etc. are the clusters of scalable startup which established with newideas and changes the entire market in the world(Storey, 2016.). The copycatentrepreneurs can be a good example of this as they only believe in copying the mantra ofthe successful entrepreneurs and there is a huge difference between idolising andmodelling. They also focus on making the same websites, portals and business cards etc.2
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