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Assignment on entrepreneurship and small business management

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Added on  2019-12-28

Assignment on entrepreneurship and small business management

   Added on 2019-12-28

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Entrepreneurship
Assignment on  entrepreneurship and small business management_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4P1 Different types of entrepreneurship ventures and their typology..........................................4P2 Similarities and dissimilarities between the entrepreneurial ventures...................................5TASK 2..........................................................................................................................................7P3 Impact of micro and small business on the economy............................................................7P4 Explain how important small businesses and business start –ups will contribute to thegrowth of the social economy ....................................................................................................8TASK 3............................................................................................................................................9P5 Characteristic, skills and traits of two successful entrepreneur.............................................9TASK 4..........................................................................................................................................11P6. Reflection of entrepreneurial motivation and mindset by aspects of entrepreneurial-personality.................................................................................................................................11P7 Impact of background and experience on entrepreneurship................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
Assignment on  entrepreneurship and small business management_2
INTRODUCTIONEntrepreneurship refers to the ability of the individual to bear the risk and establish newventure and reach new skies in the market. Entrepreneur is the person who have special attributeto sense the opportunities present in the existing market and develop innovative ideas tocapitalize their ideas into profitable concern. Some entrepreneurs utilize their experience andsome try to resolve the problems present in the society for the betterment of the society as awhole like UNICEF (Arogundade, 2011). Thus, Entrepreneurship having a great significant inthe growth and development of a country. Entrepreneurship is the approach of thinking andacting to achieve the desired goals with the prospective of changing the world. The present reportrefers different types of entrepreneurial ventures and their significance in the economic growthof the country. Mo rover, it also explains the traits and skills of the successful entrepreneurs likeRita Sharma and Steve Jobs that differentiate them from other business managers. Its mainpurpose of this report is to determine the role of SME in the United Kingdom economy and itsfuture growth (Bae, T.J and et.al., 2014). TASK 1P1 Different types of entrepreneurship ventures and their typologyEntrepreneurship plays vital role in enhancing the economic growth and employmentopportunities in the society as a whole. In the fast growing world small business venturescontributing high job creation, income growth and poverty reduction. Thus, Entrepreneurship isthe process to take actions and exploit new ideas to grab the new opportunities present in themarket for gaining high profits. Though, it involves various risks and uncertainties butentrepreneurs have enough courage and passion to achieve their goals..Different types ofentrepreneurship ventures are as follows:Small Business Ventures: Small business ventures are the independently ownedenterprises with the objective to sustain in the market for long run but do not try to dominate inthe industry. These business are mainly the family business like restaurants, retail stores,construction firms etc that are hand over to the family member as inheritance. These smallbusiness ventures are mainly establish through bank loan, micro loan or the personal loan tosatisfy the basic leisure needs of the customers (Blenker and et.al., 2011). For example,Razzamataz school was established in the and it offers the aiming in dance, singing and culture
Assignment on  entrepreneurship and small business management_3
programmes. This school covers more the additional as well as other singing and dance insidethe Industry. Its aim is to help and develop the confidence and culture program mes to developthe potential in the businessLife Style Business: Life style ventures are enterprises established by the passionate andskilled entrepreneurs to reach the new skies in the specific market in which they operate. Theseentrepreneurs are mainly experienced and expertise in their field which have the capabilities tosustain long in the market. But these establishments are mainly self employed business whichhave the basic objective to enhance their quality of life. Thus, they are not job creators butcontinues with the specific employees and their generations. For example, Surana Jewellers inJaipur, Rajasthan have long experience to create antique jewellery and are continued with thesame from generations and specific skilled employees. But these self employed business havehigh opportunity to be scalable ventures (Duval‐Couetil, 2013). Social Venture: These are the ventures who do not act to attain profit or stand in themarket as the market king but innovate new products and services for the betterment of thesociety and improve the life style of the local people . Thus, these ventures have the basicobjective to resolve the problems faced by the local people in the region it operates like UNICEFwhich if expands has special motive to change the world and make it best.Scalable Venture: These ventures have dream to be the market king, thus they arepassionate to achieve what they desire. They hire well educated work force with innovative ideasto introduce new product and services to customers and attract them to convert their desires intohigh profits. These institutions are mainly financed by the large financial institutions and venturecapitalists who are also known as the business angels who prefers to invest in the new start upsand give them chance to explore high in the market (Fayolle and Gailly, 2015). These businessangels are experiences professional who have the specific capability to sense the feasibility andprofitability of the project in which they are investing. For example, IT companies developingB2B software. P2 Similarities and dissimilarities between the entrepreneurial venturesEntrepreneurship refers to the significant change in the economy as a whole and alsooffers the possibility of the higher financial rewards as compare to working under anyone in theservice. The entrepreneur has the capability to eliminate all the risks and keep on striving untilthe destiny is achieved of being a new path maker rather than the follower. These entrepreneurs
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