Entrepreneurship and Small Business Trends
Added on 2020-02-14
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UnderstandingEntrepreneurship
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1.Different types of entrepreneurial ventures...........................................................................3P2. Similarities and differences between entrepreneurial ventures............................................4M1 Entrepreneurial ventures to demonstrate an understanding of entrepreneurship..................5TASK 2............................................................................................................................................6P3. How micro and small businesses impact on the economy...................................................6P4 Important small businesses and business start –ups growth of the social economy .............7M2 Evaluate the differences small, medium and large businesses.............................................8TASK 3............................................................................................................................................8P5. Characteristics, traits and skills of two successful entrepreneurs........................................8M3 Different lines of argument relating to entrepreneurial characteristics,...............................9D3 Analyse the characteristic traits, skills and motivational drivers .......................................10P6. Entrepreneurial personality reflects entrepreneurial motivation and mindset...................10TASK 4..........................................................................................................................................11P7. How background and experience can hinder or foster entrepreneurship............................11M4 entrepreneurial characteristics and the influence of personal background and experience11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONEntrepreneurship is the systematic process in which start a new business with new and innovative ideas that help to produces something new products and goods for customers and theyhelp to give proper satisfaction to them(Blackburn, Hartand Wainwright 2013). Entrepreneurshipin mainly including the two elements one Is the owner of the company that can also called entrepreneur and second one element of the process is objective and idea of the business. During the start a new firm or business in the market so have to face many problems and issues regarding company like competitors in the market its hard to set effective image in the market. So, to manage and control on the entrepreneurship process and their all activities to start Federation for small business firms that help to manage and control all activities and properly analysis and evaluation them. To start the new businesses it is necessary to have new ideas and various skills and abilities to develop the business over the time. TASK 1P1.Different types of entrepreneurial ventures.The process that helps in the enterprise development is known as entrepreneurship and allthe activities that cater to the needs of entrepreneur for his/her development is known asentrepreneurial process. This is the process that defines all the activities which needs to beperformed in order to achieve growth of the organizations (Carland, Carland and Stewart2015 ).The ventures that help the entrepreneurs to grow and develop their business on the operational,managerial part are known as entrepreneurial ventures. These ventures are related to enterprisedevelopment and are considered essential part of organizational development. Theentrepreneurship is considered as the basic factor that is required for proper training anddevelopment phase and caters all the steps needed at each and every level of businessdevelopment. The various business ventures that caters to all the entrepreneurial ventures are :-Social Entrepreneurs:-All the entrepreneurs who work for social and business activitiesrelated to society as a whole are known as social entrepreneurs. Their main intention is tohelp and support the society for income generation or to live sustainably with new ideas.
Serial Entrepreneurs: - All the entrepreneurs who start many chain outlets of a singleproduct and use them to grow and expand their business on the part of generating profitsare known as serial entrepreneurs.Profit Entrepreneurs: - All those entrepreneurs who have the main aim of generatingprofits are known as profit entrepreneurs. Though, the main aim of everyentrepreneurship is to generate profits but they are driven mainly for profit earning andthey cater to all the needs that help them in generating profits (Carraher and Paridon,2015).Technical Entrepreneurs: - All those entrepreneurs who have the main aim of providingtechnical, technological support to the economy are known as technical entrepreneurs.Agricultural Entrepreneurs: - All those entrepreneurs who are providing agriculturalproducts to the economy are known as Agricultural entrepreneurs.Lifestyle Entrepreneurs: - Those entrepreneurs who have the main motive of providinglifestyle, fashionable, knowledge to the economy are known as lifestyle entrepreneurs. P2. Similarities and differences between entrepreneurial ventures.All the entrepreneurial ventures are considered important for an economy as when aneconomy wants to grow and develop then all the entrepreneurs are to be considered important.Both enterprises large and small are considered important for economic performance .But all thesmall and large business enterprises are evaluated on the grounds of developing businessventures so that when any enterprise needs to grow and develop it needs to consider all thefactors related with small or large business operations on the grounds of personal, individualdevelopment(Carsrud and Brännback, 2011). Similarities refers to all the methods and policies that all the enterprises caters together and theyfollow while developing and growing. Technical, Profit oriented Serial and social entrepreneurialventures have the similarity that they caters to employment generation and helps in providingeconomy the suitable level of growth and development. Differences refers to all the methods, rules, policies which are being followed differently in theorganizations and caters to all the needs and values that are related to organizational
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