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Unit 09: Entrepreneurship and Small Business Management Assignment

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Added on  2021-01-01

Unit 09: Entrepreneurship and Small Business Management Assignment

   Added on 2021-01-01

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Unit 09: Entrepreneurship andSmall Business Management
Unit 09: Entrepreneurship and Small Business Management Assignment_1
Table of ContentINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1 Presenting different types of entrepreneurial ventures and relation with typologies.........1P2 Presenting the similarities and differences between entrepreneurial ventures...................2P3 Assess the interpret relevant data and statistics that how micro and small businessesimpact on the economy............................................................................................................5P4 Explaining the importance of small businesses and business start-ups will help full incontributing social growth after Brexit....................................................................................6P5. Characteristics, traits and skills of two successful entrepreneurs......................................7P6 Entrepreneurial personality in reflecting its motivation and mindset.................................8P7 Examine how background and experience can hinder or foster entrepreneurship.............1CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
Unit 09: Entrepreneurship and Small Business Management Assignment_2
INTRODUCTIONEntrepreneurship have their own importance in every business. It is an activity of settingup a business and taking a financial risk for the hope of profit maximization. Further it helps todescribe different types entrepreneurship ventures and how they relates with the typologies andalso states the differences and similarities between each other. Report also present theimportance of micro as well as small business and their impact upon the economy. It shows howimportant small business and business start ups will contribute to the growth of social economy.Report also shows the characteristic and traits of two successful entrepreneurs and howbackground and experience will foster or hinder entrepreneurship.LO 1P1 Presenting different types of entrepreneurial ventures and relation with typologiesThere are some types of entrepreneurial ventures which are mentioned below:Large Cooperation entrepreneurship : This type of entrepreneurs have finite lifecycles and as a result they offer different products which help to attract wide range of customers.Changes in customer taste an new technologies may creates pressure upon them but they alsorequire those entrepreneurs who support their economy (Morris and et.al., 2018). Largecompanies entrepreneurship do this by acquiring innovative companies and build a disruptiveinnovation.Small Business Entrepreneurship : There are about 90 percent of families are engagedin small business and they share their maximum contribution to growth of economy. Smallbusiness such as groceries, hairdressers and consultants or travel agents and they all have theirown business and they are hire local employees or family. Their main motive is to earn money tofulfil the needs of their family members.Social Entrepreneurship:This types of entrepreneurs are the innovators who mainlyfocus on creating products and services in order to solve the social needs or problems (Types ofentreprenurship ventures, 2018). They wanted to make a world better place to survive not to takemarket share and also creates to the wealth for the founders. Typologies related with these different entrepreneurship ventures:Scalable start up entrepreneurship: These types of entrepreneurs have strong visionpower and they wanted to change the entire world through their creativity and strong
Unit 09: Entrepreneurship and Small Business Management Assignment_3
vision. These companies hire the best and brightest entrepreneurs. Their main job is tosearch for a repeatable and scalable business model (Santos and Morris, 2017). Thesetypes of business entrepreneurs started their business at small level and make up a smallpercentage of entrepreneurs but at the end they attract almost all risk factors. Such asSilicon valley, Shanghai etc.Intrapreneur: They act just as a entrepreneurs and they working in a large organization.They have a good innovative skills and they are known as a practice of a corporatemanagement style which integrates risk taking. They have good motivational as well asreward techniques and do work for the welfare of a company.Based upon gender: when the business is owned and managed by the men they areknown as men Entrepreneurs while on the other side if the entire work is done andcontrolled by the woman and employment generated in the enterprises is as per decidedby the women then it is known as women entrepreneur (De Vries and et.al., 2017).P2 Presenting the similarities and differences between entrepreneurial venturesSimilarities: Entrepreneurship is an activity that is used to set up an activity in order torun a business in an effective way. Large and small business entrepreneurs main purpose is toexpand their business in next further level of success. While on the other side, socialentrepreneurship main objective is to run a business for the welfare of a company. These alltypes of entrepreneurship are help to grow or expand their business and contribute their share ofamount for the economy of UK (Ang, 2018). These entrepreneurs also designed in order to drivethe innovations and reduce the development time and also reduces the time to market. Allentrepreneur who work in different sectors work for the welfare of the society as well as for theirfamily too. Social and large entrepreneurs involves themselves in their jobs so that it will help todo something for the welfare of the company. Their main aim is to making a sustainable businessmodel and always look for the opportunities which help to get maximum returns in order toperform better.Differences:Basis LargeentrepreneurshipEntrepreneurshipSmall Business:Social EntrepreneurshipMeaningThese type ofentrepreneur work inThis type ofentrepreneurs work inThey work for the welfare of asociety.
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