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Entrepreneurs and Small Business

   

Added on  2023-01-03

14 Pages3903 Words27 Views
EntrepreneurshipProfessional DevelopmentDesign and Creativity
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ENTREPRENEURES
AND SMALL
BUSINESS
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Entrepreneurs and Small Business_1

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1) Evaluate different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship..................................................................................................3
P2) Explore similarities and difference between entrepreneurial ventures............................5
TASK 2............................................................................................................................................6
P3) Interpret and assess relevant data and statics to illustrate how micro and small business
impact on the economy...........................................................................................................6
P4) Explain the importance of small business and business start-ups to the growth of social
economy.................................................................................................................................7
TASK3.............................................................................................................................................8
P5) Determine the characteristics, skills and traits of successful entrepreneurs that
differentiate them from other business mangers....................................................................8
P6) Assess how aspects of the entrepreneurial personality reflect entrepreneurial mindset and
motivation.............................................................................................................................10
TASK 4..........................................................................................................................................11
P7) Examine using relevant examples, how background and experience can hinder and foster
entrepreneurship...................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................12
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Entrepreneurs and Small Business_2

INTRODUCTION
Entrepreneurship is the ability to develop, organise and implement the enterprise with the new
and creative idea in order to generate the revenue. Along with ready to face any of its
uncertainties in order to become successful. Entrepreneurship vision is defined by the discovery
of new ideas, innovation and risk taking and has a capacity to succeed in the dynamic and more
competitive market place(Alstete, 2014). Successful entrepreneur knows how to develop product
with the available limited resources which will fulfil the needs and wants of the customer in a
effective manner. In this study, it is critically examine the relationship between entrepreneurial
ventures with their typologies, similarities and difference between the entrepreneurs, along with
impact of the small and micro business on the growth of the economy. Furthermore it includes
characteristics, skills and traits of the entrepreneurs, aspects of the personality that reflects the
motivation and mindset of entrepreneurs and various aspirations that hinder and foster the
entrepreneurship.
MAIN BODY
TASK 1
P1) Evaluate different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship
An entrepreneurial venture is an enterprise or business that is managed by the
entrepreneurs. They are commonly defined as the innovators who bring new idea and creativity
in the business and bear most of the risk and enjoying the most of rewards and high revenue.
They are willing to take risk on their financial security ad career and spending time as well as
capital on the venture which is full of uncertainties and risk(van Kooy, 2016).
Types of entrepreneurial ventures and its typologies Small business entrepreneurs: This is refers to the business with the adequate amount of
sources and limited amount of capital and employees. This is the entity when a person
owns, operates and run their own business. They are not the one who seeking for the
large scale profit or the funding institution. They use their funds and saving as the capital
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Entrepreneurs and Small Business_3

as well as the expenses. They generally hires local employees or family members for
example grocery shops, boutiques, consultant, bakery shops, parlour etc.
Social entrepreneurs: These are entrepreneurs who develop, fund and solve social
problems by providing them products and services as per the need of the society. They
have aim for making the world a better place to live and did not work for the big profits
or wealth for the organisation(Bridge and O'Neill, 2017). This type of entrepreneurs tends
to start the non profit organisation in which they work with the full potential towards the
society cause. And also faced some problems like raising the funds and decision making
related to investment of fund in right market and for the right peoples in order to provide
social welfare. Innovative entrepreneurs: These are the entrepreneurs who constantly come up with the
new idea and innovations. They take these ideas and convert them into business entity. In
addition to this they tend to be stay motivated and passionate that works with the motive
of changing the way of living and provides better way in order to improve the standard of
living. They seek for making their product as service different from the other existing
product.
Imitator entrepreneur: This is refers to the entrepreneurs who use others ideas as
inspiration and formulate them into the business with the improving in a effective
manner. They tend to make the existing product and services better, effective and more
profitable as compare to earlier. These are willing to think innovative and creative in the
existing ideas and work to achieve their desired goals and objectives. They are associated
with the self-confidence and determination as they learn from the mistakes and work to
improve them with the perfection while making its own business(Burns and Dewhurst,
2016).
P2) Explore similarities and difference between entrepreneurial ventures
There are various types of similarities and difference exists between the different types of
entrepreneurial ventures as explained below:
Difference:
Basis Small-business
entrepreneurs
Social entrepreneurs Imitator entrepreneurs
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Entrepreneurs and Small Business_4

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