Unit 9 Entrepreneurship and Small Business Management (level: 4)
Added on 2020-10-23
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Business DevelopmentFinanceLeadership ManagementEntrepreneurshipProfessional Development
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Unit 9 Entrepreneurship andSmall Business Management(level: 4)
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Types of different entrepreneurial ventures..........................................................................1P2. Some similarities and differentiation among entrepreneurial ventures................................2P3 Impacts with statistics of small and micro business on the economy....................................5P4. Major importance of SME's and start ups in growth and development of its socialeconomy,.....................................................................................................................................7TASK 2............................................................................................................................................9P5. Various skills, treats and characteristics of Jack Cohen and other successful entrepreneur.96. Reflection of various aspects in entrepreneurial personality on mindsets and motivation...11P7 Background and experience can hinder or foster entrepreneurship.....................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONEntrepreneurship means set up a new business or company with using innovative ideasand willpower. It can also refer to manage, organise and maintain a special business or venturefor earning money or profits (Abdullah, Hadi and Dana, 2018)In the entrepreneurship business,the entrepreneur must have raw material, work force, finance, land or area and required plant-machineries to conduct that business in the right way. Small business is independently operatesand owned by an individual or small group of persons with limited size. In this report,description about types of different entrepreneurial ventures with their similarities anddifferentiation among them. Furthermore, it coversthe major importance of small businesses andbusiness start-ups to the growth of the social economy. Lastly, it also covers the entrepreneurialpersonality of Jack Cohen or another entrepreneur. In this context, there is a company TESCO,situated at UK. TASK 1P1. Types of different entrepreneurial ventures.The entrepreneurship is being an innovative idea that includes many things for aparticular business and start it for earning more profits. It is an interest and evident situation toincrease the new ventures. It is a special tend to be featured because it produces money and makebetter living standard of the entrepreneur (Bates, Bradford and Seamans, 2018). In other words,ability and willingness to develop, manage and organise a new business organisation along withsome risks towards to achieve the goals and targets. In this entrepreneurship, there are producingand delivering many products and services to the customers by using several types oftechnologies. An entrepreneur wants to become successful and so for this reason he or she usesvarious resources and raw material. There are some kinds of different entrepreneurial ventures :Large entrepreneurship venture – This type of ventures has many resources and operateits business activities at big level. Normally it runs its operations at local level but sometimes it becomes huge and work at national or international level (Bates, Bradford andSeamans, 2018). Large ventures have many assets and proper funds that require in itshuge business operations. Large organisation have limited life cycles. Most grow through1
sustaining innovation, offering new products and services that are variants around theirmain products. Small entrepreneurship venture – In today's scenario, there are most of business are startas small level because it is a basic need of money and different resources (Du andO’Connor, 2018). So for this reason every entrepreneur start with a small amount andresources with minimum work force and its objective is get the break even point as soonas possible.Trading entrepreneurship venture – It is an essential type of entrepreneurial venture and itdeals with more other existing business and operates its operational activities in order toachieve maximum profits. It is maintaining its assets in the right way and use those forcompete the different market conditions. In its operations, the management team of suchtype of businesses make new policies or strategies and maintain and improve its brandimage and goodwill. Private entrepreneurship venture – The private entrepreneurship, is owned and run by theprivate authority for gain competitive advantages in its target market (Egbuta and Gilbert,2018). Private authority may be an individual or group of persons. The main motive ofthis type of businesses is get more profits and use it in own business expansion. Social entrepreneurship ventures – It is also a type of entrepreneurship that drivetransformation and social innovations in different fields including environmental, health,education, enterprise development and many more. It pursues with poverty reliefobjectives and target. The social entrepreneur work as a leader or pragmatic visionarywho focus on the combines the characteristics. It achieves large systematic, sustainablechange through an invention with several approaches.Public entrepreneurship ventures – this ventures are work in a big group or environment.It is operates and run by many owners and they make control and maintain its businessactivities (Farhat, Matusik and Robinson, 2018). It is different from others because in thistype of ventures, there are many owners and they work in a combination.P2. Some similarities and differentiation among entrepreneurial ventures.Each business venture is different from other one and there are many elements that makediffer it from others. There are three major type of entrepreneurship that are public, private and2
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