Unit 9 Entrepreneurship and Small Business Management: Assignment
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Added on 2021-02-18
Unit 9 Entrepreneurship and Small Business Management: Assignment
Added on 2021-02-18
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UNIT 9 ENTREPRENEURSHIP
INTRODUCTION Entrepreneurship termed out as an act of creating the businesses, willingness to develop,and to carried out business activities along with risk (Akhmetshin and et.al., 2018). Therefore,entrepreneur works as to undertakes the creation, organization and ownership and risk associatedwith business. However, process of entrepreneurship defined as designing, launching andrunning a new business effectively. Entrepreneur's responsibility is to minimize the risk withhelp of research, planning and skill. This is defined as an activity that works as to set up thebusiness and to take financial risk with hope to make profitability. The present report is based on topic of entrepreneurship and small business managementactivities. Hence, the assignment will focus on various activities as differ kind of entrepreneurventures and how it relates with classification of entrepreneurship, similarities and differencesbetween entrepreneurial ventures, to access the relevant data to illustrate how micro and smallbusiness impacts the economy, traits and skill of successful entrepreneurs. Lastly, relevantexamples will be given on how background and experience can hinder or foster entrepreneurship.LO 1P1 Description on entrepreneurial ventures and how its relate with entrepreneurshipclassification.Entrepreneur undertaking mainly consider over providing advisory services to early andmid stage firms. Therefore, business idea comprehend new commodity or services rather thanexisting business model. Thus, entrepreneurial ventured defined as- Small business entrepreneurship- This venture is termed out as an independent owned andoperated firm and it is limited in size. It is defined as privately owned, corporations and soleproprietors. Therefore, this firm provides services in grocery stores, hairdresser, consultants,travel agent, electricians and plumbers etc. They generally work as to hire their own familybusiness (Antoncic and et.al., 2015). Thus, they work to feed their family and to earn profit forbetter well being. Therefore, to start a business they can borrow the funds from their family andfriends. They need low amount of funds to set up their business activities. Scalable startup entrepreneurship-It is a firm that initiated by individuals or entrepreneurs tolookup for repeatable and scalable business function (Bronfenbrenner, 2017). Thus, the main aimis to develop a possible business model in order to meet the need or problem of marketplace.However, they conduct their business activities in manner to maintain or to improve profit1
margins. In addition to it, they mainly attract the investment from equally crazy financialinvestors. Hence, it is business model that aids to turn high growth, profitable company and takesteps to expand innovation. They work as to take entry in large market and taking share awayfrom incumbents by creation of new market and to grow it rapidly. Large business enterprise- Large scale enterprise is the one that has maximum of 5000employees and they have more complex hierarchy. The main motive of this kind of enterprise isto earn long term profitability. They are having great number of business operations on dailybasis. There are number of key personals as investor, owner and shareholder etc. In order to startup their business they can take loan from venture capital, angel investors, financial institutionand creditors etc (Coffie and Blankson, 2018). It is the kind of the enterprise that is highlyrecognizable as they are having sustainable amount of profitability. They undertake large volumeof innovation by analyzing the needs and wants of customers. Mainly, enterprise at large scaleusually produce capital and basic goods. Herein, large scale of business have the potential tolower the cost of goods. Non-profit organization- It is group organized for the purpose of generating high amount ofprofitability or the purpose of society benefit. Hence, trusts, cooperatives, advocacy, charitycomer under this category. Therefore, main purpose of non profitable enterprise are inclusive offeeding the homeless and managing an association of business. They are the enterprise whoundertakes business for welfare of the society not for earning profitability (Czarniewski, 2016).However, non profit enterprise are essential to enhance the quality of life and also put positiveeconomic impact within out local communities. Typologies of entrepreneurship- Serial entrepreneur-An individual will be defined as an entrepreneur when he willcome with a new idea in order to initiate business activities. However, emblematicentrepreneur comes with a single idea, initiate the company and plays crucial role inorder to carried out day to day functions (DeTienne, McKelvie and Chandler, 2015). Lifestyle entrepreneur- In this individual defines as to create business with goal ofsterilization their personal lifestyle for the sole purpose of making profits (Dunne, 2017).Hence, the entrepreneur who puts their major focus over life rewards provided to people. 2
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