Table of Contents
Task 1 (LO 1)
P1. Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship.
P2. Explore the similarities and differences between entrepreneurial ventures.
Task 2 (LO 2)
P3. Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro and small businesses impact on the economy.
P4. Explain how important small businesses and business start-ups will contribute to the growth of the social economy after ‘Brexit’.
Task 3 (LO 3)
P5. Carry out a mini-research to determine the characteristics, traits and skills of two successful entrepreneurs, which differentiate them from other business managers.
P6. Assess how aspects of the entrepreneurial personality as discussed in P5, reflect entrepreneurial motivation and mind-set.
Task 4 (LO 4)
P7. With practical examples obtained through your mini-research, examine how background and experience can hinder or foster entrepreneurship.
In modern days, the task and importance of entrepreneurship cannot be underestimated due to its growing importance on the economy of a country. There are many types of entrepreneurship found all over the world. But most of them are like small, medium and large organizations. Small entrepreneurship is found easily and easy to form by any people.
Moreover, this assignment’s definition of entrepreneurship and small business management has written based on information about the opportunities and barriers to entrepreneurship and business start-up. Also, Culture and economy, entrepreneurs characteristics, situational factors, the role of private initiative and entrepreneurial risk and reward balance the effects of the importance of small business are discussed under the influence.
P1. Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship
Entrepreneurship can be defined as designing, monitoring and continuing a business that is generally a small business. In the small entrepreneurship business, owners generally take all the risks and also enjoy all the profits. The construction of entrepreneurial activity of business enterprise ownership, profits and initiatives for the realization of the risk; to create a new business, which is known as the leading indicator (Achleitner, Lutz and Schraml, 2010). Also, entrepreneurship is often called a small business.
There are different types of entrepreneurship found all over the world. Serial entrepreneurs, intrapreneurs and owner businesses are the three most seen entrepreneurship businesses all over the world. In the serial entrepreneurs, a number of business ventures commercial, operating and sales activities performed by them. They generally take all the responsibilities to run the business. Intrapreneurs are those people who are liable for planning, developing and maintaining plans for the organization (Martiarena, 2011). They are not liable for any kind of loss incurred in the organization. Finally, owner-manager are those people who generally run the business and take all the liability of their losses.
The topology of entrepreneurship:
Lifestyle based entrepreneurship and growth firms are the two types of entrepreneurship firms available in the modern days. Lifestyle based entrepreneurship is a business where the entrepreneur starts the business with having no or minimum amount of funds for helping people for improving their life. Consultant business is an example of this type of business. On the other hand, growth firms are those who work for increasing their revenue and market share. Tesco, Microsoft, etc. are the example of a growth firm.
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Also, there are three commercial, micro-small and medium-sized enterprises, which play an important role in explaining typologies relations with the entrepreneurial initiative is based on the size of the form. In the micro organization, there are generally not more than ten employees working for achieving the goals of the organization (Xie and Huang, 2012). Further, in a small organization, they run their business by employing employees not more than fifty but not less than ten. Also, in medium-sized organizations, more than fifty employees are working in the organization for achieving their organizational goals. Here are the characteristics of small, medium and micro-enterprises gave below:
- Micro, small and medium-sized enterprises constitute the overwhelming proportion of entrepreneurs in an economy represents.
- Economic growth, job creation and innovation in a country on the basis of large contributions really depend on it.
- They are stimulating economic activity, diversification of product and service offerings, and helps to create jobs and increase the standard of living of the people.
- The socio-economic objectives and goals in order to ensure the overall development of the country to contribute to them.
Analyzing the above matter, we have really understood the importance of enterprise in the development of a country. So, the government personnel should have a closer look for nurturing and developing to this growing sector. Also, the government of entrepreneurship and business, and an increase in life-and-did focus on whether firms or micro, small and medium-sized businesses need to emphasize………………