Entrepreneurship& Small Business Management

INTRODUCTION

Entrepreneurship is the process and procedure of running a business continuously by innovating different types of ideas. It refers as those activities which are used to provide satisfaction and profits to a business is known as entrepreneur. A person who innovates new ideas and thoughts for the purpose of developing business and maintaining higher profits with the helps of creative ideas is consider as entrepreneurs (Lindh, 2017). It has innovative skills and creative thoughts which are used to run or start their own business. It plays conspicuous role or functions for recognising new products and spreading knowledge. To understand about entrepreneurship this report has been prepared which will help to know know how a business set ups and what are needs to do so. This report discusses about small ventures which can impact on social economy, micro and small business, different ventures and typology and last background and experience of entrepreneur that can foster and hinder entrepreneurship.

Task 1

P1 Entrepreneurial ventures

Entrepreneur – A person who have innovative knowledge and experience to formulate, set and manage the risk to run a business successfully is known as entrepreneur. It has different types of knowledge and willingness to helps to run a business. They understand the needs and wants of people and produce products and services accordingly. The main aim of entrepreneur is to develop a business by understanding the needs and generate profits by increasing productivity. Entrepreneur is one who bear all risk and make profits by using their ideas (Uju and Racheal, 2018).

Entrepreneurial ventures - This refers as business organisation which are managed and run  either one person or group of individuals. Such ventures deliver the valuable products to people which helps to deal with competition. This involves various ventures that are as elaborated:

Small business entrepreneurship -  This means small size entrepreneurship that can be manage by single or few people. Herein, new ideas and thoughts are develop to run a business and make small earnings. The main aim of such entrepreneurship is to earn their livelihood. Tasks and activities with limited resources are performed by single person who innovates new ides and develop new things to run a business successfully. For example, Carpenters, electricians, hairdressers, Grocery stores etc.

Scalable start up entrepreneurship – This means those ventures which focuses on innovation and market research in order to scalable business. The main aim of  such business is sustainable future growth and enhance in skills and knowledge. In this entrepreneurship, entrepreneur attracts the financial investors who invest in business in order to run a business successfully. Such type of business is require group of people to organise and manage them effectively. This can be understand through some examples such as internet based business, online shopping. This business arrange their capital from venture capital for the purpose of rapid growth (Ogunyomi and Bruning, 2016).

Large entrepreneurship – This entrepreneurship is connected with large size organisation where collection of people works together in order to innovate products and services for targetted customers. The main aim of such organisation is to provide products and services in wide range and earn higher profits. Herein, number of people works together to run a effective business and maintain the profits. The size of business is large where more than 250 people works and make efforts to deliver best services. The market condition of such business consider new competitors, new technology, change in taste and demand which helps to attracts people more and attain higher profits (Malecki, 2018).

Social entrepreneurship – This consider those entrepreneurship which are develop to to change the society, fill their needs and improve the living standard of people which helps to make feel good. Such ventures are run not to earn profit but also they runs to provide social satisfaction to people. They mainly emphasis on production and social satisfaction to people. Such business concern have ability to solve the social needs and problems of people which leads to higher satisfaction. Mainly this ventures are develop to satisfy the people and improve the economical condition. For example, British Council, Funeral care and safe point trust which helps to perform good.

Entrepreneurship venture Typology

Typology is related with value and categories of business in to different ventures. This is the classification of things of form plan, structure and style which helps to maintain the profits. This is also related with entrepreneurial ventures where number of people works and earns profits. The entrepreneurial venture typology are as categorised:

Male typology – This typology refers as male typology where only make has power to make business decisions. In this, male staff are allowed to share their suggestions and views for running their business. They does not involves any female decisions and suggestion to run a business. This typology is associated with small business ventures as male people have potentiality to take risk, responsibility and initiatives to run their business which benefits to make  right decisions (Audretsch and Belitski, 2017).

Female typology – This typology refers as female entrepreneurship where that plays lead role to run and manage the business activities. All risks and promotion management are controlled by female person that helps to run a business successfully. They have generally high patience level, knowledge and flexibility who understand the needs and take steps accordingly. This is associated with social entrepreneurship and small entrepreneurship where business can be manage and control by female by solving society problems and running small business.

Managed growth typology – This involves all information, ideas, views and values which are used to run a business by managing all activities. This is associated with large entrepreneurship where number of people works collectively and maintain high growth. Herein, male and female entrepreneurs operate their business successfully by solving the problems. It helps to grow the business on continuous basis and maintain the profits.

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