Sample Report on Entrepreneurship And Small Business Management

Entrepreneurship And Small Business Management

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Table of Contents Introduction................................................................................................................................ 3 Part 1.............................................................................................................................................3 P1: Providing an introduction and examining various types of the entrepreneurial ventures while explaining their relation to typology of the entrepreneurship...................................................................................................................... 3 P2: Building several types of the entrepreneurial ventures and exploring differences and similarities...................................................................................................5 P3: Presenting, interpreting and assessing relevant statistic and data for illustrating impacts of small and micro businesses on the economy...................6 P4: Explaining importance of small businesses as well as business start ups on the social economic growth........................................................................................... 7 Evidence: Written Report...................................................................................................... 8 P5: The characteristic traits and skills of a successful entrepreneur:.................8 P6: Aspects of the entrepreneurial personality that reflect entrepreneurial motivation and mindset:........................................................................................................9 P7: Influence of past experiences and other factors in determining successful innovators:................................................................................................................................11 Conclusion:............................................................................................................................... 12 References................................................................................................................................13

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Introduction Entrepreneurship is one of the key materials used for commencing any business organisation in order to achieve the set goals as well as objectives.

An appropriate and proper entrepreneurship is highly required for a successful organisation. The study provides explanation of various types of entrepreneurial ventures as well as their relation to the entrepreneurship. It also provides an exploration of the differences and similarities among the entrepreneurial Ventures as well as the entrepreneurship they carry with themselves. The study shows the importance of small businesses as well as the start-ups on achieving the growth of the economy the second section of the study determines the criteria behind a successful entrepreneur along with few of the examples it also reveals about the aspects of entrepreneurial personality which reflects mindset and entrepreneurial motivation. The study portrays the effects of an individual's past experiences along with their background on hindering of fostering the entrepreneurship.

Part 1 P1: Providing an introduction and examining various types of the entrepreneurial ventures while explaining their relation to typology of the entrepreneurship Entrepreneurial ventures are typically focused over providing the advisory services to mid stage as well as early stage companies. The role of entrepreneur ventures varies depending upon the stages of the company.

The principal goals associated with any entrepreneurial venture are considered as growth and profitability and the particular business is characterized through innovative and strategic practices. Entrepreneurial ventures are said to be for the new and innovative offerings. The entrepreneurial ventures have been habituated in undertaking huge risks (Rivera-Santos, Holt, Littlewood & Kolk 2015). The prime target of these

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entrepreneurial ventures is higher returns on productivity as well as Rapid growth. The various types of entrepreneurial Ventures are: Private ventures: Private Enterprises are those ventures which are governed and owned by private owners of businessman. The entire investment is done by them and they are huge risk lover. Most of the Private Enterprises aim at earning more and more profit and revenue. The profit oriented mind of Private enterprises let them achieve and pursue greater good in the economy by meeting up each and every goal and objective. Every private entrepreneurial venture possesses business as well as industrial entrepreneurship.

Public Enterprises: Public ventures on those ventures which are owned by government every decision in this ventures are taken up by the government itself and processing the decisions also comes under responsibility of the government.

Public ventures tend to focus more upon the welfare and well being of the society they are hardly profit oriented the type of entrepreneurship that is being maintained under Public ventures is trading entrepreneur as well as business entrepreneur.

Social Enterprises: Social entrepreneurs seem to be the innovators who extremely focus on the creation of services and products which solve the social problems and needs.

Their goal is basically towards making the world a better place and not to enjoy the market for creating wealth for founders. These enterprises or ventures might be for-profit, non profit or hybrid. The kind of entrepreneur related to social Enterprises is social entrepreneur who ends at achieving social benefits rather than earning profits (Park, LiPuma & Prange (2015).

Small businesses: Small businesses are the ventures which have not been formed for longer period of time left they have on huge profits through their innovative and Make your academic document flawless by availing our assignment editing proofreading service at very nominal rates.

modern ideas and thoughts small businesses could be regarded as hairdressers, consultants, grocery stores, travel, agents, storefronts, Internet commerce

numbers

carpenters

and

the

electricians.

Small

business

enterprises have small business entrepreneurs who govern and own the businesses.

P2: Building several types of the entrepreneurial ventures and exploring differences and similarities Ample

differences

could

be

figured

out

in

the

context

of

various

entrepreneurial ventures and the similarities and differences could be explored easily. The prime differences among the private, social and public Enterprises could be illustrated as follows: Public enterprises Enterprises have the objective to render service to society including people.

It effectively plays the role of minimising wealth concentration and accumulation in hands of specific persons. These Enterprises are formed with social interest and prevents regional and unbalanced growth of different industries. The public Enterprises are often free from the risk of expectation and hence, the consumers as well as the employees are provided with fair dealings. The scope and opportunities of public Enterprises are quite large and can attain growth at a gigantic size. It basically undertakes every sort of the industry respective of their nature (Villanueva & Newbert (2016).

Social enterprises Social Enterprises being different from both public and private enterprises have this mission and objective of creating economic as well as social value.

The values associated with his Enterprises are social and corporate. the strategies of this Enterprises are based upon utilising enterprise activities for achieving social purpose the targeted customers of the social Enterprises have been community customers for the beneficiaries the profit in terms of this social Enterprises are mainly contribution towards social and services.

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Private enterprises On the contrary to public and social Enterprises Private Enterprises established with the predominant objective to earn maximum amount of profit. It lends concentration of adequate wealth in hands of fewer people and is typically formed with the personal interest. The private Enterprises are not at all free from the motive of exploitation and employees as well as consumers or not provided with the fair dealings. It basically feels inadequacy or insufficiency of the capital for undertaking costly and risky projects and thereby undertakes industries of consumer goods where the scope of earning profit is relatively higher. It can eventually be operated on a large scale but cannot obtain a gigantic size of the market.

The goals and objectives of both public and social Enterprises to some extent similar to each other while they are different from that of the private enterprises creation of value and Strategies for that almost same in all the three Enterprises (van Werven, Bouwmeester & Cornelissen 2015).

P3: Presenting, interpreting and assessing relevant statistic and data for illustrating impacts of small and micro businesses on the economy Small businesses in the professional services, creative and digital industries have become increasingly significant growth in the context of output and Employment. Employment has sincerely increased in the period of 2009 till 2013 in most of the developed Nations such as UK and US. Output from Digital sector has increased almost seven fold or 657 percent between the era 1990 till 2013 and in professional services it has increased of about 286% and for the creative sector almost 196% growth of small businesses have been observed. Small businesses has critical is developed almost 64 cities of UK economy. It has irrevocably greater effects on the development and growth in the UK economy over the past years there has been a noticeable shift in UK economy towards most innovative and knowledge intensive industries. The knowledge intensive services almost makeup the Make your academic document flawless by availing our assignment editing proofreading service at very nominal rates.

34% of the entire UK of and almost 29% of the entire employment. In the period of 2009 till 2013 the employment has rapidly increased in New York industries by four times higher than the UK economy ("Small Business Outlook 2015 - Centre for Cities", 2017). In the last 4 to 5 years employment in the creative forms had grown up by almost 4.9% in visual forms almost 3.2% along with under professional services almost 12% with an overall growth of 2%.

The development of the small business has local regional National as well as International impacts on the entire economy. Local impacts include external public relations which make them popular and famous. For instance, any small business having good relations with customers might be better known in the market for those customers who have received from the particular company. It also satisfies the customers by providing superior quality goods and best customer services which has severe impacts on the goodwill and reputation of small business.

Regional impacts Such as any driving local business would generate high levels of income which implies that that particular business would be considerable amount of taxes including the regional and local taxes this is intern used by the local police fire, departments along with schools. Both National and international impacts could be judged by the growth and success of the business achieved within this years and a tremendous development in the small business has been observed on the entire world economy in past few decades.

P4: Explaining importance of small businesses as well as business start ups on the social economic growth Small businesses and start of industries in the entire economy has on lump sum amount of revenues in the past few decades which hand and it economic advantage to the social economy consisting of authority is like CSR. Out of the revenue generated by this start-ups and small business Enterprises with social economy had received a proportion of it as tax. The Make your academic document flawless by availing our assignment editing proofreading service at very nominal rates.

tax collecting over these years has been added in the accounts of the social economic Enterprises in order to let them enjoy benefits. NGOs receive a part of the income on by small businesses as well as start-ups as contributions and are benefited on a large amount within the economy. The growth in the small businesses and start-ups is complementary with the group in the social economy (Autio et al. 2014).

Evidence: Written Report P5: The characteristic traits and skills of a successful entrepreneur: Entrepreneurship has been conventionally referred to the person who has been developing, structuring, framing, designing in the establishment of a business that include small, medium and large firms. Entrepreneur is the significant personnel in setting up of a company and drives its operations and performance. Every business initially begins within a small setting, and the entrepreneur helps in building it large with his innovative, creative ideas, opinions and strategies in running a new business (Ramirez et al. 2016).

Briefly person responsible in the foundation of a business is called an entrepreneur.it is their willingness, strategy, planning towards setting up of a business that makes him a successful entrepreneur along with the personality traits like innovation, authorial power, patient, moral, practical, creative etc. the most well-known entrepreneurs of the world include Oprah Winfrey, Walt Disney, Steve Jobs, Benjamin Franklin and other personalities.

We can call them as the personalities who are born to be successful entrepreneurs

(Grimes

et al. 2013). They have been inspiring the

entrepreneurs of world at large and motivates and encourages them in being a perfect entrepreneur. Through their work, they set examples to the millions of entrepreneurs who are running their business across the globe. With the rise of global economy and advancement, more successful entrepreneurs are emerging with more ideas and strategies. All these personalities over the years have been taking risks and challenged the world in making their business and dreams large and have succeeded in creating a global outlook Make your academic document flawless by availing our assignment editing proofreading service at very nominal rates.

catering to the people across the globe. It is the entrepreneurs who are significant in the decision-making process and plan the work structure, and divide the employee work into different segment. Besides, they deal with funding arrangements, fulfilling the needs of the stakeholders and catering towards meeting the demands of the customers rather appealing the world at large. Apart from the positive specks of business that the entrepreneur look into, the crisis, finance, social and economic crisis, lack of employment, performance fall, customer dissatisfaction is also assessed and examined by them (Cramer, 2016). On the whole, the successful entrepreneurs are the driving force in running a business. A successful business entrepreneur has certain skills such as implementation of creative ideas, effective planning, use of business techniques, ideas, utilization and methods, exploration n and ensure continues learning, helps in meeting changes and challenges, continuous improvement and development, identification of risks, handling uncertainty and ambiguity. effective use of technology and performance and talent management and control.

P6:

Aspects of the entrepreneurial personality that reflect

entrepreneurial motivation and mindset: It is the discipline, learning, development of a child with marked exceptions, thought quality, intellectuality that gets out the most from a person and building in a successful person, similarly, entrepreneurship is influenced a lot from a business family that helps the individual in emphasizing on the pursuit of opportunities and expand and identify the unique qualities. Family is an important driving force in the life of an entrepreneur as he is brought under motivated group of people who has fostered his education and skills as family upbringing affects a lot in the growth and development of an individual (Arend, 2013). Family businesses help the individual in educating and understanding of the management, development, governance, authority, profit. Proper education does not only refer to the institutional education but the disciple, knowledge gathered from and within a family that may or may Make your academic document flawless by availing our assignment editing proofreading service at very nominal rates.

not be a business family. There are other personality traits that motivate an entrepreneur. The successful entrepreneurs have ben embracing family perspective and practices and have started working in developing family business with effective approaches. There have been several researches that have studied the influence of families over entrepreneurship. The personality of the entrepreneur needs to be influence and motivate other members and employees towards attaining the targeted gaols. In order to plan effective business plan, it is important for the entrepreneur in understanding the location, environmental and social and economic factors that govern the business et up and arrange funds, shareholders and investor who will help in raising funds and invest in building of the business firm, alongside need to strategize the appointment of the professionals, key personnel towards attaining the goals and recruit effective team in developing the productivity.

All these factors together foster and enhance the business structure (Gandhi

et al. 2015). In addition, the entrepreneur need to analyse the business situation, collect data, research and survey, plan, assess and execute.

Therefore, levels of implementation of the business plan stands as the crucial factor towards establishment of successful business firm. The life of a business structure depends much on the cash flow and fund. Therefore, it is important to find trust, loyal and efficient investors, promote markets strategy, services and establishes proper distribution and supply channel that generates profit while identifying the targeted customers and promote the quality of products and brand keeping in mind the target profit. Strategic money management is significant and proper reports and records need to be regularly monitored in relation to the profit structure, inventory, supplies, wages, funds etc. however, the most important factor being the satisfaction of customers and clients without whom there can be no business. The entrepreneur above all need to cater towards the fulfilment of the customer’s need and requirements and produce quality goods and services by planning strategic policies, presentations, advertisements, customers Make your academic document flawless by availing our assignment editing proofreading service at very nominal rates.

service, campaigns etc. besides, it is important to collect the feedbacks and reviews that will also allow the customer in being a part of the decisionmaking process and help in improving the existing products (Gedeon, 2014).

P7: Influence of past experiences and other factors in determining successful innovators: It is not easy to become a successful entrepreneur, one travels through failures hardships, complexities, risks in order to become successful. An entrepreneur need to fall only to learn a lesson, ever failure itself is a lesson.

The failure and bad experiences give birth to learning outcomes and help the entrepreneur in improving one self. Therefore, the most important thing is to muster confidence so that one can still have confidence after several failures and need to boost up one’s ability (Cassar, 2014). Through the past experiences one learns how to turn a vision to a strategic and successful business operations and master ability in formulating and implementing the strategized market and financial plan. It is important to recruit a core team who will live on the motto and the vision of the company and help in building it a large and preserve one’s own commitment and performance. The most important quality of an entrepreneur is to adjust and have patience while implementing the business plan and adjust the business operations in relation to the existing economic and market conditions. Entrepreneurship education is significant for one to have right knowledge about the process (Randøy et al. 2015). Proper education helps in providing effective knowledge, skills, current data, and accordingly motivate the entrepreneurs towards fulfilling every level of setting a business. Every nation is determined by economic social and cultural environment. National culture influences the entrepreneur as the cultural value norms, perspectives motivates the entrepreneur towards effective decision making. The policies of the government, diverse culture, innovative thoughts all plays a vital role in the development and growth of the business company.

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Conclusion: In order to be successful in implementing effective business plan, innovation is

important

in

the

part

of

entrepreneurship.

Proper

planning

and

implantation help in setting up of a firm and sustain development. The personality and character traits have an effect on the running of the business operations, as the whole business in influenced by the entrepreneur traits that is applied in producing best goods and services. In addition, the entrepreneur needs to focus on the financial innovation that will be able to meet

the

infrastructural,

technological

and

customer

needs

and

requirements. It is therefore important in practicing innovative entrepreneur activities, policies in expanding the brand name and be successful market leaders in the competitive world and contribute to the world economy and development.

Sample Report on Entrepreneurship And Small Business Management To Buy Complete Assignment Help Writing Services Kindly Contact Us :Toll Free: +61 879 057 034 Email - help@assignmentprime.com Website - www.assignmentprime.com

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References ● Arend, R.J., 2013. A heart-mind-opportunity nexus: Distinguishing social entrepreneurship

for

entrepreneurs.

Academy

of

Management

Review, 38(2), pp.313-315. ● Autio, E., Kenney, M., Mustar, P., Siegel, D., & Wright, M. (2014).

Entrepreneurial innovation: The importance of context. Research Policy,

43(7), 1097-1108 ● Cassar, G., 2014. Industry and startup experience on entrepreneur forecast performance in new firms. Journal of Business Venturing, 29(1), pp.137-151. ● Cramer, S.M., 2016. Teaching and Researching Entrepreneurship: the Small

Business

Institute

2016.

Ticker:

The

Academic

Business

Librarianship Review, 1(3), pp.7-9. ● Gandhi, S.J., Robb, C., Hope, T., Wilson, M., Hecht, D., Hofbauer, G., Jattke, A. and Vijayraghavan, V., 2015. Development of a Tool to Evaluate Innovation

Practices

and

Entrepreneurship

in

an

International

Context. Development of a Tool to Evaluate Innovation Practices and

Entrepreneurship in an International Context. ● Gedeon,

S.,

2014.

Application

of

best

practices

in

university

entrepreneurship education: Designing a new MBA program. European

Journal of Training and Development, 38(3), pp.231-253. ● Grimes, M.G., McMullen, J.S., Vogus, T.J. and Miller, T.L., 2013. Studying the origins of social entrepreneurship: compassion and the role of embedded agency. Academy of management review, 38(3), pp.460-463.

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