small business management(Quality Approved).doc - Entrepreneurship Table of Contents INTRODUCTION.1 TASK 1.1 P1 Different types of entrepreneurial

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Entrepreneurship
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Table of Contents INTRODUCTION ........................................................................................................................... 1 TASK 1 ............................................................................................................................................ 1 P1 Different types of entrepreneurial ventures and its related typologies .................................. 1 P2 Similarities and difference between entrepreneurial ventures ............................................... 3 TASK 2 ............................................................................................................................................ 5 P3 Assess and interpret how small and micro business impact on economy .............................. 5 P4 Small firms and start-ups contribute to growth of social economy after 'Brexit' .................. 7 TASK 3 ............................................................................................................................................ 8 P5 Characteristics, traits and skills of entrepreneurs and differentiation with manager ............. 8 P6 Entrepreneurial personality reflect entrepreneurial motivation & mindset ......................... 10 TASK 4 .......................................................................................................................................... 12 P7 Examine background and experience can hinder or foster entrepreneurship ...................... 12 CONCLUSION ............................................................................................................................. 13 REFERENCES .............................................................................................................................. 14
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INTRODUCTION Entrepreneurship is activity which is conducted by a person to incorporate a new business and for utilising their skills and money to gain income. For this, individual conduct market research to gain information about different opportunities. This undertaking helps an individual to frame creative and innovative business ideas to set up firm's position and image in market ( Baum, Frese and Baron, 2014 ). Present assignment is based on Joe Woods who is starting an IT business to provide online payment facility to merchants. This report specifies different forms of venture and its relationship topologies. In market there are various forms of entrepreneurial ventures which have similarities and differences in regard to their operations and objectives. The manner in which small businesses and start-ups firms help economy of UK is also described in this assignment. An entrepreneur require to have adequate skills, characteristics and traits to make business successful. Along this, their background and experience foster or hinder entrepreneurship is stated in report. TASK 1 P1 Different types of entrepreneurial ventures and its related typologies An entrepreneur is person which search and find appropriate idea which they execute in running a business with aim of achieving reward. They even require to bear risk of loss as business environment is dynamic and keeps on changing with time. For this, individual require to have capability to handle risk and conduct activities effectively to deliver quality oriented items and services to people. Along this, they are even required to have sufficient resources for implementation of business ideas and sustain firm's position in market (Blackburn, Hart and Wainwright, 2013). Types of entrepreneurs: Serial entrepreneurs: These are individual which have innovative ideas that they use in starting a new venture. In other words, Serial entrepreneurs are the one who after running their business successfully further move on to start of their new business. But, after some time, entrepreneur transfer ownership and sell venture to another person to make them conduct business operations.
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