AB_Unit 9_ESBM_Semester_26th March 2021.docx - Unit 9 Entrepreneurship and Small Business Management Table of Contents Introduction.3 Different types of

AB_Unit 9_ESBM_Semester_26th March 2021.docx - Unit 9...

This preview shows page 1 - 5 out of 15 pages.

Unit 9 Entrepreneurship and Small Business Management
Table of Contents Introduction ................................................................................................................................................. 3 Different types of entrepreneurial ventures .................................................................................................. 3 Similarities and differences between various types of entrepreneurial ventures .......................................... 5 Understanding of entrepreneurship in private and public sector .................................................................. 6 Entrepreneurship of private sector ........................................................................................................... 6 Entrepreneurship of public sector: ........................................................................................................... 6 Relevant data and statistics for illustrating the impact of micro and small businesses on the economy ....... 6 Importance of start-ups and small businesses for the social economic growth ............................................ 7 Differences between small, medium and large businesses and its impact on economy ................................ 8 Characteristics traits and skills of successful entrepreneurs ......................................................................... 8 Entrepreneurial mindset and motivation provided by entrepreneurial personality ....................................... 9 Different arguments relating to the entrepreneurial characteristics ............................................................ 10 Environments for Fostering and Hindering Entrepreneurship .................................................................... 11 Rewards and Risks Related to a Start-up of Business ................................................................................ 11 Conclusion ................................................................................................................................................. 11 References ................................................................................................................................................. 12 2
Introduction Entrepreneurs are the people who have certain skills and knowledge for being an effective innovator or leader. They have strong determination and potential to bring change in the world of economy. It is a procedure of creating, launching and conducting a new business. It is generally a small business at first, but if the innovator has enough potential, knowledge and required skills of a business; he tries to make it big which creates a new impression on the social economy. Most of the time the start-up businesses close due to lack of fund, proper governing policies, inadequate strategies, for the crisis of economic, due to lack of market demand or sometimes for all the above mentioned reasons (Atef and Al-Balushi, 2015). In the area of economics; a person who has the potential and ability to transfer an innovation or a technology into a new product or service; is called an entrepreneur. Regarding this sense, the entities of both an established business brand and a new business can be referred as an entrepreneur (Baldock and Mason, 2015). In this project; different types of entrepreneurial ventures, the similarities and dissimilarities between them, the concept of entrepreneurship in both public and private sector, 3
the importance of start-up businesses, various skills and mindset of entrepreneurs will be discussed thoroughly. Different types of entrepreneurial ventures Entrepreneurs are referred as the overall process of creating, launching and conducting new businesses. But people have different visions and aspirations for the type of business they want to create. Every entrepreneur executes his/her business based on his/ her own characteristic, skills and personality. Everyone’s views are different also (Beckmann et al ., 2014). Some people want to work hard for getting success, while some want to invest a good amount of capital for the establishment of business. On the other hand; some people want to focus on social welfare more than only financial growth. There are mainly nine categories of entrepreneurship. These are

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture