BUS020C415S Entrepreneurship and Small Business Management Level 5

Introduction

Entrepreneurship and small-business management is necessary for the local government in order to develop and improve domestic market which lead towards economical growth and development. The report will cover entrepreneurship and different types of typologies with the main sources of generating business and entrepreneur idea. In addition to this, impact of small-business business on economy and international aspect of entrepreneurship will be discussed in this report. Finally, the report will demonstrate key aspects of an entrepreneurial mindset and different environments that foster or hinder entrepreneurship.

LO 1

P1 Entrepreneurship and different types of typologies

Entrepreneurship: This is a process by which an individual have responsibility to working with effectiveness in order to showing the capacity to develop, organise and manage business venture along with taking risk in the business in order to getting profitability. This is a first step of starting a new business in industry (Abebe, 2014). In case of UK, in today's world, there are numbers of entrepreneur are arising in the nation which is running in the industry in sufficient form.

Entrepreneurship ventures

Lifestyle business: It is a business set-up run by primarily founders with the aim of managing a particular level of income to deliver foundation to enjoy a lifestyle effectively. These are accessible and also effective.

Small business entrepreneur: Small business entrepreneur is those who make efforts in order to serving different kinds of small types of products and services to getting sustainable income.

Large business entrepreneur: Large business entrepreneur furnishing large amount of products and services in industry to generating wide range of profitability form marketplace. Large companies come up into market by introducing large volume of different types of products.

Scalable business entrepreneur: Scalable entrepreneur is one of the essential business start-ups which comes into marketplace by introducing unique and innovative products as per customer's needs and demands.

Typology of entrepreneurship:

Entrepreneurship can be defined as a start up, in public and private sector which has potential to taking initiatives to introducing various kinds of new business services in industry. Several types of enterprises are working in industry, such as micro, small and medium size of entrepreneurs are working in industry in order to completion of various tasks of the businesses.

Define entrepreneurship: Entrepreneurship is an effective terms in which, an individual take risk and implement innovative idea in case of execution of business functionality in industry in order to start up a new venture. It has been seen that, there are numbers of entrepreneurs are working in the UK, which is providing innovative products and services as per modern demands of customers. Entrepreneurship spirit is characterised by completion of various task in the business in order to completion of various business activities in industry in relevant form.

Entrepreneurial activities: In order to execution of various business activities, an entrepreneur must need to make sure that, all business activities is being done at workplace in respective manner in order to completion of various tasks in firm.

  • An enterprise need to make planning of formation of new products and services which has potential to satisfy each customers needs in proper way. They have to planning for new products which can raise sales of the company (Entrialgo and Iglesias, 2016).
  • An enterprise also must have potential knowledge about brainstorming to the next business, multiple numbers of business opportunities is being arising in the industry, and the have to figure out the best idea by brainstorming to execution of new businesses.
  • An entrepreneur also should make efforts to formation of effective strategies for new movement of attractive marketing moves, by which they can promote their various business activities and products in appropriate form.

P2 The difference between serial interpreters and intrapreneur:

Entrepreneur of a company has responsibility to taking risk of all activities which is being done in their venture.

The central difference between entrepreneurs and intrapreneurs is the setting in which they work. “An intrapreneur is an inside entrepreneur, or an entrepreneur within a large firm, who uses entrepreneurial skills without incurring the risks associated with those activities,” Investo-pedia explains. Enterprise takes high level of risk for functioning business activities. Intrapenure of a company takes minor level of risk for completion of various business activities.

In addition to this, Entrepreneur is responsible for taking all the risks in activities done in venture effectively. Interapenure has liability to promote innovative services in order to develop market activities. Enterprise has high risk of functioning business activities. Intrapenure of a firm has liability within a company who promote innovative products and services development and marketing activities of business.

Similarities between business ventures:-

SMALL-BUSINESS

LARGE BUSINESS

SOCIAL VENTURE

Production is limited because few workers are involved in business.

Employees and other members are involved in all operational activities and profits are high.

Large number of employees in order to work for the well fare of society.

Local workers are used to do small-business.

Employees came from different countries in order to show their talent in business a

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