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09-10-2022 Unit 9 Entrepreneurship and Small Business Management
Unit 9 Entrepreneurship and Small Business Management
Unit 9 Entrepreneurship and Small Business Management is an interesting part of your course. This unit helps you to understand the significance and the management of entrepreneurship and small business. By leaning this unit, you will be able to find out the key strategies and the usefulness of both the terms. If you are unable to complete your assessment due to any reason, you may contact us or place an order with us directly to get this assignment done in best prices.
Introduction: Entrepreneurship is all about coming up with great innovative ideas that can change the world. Pulling off an idea is not a piece of cake as it asks for effort and lots of sacrifices. Furthermore, it involves risks that include financial risks, risk of losing your loved ones, risk of losing your savings and assets, etc.
Examine various types of entrepreneurial ventures and
1) Small business entrepreneurship: Small business entrepreneurship is considered to be small businesses but with the aim of growing it and turning it into a national or international chain or franchise. All the grocery stores, barber shops, and milk shops, in your locality, are some examples of small business entrepreneurship. Entrepreneurs possessing small businesses gather capital from their family, friends, savings, or small business loans.
2) Scalable startup entrepreneurship: This entrepreneurship venture involves the use of technology to create something new and innovative. They attract investors through their business idea and they start from the very bottom. Most of the tech companies in Silicon Valley fall under the scalable startup entrepreneurship model.
3) Social entrepreneurship: Social entrepreneurship is a result-driven model where the entrepreneur comes up with an idea that could solve a society’s issue. The entrepreneur is more focused to come up with a solution to the issue and make people’s life comfortable. Making money out of it is never their purpose because they believe in bringing positive changes and creating an impact.
4) Large business entrepreneurship: large business entrepreneurship model is different from the three models mentioned above. This model rotates around starting a new venture where you see new opportunities to ace. It’s like figuring out cracking new chances of building new business from an existing business through creativity and innovation.
Impact of small business on the economy
Small businesses are like engines that keep the machines running. The main problem is that small businesses don’t get the attention and praise they deserve. The media focuses on covering the businesses that are big and making huge profits. They also cover the scandalous scenes carried out incorporates. They are unaware that small businesses keep the economy running.
According to a report, small businesses create two-thirds of the new jobs, and yet they are not acknowledged. Small businesses are the main reason for the smooth running of the economies because bring innovation to the market. They also contribute to creating new patents and according to a survey, small businesses produce 16 times more new patents per employee than large companies. Small startups with less than 10 employees produce a large number of these patents.
Despite contributing so much to the economy and eradicating unemployment from society, small businesses don’t get the benefits from the government as the large corporates do. They don’t get the same tax breaks as the large companies along with this, they also don’t get the incentives for production and research and development. Although small businesses create plenty of jobs, develop products, pay sales and property tax, and use local vendors to support local services, and still their effort is not acknowledged by the government. If you wish to have all of this information included in your Unit 9 Entrepreneurship and Small Business Management assignment then place your order today and get plagiarism free answers with guaranteed pass.
Definition of creativity and innovation
Creativity: Creativity is defined as a quality of an individual to generate ideas, and alternatives, coming up with solutions to a problem in a unique and unusual way. In other words, it can be described as how beautifully can a person think in given circumstances.
It does not come from genetics but since it is a skill so it can be developed by learning new things, comprehending things in a unique way, and thinking out of the box. A creative person unveils things that were previously hidden and brings them into the light.
Innovation: Coming up with new ideas and executing them to create new things is called innovation. It can also be described as the act that could bring value to a business, society, government, or organization. Innovation is done in a smarter way. Innovation introduces:
New product line or segment
A new method of production
Bringing improvement to the existing product
Innovation has to do with creating new things that were never been discovered or created by anyone. It is the creation of new and great ideas and bringing positive changes. Innovation is also termed as the change that brings new changes into a product, technology, etc. that benefit an organization.
Difference between creativity and innovation:
Basis of difference
Involvement of money
Thinking something new
Introducing something new
Involvement of risk
Where do entrepreneurial ideas come from? Unit 9 Entrepreneurship and Small Business Management Explains!
1) Improve an existing product: This is one of the most common reasons that urge individuals to think out of the box and come up with a new idea to improve an existing product. There could be many reasons why they want to change a product such as the product is not user-friendly, is expensive, or has some faults.
2) Identifying a problem and solving it: If you possess a great mind and you see things with open eyes, you will come across problems that are needed to be solved. Let’s just take an example of a ride-hailing company called Uber. Uber provides a ride-hailing service that helps travelers to book a ride at a reasonable price.
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