Types of Entrepreneurship

1. Small business entrepreneurship

Small business entrepreneurship is often when a person owns and runs their own business. They
typically hire local employees and family members. Local grocery stores, hairdressers, small boutiques,
consultants and plumbers are a part of this category of entrepreneurship.

2. Large Company Entrepreneurship

This type of entrepreneurship is for an advanced professional who knows how to sustain innovation.
They are often a part of a large team of C-level executives. Large companies often create new services
and products based on consumer preferences to meet market demand. Companies such as Microsoft,
Google and Disney are examples of this kind of entrepreneurship. This type of company is solely
dependent on continuous innovation.

3. Scalable Startup Entrepreneurship

This kind of entrepreneurship is when entrepreneurs believe that their company can change the
world. Scalable startups look for things that are missing in the market and create solutions for them,
many of these businesses are technology-focused. Examples of scalable startups are Facebook,
Instagram and Uber.

4. Social entrepreneurship

An entrepreneur who wants to solve social problems with their products and services is in this category
of entrepreneurship. Their main goal is to make the world a better place. They don't work to make big
profits or wealth. Instead, these kinds of entrepreneurs tend to start nonprofits or companies that
dedicate themselves to working toward social good.
 Characteristics of Entrepreneurship

 Ability to take a risk

Starting any new venture involves a considerable amount of failure risk. Therefore, an entrepreneur
needs to be courageous and able to evaluate and take risks, which is an essential part of being an
entrepreneur.

 Innovation

It should be highly innovative to generate new ideas, start a company and earn profits out of it. Change
can be the launching of a new product that is new to the market or a process that does the same thing
but in a more efficient and economical way. Bring something new to the table.

 Open-Minded

In a business, every circumstance can be an opportunity and used for the benefit of a company. A
situation might pop up when you expect it not so be ready to embrace it and run with the business
opportunity it provides.

 Flexible

An entrepreneur should be flexible and open to change according to the situation. To be on the top, a
businessperson should be equipped to embrace change in a product and service, as and when needed.

Importance of Entrepreneurship

Create Employment

Entrepreneurship firms contributed a large share of new jobs. It provides entry-level jobs so necessary
fur training or gaining experience for unskilled workers.

Enhance Innovation

Entrepreneurship is fostered based on innovation which will always have entrepreneurs developing new
ideas and bringing them to life. The wider society benefits significantly as more products and ventures
are made available.

Increase Standard of Living

Entrepreneurship provides enormous kinds of a product of various natures by

their innovation. Besides, it increases the income of the people who are
employed in entrepreneurial enterprises which will in return allow them to
have more spending power.

Solve Existing Problems

Entrepreneurship is driven mainly by innovation and creativity and with those
two variables existing problems in society can be fixed as entrepreneurs will
often times trying to develop something in order to solve a problem through
innovation.

Functions of Management

Planning

It is the basic function of management. It deals with chalking out a future course of action & deciding in
advance the most appropriate course of actions for achievement of pre-determined goals of the
organization. “Planning is deciding in advance - what to do, when to do & how to do. It bridges the gap
from where we are & where we want to be”.

Organizing
It is the process of bringing together physical, financial and human resources and developing productive
relationship amongst them for achievement of organizational goals. To organize a business involves
determining & providing human and non-human resources to the organizational structure.

Staffing

The main purpose of staffing is to put right man on right job i.e. square pegs in square holes and round
pegs in round holes. “Managerial function of staffing involves manning the organization structure through
proper and effective selection, appraisal & development of personnel to fill the roles designed in the
structure.

Directing:

It is that part of managerial function which actuates the organizational methods to work efficiently for
achievement of organizational purposes. Directing is that inter-personal aspect of management which
deals directly with influencing, guiding, supervising, motivating sub-ordinate for the achievement of
organizational goals.

Controlling

Controlling is the measurement & correction of performance activities of subordinates in order to make
sure that the enterprise objectives and plans desired to obtain them as being accomplished.
Executive Summary

The executive summary of your business is where you are going

down to work in order to give the readers of your business plan the
very best impression of your business. You will provide a very short
and optimistic overview of your business.

 Describe your mission - what is the need for your new business?

 Introduce your company and the management and ownership.
 Describe your main product and service offerings.
 Briefly describe the customer base you will be targeting and how
your business will serve those customers.
 Summarize the competition and how you will get market share
(i.e., what is your competitive advantage?)
 Briefly outline your financial projections for the first few years of
operation.
 Describe your start-up financing requirements (if applicable).

Company Description

 Describe the overall nature of the industry, including sales and

other statistics. Include trends and demographics, and economic,
cultural, and governmental influences.
 Describe your business and how it fits into the industry.
 Describe the existing competition.
 Describe what area(s) of the market you will target and what
unique, improved or lower cost services you will offer.

Products and Services

 Describe your product or service, how it benefits the customer, and what
sets it apart from competitor offerings

Marketing Plan
A description of how you intend to entice customers to buy your product(s) or
service(s), including advertising/promotion, pricing strategy, sales and
distribution, and post-sales support if applicable.

Operational Plan

The operating plan outlines the physical requirements of your business, such as
office, warehouse, retail space, equipment, inventory and supplies, labor.

Management and Organization

Describe managers and their roles, key employee positions, and how each will
be compensated.

What’s the legal structure of your business will be like unto.

Financial Plan

How are you going to finance your business?

Appendix

Include all possibly documents