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Understanding Entrepreneurship and Small Business Management Assignment

Added on - 08 Dec 2020

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1Understanding Entrepreneurship and Small Business ManagementExecutive SummaryIn this brochure I have discussed about the various types of entrepreneurial ventures and thecontributions of micro, small, medium and large business in the Nepal economy. In thisbrochure I have provided some advice and market intelligence to small businesses andentrepreneurs so that they can get little more knowledge about the entrepreneurship and smallbusinesses management. In this brochure you can find out the importance of entrepreneurialventure and small businesses impact on the economy of the Nepal. Whereas how start-up andsmall businesses are contributing to the economy of Nepal are also defined.BTEC HND in Business (Suman Jaiswal)
2Understanding Entrepreneurship and Small Business ManagementEntrepreneurship is a method to startup an idea for business taking the account of thebusiness risk in both the economic and administrative aspect of the business. Theentrepreneurship can be categorized into different ownership organization. In taking the stepto entrepreneurship, certain skill set and aspect towards the business in need for the businessto grow in near future. The experience and the research in the new startup will help to prosperor hamper the business in the near foreseeable future. The research will focus on the differenttypes of entrepreneurial endeavors, its impact on the economy of the business Apart fromthis, theskillsand mindsetneededto set up acommercial businesswill beelaboratedalongsidewith theexperienceand personalhistory to the businesscanhave aneffect ona start-up business.[ CITATION Set191 \l 1033 ]An organization which places innovation and opportunism at its heart in order to produceeconomic or social value is known as Entrepreneurial Ventures. Entrepreneurial Ventures iscentered on presenting advisory services to early and mid- level business. Entrepreneurialventures arecenteredonpresentingadvisoryservicesto early and mid-levelbusinesses.Entrepreneurial ventures create massive wealth more than any other regular businesses andthese kinds of ventures have more risk than any other businesses because they innovate newideas which is do not exit in the market. Entrepreneurial ventures are generally comparedwith the entrepreneurial characteristics.The entrepreneurial venture types which are related to the typology ofentrepreneurship are explained below:1.Small Business EntrepreneurshipSole owner and few numbers of employees in a startup business are known to be smallbusiness entrepreneurship. The revenue generation is quite less, and the ownership solelyfocuses on getting new clients to make their business into a commercial one. Meeting thedemands with their product to the existing client and marketing for the new clients are thework done in such startups. These types of startups are usually family business and run by thefamily members or business startups between friends. But small businesses are quiteinnovative with new product and services an in future will grow speedily.BTEC HND in Business (Suman Jaiswal)
3Understanding Entrepreneurship and Small Business Management2.Scalable Startup EntrepreneurshipThese types of businesses have a consistent idea for doing business repeatedly in the nearfuture. These type of business focuses in providing new and quality product or services in theconsumers. The "NEW IDEA" is what draws the attention of such business. These types ofnew ideas which the entrepreneurs believe to change the world with it.3.Large Company EntrepreneurshipThese types of ventures have a consistent amount cycling product and services which neverfails to fulfill the demand. The demand of the consumers and the recent trends are ever-changing alongside the new competition, regulation that forces the large organization in tothe new ideas and product for an entirely new market. However, the large size of theorganization makes the innovation difficult.4.Social EntrepreneurshipThese type of entrepreneurship focuses on solving the social problems of the society byintroducing and delivering the demanded product and services in the market. Theorganization Focuses on Making the World a better place to live in. These types ofentrepreneurship can be profitable or non-profitable organization.Above were the different types of entrepreneurial ventures which were related to typology ofentrepreneurship.BTEC HND in Business (Suman Jaiswal)
4Understanding Entrepreneurship and Small Business ManagementThe similarities and the differences between the entrepreneurial ventures are as follow:FactorsSmall BusinessEntrepreneurshipScalable StartupEntrepreneurshipLarge CompanyEntrepreneurshipSocialEntrepreneurshipAim andObjectivesGeneration ofsmall revenue withless product andservices but stableflow of deliveredgood in the marketThese type ofbusiness focuseson providing newand innovativeideas to achievehigh productivityfor the investors.These type oforganizationfocuses on provingthe large numberof products,services in themarket.Theseorganizations aimto provide productand services tohelp the worldmake a betterplace.RisksRisk are lower butcompetition can behigh with the samesized organization.The risks are highconsidering thehigh investment inthe business andpossibly unsureinvestment returnin achieving therequired salesvolume.The risks are lessconsidering theproduction of largenumber ofproducts whichwill cover-up anyinvestmentThe risks are nothigh because mostof these types oforganizations arenon-profitable orgovernmentfunded.EmployeeNumberEmployees are notmore than 50Depends on thestructure and sizeof theorganization.Employees can bemore than 1000.Depends on thesize of thebusiness.StructureNo properorganizationalstructure, oftenruns solely by thefamily membersand friends.Mainly investmentcooperation's andequities-basedpartnership.The organizationstructure iscomplex andconsists ofhierarchy and canbe private limitedor public limited.[ CITATION Lie17 \l1033 ]Manygovernmental ortrusties-basedorganizationBTEC HND in Business (Suman Jaiswal)
5Understanding Entrepreneurship and Small Business ManagementAbove were the similarities and differences between entrepreneurial ventures.Micro and Small businesses impact on the economy with relevant data and statistics.The micro and small business cover a high part and contribute high in the economy of acountry. There are a number of micro and small businesses in our country. The number ofmicro and small business is increasing over a time and helping our country by generatinghigh revenue by providing different kind of job opportunities and introducing new productand services to the consumers. Micro and small business are helping us to use our home baseproduct and utilize it in an effective way.In Nepal, the number of micro and small businesses are highly different industry and thereare more than 1 million small and micro businesses which has been established in Nepalwhich is almost 64% of all the businesses in the country. Therefore, micro and smallbusinesses generate more revenue by highly contributing to the Gross Domestic Product(GDP) of our country. These micro and small businesses provide 62% employment and 33%of total turnover in our country.[ CITATION nep17 \l 1033 ]EmploymentTurnoverBusinessMicro andSmall62%33%64%Medium4%14%22%Large34%53%14%BTEC HND in Business (Suman Jaiswal)
6Understanding Entrepreneurship and Small Business ManagementMicro and SmallMediumLarge0%10%20%30%40%50%60%70%Chart TitleEmploymentTurnoverBusinessAccording to above graph, the number of micro and small business is much higher than anyother businesses like medium and large businesses in Nepal. In the graph it shows that highnumber of employment and turnover is given by the micro and small businesses in ourcountry. These micro and small business helps to generate revenue and helps to export ourproducts in international market to earn foreign currencies and contributes to the economy ofNepal.BTEC HND in Business (Suman Jaiswal)
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