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Roles and Objectives of Private, Public and Social Enterprises : Report

   

Added on  2020-07-22

13 Pages4151 Words82 Views
Leadership ManagementEntrepreneurshipProfessional DevelopmentSociologyPolitical Science
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ENTERPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
Roles and Objectives of Private, Public and Social Enterprises : Report_1

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures.......................................................................1P2 Similarities and differences between entrepreneurial ventures.........................................2P3 Impact micro and small business have on the economy...................................................3P4 Importance of small businesses and business start-ups for social economy.....................4TASK 2 ...........................................................................................................................................5P5 Characteristic traits and skills of a successful entrepreneur..............................................5P6 Factors of entrepreneurial personality reflecting motivation............................................6P7 Person’s background and past experiences to hinder or foster entrepreneurship.............7CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
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INTRODUCTIONEntrepreneurs are that people who improve economies of nations, with their efforts andinnovation in their business establishment. Entrepreneurship can be defined as the capability toestablish, manage and develop a business venture by facing its risks as to make profit.Economically, it is said to be the combination of land, labour, capital and natural resources forproducing profit. Small businesses are a major part of the national economy and its managementconsists of many important factors (Schaper and et. al., 2014). This report will be dealing withvarious types of entrepreneurial ventures and, their similarities and differences between eachother. Roles and objectives of private, public and social enterprises will be discussed within thisreport. The project will also be focusing on the importance of small businesses for regional,national and international economies. The report will also highlight the personal skills and traitsof entrepreneurs that influences their business ventures and the impact of their personalbackground and education in hindering or fostering their business.TASK 1P1 Different types of entrepreneurial venturesThere are a lot of types in business ventures and entrepreneurship, classified according todifferent factors such as ownership and size. The classifications of business ventures accordingto the ownership are: Public Enterprises: Business organisations that are completely or partially owned andoperated by state authority. Some times such firms are placed in public ownershipbecause the services or products they provided are by state monopolies. Utilities, such asgas, electricity and particular forms of transport can be taken as examples (Bridge andO'Neill, 2012). They basically perform their operations as for public services and not toearn revenues.Private Enterprises: These can be referred to as the business firms that are owned andoperated by private individuals or group of individuals for profit and not for anygovernment or governmental agencies. They may be departmental stores, constructioncompany, etc. They mainly target financial profits and the development of theirorganisation. There are a range of private entrepreneurship ventures classified accordingto the number of owners:1
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◦Sole Proprietorship: A business owned and operated by a single individual. It isunderstood to be the simplest form of business one could establish with no separatelegal entity (Storey, 2016). The business is totally dependent on that single person.Sole proprietorships may be services like plumber, electrician, departmental stores,etc.◦Partnerships: These are businesses owned by two or more individuals. In this, all thepartners may be a part of the operations of the business or may be one takes theresponsibilities of operations, depending on their skills and abilities. Active partnersare the ones who keep themselves engaged in the business whereas sleeping partnersare the ones who just invests by providing a share of capital but doesn't contribute inthe operations.◦Private Limited Companies: These are small to medium sized organisations run bysmall group of owners or even families. Such companies generally offer limitedliability and legal protection for their shareholders but has certain terms andconditions to be made applicable for regarding its ownership.Social Enterprises: These are not actually business ventures, but these organisations areestablished to complete a social mission. Usually, such enterprises are established andoperated group of individuals with an aim of creating the world a better place. These arenot for profit organisations and may include charity trusts working for social reasons.They mostly work in the sectors such as education, healthcare and other specific socialawareness segments such as child labour, human trafficking, domestic violence, etc.P2 Similarities and differences between entrepreneurial venturesEven though public, private and social ventures are differentiated on the basis ofownership, there are some points at which they can be found similar to one another (Chaston,2014). Orientation of customer services: Both sectors gives importance to their customers.The customer of private enterprises are considered the king of their market as the privatefirms are totally dependent on them for survival, whereas the public sector is establishedfor the only purpose of public service. Even though their base of customers widelyvariable but their operations are mostly focused on meeting the customers' needs. Social2
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