Entrepreneurial and Small Business - UK
Added on 2021-02-19
25 Pages6725 Words66 Views
Entrepreneurial andSmall Business
EXECUTIVE SUMMARY Entrepreneur and small business management plays a vital role in business growth anddevelopment as they seeks for constant innovation in order to gain competitive advantage. Thisreport covers various types of entrepreneurial venture and its relation with its typology, impact ofmicro and small business on UK economy. Finally, how entrepreneur are different frommanagers with the help of examples from local, social and international successful entrepreneur.
Table of ContentsEXECUTIVE SUMMARY ............................................................................................................2INTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................4P1 Types of Entrepreneurial venture and their relationship with typology of entrepreneurship4P2 Similarities and difference between Entrepreneurial venture ........................................7TASK 2............................................................................................................................................9P3 Impact of micro and small business on an economy.........................................................9P4 Importance of small business and startup companies for growth of social economy.....13TASK 3..........................................................................................................................................15P5 Characteristics, traits and skills of successful entrepreneur and differentiate them withbusiness manager..................................................................................................................15P6 Entrepreneurial personality reflect their motivation and mindset ..................................19TASK 4..........................................................................................................................................20P7 Background and experience can hinder and foster entrepreneurship .............................20CONCLUSION .............................................................................................................................22REFERNCES ................................................................................................................................23
INTRODUCTIONAn entrepreneur is an individual who has an ability or capability to establish, organize,manages an entire operation or function of an enterprise as well as assumes all risks and reward.Moreover, entrepreneur is regarded as an essential tool for economic development or growth asthey take initiative to identify or analyses business opportunity and adapts innovative technologywhich leads them to attain high profitability ratio (Baum, Frese and Baron, 2014). Likewise,entrepreneurship is the act of entrepreneur who establishes and run a business like small businesswith an aim of generating maximization of profit with an optimum utilization of resources.Along with this, one of their main function which makes them differ from business manager isfunction of innovation and risk bearing as they attempt to recognize business opportunities andbears all risk through communicative and management skills. This report covers several types ofentrepreneurial venture and their relationship with typology of entrepreneurship, similarities anddifferences between entrepreneurial ventures. Moreover, influence of micro and small businesson an economy, to the growth of social importance of small business and startup to the growth ofsocial economy. Finally determination of characteristic, trait and skills of successful entrepreneurand distinguish them from managers.TASK 1P1 Types of Entrepreneurial venture and their relationship with typology ofentrepreneurshipEntrepreneur It is a person who sets up the business who see possibilities and solutions byimplementing effective business decisions with an aim of generating profit. Along with this, anentrepreneur examines or evaluate the current and emerging trends of market and come up withinnovative or creative product which enable them to meet out the customer need or demand aswell as attain high proficiency.Entrepreneurship: It is a process of creating an innovative or creative establishment for thepurpose of gain or growth under condition of risk or uncertainty. Enterprise
It is a formation of two or more individuals who come together with an aim of generatingprofit with optimum utilization of resources. Entrepreneurial Venture They are regarded as catalyst of economic growth and the driving force which aide’senhancement and development as well as restricting wealth and economic resources.Furthermore, it mainly concentrates on placing innovation and opportunism at its heart in orderto produce economic or social value (Burns and Dewhurst, eds., 2016). Along with this, eachentrepreneurial venture differ in aspect of their size, scope, purpose and they work towards toachieve organizational pre -determine goal. However, each entrepreneurial venture is classifiedinto various types like small, medium, large companies and many more. The different types ofentrepreneurial venture is described below: Small business entrepreneurship: It is an independently owned and operated for profitenterprise which is not dominant in this field as well as it contains less numbers of employees toachieve organizational goal or objective (Types of Entrepreneurship. 2019). Along with this, therevenue generation are not much and these company continuously focusing on getting moreclients and development of its product and services. Moreover, it is also operated by familymembers and with friends as partner and they also provide innovative products or services andgrow exponentially. Scalable Startup Entrepreneurship: It is categorized as high growth company as itsignifies as a young and innovation based firms who has the potentiality to create a new marketor dramatically change an existing market through proprietary, technology based products andservices. Along with this, these organizations look for brightest mind for business and they tendto set up scalable business model and they contributes their best part for economic developmentby providing enormous job opportunities. Large Company: It contains finite life cycle as they mainly focus on providing newproducts or services to customers for sustainability and longevity of business. However, demandof customers and trends eventually differs along with competition, legislation which forced largefirms in disruptive innovation and develops new products for new marketplace (Burns, 2016).
Social entrepreneurship: These business are mainly established to built an innovativesolutions in order to make the world a better place as their main goal is to maximizing socialimpact in a sustainable way. It involves those business who solve community or societies healthissues, improves life standard and safeguard their rights for bringing high level of satisfaction. Typology of entrepreneurship The various types of typology of entrepreneur within an industry is given below: Survival Firms: The basic goal of this venture activity is to survive and meet theventure's financial obligations. Many startup ventures engage in survival entrepreneurship wheretheir long term goal is to stay in business and thus they are characterized by cutting cost, layingoff employees, mindset of preserving present state of affairs etc. in order to gain competitiveadvantages in an innovative and creative manner. Lifestyle Firms: These firms are formed to carry out the activity in which an owner of thecompany enjoys or secure a stage of activities that constantly generates revenue at same pace.Moreover, in this firm an entrepreneur seeks to gain more life reward by providing effectiveservice to people and have a passion for what they are doing. For e. g. Lifestyle entrepreneurmostly found in hospitality or tourism sector, where owners only constrained to providehospitality service to customers with less motivated to the growth. Managed growth Firms: These entrepreneur are opposite form of lifestyle firm as theyare created by genuine entrepreneurs in which their main aim is to grow further and multiplyprofit. Furthermore, in these firm entrepreneurs are more concentrate on marketplace havingpotential to provide opportunities in the form of product selling and services acquiring in order tomanage or attain sustainability profit among industry. For e. g. Tesco is well known for itsflexibility as they always make use of all possible platforms which lead them to attain highprofitability ratio. Aggressive growth Firms: They are considered as those types of firms who always seeksfor an platform to enhance their productivity by applying novel ideas and aggressive marketingtactics. Moreover, this growth firms are more eye – catching to potential investors, such asinvestors are eager to invest in their business venture capital investment, possible mergers andacquisitions, private equity transactions or initial public offerings. Therefore, it is conformed that
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