Entrepreneurship and Small Business Management - McKinsey London

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ENTREPRENEURSAND SMALLBUSINESS
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3LO 1.................................................................................................................................................3P1 Types of entrepreneurial ventures in relation to typologies...................................................3P2 Similar and distinct character between entrepreneurial ventures...........................................4LO 2.................................................................................................................................................6P3 Statistics of small business.....................................................................................................6P4 significance of small business on economy...........................................................................6LO 3.................................................................................................................................................7P5 traits and characteristics of successful entrepreneurs different from managers....................7P6 aspects that reflects the entrepreneurial mindset and motivation..........................................9LO 4.................................................................................................................................................9P7 background and experiences entrepreneurs that foster entrepreneurship.............................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................10
INTRODUCTIONEntrepreneur is the person who takes risk to enter in the market with innovative idea.Small business contribute the significant role in the growth of economy(Badjie, 2019).McKinsey London is among the top consultancy firms in UK. The company has 50+ years ofexperience in the market of London. Through these years the company has build the strongerlegacy that contributed the growth of the company. In this report the study will be based on typesof entrepreneurs and their relation with entrepreneurial typologies. The study will be assessingthe stats of small business on UK economy. The discussion will be based on the importance ofsmall scale business in the economy of UK. Further the study will discuss the characters andtraits that are present in the entrepreneurs which makes them a successful business personalities.Last but not least the study will discuss the backgrounds of entrepreneurs and experience whichinfluence them to become successful entrepreneurs.MAIN BODYLO 1P1Types of entrepreneurial ventures in relation to typologies.Entrepreneur:Entrepreneur is the individual who used to take the risk of starting the businesswith the innovative and creative idea in the hope of earning the profit.Entrepreneurship:Entrepreneurship is the process of setting up an enterprise on the basis of theinnovative idea posses by the entrepreneur(Herianingrum, Salleh, and Ratnasari, 2019).Enterprise:Enterprise is the outcome of the entrepreneurship process, it is the company orbusinessshows some initiative by taking a risk by setting up, investing in and running business.Difference between Entrepreneur, Intrapreneur and ManagerEntrepreneurIntrapreneurManagerEntrepreneur is the one whoused to lead the operation ofthe business and also usedto bear the risk of thebusiness.Intrapreneur are the employeeof the business they used torender their services for thewages from the business.Manager is the one who usedtop manage all the activity of thebusiness in such a way that theorganizational goal is achieved.They also used to work on thewages.Different type of the Entrepreneurial venture3
Survival Entrepreneur Venture:It is the type of the venture which used to operate with thesole motive of achieving the financial obligation of the organization. The survival venturegenerally used to not take the heavy risk in their operation. Survival entrepreneur venture are thesmall scale business. This type of the venture used to grow by adopting the idea which is used bythe other firm and found it successful.Neal's Yard Dairy is the survival entrepreneurventure(Julien, 2018).Lifestyle Entrepreneur Venture:It is the venture which is operated by the owner with the solemotive of altering the personal lifestyle rather than making or earning the profit. Their is a verylimited scope for the growth in the Lifestyle entrepreneur venture as the owner used to see at thequality of the life as compare to the growth.Public sector Entrepreneur Venture:It is the type of the entrepreneurship venture whichowned and control by the public body or the government of the country. The sole motive of thePublic sector organization is to provide the services to the citizen of the country rather thanearning the profit. Their is a very limited growth scope as the venture generally used to dealt inthe local market only(Li and et.al., 2019). The biggest example of the venture is MenierChocolate Factory.P2 Similar and distinct character between entrepreneurial ventures.DifferenceBASISPUBLICSURVIVALLIFESTYLEObjectiveThe objective ofpublic ventures is toserve public in relationwelfare of the publicwithout aiming to earnprofit.The objective ofsurvival firms is tooperate its businesssmoothly to survive inmarket. The companyobjective is to fulfilthe daily requirementof the fund.The objective oflifestyleentrepreneurialventure is to fulfil thepersonal requirementof owner and hisfamily.SizeThe size of publicventure are large asthese are mostlygoverned under theIn the survival venturethe size of the businessis small as comparedtootherLifestyle ventures aredesigned according tothe owners their sizevaries from business to4
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