Entrepreneurship Activities of Charlotte Street Hotel | Report
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Added on 2020-02-17
Entrepreneurship Activities of Charlotte Street Hotel | Report
Added on 2020-02-17
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ENTREPRENEURSHIP ANDSMALL BUSINESS MANAGEMENT
ILLUSTRATION INDEXIllustration 1: UK position in technology........................................................................................6Illustration 2: Entrepreneur's skills................................................................................................11Illustration 3: personality dimensions...........................................................................................12
INTRODUCTIONEntrepreneurship is an activity of starting, designing and managing new organization. Itis considered as taking risk and implementing business plans for expansion and qualitativeservices of entity. The present report is based on understanding different entrepreneurshipactivities of Charlotte Street Hotel. It is one of the small business enterprise of UK that aims toexpand company and increasing in firm's qualitative services for contributing in financialdevelopment of nation after Brexit. In this regard, various entrepreneurial ventures and itsrelationship with typology of entrepreneurship can be determined. However, importantcontribution of SME in country's growth is able to express through this study. In addition to this,characteristics of entrepreneur including its effect entrepreneurial motivated is to be obtained.Task 1P1 Varieties of entrepreneurial ventures and their relations with typology of entrepreneurshipEntrepreneurship involves taking risk for uncertainty and strategic planning for resourceand fund allocation. Under this system, entrepreneur plans for designing and running entityeffectively. Therefore, an individual who takes risk for implementing business strategy alsomakes decision regarding enlargement and service quality of firm. For development of smallscale enterprise, entrepreneur of the organization plans strategic techniques including fundingand managing resources for production and distribution of products. For instance; Due to Brexit,UK got apart from European Union, therefore different business start up opportunities areobtained that is useful for country's growth. It is determined that small enterprises plays crucialrole in economic stability of nation (Bae and et.al., 2014). In this regard, entrepreneur ofCharlotte Street Hotel takes risk for company's effectiveness as well contributing in economicstability of UK. Therefore, it is planning for entrepreneurship ventured a disruptive productinside. Different entrepreneurial ventures for enlargement and effective qualitative services oforganization can express as:-Small business entrepreneurship:- It is related to start up any organization at smalllevel. Under this activity, entrepreneur makes plan regarded limited resources and fund. Thiskind of entrepreneurship is suitable for family business, retail sector companies, travel agents,electricians and carpenters etc (Baker, Grinstein and Harmancioglu, 2015). Hence, it remainsrisky for small level entrepreneurs to operate business activities. 1
Scalable startup entrepreneurship:- This entrepreneurship activity is related toorganizing business according to vision and attracting unique quality features regarding newventures. However, it is appropriate for scalable business model and rapid expansion ofenterprise. Under this technique, high amount is required for organizing and implementing plansfor effective fund and resource allocation.Large company entrepreneurship:- It is related to taking risks for innovations andadopting new technologies, legislation for enlargement and providing more effective qualitativeservices of firm. In addition to this, large scale entities makes strategy for entering in new marketas well sustaining their products etc. Along with there is highest level of risk is obtained inoperating business activities (Bird, 2015). It is extremely difficult to attract customers for newgoods and services in innovative market same as facing competition. Social entrepreneurship:- Social entrepreneurs are those risk takers who focuses onproviding products that is useful to solve out society's needs and problems. These are establishedfor public welfare at most and contributing in country's social and economic growth. Thus, itstarget is to make decision related to society's awareness and creating wealth for founders. It isbeneficial for nation's development and contributing effectively in all other sectors of nation.Such as; employment, tourism, production related to export-import of goods etc (Bruni, Gherardiand Poggio, 2014). Thus, above mentioned entrepreneurship are related to expansion and developingefficiency of firm. In all the forms, entrepreneur takes risk at various levels that impacts oncountry's effectiveness. However, startup organization and its plan are related to makingdecisions for proper business and competitive strategies. Entrepreneurial ventures relation with typology of entrepreneurship:- Typologies arerelated to understanding relationship between entrepreneurship forms and their subjects. Theseare beneficial for identifying competences needed by each entrepreneur. Hence, typology ofentrepreneurship is interrelated with several entrepreneurial ventures. However, it is useful forenhancing efficiency and performance of business organization. It generates different ideas toexpress need, self awareness. Further, typologies are implemented from several strategies anddecision making styles. In accordance to this, small business enterprises get developed by2
applying various innovative actions as typologies that leads to succession on behalf of whichdecisions are made to run entity efficiently (Bruni, Gherardi and Poggio, 2014).P2 Similarities and differences between entrepreneurial venturesEntrepreneurial ventures initiate innovations for taking risks and expanding businessorganization effectively. They looking for changes and implementing activities for adequateproduction and distribution of resources. In accordance to this, mutuality and variances betweenentrepreneurship can describe as below:-Similarities:-Entrepreneurial ventures are key components for more profit gaining andenlargement of entities. In this regard, entrepreneur take risks and prepare strategies for betterperformance of entity. All factors implement plans for more action and more energy. It isbeneficial for small businesses' enlargement and wealth creation. However, innovations and newtechnologies are accepted for enhancing qualitative services of businesses enterprises. Moreover,through entrepreneurial ventures, different organizations achieve efficiency and increase strengthregarding business and competitive strategies (Carland, Carland and Stewart, 2015). It influencessystematic resource and fund allocation for enterprises' growth. However, these entrepreneurialenterprises remains helpful for nation's growth as well valuable for effective economic profile offirm. In this regard, different entrepreneurship plays vital role in employment and other sectorsof country for improving working efficiency of nation. In addition to this, it is determined thatentrepreneurial roles are effective for developing for high growth and proper planning forbusiness entities.Differences between entrepreneurial ventures:- All entrepreneurial ventures aredifferent for various sectors and business in different ways. Therefore, different entrepreneurshipincluding small businesses, social, large entities and social entrepreneurs take risk and innovatein different forms. Thus, all ventures have different levels of risks and contribution at severalstages. In this process, small business entrepreneurship involves family businesses, retailcompanies and all small medium enterprises that prepares planning and manages businessactivities at small level (Carraher and Paridon, 2015). There are uncertainty for profit at normallevel to implement action plans regarding business and venture planning. Under small businessentrepreneurship, entrepreneur makes decision for management and expansion of firm at lowlevel. 3
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