Entrepreneurship and Small Business Management Assignment : NHS and TESCO
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Added on 2021-02-22
Entrepreneurship and Small Business Management Assignment : NHS and TESCO
Added on 2021-02-22
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Table of ContentsTASK 1 .............................................................................................................................................................................................................................................................................................................................P1 Different types of entrepreneurial venture and their relation to the typology of entrepreneurship............................................................................................................................................................................................................................................................................P2 The similarities and difference between entrepreneurial venture...............................................................................................................................................................................................TASK 2 .............................................................................................................................................................................................................................................................................................................................P3 Interpret and assess relevant data and statistics to illustrate its impact on the economy.........................................................................................................................................................................................................................................................................................P4 The importance of small business and the starts-ups to the growth of the social economy............................................................................................................................................................................................................................................................................................CONCLUSION.............................................................................................................................................................................................................................................................................................................REFERENCES.................................................................................................................................................................................................................................................................................................................Entrepreneurs are the individual who makes plans andstrategies for implementing new business idea with the motiveof satisfying customers need. They are also known as thebackbone of the economy because entrepreneurs directlycontribute in its success and growth. With the help ofentrepreneurs, living standard of the individuals of particularcountry can be improved.
TASK 1 P1 Different types of entrepreneurial venture and their relation to the typology of entrepreneurshipEntrepreneurs are known as the individuals who makesplans and strategies for implementing a new business idea in themarket. The major motive of entrepreneurs is to satisfy the needof potential customers and earn high profits. Theentrepreneurial ventures are basically divided into differentscope, size and purpose. Entrepreneurial activity is the on going process which ismajorly carried out with the motive of achieving economicgrowth. This is activity is usually performed with the motive ofincreasing profit and sale of the enterprise. Various type ofventures along with their typologies are discussed below-Type of businessSmall business- These type of business enterprisesgenerally do not include large number of employees. Suchenterprises are formed for earning more and more profit andsatisfying the need of customer's. These ventures generallyoperate on very low scale and are also operated by formingpartnership with other individuals. Small business includes lessthan 50 employees and the net worth of these organisations areapproximately £2 million. The example of this enterprise isOrion electriotech and travelogue company. Large company- These type of organisations areoperated at high level and does not have any limitationregarding their size and scope. Large business organisations aregenerally formed with the motive of expanding their business invarious parts of the world. These type of company's manages tosustain in the market for longer period of time by making plansaccording to the preferences of customer's. Examples of theseorganisations are NHS and TESCO which belongs from publicand private sector. Social enterprise- These type of organisations areformed with the motive of increasing the satisfaction level ofcustomer's and society. Plans and strategies in these type oforganisations are majorly implemented for enhancing thesatisfaction level and living standard of the individual of aparticular area. The example of social enterprise is save thechildren. Typologies of entrepreneurship Lifestyle enterprise- The motive of these organisationsis to increase and enhance the lifestyle and living standard ofthe society. Various kinds of opportunities are provided to theindividuals by these organisations ,so that they get equalchances of growth and development. Products which are offeredby these organisations are also produced according to their needand preferences. These are also known as social ventures. Growth firms- Such type of organisation generally operatefor increasing their profitability and sale. This is done byimplementing new ideas and strategies for providing maximumsatisfaction to customer's. Such type of organisations generallyfall under the category of small and large scale organisations.
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