Small Business Performance & Challenges
Added on 2020-06-04
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT1
Executive SummaryIn any enormous or independent company, there is a prerequisite of a business person tomaintain an effective business and accomplish every one of the objectives. The businessvisionaries are primarily the inspired individual those are in charge of maintaining a business.Keeping in mind the end goal to be a fruitful business visionary, there is a necessity of goodattributes and also abilities for accomplishing the objectives for the business. Notwithstandingthat, independent company requires a ton of administration capacities which will be useful fordealing with the business appropriately. There are different sorts of business person'sendeavours, for example, social business people, substantial business visionaries et cetera. Also,the independent venture has an awesome open door fundamentally in the nearby financialsegments. The business new companies have an enormous open door as far as development andadditionally work moreover. The private venture has an enormous significance in the socialeconomy area also. There are a few aptitudes and additionally like being sure, taking compellingchoices et cetera which make them not quite the same as the administrator of an association. Theaccomplished and foundation makes a gigantic effect regarding being a fruitful businessvisionary.2
Table of ContentsIntroduction......................................................................................................................................3P1. Different entrepreneurial ventures in relation to their topology............................................3P2. Difference and similarities between entrepreneurial ventures...............................................4P3. Influence of small and micro business on economy..............................................................6P4 Small business sector and growth of economy:....................................................................10P5. Difference in entrepreneur characteristics from business managers...................................12P6. Personality entrepreneurial aspects in entrepreneurial mindset and motivation..................13P7. Influence on foster entrepreneurship through experience and background.........................14Reference List................................................................................................................................173
IntroductionEntrepreneurship is a business activity launched in the economic system. The individualwho launches the business in the economic system is known as an entrepreneur. An entrepreneurgenerally starts with small ventures to understand the need of the market. An entrepreneur musthave the quality of foresightedness. He should have the capacity to predict the market conditionin order to gain profit in the business. In Order to maintain the diversity in the economy bothsmall and large organizations must be present in the business environment. An individual wholaunches the business start-up in the economic system is known as an entrepreneur. Anentrepreneur should have the equality of risk bearing because he in order to run a businesssuccessfully an entrepreneur must take all the risk associated with the business. A businessowner must be creative enough to involve innovations in the business. An entrepreneur musthave the farsightedness to predict the economic condition of the market .In the given case studythe growth and prospects of small organization in the economic system will be discussed inborder to understand the productivity of the economic system.P1. Different entrepreneurial ventures in relation to their topology Entrepreneurs are considered as the individuals starting their own business, in order toestablish a start-up business. On the other hand, entrepreneurship ventures are preferred asdifferent types of business under the concept of entrepreneurship. In the view of Kitching et al.(2015, p.134), the small start-up business and entrepreneurs have evidenced to accomplish theirbusiness successfully. On the other hand, entrepreneurs deliver a huge economic growth ofnation through their business and thus are considered as backbone of economy. In addition tothat, several; entrepreneurs at global level have evidenced to establish successful business, suchas entrepreneurs of British Telecom and Cadbury, Bill Gates of Microsoft, Mark Zukerberg ofFacebook, Steve Jobs of Apple and many such other personalities. On the other hand, based onthe statistical data of UK, it has been found that, most of the economic growth of UK have beenreceived from the small enterprise businesses (gov.uk, 2016). Figure 1: Statistical data on contribution of different business in employment and turnoverof UK(Source: gov.uk, 2016)4
With the choice of brexit, UK business can have the opportunity to capture the single marketwith saving the taxes, which UK had to pay for EU. In addition to that, the entrepreneurs canengage in different types of ventures such as:Small business entrepreneurship Small business entrepreneurship is considered as the business by entrepreneurs, who establishand runs their own business. In the view of Storey (2016, p.46), the small business entrepreneursapproaches funds for their business, from the local people, family or friends. In addition to that,the entrepreneurs in small business provide the business of storefronts, consultants, grocerystores any other such small business. Scalable entrepreneurship Scalable entrepreneurship, on the other hand, starts business of the existing and well knowncompanies and products. In the opinion of Zacca et al. (2015, p.21), scalable entrepreneurs gainstheir funds from the financial investors and aims to gain repeatable model of business. Thescalable entrepreneurship can be approached by the serial entrepreneurs, as the serialentrepreneur handovers their business to other successor groups after gaining fame and strongbrand image, with reference to success.Large company entrepreneurship Large entrepreneurship focuses on gaining high amount of profit and revenue generation throughdelivering the products and services to varieties of customers at a national level or globally. Inaddition to that, as Alasadi and Sabbagh (2015, p.294) has commented that, the largeentrepreneurship provides innovation, different varieties and specifications in their products,based on the changing trends and taste of their customers. On the other hand, the largeentrepreneurs have definite market segmentation and target customers, where the products andservices are produced and innovated based on the preferences of customer choice. Largeentrepreneurship business of UK is Tesco Plc, M&S and others. Lifestyle entrepreneur topologycan be related to the large company entrepreneurship ventures, as the companies grow on achosen model of business, in order to gain their objectives and aims. Social entrepreneurship The social entrepreneurship are generally considered as the non-profit organisations, whichprovides the services and products for the well-being of society and public. However, as Goss(2015) has stated that, in several cases the social entrepreneurship businesses can also beprofitable or hybrid. On the other hand, the social entrepreneurs can be related with the socialtopology, which helps the society with identifying an issue and thus provides services andproducts based on the issue. The organisations, such as Belu, Big Issue and others are the socialentrepreneurs business. Further, below given are some of the types of entrepreneurial ventures and they are asfollows:Male entrepreneurs: They are the one whohave the characteristics to make other involvedand also perform the task that other person. Female entrepreneurs: They focus on makingothers perform their set of roles and each oneto grow in positive direction.Social entrepreneur: Person who establishes anenterprise with the aim of solving socialproblems or effecting social change.Serial entrepreneurs: Someone who starts andleads one business after another or, multiplebusinesses at the same time.5
P2. Difference and similarities between entrepreneurial ventures Different ventures of entrepreneurship and topology possess both similarities and differences intheir business process. Small Business entrepreneurship ventureand large business entrepreneurshipventureSimilarities●Both of the large businessentrepreneurship and small businessentrepreneurship provides the productsand services for their customers. ●As Wilson et al. (2014, p.8) hascommented that, both the largebusiness entrepreneurship and smallbusiness entrepreneurship aregenerally customer centered. ●Both of the entrepreneurship businessapproaches the business in order togain profit and high sales. Differences ●Alike of the large businessentrepreneurship, the smallentrepreneurship business does nothave departments and full-timeemployees. ●The hiring procedures and process donot need high standards employees insmall business. However, the largebusiness needs highly skilledemployees in their business. ●Small business entrepreneurs provideservice up to the local areas and localpeople. On the other hand, the largebusiness entrepreneurs provides theirservices for large numbers ofcustomers from different geographicalregions and sometimes globally. ●The small scaled businessentrepreneurs do not possess onlineappearance and website as the largeentrepreneur business does. ●Online applications are not possessedby the small entrepreneurs. However,in the view of Grimes (2013, p.461),the business of large entrepreneurs6
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