Entrepreneurship and Small Business Management : Report

Added on - 21 Jul 2020

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INTRODUCTIONIn the global economy world the role played by entrepreneur is action oriented whichhighly motivates individuals to achieve goals. In case of small business entrepreneurshipcontributes large share of new jobs and creates opportunities for those who are looking for job(Linton and Solomon, 2017, p.196). The present assignment will deal with the case of opening anew branch in UK with an objective to expand their products and services. It will explore therange of venture types and identify the aspects of an entrepreneurial mindset. Moreover, variousenvironmental factors that will foster or hinder entrepreneurship will also be identified.LO1: Explore and illustrate various ranges of venture types which is considered asentrepreneurialP1: Examining various types of entrepreneurial venture by relating to the typology ofentrepreneurshipThe term entrepreneurship is the capacity and willingness that is associated to manage,organisation and develop business venture by taking risk with the aim of making profit. Thisconcept is required while starting new business or expanding the business in other location.Gibson (2017, p.716),defined entrepreneurial venture as an advisory services that is given to thecompany at an early and middle stage to make economical and social value. The termentrepreneur is most often contrasted with manager as they are known to be the important personassociated with an enterprise.Entrepreneurship is associated with the task where there is a requirement of sensingopportunities and creates new products for the organisation. They provide opportunity to thebusiness to make profit and maintain or gain competitive advantage in the market place. Aperson getting the role as an entrepreneurship for the growth and create lot of employmentopportunities.Entrepreneurial venture plays its role in economic growth and making suitable standard of livingfor the country. Every start up company thinks that they are working less than they have to do forgetting better future. However, their little work gives a lot in enhancing countries economy and3
growth. For growing countries economical statues small business provides lots of scope increating job opportunities. When one fulfils the role of an entrepreneurs there becomes less jobseeker in the country but they provide employment opportunities to large number of populationwho are having the capacity in handling responsibilities (Danaet al.2016, p.4). Moreover,entrepreneur setting new business ideas also gives positive impact for growth and developmentin regional areas. In underdeveloped areas improvement are made in infrastructure by makingbetter roads, developing schools and hospitals. This is the way through which improvement ismade.Solomon and Linton (2016, p.1)added that by increasing the living standards of common peopleis also the key goal of entrepreneur and contribute their work in economic development. Such isdone by developing new techniques to innovate products and services which improve quality oflife for the customers and the employees. Moreover, ideas are bought for the organisation thatwill help them in minimising cost of production and maximise the rate of production. This is away that enables a business unit to be productive in the market place and perform better in themarket place.Lifestyle venture- These ventures are set up primarily with the aim of maintaining a particularlevel of income. These ventures are limited scalability and potential for growth because moregrowth can destroy the lifestyle for which it has been set up.Small business entrepreneurship-A business in which only few employees are working and isnot intended to expand. It is generally a privately owned or individually owned business. Itsrevenue is dependent on industry. They are characterised by small offices or a team ofindividuals working. Their profits earned depends upon its operation area.Large scale entrepreneurship-A type of business having a more complex management inwhich more employees are working. Their aim is to earn huge profits by providing services tosociety.Social entrepreneurship-Individuals who wants to bring a change in society by implementingtheir innovative ideas and changing lives of people. They are concerned with issues prevailing inthe society and tackle problems. Its features are that it operates in specific area and has noobjective to earn profits.4
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