Assignment on Entrepreneurial Ventures and Small Business Management
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Added on 2020-06-03
Assignment on Entrepreneurial Ventures and Small Business Management
Added on 2020-06-03
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ENTREPRENEURSHIP ANDSMALLBUSINESSENTERPRISE
Table of ContentsINTRODUCTION...........................................................................................................................1P1 Description on various kinds of entrepreneurial ventures and its classification...............1P3 Determine the similarities and differences among the entrepreneurial ventures..............2P3 Define the impact of macro and small business on the economy of UK..........................3P4 Define the small business and business start-ups contribution towards the social economy.................................................................................................................................................4P5 Traits and skills of two successful entrepreneurs..............................................................5M3 Different lines of arguments affiliated to characteristics of entrepreneurs......................6D3 Examples of successful entrepreneurs..............................................................................7P6 Aspect of personality that reflects entrepreneurial mind-set and motivation....................7P7 Background and experience that hinder or foster entrepreneurship..................................7M4 Analysing the characteristics of successful entrepreneurs by giving examples..............8D4 the backgrounds that influences entrepreneurs.................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONEntrepreneurs are the people who take initiatives in order to develop their businesseffectively. They are important people to the enterprise because they bring economic growth anddevelopment. The present assignment will outline the relationship between variousentrepreneurial ventures and small business management so that altogether they can performtheir roles in expertise mode (Stokes, Wilson and Wilson, 2010). The main motive ofentrepreneurs is to take steps which will be helpful in bringing development by enhancingeconomic growth, job opportunities and competitive advantage in economy. These smallbusiness enterprises are working as to convert their firms in large business units so that they areable to earn the larger amount of profitability and productivity. With the help of innovative ideasand technology, the enterprise is able to create competitive advantage in market. P1 Description on various kinds of entrepreneurial ventures and its classification. The entrepreneurs need to perform their roles as by focussing over innovation andcreation so that they can have larger profitability and productivity. They are the individuals whotake the risk in relation to convert their business in the large venture. In this manner, there arediffered kinds of ventures such as small, medium and large enterprise (Storey and Greene, 2010).They are taking various initiatives in order to bring the productivity and profitability of theenterprise. As per this, each organisation is having its own needs and requirements. They workthrough putting efforts to the economic vitality which is essential to add value to the enterprise.This is defined in the following manner as- Small business enterprise- This is the enterprise which works in relation to hire the lownumber of workers; this kind of enterprise is not having large volume of sales. These arethe firms who work to produce the goods and services with the lower amount ofinnovation. They work with the motive to earn the basic livelihood for their families. Thesmall scale enterprise can borrow the funds to start up their business from the friend,acquaints etc. they need little amount of capital to initiate their ventures. In this firm, lowamounts of job opportunities are available to others (Storey, 2016.). This enterprise usesto hire low number of individual to have help because they are operating their businessfunctions on the small scale. However, this business will give less focus on innovation.Large scale enterprise- These are those entities who perform the function of business on alarge scale. They are able to generate higher volume of profitability by focusing over the1
innovation and creation in the product and services. The main motive of these firms is tofulfil the expectations of customers. This kind of firm can borrow the funds from bankinginstitution, any loan provider etc. by focusing over the innovation and creation they areable to capture maximum amount of market share. These firms are able to create jobopportunities in the market by hiring various skilled individual who are capable to carryout the business functions effectively. With the help of this kind of functioning the firm isable to earn higher amount of profitability. (Welter and Smallbone, 2011). They put theirfocus on earning profit and wealth in the business enterprise. With the help of givingmajor emphasis on the core innovations or by producing something new, they work inorder to bring upliftment in the society. Their main aim is to satisfy the needs of thecustomers. Social enterprise- These are the firms who set up their business in order to provide socialwelfare to individuals. They put their major focus over the communal well-being.Furthermore, they work to create the social value for the public good. The major aim is toprovide those products which will help to create the social welfare in the market. Theywork to produce limited product with the less amount of innovations. They are both kindsof firms; either profit making or non-profit making; they raise capital in order to bringexpansion in the business enterprise so that they are able to produce more products forthe society. P3 Determine the similarities and differences among the entrepreneurial ventures. There are various differences between each entrepreneurial activities. In order to carryout their business functions, it is essential to enhance understanding about each venture. This isdefined in the following manner as- Size and structure- The size of the SME operates there business function on the smallscale so that business function will be carried out in order to meet the need of owners. Moreover,the entity which is creating the job opportunities in the market and carries business function onhigh volumes of sales known as large scale enterprise. This kind of firm are major contributors inorder to enhance the economic development of the country. The ASDA, tesco and Aldi are theorganisation who are performing their activities on the large scale. The main motive of this kindof firm is to earning the profit wealth in the market by bringing more innovation and creation. 2
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