Entrepreneurship and Small Business Management (Task 1)
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This presentation provides an overview of different types of entrepreneurial ventures, entrepreneurship typologies, and the differences between private, public, and social enterprises. It also compares micro, small, and medium-sized enterprises and highlights their similarities.
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT (TASK 1)
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Table of Content Introduction Different types of entrepreneurial ventures Various types of entrepreneurial venture Entrepreneurship typologies Different entrepreneurial venture distinguish among private, public, social Comparison among micro, small and medium on size basis Similarities between micro, small and medium enterprises Conclusion References
Introduction Entrepreneurship is considered as an integration of practices as well as procedures which are considered through a person for managing and operating its own business concern. This practices are needed to be performed effectively as some risks are involved for generating high profitability from that enterprise.This PPT covers illustration as well as description of range of ventures types. Moreover, its similarities and differences.
Different types of entrepreneurial ventures Entrepreneurship is considered as a method to design, launch as well as operate a new venture that is often initially a small enterprise. The person who developed these businesses are known as entrepreneurs. In additiontothisenterpriseisregardedasventureorabilityfor developing innovative and new ideas for operating it.
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Various types of entrepreneurial venture Small enterprise:It is regarded as a venture that is small in size and do not needs more capital. This have only few members. For example: Marshfield Bakery which is a small bakery that deals into some made products into UK. Large enterprise:It is considered as venture that perform in large scale. This have higher investment towards new product formation as well as sustainable innovation.
Continue… Social enterprise: It is considered as venture that is related with development of goods or services thatresolvesocialrequirementsandissues.In additiontothis,themainintentofitisto effectively develop advantage for society as part of their CSR. For example: Gravity Light in UK , it facilitates lanterns as well as lights to person that will be opt for replacing harmful kerosene lamps.
Continue… Public enterprise:It is considered as an enterprise which are partially or fully owned state government and controlled through public authority. Some public firm are put into public ownership as for societal reason.For example: oil company British Petroleum Private enterprise:It is considered as venture which is governed by commercialentitiesorindividualsandnotthroughcentral government. The intent of this is to enhance profit. For example: TESCO
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Entrepreneurship typologies Lifestyle firm:It is the typology which is developed to improve the livingstandardofpersoninwhichtheyareperformingtheir practices. This performs based upon the workable model of business and trying to maintain competitiveness into local area. Growth:It is considered as a type of typology which is developed to obtain profitability or revenue.This type of venture, entrepreneur always try to formed innovative ideas for attaining success into competitive market.
Different entrepreneurial venture Different entrepreneurial ventureExamplesRelation with Private as well as small ventureMarshfield Bakery Theseventuresarerelatedwithgrowth typology as they are focused towards gaining profitabilityforbecomingsuccessfulinto marketplace. Large ventureBritish Airways,NHS and others. This venture is related with lifestyle typology whichisconcentratedtowardsimproving individualslivingstandardsbyrendering appropriate goods or service to users.
The distinguish among private, public, social BASISPrivate enterprisesPublic enterprisesSocial enterprises RolesTheroleofprivateenterpriseistorender employment within country which is developing, facilitatingcriticalgoodsandalsocontributes towards tax revenues and others. Its role is to maximise the supply of local job.Itroleisdevelopinglivingstandardof individualswhichautomaticallyleads towards societal development. ObjectivesTheobjectiveofprivateenterprisesistogain higher profit. The objective of public enterprise is to maximise and speed up the rate of economic growth. Theobjectiveofsocialenterpriseisto perform for the welfare of society rather than obtaining profit. StructureThis comply flat structure into entities which have huge concentration upon consistency into functions of firm. Thiscomplyhierarchicalstructureasinithigher authorities governs responsibilities as well as rights for performing continuous practices. This comply functional structure which has anintentregardingattainmentofwhole firm'sgoalsthroughassistanceofits combined potential. ExampleTESCO etc.oil company British Petroleum,.etc..Gravity Light, etc. CharacteristicsThe characteristics of private enterprises are there is not nay involvement of government. This is controlled through its own. Theprivateenterprisessomewelldefined characteristicssuchasitisgovernedthrough government others. Themaincharacteristicsofsocial enterprisesareithassocietalintent, ownership and so on. SizeThe size of private enterprise differentiate based on intent and aim of objectives. It is mostly huge in size as it generates capital from public as well as market their shares for enhancing organisational value. The size of social enterprises vary based on the intent of firm and time duration of its development.
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Comparison among micro, small and medium on size basis BASISMicroSmallMedium DefinitionThis is considered as businessthathas annualturnoverof about £1 million. Itisconsideredas businesswhich usuallygenerally generates the turnover about £1 million to £ 20 million. Itisregardedas businesswhich generatesturnoverin around £20 million - £ £300 million. ExampleBoss Brewing etc.Marshfield Bakery etc.Trading scents, Airdri and others.
Similarities Between Private, public and social enterprises. The structure of the company is different but an intent is common related to adjoining department functions in attainment of whole objectives of entities. Whole three business renders opportunities for the development of career. It supports the growth of employees that drives towards its retention and satisfaction.
Similaritiesbetweenmicro,smalland mediumenterprises All three business such as micro, small and medium aim towards generatingprofitabilityaswellasaidsintodevelopmentof economy. Moreover, whole enterprise are concentrated towards sustainability and survival in competitive market area for long period.
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Conclusion As per the above PPT, it have been concluded that entrepreneurship is an efficacious practices which have to be adapted through person for managing as well as starting its own business. This is very crucial that various kind of entrepreneurial ventures are analyzed with exploration of difference as well as similarities among them as it permit a effective insight upon nature and performance of different entities.
References Cornwall,J.R.,Vang,D.O.andHartman,J.M.,2019. Entrepreneurialfinancialmanagement:anappliedapproach. Routledge. Davies, I.A., Haugh, H. and Chambers, L., 2019. Barriers to social enterprise growth.Journal of Small Business Management. 57(4). pp.1616-1636.