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(DOC) Entrepreneurship and Small Business Management : Assignment

   

Added on  2020-12-09

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Entrepreneurship and SmallBusiness Management

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................3.a) Critically examining the scope, development and growth of entrepreneurial ventures.........3.b) Impact of small businesses on the economy..........................................................................7TASK 2..........................................................................................................................................10.Analysing the characteristics traits, skills and motivational drivers of entrepreneurs.............10.II. Examining how background and experience can hinder or foster entrepreneurship...........10CONCLUSION .............................................................................................................................10REFERENCES..............................................................................................................................12

INTRODUCTIONEntrepreneurship is the systematic procedure of designing and setting up of anew business entity. The start- up is initially a small business which eventually grows insize (Scarborough, 2016). The present report will discuss about different entrepreneurialventures and how these ventures relate to the typology of entrepreneurship. Thedifferences and similarities of them will be highlighted in this assignment. Further,impact of micro and small business on economy and the importance of smallbusinesses, business start ups to the growth of social economy will be covered. Also,the characteristics and traits of entrepreneurs that differentiates it from managers alongwith how the aspects of entrepreneurial personality reflect entrepreneurial motivationand its mindset. Lastly, the project report will show how background and experience ofan entrepreneur hinders or fosters its entrepreneurship skills. TASK 1 .a) Critically examining the scope, development and growth of entrepreneurial venturesEntrepreneurial ventures can be describes as a small business start up withlimited resources and planning. The person opening such ventures is solely responsiblefor all the risks and rewards associated with that venture. Usually, the thought or idea isin the form of new products or services rather than producing or selling existing stuff inthe market. The different types of entrepreneurial ventures are given below:Small business venture : These ventures are stated with small capital usuallyby an individual or a group of individuals. Small business entity offer basic products andservices to the customers such as grocery stores, medical stores, bakeries or smallmanufacturing unit. These ventures are characterised by less capital, labour intensiveunit operating for the purpose of serving local community along with earning profits forits owners. These entities employ less than 100 employees. The turnover is not of thesecompanies cannot exceed (£) 6.5 million as per companies act 2006 of the country(Burns and Dewhurst, eds., 2016).For example, The Grocery store in London, UK is a small scale firm that offersorganic and whole foods along with everyday necessity products. It employs around 30people in its stores for conducting its operations.

Medium business venture : These include business entity that are relativelybigger than small business venture in terms of capital, employees and operations. Themedium enterprises generally have a 100 to 999 employees is a supplier ofdermatology and wound care products to customers. These entrepreneurs raise theirfunds in the form of bank loans and grants for public financial institutions for itsexpansion and growth. For example, Crawford Healthcare, a start up that was founded by three personsin 2009. Its an international company that offers its products and services in UK, USAand Germany.Large business venture : The start-ups that are characterised by huge capitalinvestments and large number of employees. The size of operations are undertaken atlarge scale. These ventures capital intensive and involves machineries. The objective isto earn profits for its owners. These include both public operating at large level. Thesetends to grow internationally due to its huge resources and capability of raising fundsfrom public platforms (Amato and et.al., 2017). For example, Sainsburry, publicly traded company listed on recognised stockexchange of the country is a retail supermarket based in UK, employs more than185000 employees. Social business venture : These are those companies that are formed for thepurpose of serving society and social welfare. It does not aim of earn profits for owners.Examples are Oxfam, Cancer Research, not for profit organisations that operates forearning income for fulfilling social issues of the country etc. TYPOLOGY : The term is used for explaining the classification of a particularthing. The entrepreneurship typology have following variants : Scalable entrepreneurship: In this type, entrepreneur focuses on a highlyinnovative idea in terms of products and services and enters into market with anobjective of rapid growth and development. These business involve high risks andrewards. For example, Mark Zuckerberg started a scalable business which rapidly grewin size when number of users of Facebook app increased (Ho, Clarke and Dougherty,2015).

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