Entrepreneurship & a Small Business Management (pdf)
Added on 2021-02-20
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EntrepreneurshipProfessional DevelopmentPolitical Science
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Entrepreneurship andSmall BusinessManagement
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INTRODUCTIONEntrepreneurship is a process of creating a new business or enterprise that involves takingrisks out of it in an intention of earning profit. Basically it is an act of investing resources in abusiness venture to initiate a production activities by arranging inputs like as land, labour,material and capital. A small and micro businesses are a set up of a business organization thathas turn over capital of not more than £3.26 million as well as including less than 50 employeesin it. This report will highlight the different range of entrepreneurial ventures and explain the keydifferences and similarities in them. The report will also include the impact of small business onthe economy. The report also highlights the key aspects of entrepreneurial mindset as well asstudy the various factors that foster the entrepreneurship. LO 1P1 An Entrepreneur is a person that invest his resources in a production of goods andservices and apply a creative idea for business in an intention to earn profit by setting up an smallorganization. Entrepreneurial ventures are the business start-ups that are the outcomes of theinitiative taken by the entrepreneurs in the form of investing their resources for accomplishing aproduction system with a view to invent a new technique or style of business. It can be also saidthat a Entrepreneurial venture is a calculated risks or efforts taken by a person in a n intention toinitiate a business(Kuratko, Hornsby and Hayton, 2015).Types of Entrepreneur Ventures- High Growth Venture- High growth venture refers to a venture that is being set up bygathering the working capital from several investors with an intend to earn higher profitsand achieve higher growth and expansion. For example- Anthemis Group in UK. Small business venture- Small business ventures are the business that focus on earningaverage normal profits that is viable to survive the current business for never endingperiod. The main objective of these ventures is long-term survival in the market with abroader vision(Zacca, Dayan and Ahrens, 2015).
Lifestyle Venture- Lifestyle venture is an organization that is planned and executed byits founders with an intention to serve the society and communities. The objective ofthese ventures is to sustain a limited level of income and not more than it. Typology of Entrepreneurship-Serial Entrepreneur typology- A serial entrepreneur is a person that forms and comes upwith a new and innovative ideas for the business and the start ups. These entrepreneursare more interested in creative thinking and ideas for business to make it look differentfrom others.Social Entrepreneur typology- These entrepreneurs are concerned with the solution ofsocial problems through their business activities. The main objective of theseentrepreneurs is to ensure well being and provide benefits to the community and societyin an effective manner as well as earn the limited revenue. There are more similaritiesbetween lifestyle entrepreneur and social entrepreneur(Audretsch, Heger and Veith,2015).Female Entrepreneurs typology- In this typology the business and its activities areinitiated by woman entrepreneur in order to represent a sign of role model for the femalepopulation in the society. Different home made products are bing sold in these type ofbusinesses.P2 Similarities- The following are the similarities within High growth venture, small growthventure and life style venture:The goal of all the ventures is to grow and expand their business and activities in themarket.The important focus of these ventures is customer satisfaction.All the ventures aims to set up a long term vison for their businesses.High growth venture, small growth venture and life style venture has to face risks fromexternal environment such as political, economic and other issues from the market incommon.
The different ventures follows the same concept of creativity and innovation in theirbusiness in order to look different from others in the market.The owners of all the ventures search better opportunities that can lead the growth oftheir business in the market. Differences- The following are the differences between High growth, Small Growth andLifestyle ventures of entrepreneurship- High growth ventureSmall growthventureLifestyle ventureMeaningA high growth venture isan organization thataims at earning higherrevenues and profits forits activities. Theorganization usuallylook towards thefrequent revenues andcash flows to be earnedbytheorganization(Smallbone,Welter and Ateljevic,2014). A small venturerefers to anorganization thataims to earn profitsas well as looktowards the survivalof business in themarket for longerduration. A lifestyleventure refers toan organizationthat prefers toearn profits formanaging itssocial objectiveand needs of thesociety.ExampleEpisode 1, M&S etc.Mom and pop storesSocial triggers,red cross etc.TypologyHigh growth venturesmainly uses scalabletypologiesofentrepreneurship thatsupport its objective ofearning higher cashMale or Femaletypologies can beadopted by by smallgrowth ventureswhich will enhanceits sales revenue andSocial Typologyis mostly suitablefor LifestyleVentures as itsupports andfocusses mainly
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