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Entrepreneurship & Small Business Management: Tesco

   

Added on  2021-02-20

11 Pages3436 Words41 Views
ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P 1 Entrepreneurial venture different types and relation with entrepreneurial typology.............1P 2 Differences and similarities in different entrepreneurial venture..........................................2LO 2.................................................................................................................................................3P 3 Data showing the impact of small and micro business on the UK economy........................3P 4 Importance of business start ups and small business in the growth of the economy.............4LO 3.................................................................................................................................................4P 5 Traits and characteristics of successful entrepreneurs and difference with manager............4P 6 Reflection of entrepreneurial personality on the mindset and motivation of entrepreneur...5LO 4.................................................................................................................................................6P 7 Hindrance or fostering of entrepreneurship due to their background....................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8

INTRODUCTIONThe entrepreneurship may be defined as an activity or a process wherein the steps aretaken to design, establish and running a fresh enterprise. The person who carries on the processof designing and running the business is known as the entrepreneur. The present case study isbased on the company Tesco. This company is a multinational company in British which deals ingroceries retailer and general merchandise .It was founded by Jack Cohen as a group of marketstalls in the year 1919 . The adjoining study will firstly deal with various type of entrepreneurial ventures alongwith specifying their relation with the entrepreneurial typology (Baum, Frese and Baron, eds.,2014). Furthermore it will outline some of the differences and similarities among the variouskind of ventures for entrepreneur. Next it will illustrate some of the data and knowledge showingthe impact on the economy due to the working of the small business. Also it will highlight someof the importance of the startups and small business in the growth of the economy. Further it willhighlight some of the traits and the different characteristics of entrepreneur and also it will showthat how the personality of the entrepreneur reflects the mindset and motivation of theentrepreneur. At last the report will show that how the background of the entrepreneur fosters ofhinders entrepreneurship. LO 1P 1 Entrepreneurial venture different types and relation with entrepreneurial typologyThe entrepreneurship may be discussed as the process through which the entrepreneurstarts, designs and develop and manage the new business venture successfully. Entrepreneur isthe person who manages the business with innovative ideas and new products successfully andbears all the risk of the business. There are many types of entrepreneurial ventures. Some ofthem are discussed as below-Scalable startup- this is a type of venture wherein the entrepreneur works in the directionof generating funds from different sources in order to fund the various different functions withinthe company. The reason for the existence of this type venture is to provide premium quality ofproducts and services to the consumers in order to increase the living standard of the consumers. Managed growth ventures- this is a kind of workable business model and works withaim of more growth for the whole period of business life. These businesses uses the practice ormodel of reinvesting the profits earned by the business again into the business to have more1

options for growth (Kerr, Nanda and Rhodes - Kropf, 2014). Growing is the only and solepurpose of these types of the business venture.Aggressive growth ventures –these kind of business used the latest technology alongwith creativity and strong innovation. The business uses the latest technology and innovation andcreativity in order to increase the profitability of the company and to earn high profit so that theyhave aggressive growth.The word typology refers to as the study of the symbolic representation. Inentrepreneurship the word typology is defined as the classification of different typesentrepreneurial ventures regardless of their common base. The most popular entrepreneurialtypology is as follows- Survival venture- it is a kind of typology wherein the entrepreneur works in fulfilling theneeds and requirements of the consumers and various types of different entrepreneurial venture.The types of business coming under this type of typology are the micro and small businesses. P 2 Differences and similarities in different entrepreneurial ventureThe entrepreneur is a person who is responsible for managing the new establishedbusiness successfully. But there are many similarities and differences between the various formof ventures for the entrepreneurs. The major similarities are as follows-Similarities among the above entrepreneurial venturesAll these different types of business works with the sole aim of earning more and moreprofits so that they can grow much better.As the level of competition is very tough and hard so all the various types of businessworks with intention of beating the competition by innovating and doing creativity in theproducts.In the similar way all the types of entrepreneurial ventures to beat the competition areready to take high risk in order to earn more profits so they stand above the competition.Similarly the different types of the business ventures works with the aim and purpose ofincreasing the customer base by increasing the market share and to increase the marketcapitalization (Acs, Autio and Szerb, 2014).Differences among types of ventures6922

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