Entrepreneurship and Small Business Management Assignment - Ford Motors Company
Added on 2020-10-22
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Entrepreneurship andSmall BusinessManagement1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Examine various types of entrepreneurial ventures and their relation to typology ofentrepreneurship.....................................................................................................................3P2: Similarities and Difference between entrepreneurial ventres..........................................5TASK 2............................................................................................................................................6P3: Impact of small business on the economy........................................................................6P4: Explain the importance of small business and business start-ups to the growth of theeconomy.................................................................................................................................8TASK 3............................................................................................................................................9P5: Determine the characteristics, traits and skills of successful entrepreneurs....................9P6: Analyse how aspects of the entrepreneurial personality reflects entrepreneurial motivationand mind set. ........................................................................................................................10TASK 4..........................................................................................................................................11P7: Examine using 2 examples how background and experience can hinder or fosterentrepreneurship...................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................132
INTRODUCTIONEntrepreneurship can be described as a process of launching a new business companywith many risk involved to generate profit. An individual with innovative idea and qualities torun an organisation in the competitive market to generate revenue and growth is known as anentrepreneur. The business environment for small companies are quite favourable in UK as thereare many government policies which are helping these enterprises to sustain in the market. Theratio of new business start-ups and small businesses in UK is increasing at a very rapid speed.This report will help in understanding various types of ventures and how they are beneficial tothe economy of UK (Mariotti and Glackin 2015). Additionally, this report will also study keyaspect of entrepreneurship and their mind set which are the important qualities that a businessperson should possess. Furthermore, different background factors that foster or hinder anentrepreneurship can also be understand with two well-known business persons which are WaltDisney who was the owner of Walt Disney company and Henry Ford, a well-known businesstycoon who was the founder of Ford Motors Company. TASK 1P1 Examine various types of entrepreneurial ventures and their relation to typology ofentrepreneurship.Entrepreneurship-It is one of the most important feature of an organisation. It can be described as theproficiency to create, plan and manage a business venture with all the risk involved in order toattain profit by providing goods and services to the people.Entrepreneurial activity-Various actions which are concerned with executing business comes underentrepreneurial activities. Some of them are process, financing, planning, innovation, etc. Therole of a business person is vital in an organisation.Types of Entrepreneurs-Serial Entrepreneur- The key responsibility of an entrepreneur is to bring up abusiness idea and maintain the business (Schaper and Gibson,2014). Whereas, a serialentrepreneur is the businessman who is involved in bringing up business ideas andstarting the organisation, but does not take control of the whole actions. The serial3
business man passes on the responsibilities to others and moves to open another newventure.Owner Manager- These are the workers of the organisation who hold the control of theorganisation by working individually or in a team. They are responsible for managingthe business and have the authority to take decisions on the behalf of the owner.However, they are categorised as employees of the company due to taxation process andformalities.Typologies of EntrepreneurshipThe typologies of entrepreneurship can be classified as lifestyle, growth and socialentrepreneurship. These typologies can be studied in the discussions below:Lifestyle Entrepreneurship- These are the type of business persons that deals in working forthe type of business in which they have personal interest (Burns, 2016). The purpose for theirbusiness is to enhance their lifestyle instead of a sole purpose of earning profit. Some of thecharacteristics of lifestyle entrepreneur are:Highly motivated by their lifestyle instead of profit earning.Owner invest more time on exploring lifestyle and personal needs.Not concentrated on expanding the business and raising the revenue.Management functions are not classified.Growth entrepreneurship- The respective business person is justified by high openinginvestment. In order to achieve an objective, the businessman gets involved in reinvestment. Thereason is to improve the economic revenue of the investor. The profit level can be increased byselling the products and services that are served by the organisation. Such business are alsoknown as profit seekers. However there are many ways with the help of which the organisationearns its profit and growth such as:Various resources can help in growth of the culture.Expanding business operations.Introducing new product to the market.Social entrepreneurship- These are the type of businesses which result in helping the society byvarious means in terms of social, environmental and cultural (Storey, 2017). For exampleproviding job opportunities, eco-friendly products and concepts, etc. Additionally, the non-profit4
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