Report on Entrepreneurship and Small Business Management
Added on 2020-10-22
12 Pages4466 Words186 Views
Entrepreneurship andSmall BusinessManagement
ContentsINTRODUCTION.......................................................................................................................................2LO 1............................................................................................................................................................2P1 Presenting different types of entrepreneurs and their typologies........................................................2P2 Presenting Differences and similarities between entrepreneurial ventures.........................................3LO 2............................................................................................................................................................4P3 Presenting how micro and small business impact on economy...........................................................4P4 Explain how important small business start up will contribute to growth of social economy afterBrexit.......................................................................................................................................................5LO 3............................................................................................................................................................6P5 Presenting two entrepreneurs with their characteristic, traits that makes them differ from businessmanagers..................................................................................................................................................6P6 Assessing how aspect of entrepreneurial personality reflect entrepreneurial motivation and mindset7LO 4............................................................................................................................................................8P7 Presenting how background and experience can hinder and foster entrepreneurship..........................8CONCLUSION...........................................................................................................................................9REFERENCES..........................................................................................................................................10
INTRODUCTIONEntrepreneurship is a simple activity which helps to set up a business and taking on afinancial risk in order to expand a business. While on the other side, entrepreneurs are the personwho have a strong vision and help in the growth or expansion of a business. The present reportmain aim is to understand the meaning of entrepreneurship and the barriers to business start- up.The study explains different types of entrepreneurship ventures and how the typologies aredirectly related to it. Further it describes the difference as well as similarities between theventures and also explain how micro and small business creates impact upon the economy.Report explains how small business contributes to growth of social economy after Brexit andthen determines the characteristics, traits and skills which makes them differ from businessmanagers. Moreover, report assesses how entrepreneurial personality reflects their motivationand mindset. Further it describes how background and experience can hinder or fosterentrepreneurship. LO 1P1 Presenting different types of entrepreneurs and their typologiesThere are four main types of entrepreneurship ventures which are as follows:1.Small business Entrepreneurship: In UK, there are about more than 50 percent small business who contributed large amount to the growth of economy. These businesses are grocery, travel agents, internet commerce, plumbers and electricians etc. They are the person who runs their own business and earn money to feed their family members (Lipset, 2018). They did not attract venture capital, they fund their business through family or small business loans.2.Scalable Start- up Entrepreneurship: They are those entrepreneurs whose main aim is to earn profit from day one because their vision is to change the world. Even they hire thebest and brightest people to grow their business and their job is to search for a repeatable and some scalable business model. For example, scalable startup in innovation cluster is Silicon Valley, Shanghai etc. 3.Large Company Entrepreneurship: This type of business have finite cycles and their entrepreneurs are quite innovative and offers different style of business offering to their customers in order to draw attention of many users. Their main aim is to earn profit in order to expand their current business. They recently accept the changes of their customer’s taste, new technologies and through their innovative ideas they sold their new products in market so that customers will also enjoy. They did not contribute their part for the growth of economy. 4.Social Entrepreneurship: The social innovators are those entrepreneurs who are focus on creating products and services who solve social needs as well as problems. Their main
aim is to change the world and make it better place and not to take market share and also to create wealth for the wonders. Some of them are non- profit, profit or hybrid (Dees, 2017). Typologies are related to this are as follows:Intrapreneurs: This type of person runs a company in forward direction through their innovative ideas and also promotes their business in order to achieve their defined goals and objectives. They also assign different duties to their employees and have a capability to run a business in such a direction which helps to promotes it in further level of success.Based upon gender: these types of entrepreneurs are based upon male and female. If a business is taken and owned by male then this is known as male entrepreneurs while on the other side if business is run by female then it is known as female entrepreneurs (Volkov, 2016). Skeptical Entrepreneurs: These types of skeptical entrepreneurs see success of others and then suddenly start question about it. These types of entrepreneurs are generally start doing the same thing which an successful entrepreneurs will do in order to achieve he defined goals of their company. P2 Presenting Differences and similarities between entrepreneurial venturesSimilarities: All large business, small business and social business entrepreneurs arework to earn money but have a different motive but aim is same. They all contribute for thegrowth of economy so that customers will enjoy. While on the other side, social entrepreneursand their objective with characteristics, the main focus of this enterprises is to serve the humanityby solving the social issues and providing them need according to fulfill the demand in terms ofmoney (Stuetzer and et.al., 2018). It clearly states that they all work to maximize profit for thewelfare of their family as well as society. Some of the social entrepreneurs are not earn for themaximization of profit on the other side, at highest level most of the small business entrepreneursare mostly looking to achieve the financial independence in order to build a profitable business.They all work in order to fulfill the demand of their customers and then generate revenue.Therefore, they all work with high impact as their primarily motive is in creation of wealth. Differences:Basis SmallbusinessEntrepreneurshipLarge CompanyEntrepreneurshipSocialEntrepreneurshipAim Their main aim is to earnprofit for their welfare oftheir family (Siegel andet.al., 2017).They earn money tomaximize theirbusiness and earn togrew their existingbusiness.Their aim is not toearn money but tofulfill the needs oftheir society (Storey,2016).
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