Entrepreneurship & Small Business Management Assignment Solved - (Doc)
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Added on 2020-10-23
Entrepreneurship & Small Business Management Assignment Solved - (Doc)
Added on 2020-10-23
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Entrepreneurship and SmallBusiness Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Types of entrepreneurial ventures and their relation with typology of entrepreneurship.1P2 Venture types.....................................................................................................................3TASK 2............................................................................................................................................5P3 Impact of small businesses on the economy.....................................................................5P4 Importance of small businesses and start-ups in the growth of social economy...............9TASK 3..........................................................................................................................................10P5. Entrepreneurial characteristics & mindset that differentiate them from managers........10P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation & mindset. 12TASK 4..........................................................................................................................................13P7 Different environment that hinders and fosters entrepreneurship............................................13CONCLUSION..............................................................................................................................15REFERENCE.................................................................................................................................16
INTRODUCTIONEntrepreneurship means to undertake the risk of starting new enterprise. It is a processof different actions of an entrepreneur who is always in search of new ideas and opportunities byundertaking risk (Julien, 2018). Small business are the business that is operated on a small scaleto serve the needs of a local community and to generate profits for owner (Acs,Szerb,Autio,2017). Investment made towards infrastructure like, equipment and building. Types of smallbusiness are- small scale manufacturing industries, Agro- based industries, Hand looms andpower loom etc. The Report will lay emphasize on types of entrepreneurial ventures and their relation withtypology, similarities and differences between entrepreneurial ventures. It will also describe theimpact of small business on economy, importance of small business for social economy. The Report will further describe traits of successful entrepreneurs, how entrepreneurialpersonality reflects their motivation and how experience can hinder or foster entrepreneurship.The theme of the file is to have an idea about the various types of entrepreneurial ventures. Alsoto have an idea about the similarities and differences in various types of ventures. TASK 1P1 Range of venture types for entrepreneurs1. Entrepreneurship The process of formulating, introducing and controlling a new enterprise, which is initially asmall entity is called entrepreneurship and the person who create these businesses areentrepreneurs(Acs,Szerb,Autio, 2017).2. Activities involved in EntrepreneurshipEntrepreneurial activity is generating value of human action through creating & expandingactivities of economy and by exploitation and identification of new product or market(Dvouletý,2017). The activities which is being involved in the entrepreneurship are as follows:Planning the productFinding better opportunitiesForecasting about futureNetworking and many more1
Some activities of entrepreneurs are Freelance, thinking and acting as an entrepreneur, researchbusiness idea, survey business possibility, Market research and Innovation.3. Different types of entrepreneurial venturesEnterprise- Enterprise is another word for business which are earning profit. It is beingassociated with entrepreneurial ventures. There are different types of ventures in which an entrepreneur runs its business. Thesewill be discussed below: Micro enterpriseMicro enterprisesin UK are those business which have less than 10 employees working.Turnover of such businesses does not exceed 2 million Euros (Julien, 2018). Some examples ofMicro enterprises aresmall grocery shops, food delivery services, barber shops and very smallhandicraft business, etc. Small enterprise In UK, Small enterprises includes those businesses who have more than 10 employees but lessthan 50 employees. Also, the annual turnover is above 2 million Euros but doesn't exceed 10million Euros(Acs,Szerb,Autio, 2017). Small enterprises are small grocery stores, bakeries,convenience stores, carpenters, electricians, small restaurants, photographers, guest houses,internet related businesses like, web designing and programming of computers at small scale,day cares and retirement homes, etc.Medium enterprise Medium enterprise includes those business whose employees are more than 50 but does notexceed 250 employees(Churchill, 2017). The annual turnover exceeds 10 million Euros butbelow 50 million Euros. These includes hotels, retail outlets, local clothing stores, etc. are someexamples of medium enterprises. Large enterprise The large enterprise in UK employed more than 250 people and annual turnover exceeds 50million Euros. These includes Oil industries, branded clothing stores, large grocery stores andweb designing and computer programming at large scale, etc Typology of entrepreneurship2
There are certain kinds of typologies of entrepreneurship. These typologies help tocategorise an enterprise. Let them discuss below:Scalable EnterprisesSome entrepreneurs of UK follow this typology. They start the company as their vision canchange the world. The entrepreneurs raise capital from financial investors like venture capitalists.Scalable enterprises can be micro or large(Churchill, 2017). They hire the best employees. Theysearch for more investors who can help them to increase their capital. SocialEnterprisesThey focus on social needs and create products and services regarding it. Their goal is to makethe world a better place not to change the world. The entrepreneur makes efforts for thebetterment of society. Some social enterprise of UK are Acceptable Enterprises Ltd., goLance,etc(Julien, 2018).SerialEnterprises The entrepreneurship of this type will continuously bring new ideas to start a business. Theentrepreneur give responsibility to move on to new idea for a venture. The entrepreneur isresponsible for all the operations in the enterprise. Some examples of Serial enterprises areZkatter(Acs,Szerb,Autio, 2017), the European Business Angel Network, etc. P2 Venture types1. The range of venture types Small businessesIt is a business which is operated for profitability and which is owned independently. Thesekinds of businesses are not dominated in their field.It includes construction firms, retail storesand restaurants. They grow with a vision of long term business with profitability andsustainability. Lifestyle businessesThese businesses are a combination of strength, skill and passion. This is a primary motivator forsuch businesses. It includes one person firms and self employed individuals. They aim to earn aresidual income on long term basis. It also involves businesses which is self directed thatengages the founder expertise and passion.Social good business3
This business builds on solutions which are innovative. These businesses focus to make betterworld. It includes companies which deals with global heath issues, solving specific problems indeveloping countries. These kinds of business work for the non profitable motive. Their goal isto maximise the impact of their activities but in sustainable way.Large businessesThese businesses are established entities that employees 500 employees. These firms turnovergenerally exceeds 50 million Euros. It includes general motors and AT&T(Churchill, 2017).Their goal is to generate profit for the enterprise as well as revenue which should be substantial. Scalable Start upThese kinds of start up is for young, innovative focused firms which are in potential to create anewly innovated market. The goal of these kinds of companies are to build a goal of generatingwealth for investors and founder, Through an IPO or an acquisition (Julien, 2018).Second stage companyThese kinds of companies are owned independently and also for profitability. These companiesare very dominant in their fields. The aim of the company is expansion by strategic growth, andfind new potential market. Resultant is revenue and profit of the company.2. Similarities and differences between entrepreneurial ventures.Similarities between entrepreneurial venturesOrganisational objective All the enterprise whether it is small, medium or large has its own organisational objective. Allthe enterprises work to attain their organisational objective(Churchill, 2017). The objective of theorganisational generally profitability or growth. All the entrepreneur of UK work hard to attainorganisational objective. ProfitabilityThe enterprises work to gain profit. Most enterprise businesses except social businesses focus toattain profitability for the growth of individual as well as enterprise. All enterprises have sameobjective to gain profitability so that they may achieve a regular set of income. The smallenterprises focus to generate income while large enterprises focuses to the creation of wealth.But all have some financial goals which need to be achieved by business enterprise.RewardThe enterprises whether it is micro, small, medium or large have to deal with its employees.4
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