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Small Business and Entrepreneurship in Social Economy

   

Added on  2021-02-20

22 Pages4402 Words266 Views
ENTREPRENEURSHIPAND SMALLBUSINESSMANAGEMENT

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 different types of entrepreneur ventures and related to typologies...................................3P2 Difference and similarities of entrepreneurial ventures within public and private sector5P3 Statistics and data micro and small business impact on economy....................................7P4 The importance of small business & start-ups to the growth of all the social economy...9TASK 2..........................................................................................................................................11P5 Characteristic traits and skills of successful entrepreneurs that differentiate them fromother business managers.......................................................................................................13P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset..................16P7 Background and experience can hinder or foster entrepreneurship................................17REFERENCES..............................................................................................................................21

INTRODUCTIONEntrepreneurship is basically a procedure for running, launching and designing theactivities of business. It is set of business activities to take any of financial risk in the hope ofachieving profits and revenues. Small business management comprise of activity implied by entrepreneurs for runningthe business activities and plan. The report will examine scope, development, growth ofentrepreneurial ventures in Southwark which is a is a district ofCentral Londonand is the north-west of theLondon Borough of Southwark. Further, it will examine the impact of the smallbusiness on the economy and importance of the small business for the growth of the socialeconomy. Moreover, it will describe the main key elements of entrepreneurial mindset anddifferent environments that foster and hinder the entrepreneurship (Amato and et.al., 2017).TASK 1P1 different types of entrepreneur ventures and related to typologies.Entrepreneurial venturesEntrepreneur venture is basically as the organization taking place for innovation &opportunity at its heart for producing the social and economic values. It targets for the highreturns within the equal high level of the uncertainty.Intrapreneur is a person who is employedin the entrepreneurial venture by the entrepreneur in order to promote its business. The majordifference between entrepreneur and intrapreneur is that an entrepreneur is a person who startsthe business with its own idea. On the other hand, an intrapreneur is a person who works forentrepreneur in exchange for remuneration or money. The entrepreneurial activities are likeinnovation and creativity, developing business idea and business plan and many other activities.Types of entrepreneurial VentureSurvival Firms: can be defined as that state where the business faces difficult time interms of its survival and being in operation as solvent business. In order to succeed the businesscuts the cost, lay off employees, tighten the profits, saves cash and try to enter the growth mode.Here it reinvest profits, expand operations and brainstorms the growth(Amato and et.al., 2016).In the London borough market one such firm is the Neal Yard dairy which is a leading cheeseselling organisation. In the star it faced trouble for the survival and had rocky start. But in thepresent time it sells 500 tones of chess per year leading to huge turnover.Aggressive growth firms:3

Aggressive growth is a kind of firms that seeks to return the highest profits in shortterms. These firms grab potential market share in the industry in short time. Such firms normallydeliver high returns in small span of times and gains competitive advantages. In this regard theBorough Kitchen Cook Shop, is one example which shows a good growth in shorter time. Thecompany have recovered hihest sells quantity of the hand carved iberico and Serrano hams in theyear 2018. This means by gaining competitive advantage the firm have show aggressive growth.Public sector entrepreneurship:A public sector enterprise is ,act within government and, at their heart, are a blend of twodifferent roles that of a public servant, and that of an entrepreneur. It Encompasses the whole setof measures adopted and developed by local, regional, and national authorities to operate thebushiness (Burns and Dewhurst, 2016). The menier Chocolate factory is one such organisation inLondon Borough market which is a 1280 seat heater with a bar, restaurant and a rehearsal room.Typology of Entrepreneurship:Small Business Entrepreneurship:Small business enterprises are those which have small level operation and restricted tothe local area with not so high turnover and profits. This can be linked to the Neal Yard dairybusiness which is operating in the Borough London market. This is because the business wasstarted by two owners with small capital and now it has become a renowned name in theBorough market of London.Scalable Start-up Entrepreneurship:A scalable business is an innovative idea and searches for an expendable and repeatablebusiness model that will turn it into a high growth, profitable company. It does that by entering alarge market and taking share away from incumbents or by creating a new market and growing itrapidly (Burns, 2016). The organisation Borough Kitchen Cook Shop is one such examplewhich was started in 2013 and with aggressive approach it have made a differentiating positionin this market. Large Company Entrepreneurship:The concept of large entrepreneurship is mostly believed to be mentioned to be indevelopment of new ideas and opportunities within large or established businesses, directlyleading to the improvement of organizational profitability and an enhancement of competitiveposition. This can be linked to the Menier Chocolate factory operating in borough market of4

London, which was established in 18th century and still operating with its brand name and goobusiness values.P2 Difference and similarities of entrepreneurial ventures within public and private sectorSIMILARITIESAll Entrepreneur venture Neal's Yard Dairy, Borough Kitchen Cook Shop and MenierChocolate Factory used to innovate on the regular basis so that the entrepreneur used to becompetitive in the market, as new start up always offer the tough competition to the abovemention company in the market. All the entrepreneur venture is set up on the innovative andcreative idea which has not been used by any other in the past and try to grow the business on thebasis of that creative idea. All the Entrepreneur venture irrespective of the industry in which theventure is set up has to dealt with the large organization who used to provide the toughcompetition to the newly setup organization on the basis of the goodwill which is earned by thelarge organization (Amato and et.al., 2017). Whether the organization used to work in Survival,public or the private venture all the entrepreneur venture has to carry out the business activity tosurvive in the industry as it gets difficult for the organization to survive in the competitiveindustry if the organization is not able to achieve the organizational goal. All the venture used tohave the common motive building the good and strong brand name in the market by offering thegood quality of the product to the consumer to consume (Demirel and et.al., 2019).DIFFERENCESBasisSurvivalManaged GrowthAggressive GrowthGrowth RateTheir growth rate is slowerand the main focus lies onkeep the business runningrather than shutting downlike Neal's Yard dairy.These firms have properlydistributed the growth thatthey have planned overthe years and theyperform their activitiesaccordingly by avoidingrisky decisions.Under this category,growth is extremelyhigh as the decisionstaken are extremelyrisky like BoroughKitchen Cook Shopand the returns can beeither extremely highor it can turn into aloss-making situationas well.5

OrganizationalstructureIn survival firms i.e. Neal'sYard Dairy, the structure isusually sole proprietorshipwhere the owner himselfmanages all the operations(Wennberg, Delmar andMcKelvie, 2016). Under Managed GrowthFirms, the organizationcan be in public or privatelimited and in some cases,it is sole proprietorship aswell but in the case ofMenier ChocolateFactory, it is a publiclimited Company.In aggressive growthfirms, the structure isusually formulated inpublic limited orprivate limitedmanner similar toBorough KitchenCook Shop who is aPrivate limitedCompany.ManagerialStyleSurvival Firms like Neal'sYard Dairy usually involveautocratic approach whereall the decisions are madeby the owner himself andhe is responsible for all theconsequences as well. In Managed GrowthFirms adopt DemocraticApproach where theyinvolve their employeesin the decision-makingprocess and consider theirfeedbacksandsuggestions before takingany decisions like MenierChocolate Factory (Coleand Sokolyk, 2018).Aggressive GrowthFirms adopt andimplement Autocraticleadership style asthese organizationsoperate at a widescale and it is notpossible to takedecisions afterconsulting all theemployees. InBorough kitchenCook Shop also, toeffectively manage allthe staffs and cookssuccessfully, thecompany has adoptedautocraticmanagement style tooperate successfully. 6

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