Entrepreneurship and Small Business Management - Types of Venture

Added on - 22 Nov 2020

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ENTREPRENEURSHIP ANDSMALL BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1ACTIVITY -1..................................................................................................................................1P1 Different types of venture and related typology................................................................1P2 Similarities and difference between different ventures.....................................................2M1..........................................................................................................................................4D1..........................................................................................................................................4P3 Interpretation of relative data and statistics to identify how micro and small businessesaffect the economy.................................................................................................................4M2...........................................................................................................................................6P4 importance of small businesses and business start-ups in growth of social economy......6D2...........................................................................................................................................7ACTIVITY- 2..................................................................................................................................7P5 Traits and skills of successful entrepreneurs.....................................................................7P6 Assessing how aspects of the entrepreneurial personality reflect motivation and mindset ofentrepreneurs..........................................................................................................................8M3...........................................................................................................................................9D3...........................................................................................................................................9P7, M4 & D4 Background and experience hinder and foster entrepreneurship.....................9CONCLUSION.............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONEntrepreneurship is the process of launching, designing and running a new business. Anentrepreneur is the person who have the skills to anticipate current and future needs to bringinnovative product and services in the market. Entrepreneurship and small business developmentare the fields which are constantly requiring and evolving the creative minds that are willing tolay with considerable level of risk. This report is based on Make it Work which is globalconsultancy firm that advices budding entrepreneurs on how to be successful with theirventures. This file also discuses about the different types of ventures and how they relate totypology of entrepreneurship and similarities and difference. The report also identify the scope ofdevelopment and growth of ventures. This report also discusses about the data and statistics toidentify how micro and small business impact the economy.ACTIVITY -1P1 Different types of venture and related typologyMicro business- There are more than 5.7 million small business in the country. Theymake up 99.7% of all the enterprises and provide employment more than 50% of all nongovernmental employees. Many kinds of small business are there in UK such as- internetcommerce store fronts, travel agents, grocery stores, plumbers electricians, consultants.Entrepreneurs are the person who runs their business and they hire local workers for business.Entrepreneurs s can not provide the scale to attract the venture capital they expand their businesswith the help of family and financial loans (Hechavarria and et.al., 2019).Large– there are many large companies in UK they have finite life cycle. They shouldexpand their business through innovation in their service process and by providing new products.Change in customers preference, technologies and laws, all these factors can affect theinnovative ides because it is critical process for a large company to adopt a new processcompletely. Large company culture and its size affect the innovation process, it is difficult toexecute the innovative idea. Global business consultancy is advising top large companies to usethe different processes for their business.Scalable starts up-instead of small business, scalable starts up are what entrepreneurshipinvolves itself into. This type of entrepreneurs starts a company with a vision to change the1
world. They already know that their company or innovative idea can be useful to affect theeconomy potion of the country.Medium-in UK, there are less number of medium organisations. They are contributing abig effort in growth of economy of UK. Medium enterprises are expanding their business to helpwith small enterprises.Related typology:Male and female entrepreneurship-male and female business owners are equallydriven by the motivations to be their own boss and do the best for their family. It is veryimportant to recognise that differences are still exists between men and women at all stages ofthe business life cycle. For an example- in the starting of a business means are likely to bemotivated from the financial reason. Women have the tendency towards life styles they are morepassionate about their work life. Maleentrepreneur give the priorities on the businessdevelopment activities such as- expanding business, opening new offices.On the other hand female entrepreneurs focuses on the accountability, social responsibility andgovernances responsibility. They like to find new solutions for the complex problems. Theyspend a lot of times concentrating on empathy which are relating to their customers.Social entrepreneurship-This type of entrepreneurs are the person who focus to solve thesocial problems by creating new products and services. Aim of this entrepreneurship is to takethe world on a better place through providing the social service.P2 Similarities and difference between different venturesSimilarities:Similarities of all three ventures explores in what organisations are related to each other.All three ventures always try to find out the opportunities for the innovation.They try to provide the best qualities of their products and services.They also understand the needs and expectations of the customers.All the entrepreneurs basic aim to expand their business. It shows the similarities in theiraims and marketing process for the business.For their marketing activities similar processes are used. Small business entrepreneursruns their business on their own level they can collaborator with other large companies to2
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