Management - Entrepreneurship and Small Business

Added on - 22 Nov 2020

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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.Entrepreneurial ventures and their relation to typology of entrepreneurship..........................12. Similarities and differences between entrepreneurial ventures...............................................23. Impact of micro and small business on UK economy.............................................................44. Small business contribution towards social economic growth after Brexit............................65. Characteristics, traits and skills of 2 successful entrepreneurs and how they are differentfrom other managers...................................................................................................................86. Examples of how background and experiences hinder or foster entrepreneurship...............10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship involves actions that lead to creating a business and running variousactivities, with the intention of generating profits. It involves designing of new products andservices as well as supporting employees so that everyone can work together and developbusiness ideas for their organisation(Arend, 2014). Entrepreneurs can exercise control over theirventures. This study will display ranges of entrepreneurial ventures and their typologies. It willevaluate impacts of small business in UK's economy before and after Brexit. Entrepreneursmind-set will be assessed and determined by analysing 2 successful entrepreneurs and finally,different environments that may foster or hinder entrepreneurship will be examined.TASK 11.Entrepreneurial ventures and their relation to typology of entrepreneurshipEntrepreneurs set up their businesses by choosing from a list of options. There arevarious entrepreneurships that can be established after assessment of available resources.Entrepreneurial venturesMicro entrepreneurship: This is an establishment that is developed by an entrepreneur,who has funded capital from personal savings, micro-loans and government grants. Thesehave short term goals and are mainly set up to generate profits to earn a livelihood. Thereare about 10 or even less employees that work as business has less operations(Lundströmand et.al., 2014). They provide products and services for daily utilisation and someexamples are barber shops and fruit sellers. These can grow into lager businesses ifentrepreneur feels that they would like to generate higher incomes.Small entrepreneurship: Small entrepreneurial ventures are set up by individuals thathave the mind-set to own a business independently to earn substantial amounts of profits.They aim towards making long term goals and fund themselves through small businessloans, personal savings or borrowings from family or friends. There are approximately 50employees present and work can be managed due to small operations(Sauka andChepurenko, 2017). They provide necessities that include products and services forcitizens of the city. Some examples are bakeries and retail shops.Medium entrepreneurship: These entrepreneurial ventures have been development withthe purpose of earning profits through sales of products and services across cities. Fundsare collected through bootstrapping, external investors and bank loans. There are more1
than 100 employees that work in this entrepreneurship and there are separate departmentsas many business activities have to be managed(Guiliani and Torrès, 2018). Examples ofmedium entrepreneurial ventures are supermarkets and restaurants.Entrepreneurial ventures typologiesEstablished entrepreneurship: These are large businesses that are set up with the intent toearn high amounts of profits and this is done by creating long term goals through properplanning. There are multiple owners that consists of shareholders and funds are attainedgenerally through venture capitalists and bank loans(Brouthers, Nakos and Dimitratos,2015). Entrepreneurs create strategies so that these ventures are sustained and it becomesa major brand with good reputation. IT services providers and corporations are someexamples of large entrepreneurship.Second stage/ Gazelles entrepreneurship: Entrepreneurs set up enterprises that areindependently owned and work towards expanding themselves in a short period of time.These businesses find new markets that can aid them to generate good revenue for them.They get funded through growth investments, line of credit and different loans(Semrau,Ambos and Kraus, 2016). There are moderate amount of employees and they all worktogether to maximise their opportunities for growing and developing in the industry.Social good entrepreneurship: Some entrepreneurs develop an entrepreneurial venturewith aim of providing services that will help make the world a better place. They createsolutions through innovative techniques and have a goal of making an impact in asustainable manner(Zahra and Wright, 2016). Capital is generated through charities,donations and investments done by individuals that would like to contribute towards thesociety. This entrepreneurship aims to improve lives and solve health as well as socialissues. Some examples are NGOs and community projects.2. Similarities and differences between entrepreneurial venturesEntrepreneurial ventures have various differences and it is crucial for an entrepreneur toassess each variance as it will aid them in understanding them, so that they are able to opt themost suitable option for them. Given below are differences between entrepreneurship.BasisMicroentrepreneurshipSmallentrepreneurshipMediumentrepreneurshipLargeentrepreneurshipSizeThis type ofSmallThisLarge2
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