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Entrepreneurship and Small Business Management - Entrepreneurial Venture

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Added on  2019-12-18

Entrepreneurship and Small Business Management - Entrepreneurial Venture

   Added on 2019-12-18

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Entrepreneurship andSmall BusinessManagement
Entrepreneurship and Small Business Management - Entrepreneurial Venture_1
Table of ContentsINTRODUCTION...........................................................................................................................3P 1 & M 1 Different types of entrepreneurial ventures related to the typology.....................3P 2 Similarities and difference between Social and Lifestyle entrepreneurship....................5D 1 .........................................................................................................................................6TASK 2 ..................................................................................................................................6P 3 Impact of small and micro businesses on UK economy..................................................6Covered in PPT.......................................................................................................................6P 4 Importance of small businesses and start-ups to the growth of UK economy.................6Covered in PPT.......................................................................................................................6M 2 ........................................................................................................................................6D 2 .........................................................................................................................................7TASK 3............................................................................................................................................7P 6 Aspects of the entrepreneurial personality of Elizabeth Gooch and Tom Mercer...........8M 3 .........................................................................................................................................9D 3 .........................................................................................................................................9TASK 4..........................................................................................................................................10P 7 How personal background can hinder or foster entrepreneurship..................................10M 4 .......................................................................................................................................11D 4........................................................................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................13.......................................................................................................................................................15
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INTRODUCTIONEntrepreneur is the most important part of a business. He runs the business at his ownrisk and gives new innovative idea for making the profit and capturing the market. Generally heis seen as the innovator or leader of new ideas and business process . He takes the initiative thatis necessary for bringing the new idea in the market and make the decision that are necessary forrunning the business. The present report is based on entrepreneurship and small businessmanagement that is very important for running the business (Carlsson, 2012). . The below reportis based on types of entrepreneurial venture and difference between social entrepreneurship andlifestyle entrepreneurship and explains that how entrepreneurship affects the economy of UK andimportance of small business and start ups to the growth of the social economy in the UK and itexplains that what is the skills and traits that are required in an entrepreneur.TASK 1P 1 & M 1 Different types of entrepreneurial ventures related to the typologyAs a senior member, it is analysed that there are various types of entrepreneurial ventureswhich are as follows-Lifestyle ventures- This venture is started by a person for maintaining his income leveland status in the society and also provide a foundation form for enjoying a particularlifestyle.Survival venture- In this, people establish this venture for the survival of himself and forhis family. This business are small in nature which has less amount of assets and mostlyit is running on cash and barter system. It has no relation with banks and any otherfinancial institution.Managed growth ventures- These enterprise is more profitable ventures which havestable growth and workable model. In this, businessmen invest proper amount ofresources which aid in getting success in the market. In this, it introduces new products orservices and also hire large number of employees so that it can get desired result oroutcome.
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These all above ventures are related with typologies of entrepreneurship which are as follow -Small business entrepreneurship- It is that business that is run by only by one person.He is responsible only for any profit and loss. There are no sharing in profit and loss. Forexample – Grocery store ,Travel agents etc. They hire the family members or employeesfor take care of business.Scalable Start-up entrepreneurship- It is not like a small business .They start theircompany that is known to everyone from the first day and their vision is to change theworld (Höglund,2013) They hire the people who are intelligent and bright and it attractsthe investment.Large company entrepreneurship- Large companies are those companies that requiredlarge amount of investment for starting the company. Change in customertaste ,preference affect this company and increase pressure. For example : Virgin Atlanticcan be the best example of large company entrepreneurship. It is a famous British Airlinecorporation whose head office is located in Crawley, UK. They offers airline as well asholidays services to the people of different nation as they are doing their business indifferent countries. Social entrepreneurship- Social entrepreneur are those person that produce the productsand services according to the need of society .They run the business for the benefit ofsociety .Typologies are of interest of researchers . These are useful when there are case studiesrelated to entrepreneurship . Some typologies of entrepreneur are as follows -Carlson has established three types of business that is innovation , imitation andrepetition . In innovation ,entrepreneur establish the business without any copy ofothers. They creates uniqueness in their business. In imitation ,entrepreneur copied ofothers and in repetition ,entrepreneur repeat their business activities .According suchdev ,he describes the different types of entrepreneur like“administrative entrepreneur and independent entrepreneur .”Arpin has classified small business in to three parts which are as follows- Traditional,entrepreneurial {promotion – oriented} and administrative .
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