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(PDF) Entrepreneurship and Small Business Management.

   

Added on  2020-12-29

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Entrepreneurship and SmallBusiness Management

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Growth, development and scope of entrepreneurial Ventures...............................................1Relevant data and statistics of micro and small businesses impact on the economy andimportance of small business on the growth of economy......................................................3Task 2...............................................................................................................................................4Characteristic traits and skills and motivational drivers of successful entrepreneurs............4Different environment that foster or hinder entrepreneurship................................................4CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12

INTRODUCTIONEntrepreneurship and small business are own and run by individuals. Entrepreneurship isthe capacity to organize, develop and manage business in order to make profit (Sahut and Peris-Ortiz, 2014). This report will be based in Redbridge local council of UK. This report willexplain size, scope, development of private and public organization. It will illustrate differenttypes of ventures. It will assess the impact of small business on the economy. It will examinegrowth of social economy using data and statistics. This report will analyse characteristic skills,traits of well-known British entrepreneur. It will evaluate the entrepreneurial background thathinder and foster their carrier. TASK 1Growth, development and scope of entrepreneurial VenturesEntrepreneurs are the people who operate or organise business by taking financial risk inorder to gain success. They are generally innovators with source of goods, ideas, services,procedure and can change work and live with their revolution (Shaw, 2014). Entrepreneurship isact to start or run own business by taking risk for addressing social and personal benefits.Difference between serial entrepreneur, intrapreneur and owner managers.Serial Entrepreneur: Entrepreneurs set up their own business with new concept andidea, resources. They capital is raised by them. Entrepreneurs are creative, independent, risktaker and make their position in market by themselves. Intrapreneur: They are employees of company. They use resources given by theorganisation. Intrapreneur is financed by the company and dependent on it (Qian and Haynes,2014). They work in organisation in order to renew and change the exits organisational cultureand system.Owner Manager: Person who manage and own business is owner manager. Theymanage all business rather than owned it. They are responsible for day to day activity.Different types of entrepreneurial ventures.Private sectorPrivate sectors are run by companies or individuals. They run their business in order togain profit for themselves. These sectors are regulated by entrepreneurs who may be differentpeople or organisation such as companies owned by private or institutional, shareholders etc. aimof private sectors have to make profit and with that they have other objectives such as1

employment, job satisfaction, power and prestige. Some private organisation in UK is JohnLewis Partnership, Greenergy, Swire etc.Size and Scope John Lewis Partnership is private organisation in Redbridge Council. It produces watchesand jewellery, clothing, cosmetics, audio visuals. It has 83,000 permanent staff who own 37department stores, 349 Waitrose supermarkets (Qian and Haynes, 2014). Business has annualgross sales of over £11.5bn. This organisation is focused on personal service, unique products.They have scope to develop high valued products in both non-food and food. For that they aremaintaining great partnership level to achieve higher service standards.Growth and DevelopmentJohn Lewis Partnership is focusing on new development strategy in order to continuousgrowth of business. For that they are differentiation personal service, retailer unique productsand expanding new services. Considering this, they are growing their business. Public SectorPublic sectors are operated or owned by the government. These sectors include publicgoods and governmental services such as public education, public transit, electrical grids,telecommunication etc. Objective of public sectors is to provide public or citizens good services,strengthen and develop the economy of country and improve the financial performance ratherthan making profit. With that they provide employment to people via including into social orenvironmental projects or community. Size and ScopeArts Council is non departmental public body for culture, digital, spot and media. Itdelivers services like renovation of exiting arts building, public art and developing andsupporting museums (Ratten, 2014). They have made board of 15 members for representative ineach area. They have scope ensuring sustainable livelihood for artists, focusing on more fundingon research and development.Growth and DevelopmentSupporting and renewing building resilience in Redbridge council they can consistentlygrow in their field. Improving data collection on socio economic, audience diversity, makingmore museum help them to develop their business. Similarities between Public and Private Sectors2

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