Entrepreneurship and Small Business Management Report - Farmfoods

Added on - 22 Jul 2020

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ENTREPRENEURSHIP ANDSMALL BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P.1. Explain different types of entrepreneurial ventures and explain how they related to thetypology of entrepreneurship......................................................................................................1P.2. Explore the similarities and differences between entrepreneurial ventures.........................2TASK 2............................................................................................................................................3P.3. Interpret and assess relevant data and statistics to illustrate how micro and small businessimpact on the economy...............................................................................................................3P.4. Explain the importance of small businesses and business start-ups to the growth of socialeconomy......................................................................................................................................4P.5. Determine the characteristic traits and skills of successful entrepreneurs that differentiatethem from other business manager.............................................................................................5P.6. Assess how aspects of the entrepreneurial aspects' personality reflect entrepreneurialmotivation and mindset...............................................................................................................6P.7. Examine, using relevant examples how background and experience can hind or fosterentrepreneur.................................................................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONSmall and medium businesses are playing major role in case of social economic growthof the UK. Varied of small entrepreneur venture and start-ups are running in the nation and theycome up in market with introducing various types of innovative products and services tofulfilment of peoples needs and demands. In this report, the company has been chosen which isFarmfoods is a private owned businesses in the United Kingdom. In addition to this, thisassignment defines about different types of entrepreneurial and relations of heir typology inindustry. This report also will be discussed about how micro and small and medium businessesare making impact on the economic growth of the nation. Beside from it, this assignment alsowill be discussed about characteristic and skills of successful entrepreneurs that make themdifferent from other and using relevant examples, how background and experiences could hinderof foster entrepreneurship in the industry.TASK 1P.1. Explain different types of entrepreneurial ventures and explain how they related to thetypology of entrepreneurshipIt could be said that, there are numbers of entrepreneurs are working in the UK fordifferent-different purpose, so they are related to the different typology of entrepreneurship.Small business entrepreneur:In today's world, the large numbers of small businessentrepreneurs are increasing and doing business in various countries(Ritchie,2015). So in caseof UK, it could be said that, there are 5.9 Million business running in the country at small levelwhich includes small grocery stores, hairdressers, consultant firms, traveling agents, internetcommerce storefronts, plumbers, electricians etc. all they are doing their business in the nation ineffective manner and generating revenue at small level.Scalable Startup Entrepreneurship:Unlike small businesses, scalable startupentrepreneurs are also running in large quantity in UK. These types of entrepreneurship start-uptheir business in the nation for knowing for the purpose to focusing on their specific vision inorder to make large changes in the world by introducing innovative product and services tocommunities (Nieto and Santamaría, 2010). For proper running of this type of firm, they hirebright and talented mind which can assist them to achieve their business goals. Their job is tosearch for a repeatable and scalable business model establishment.1
Large company entrepreneurship:Large companies are also working in large numbersin the UK and they have finite life cycle of working in industry. Most of these types ofcompanies are growing in the nation by adopting sustainable innovative technologies.Introducing new products and services to their customers and making variants in their corebusiness products. They ear profit ion large quantity and generate high amount as well.Social entrepreneurship:Social entrepreneurs are also running in the UK in wide range.The major purpose of social entrepreneurs is that, to make focusing on producing innovativeproducts and services as per social needs, which can assists them to fulfilment of their demandsin communities (Schulze and Gedajlovic, 2010). Unlike the scalable business, they have majorgoals for making the world a better place and they run business not for earning profitability fromthe market. In UK, numerous NGO's and other social firm are working in communities in properway.P.2. Explore the similarities and differences between entrepreneurial venturesFrom the analysis, it could be said that, there are lot of similarities and differences hasbeen find out in all these types of entrepreneurship in UK.Large scale organisationSmall scale organisationThe major differences is that, large numbers oforganisations running in the UK for earninghigh amount of money from industry.Large organisation always focusing on hirenew employees in order to gaining moreproductivity and profitability.In large scale firm, they have respective formof training and development program which isbeing provided by company's HRMprofessionals at workplace (Drucker, 2012).Financial management system of large scalebusinesses has in uniform manager, whichSmall business are working in UK for earningprofitability at very minor level by which theycan fulfill their daily needs.Small businesses often make effort toimproving in their existing employees in caseof skill development and fulfilment of desiredneeds.In case of small businesses, training anddevelopment program is been in informalmanner and it has been done by voluntarybases and by other senior employees in staff.Small types of entrepreneur does bot follow theuniform manner for financial management and2
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