Entrepreneurship and Small Business Management Assignment - Nom foods

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Entrepreneurship and SmallBusiness Management
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1 Different types of entrepreneurial ventures and typology......................................................1P2 similarities and differences between entrepreneurial ventures...............................................2LO2..................................................................................................................................................4P3 Assess relevant data about how small and medium organisations affects the economy of acountry.........................................................................................................................................4P4 Importance of a SME and business start-ups within the growth of social economy in UK...5LO3..................................................................................................................................................5P5 Characteristics traits and skills of successful entrepreneurs and their difference withbusiness managers.......................................................................................................................5P6 Aspects of the entrepreneurial personality on mind set and motivation................................6LO4..................................................................................................................................................7P7 How background and knowledge can hinder or foster the growth and development of anentrepreneurial venture................................................................................................................7CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................9
INTRODUCTIONEntrepreneurship and their small firms plays a very vital and crucial role that includes theproper management of ideas and the action plans that are been taken in consideration by anindividual or an organisation. The entrepreneurial ideas that are been followed by the firm willhelp the organisation to meet the business activities and management of their activities to agreater extent (Laukkanen and Tornikoski, 2018). For the report, Nom foods is been chosen. It isa UK based packaged food firm.In the report, different entrepreneurial ventures, and its typology is discussed withsimilarities and differences in entrepreneurial ventures. Various entrepreneurial venture in publicand corporate sector is been evaluated with assessment of skills, scope and development.Characteristics and traits of an entrepreneur with their mind set. Also, the role of background andknowledge in development of entrepreneurial venture is been made.Task 11 Different types of entrepreneurial ventures and typologyEntrepreneurship is an activity of establishing a business or business functions, byundertaking the financial risks and applying efforts to generate profits.The entrepreneurial activities are the processes that are been followed by the organizationor an individual to set their business or small entrepreneurial firms (Fayolle and Gailly, 2015).An enterprise is the project or a business start-up that is been set by an entrepreneur togenerate a decent amount of profit and may or may not have a scope of expansion.There are various types of entrepreneurial ventures that are been managed and handled in orderto have a good rise in the setting up of an enterprise. Other than this, different entrepreneurialventures that are operational in nature are as follows:Serial entrepreneurs:This is the form of entrepreneurial venture where an entrepreneur comesup with an idea and set up a business and then move on to another venture or idea. For example,Richard Branson started his business as a record store owner but then moved to many otherbusiness venture one by one, including telecommunications, Airlines and media.Intraprenuers:This is the form of venture, which includes the person within a firm to managethe risky situations and handle the other business activities simultaneously in an organisation.They work to handle the bigger issues within an entrepreneurial firm.1
Owner manager:It is a form of entrepreneurship where an individual owns and manages thestart up or his/ her venture. He is the concerning person in the organisation and will look after allthe activities of the management.Different types of entrepreneurial ventures are:Micro organisations:This are the firms that are been set and managed by one person and mighthave the friends or family members as the workers in the firm.Small organisation:Small level firms are quite bigger than the micro level organisations. Theyoperates on a local or zonal basis and may have a scope of expansion. They have moderateprofits (Dees, 2017).Medium sized organisation:They are quite bigger than the small organisations and operates oninter city or state level. They have more than 250 employees and can have high amount of profitsto have a better scope of expansion.Social enterprise:They are the firms which works for the betterment and growth of the society.Their main aim is to serve people and their profit count is been used on the social welfare.The entrepreneurial ventures and the typologies of the entrepreneurial ventures that arebeen discussed above are closely related to each other as it will help in the effective setting up ofthe entrepreneurial venture and thus will lead to the setting up of different business operationsand action plans in an effective way.2 similarities and differences between entrepreneurial venturesThere have been a huge range of similarities and differences between variousentrepreneurial ventures that operates within the market (Solomon and Linton, 2016). Some ofthe major similarities between different entrepreneurial ventures are as follows:FactorsEntrepreneurial venturesNeed of investmentDespite being different in size andfunctionality, all the entrepreneurial venturesneeds investments and capital to grow.Requirement of work forceAll the entrepreneurial ventures needs effectivework force to carry out their operations in aneffective way (Laukkanen and Tornikoski,2018).Management structureAll the entrepreneurial measures are required2
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