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Entrepreneurship and Small Business Management : Elizabeth Gooch & EG Solutions Plc

   

Added on  2021-01-02

13 Pages3689 Words178 Views
Entrepreneurship and SmallBusiness Management

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Entrepreneurship, different types of entrepreneurial ventures and its topology....................1P2 Similarities and difference between entrepreneurial venture.................................................2M1 Entrepreneurial venture under public and corporate sector..................................................4D1 Scope ,development and growth of entrepreneurial ventures................................................4TASK 2............................................................................................................................................5P3 Impact of micro and small businesses on the economy with statistical data..........................5P4 Importance of small business and business start-ups to the growth of social economy.........6M2 Difference between small, medium and large entrepreneurial venture by applying relevantdata and statistics.........................................................................................................................6D2 Impact of small businesses on different levels of the economy............................................7TASK 3............................................................................................................................................7P5 Characteristics traits and skills of successful entrepreneurs...................................................7P6 Aspects of the entrepreneurial personality reflect motivation and mind-set..........................8D3Characteristics traits and skills and motivational drivers of successful entrepreneur.......8TASK 4............................................................................................................................................8P7 Background and experience hinder or foster entrepreneurship..............................................8M4 Link between entrepreneurial characteristics and the influence of personal background andexperience to specific successful entrepreneurs..........................................................................9D4 Background and experience influence entrepreneurship.......................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONEntrepreneurship can be defined as starting a new business by taking risk for the purposeof earning profit. It includes an entrepreneur who start the business on its own risk(Castrogiovanni, 2018). Present study will be based on the case of two successful entrepreneursof UK first one is Elizabeth Gooch & EG Solutions Plc is the CEO of EG solutions a smallcompany selling software that helps clients to generate improvements in operationalperformance. Another one is the Tom Mercer & Moma foods Tom Mercer was a managementconsultant with Bain & co. at London.Report will include entrepreneurship its scope and different types entrepreneur ventures.Furthermore, it includes importance of small businesses to the growth of social economy andcharacteristics of becoming a successful entrepreneur.TASK 1P1 Entrepreneurship, different types of entrepreneurial ventures and its topology Entrepreneurship is the process of setting up a new business by the person willing to takerisk with the objective of earning profit. It is a type of business which is carried out for creatingsomething new in the market. Entrepreneurship in coming years plays an important role indeveloping the economy of the country (Drago and Vanevenhoven, 2015). Different types of entrepreneurial ventures There are different types of entrepreneurial ventures as follows:Small-scale entrepreneurship: It can be defined as the business that consists ofsmall number of workers working in the business with less sales volume.. This typeFor example: napkin, Chocolate industry are the small scale enterprise. The purposeof small scale entrepreneurs are to generate day to day earning and sustain in themarket for longer duration. These firms have less than 50 employees and turnover ofsuch firms are under £ 10million (Eggers and Song, 2015)Large-scale entrepreneurship: This type of business entrepreneurship needs largenumber of workers and huge infrastructure (What is an SME, 2012). For example:iron and steel industry, textile industry is the large scale entrepreneurship. The mainpurpose of these companies are to expand into international market and enhancesatisfaction level of consumers so that it can gain competitive advantage. These firmshave more than 250 employees (Ferreira, Fernandes and Ratten, 2017).1

Medium-scale entrepreneurship: For example: supermarkets, garments are themedium scale industries. The main objective of this venture is that to generate profitand recover its operational cost soon. These are such companies that can employee20-250 employees and have turnover under £50million (Ma and Xu, 2016).Topology of Entrepreneurship There are many topologies of entrepreneurship are as follows: Lifestyle Entrepreneurship: It means an entrepreneur wants to start a business in its ownpersonal lifestyle not for the purpose of only earning profit. It mainly focuses on the rewards. Isrelated to the small scale entrepreneurship as it can change the lifestyle of doing work becausesmall scale business can adapt changes because it doesn't require much time to adopt new ideabut its difficult for the large scale enterprise to adopt this topology (Masurel and Snellenberg,2017).Female Entrepreneurship: In this female started a business collect the resources, take risk andchallenge and provide job to the other people and manage all the activities of the business.Approximately one-third of the entrepreneurship business are run by women in the country. It isrelated to the medium scale enterprise as women are also now coming one step ahead and starttheir own business so female started with medium business first and then start to expand thebusiness (Piperopoulos and Dimov, 2015).Serial Entrepreneurship: An entrepreneur that always bring changes in the business, comeswith new ideas and did not stay for long time with same strategy. It will be beneficial for thesmall scale enterprise to always bring new changes because in small scale enterprise the cost ofoperation will be less for the purpose of bringing changes in the business.Social Entrepreneurship: In this entrepreneurship the aim of the business is to providesolutions of the social, cultural or environmental issues. It is related to the medium scaleenterprise (Rae and Wang, 2015). P2 Similarities and difference between entrepreneurial ventureDifference between entrepreneurial venturesBasis Small-scaleentrepreneurMedium-scaleentrepreneurLarge-scaleentrepreneurObjectivesIts main objective is toget money for survivalIt works to get highreturn over investmentThe objective of thisenterprise is to earn2

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