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Entrepreneurship and Small Business Management (SBM) - Assignment

   

Added on  2020-10-05

15 Pages3898 Words228 Views
Entrepreneurship and SmallBusiness Management

INTRODUCTIONIn United kingdom, there are around 95% businesses of small and medium sizeorganisation are exist in different countries. Such small sized businesses are established in UKare known as entrepreneurial venture. In other words, entrepreneurship can be define as theprocess which involves planning, launching, designing and regulating new idea which help themin developing small business. An individual who initiate or develop business idea which arecalled as entrepreneur. Along with this, these ventures are play an essential function in nation'seconomy so they are gaining employment opportunities and increasing overall GDP rate andsome more (Blackburn, Hart and Wainwright, 2013). The report is covers different component ofentrepreneurial ventures and different typologies that are related with this. It also describeinfluence of micro, small and medium sized in the United kingdom economy of the country andits community. In addition to this, entrepreneur decision making is highly influenced by variousaspects which involves experience, family background and education are represented in thisprojection. MAIN BODY1. Different types of entrepreneurial ventures and explain how they relate to the typology ofentrepreneurshipIn this, entrepreneurial venture refer as the combination of risk, failure, success andambiguity which are related to learning. There are various differences between small businessconcern and entrepreneurial venture which formulate the key differentiation among both of theterms. SMEs are associated with several commodities and services which are already present, onthe other hand, an entrepreneur is a single person who sets their undertakings of businessinvolved with financial risks that can assist in creating positive results (Bridge and O'Neill,2012). Such ventures are directly influence the economies and society in proper manner whichassist in developing cascading impact on the industrial sector and making great opportunities ofjob for the country people. There are various types of entrepreneurial venture which aredescribed as under:Small business entrepreneurship – According to the present market scenario, there arevarious number of small size ventures that are established in the united kingdom. Thesecompanies are covers around more than 5 million organisation and through this they are

generating income and revenue. It consist with ventures that includes shop keepr, barber, travelagent, electrician, carpenter, etc. Scalable entrepreneurship – This is those ventures which are formulated for investing inthe innovative ideas of the company. They are developing particular mission and vision in orderto change in the present structure of the business. For performing business operations, this typeof company manage and maintain financial amount which are willing to invest in the companyideas (Carsrud and Brännback, 2011). Social entrepreneurship – This kind of business organisation seek the social advantagesand perform effective business operations or also delivering appropriate services in gainingbenefits to their communities which help in acquiring maximum income. Along with this, suchtype of enterprise are developing only such services and products that are useful for people whorequired to make improvement in better manner. Large scale entrepreneurship – This form of business are organised and coordinated inorder to gain effective benefits in competitive market area. These type of company are mainlyconcentrate on increasing advantages and developing their presence in interactional marketplace. Typologies of entrepreneur venture are related with entrepreneur who are ascertain thepurpose, motive, nature and mission of developing idea of market. There are various typologieswhich are demonstrated in several ventures and it is related with them:Survival venture – Such form of ventures structured main aim is to manage an individualstandard of living. Usually, these ventures are define the small scale enterprise that involves cafe,barber store, grocery store and so more. Social entrepreneur – In this, a person perform the business exercises regarding severalsocial advantages. Along with this, the main aim is to maximise the benefits, so they are focus onsocial welfare and services community to their improvement effectively (Chittithaworn and et.al., 2011). Lifestyle venture – Such sort of businesses are providing accurate results of gettingresults or outcomes in better manner. An entrepreneur mainly operate and regulate activities andfunctions by their own.

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