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Small Business Management and Entrepreneurship

   

Added on  2020-10-23

18 Pages3990 Words131 Views
Entrepreneurship andSmall BusinessManagement

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4P1: Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship......................................................................................................4P2: Explore the similarities and differences between entrepreneurial ventures. .......................5TASK 2............................................................................................................................................7P3: Interpret and assess relevant data and statistics to illustrate how micro and smallbusinesses impact on the economy.............................................................................................7P4: Explain the importance of small businesses and business start-ups to the growth of thesocial economy. ..........................................................................................................................8TASK 3............................................................................................................................................8Covered in PPT...........................................................................................................................8CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10

INTRODUCTIONEntrepreneurship and small business management is a chain of activities that helps toenhance entrepreneurial skills set by a process. Entrepreneurship is core of every business andeach organisation started with small business that is inspired by an entrepreneur. Economy isvery volatile, to remain enough competitive in business environment there is need of knowledgeand skills to differentiate from other businesses. Entrepreneurial skill set is very important foreach and every organisation, large or small, to survive in competitive environment there is needto innovative thinking which is essential. Products and services are not new in itself but withhelp of entrepreneurial skills they have to add up some values to give advance things to society.This report is based on different entrepreneurial ventures with similarities and differences inthese ventures. Further it elaborates effects of micro and small businesses on economy andcontribution of start-ups in development of society.TASK 1P1: Examine different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship.Entrepreneurial venture is an important term for organisation that's core value isinnovation and wide opportunities to deliver economic and social values to society in bettermanner. Every organisation's main goal is to earn profit besides to build a strong image in marketthat helps to exist for long time period (Blackburn, Hart and Wainwright, 2013). There aremany types of ventures that are set up by different types of entrepreneurs to achieve theirobjectives and goals. So entrepreneurs have large contribution in economy to give employmentopportunities and improving standard of living of people.Entrepreneur is an individual who brings innovation and creative ideas to start a businessor an organisation (Bridge and O'Neill, 2012). They work to convert an idea into reality bytaking risks in order to satisfy future needs of consumers. There are various types ofentrepreneurial ventures that are set up by entrepreneurs that are as follows:

Small business entrepreneurs:In small business entrepreneurs includes hairdressers, consultants and agents, commercestore fronts and plumbers, electricians etc. they run their business in limited resources on smallbasis. It is basically owned and operated by one person and individual is solely responsible forall its profits and liabilities. There are approximately 6.5 million organisation run in UK as asmall business units (Carsrud and Brännback, 2011). Their employees are local people andfamily members. Their main motive to earn money so that they are enable to feed their familymembers and also make profit.For example an individual have to by opening new business insmall level can give large no. of opportunities by providing employment to others. They canalso contributes in economy.Scalable entrepreneurship:Scalable type of entrepreneurs come in market with strong vision and mission withmotive of change the world. They bring lot of funds from venture capitalist and attract lots ofinvestors towards them. In scalable entrepreneurship it provides new products and services tocustomers with motive of change their lifestyles. For example scalable entrepreneurs work forsatisfying better needs of consumers by identifying their problems and give solution withenlarge market share.Large company entrepreneurship:Large company entrepreneurship have long life cycle of products and bring innovationthat gives them sustainability. These have finite life cycle. They provide new products andservices with new and technological advancement in organisation. For example it is verybeneficial for them to produce innovative products and by launching new products so that theycan completet their product line.They have new opportunities with new competitors that createpressure for disruptive innovation. Large size of organisation make difficult to adopt disruptiveinnovation (Carsrud and Brännback, 2011).Social entrepreneurship:Social entrepreneurs are different kind of innovators that creates new products andservices for satisfying social needs in different way. Their sole motive is to make the world abetter place of living by solving problems of consumers (Chittithaworn and et. al., 2011). Forexample these types of entrepreneurs work with motive of social needs of consumers so that theycan satisfy their wants in proper way and complete product line in better way.

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