[PDF] Entrepreneurship and Small Business Management : Assignment Solution
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Added on 2021-02-22
[PDF] Entrepreneurship and Small Business Management : Assignment Solution
Added on 2021-02-22
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Entrepreneurship and small business management
Table of Contents INTRODUCTION...........................................................................................................................1 TASK 1............................................................................................................................................1 TASK 2............................................................................................................................................8 CONCLUSION..............................................................................................................................14 REFERENCES..............................................................................................................................15
INTRODUCTION Entrepreneurs are back bone of every developing and developed economy. Present study is a research of different organisations from council Barking and Dagenham based in East London. This report will include study about the scope, development and growth of entrepreneurship and impact of micro and small businesses on the economy of UK. Further it presents the personality of three successful entrepreneurs of United Kingdom (UK),David and Simon Reuben, Richard Branson and Laurence Graff. This report will demonstrate the importance of small businesses and start-ups to the growth of social economy. Furthermore, study will highlight different ventures and their typology and will describe difference and similarities of these ventures. TASK 1 Executive summary The following report will be based on Borough of Barking and Dagenham which is based in East London. It is an Outer London boroughand the south is within the London Riversidesectionof the Thames Gateway, an area designated for urban regeneration. The report willcriticallyexaminedifferentorganisationsfromtheBoroughaccordingtoitsscope, development and the growth. Secondly it will examine the impact of the small businesses to the Barking and Dagenham Borough economyby presenting data and statistic regarding the growth of the social economy. Introduction There are various kinds of entrepreneur ventures and all these ventures work for different purposes. The task will include scope and development and will explain differences and similarities between these companies.Small businesses have a good place in the economy and theirexistenceisveryimportantforthedevelopmentofeconomyanditalsocreates entrepreneurs in the economy (Alford and Page, 2015).Present task will explain impact of small businesses on UK economy. Scope, development and growth of entrepreneurship ventures and their typology Entrepreneurshipis a set of actions like designing, inventing, starting a new business in order to generate profit. It is a process of discovering new ways of combining resources to solve the problems in the society and also to create value. Entrepreneursare the persons who start a new business with limited planning and resources and are responsible for all the risk and rewards of their business venture. These 1
individuals are seen like innovators, a source of new ideas, products, services that a society needs and for this they do research before making first step. They are their own boss, usually sole proprietor, partner or who owns the majority of shares in an incorporated venture. Intrapreneursare employees who manage the business but entrepreneurs are owner of the company, they lead the company (Bishop, Mehra and Partee, 2016).Intrapreneurs do not face the risks and rewards of the company directly but they still have access to the resources of the company. They work on a project trying to improve the performance of an existing company and as soon as they developed the skills to solve the important problems that can occur in the company they may turn into entrepreneurs. The entrepreneurial ventures are classified in: small, micro, medium, large. Small ventures:This type of venture is a small company which is independently owned and operated with a small number of employees less than 50 and the annual turnover does not exceed €10 million .It starts up with the scope to gain profit for all the persons involved. An example of a small enterprise from Barking and Dagenham Borough is Tiger Security Solutions which provide a range of security systems for homes or offices. Medium venturesare those organisations with less than 250 employees and the turnover does not exceed €50 million. An example from the borough is:Abbey centre leisure which provides activities for everyone’s interested in sport. Micro ventures:In this type of enterprise the number of employees is no more than 10 with a turnover of less than € 2 million per year. Example could be Britannia Pharmacy in Barking Riverside which offers the people a range of products for the health. Large venturesare similar to corporate with a number of 5000 employees having a annual turnover of 1.5 billion. Example is Sainsbury’s whichis a British retail store and its scope is to provide and sell services and products in order to generate profit. There are different types of entrepreneurship: Private entrepreneurship .These is such businesses units which work for the profit maximization. Purpose of private companies is to expand their business and to satisfy their stakeholders. This helps the firms to remain competitive in the market. Barking LLC is a private venture. 2
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