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[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
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[PDF] Entrepreneurship and Small Business Management : Assignment Solution_1
Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
TASK 2............................................................................................................................................8
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15
[PDF] Entrepreneurship and Small Business Management : Assignment Solution_2
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 borough and the south is within the London
Riverside section of the Thames Gateway, an area designated for urban regeneration. The report
will critically examine different organisations from the Borough according to its scope,
development and the growth. Secondly it will examine the impact of the small businesses to the
Barking and Dagenham Borough economy by 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
their existence is very important for the development of economy and it also creates
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
Entrepreneurship is 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.
Entrepreneurs are 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
[PDF] Entrepreneurship and Small Business Management : Assignment Solution_3
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.
Intrapreneurs are 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 ventures are 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 ventures are similar to corporate with a number of 5000 employees having a
annual turnover of 1.5 billion. Example is Sainsbury’s which is 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.
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