Entrepreneurship & Small Business Management Assignment (Solved)
Added on 2020-10-05
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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Several kind of entrepreneurial venture along with their typologies ....................................1P2 Similarities and differences between entrepreneurial ventures.............................................3TASK 2............................................................................................................................................4P3 Interpretation of data and statistics to identify impact of both macro and micro business onUK economy...............................................................................................................................4P4 Importance of small businesses and business start-ups to the growth of the social economy.....................................................................................................................................................7TASK 3............................................................................................................................................8P5 Characteristic, traits and skills of successful entrepreneurs that makes them different frommanagers.....................................................................................................................................8P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset...................................................................................................................................................10TASK 4..........................................................................................................................................11P7 Examination of background and experience can hinder or foster entrepreneurs andentrepreneurship........................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTION Entrepreneurship is referred as starting and managing business with the purpose of livinga healthy life. Person which manage and run these businesses are called as entrepreneurs. Thesebusinesses are usually operated at small & medium scale and assists a business person in earninghigh profits (Akehurst, Simarro and Mas‐Tur, 2012). This assignment is prepared onentrepreneurship and business management at small level. This report will cover several types ofentrepreneurial ventures and typologies along with their relationship. Similarities and differencesin entrepreneurial ventures is mentioned along with statistics & data that depicts the impact ofSME on UK economy. Role of businesses in social economy of UK and appropriate skills, traitsand characteristics to be a successful entrepreneur is mentioned. Beside this, information aboutentrepreneurial mindset and personality is discussed along with influence of experience andbackground to foster or hinder entrepreneurship is stated in brief. TASK 1P1 Several kind of entrepreneurial venture along with their typologies Entrepreneurs are defined as those individuals which perform several business initiativesto gain high profits and revenues. These business activities benefits them in living a standardisedlife without any financial shortcomings. Entrepreneurship is a procedure in which a new usuallysmall business is run, launched and designed to earn stable earnings. Entrepreneurial activity is abroad concept which assists business persons in gaining wide growth of ventures. There aredifferent kind of ventures that are associated with entrepreneurship. Some of these ventures arestated below: Different kind of business venturesSmall business: These ventures need less investment, operations and workforce as sizeof these business is small and they operate at low scale. Scope of these businesses is narrow.These organisations offers services & products to niche market and works in either partnership &sole proprietorship. These firms employees less than 50 workers. For example, Rowlinsonknitwear (Barringer, 2015). Large business: Within these entrepreneurial ventures, company perform work at highlevel due to this heavy investment, large number of employees, optimised operations are requiredto manage firm. These companies have unlimited scope and size as they operate at both national1
& international level. These firms employs more than 250 employees and earn around 10 millionpounds annually. Scalable starts-up enterprises: In these businesses, a person manage and own businessby introducing new concepts & ideas. These companies obtain funds through venture capitalistsand prefer to recruit only skilled staff. Risks in these business is high and chances of getting highsuccess is average. Typologies of entrepreneurshipThere are several kind of typologies which are linked to entrepreneurial ventures. Thesetypologies are stated below:Survival Enterprise: These companies are stated to earn stable livelihood and improvingliving standard of local people by offering them products and job opportunities. This businesstypology is a part of scalable business venture which is managed with the purpose of earninggood profits. For example, Lyle's restaurant (Bridge and O'Neill, 2012). Aggressive growth firms: Main motive of these firms is to earn large profits and sales.To earn high growth, business person introduce new ideas and concepts which assists inimprovement of overall productivity. Transformation of these ideas into reality help customers inperforming basic activities easily. This business typology falls in small and large scalebusinesses. For instance, H&M, Zara etc. Social enterprises: These businesses are developed to provide support and welfare topeople which needs help. Organisations under social enterprise works to improve living standardof people at local and regional level. These firms do not operate to earn high profits andcompetitive advantage. These firms can either be small or large in scope or size. For example,Oxfam. Various kind of entrepreneursSerial entrepreneur: These people generate new ideas and concepts so that business cangain wide success. These individuals initiate a business, set it properly and then move on toanother business by introducing another idea (Epifanova and et. al., 2015). Intrepreneurs: These entrepreneurs works in companies of other people and introducesnew ideas for the betterment of that organisation where they are employed . 2
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