Entrepreneurship & Small Business Management: Sample Assignment

   

Added on  2021-02-20

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Entrepreneurship and smallbusiness management
Entrepreneurship & Small Business Management: Sample Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1LO 1.................................................................................................................................................1P1 Different types of entrepreneurial ventures and the relation to typology ofentrepreneurship.....................................................................................................................1P2 Differences and similarities between entrepreneurial ventures.........................................2LO 2.................................................................................................................................................4P3 Impact of micro and small-business-on the economy of UK............................................4P4 Importance of small business and start-ups to grow in social economy ..........................7LO3..................................................................................................................................................8P5 Differentiate the characteristics skills and traits of a business managers and a successfulentrepreneur............................................................................................................................8P6 Determine how the entrepreneurial motivation and the mindset is reflected by theentrepreneurial personality.....................................................................................................9LO4................................................................................................................................................10P7 How the background and the experience foster or hinder the entrepreneurship, explain withrelevant examples.................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTIONEntrepreneurship can be defined as an establishment of new business(es) by anindividual or a group of individuals who have something new or innovative to present and cancreate either a new market or a new customer base with their idea (Boddington and Barakat,2018). This is encouraged and supported by both government and society as it fosters thedevelopment in the society and also enhances the growth level of an economy. In this report,different typologies of the entrepreneurial style and its ventures have been discussed in detail.Further, this report highlights the importance of medium and small business and theircontribution in the economy through conducting a detailed statistical analysis. Lastly, throughstudying the ups and downs faced by the two entrepreneurs Richard Branson and Peter Jones, thereport has identified the struggles that the entrepreneurs face and how by developing certaincharacteristics and skills they can develop it.MAIN BODYLO 1P1 Different types of entrepreneurial ventures and the relation to typology of entrepreneurship.Entrepreneurial ventures are those new business or ventures set by a person known asentrepreneur and generally portray some new or innovative ideas and includes a certain degree ofrisk and reward (Pounder and Devonish, 2016 ). The various categories in which entrepreneurialventures can be classified are :-Private Company :- A private entrepreneurship are those ventures which have expansionas their main purpose. An example of Tesco company can be taken which is multinational retailgiant and is a private ownership firm. The employ efficient personnel who are well versed inmulti tasking and are knowledgeable as well about the firm's activities or products so that thecustomers can be properly guided. They generally focus on occupying a large targeted customerbase.Small Size Social Venture :- These are small start-ups or ventures which are budding upin every corner of UK. They are the highest contributors in generating the employment in UKand commonly comprise small businesses like cafes, restaurants, stores etc. Example of Smallsize venture can be Simple Funeral Company operating in United Kingdom (Ariffin, Baqutayanand Mahdzir, 2018).1
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Large Size Social Venture :-These type of ventures have their focus on increasing thebusiness time line and providing innovative services to the customers. These generally involveNGOs and other social institutions. NHS is an example of large size social venture.High Growth Firms :- these are those enterprises which are created with a revolutionaryidea capable of changing the working systems or scenarios on a large scale. Their ideas withwhich they are set up are so innovative that they affect entire economy. Example can be quotedof Google Inc. or Microsoft here which have changed the working methods of entire world.Typology of Entrepreneurship : Typology is the purpose or the objective with whichthe business has been set up. It involves the basic idea on which the entire business process hasbeen formulated (Waseem, 2018). Their various types are :-Survival Firms :- Those business whose motive is to keep functioning without anygrowth or expansion purpose are survival firms. These are stable organizations and there aim isto not shutdown. Lifestyle Firms :- These firms have growth as their objective but a limited one i.e. theyavoid taking risks at a higher level and play safe.Managed Growth Firms :- Growth firms are the ones focusing on expansion or growthwith steady rate. They however have growth rate faster as compared to competitors and revenuelevel is also higher.Aggressive Growth Firms :- Here the risk is taken at extreme levels and the focus is onexpansion of business through pre formulated strategies.Public Sector Entrepreneurship :- Benefit of public is the main idea behind formulationof business policies and strategies.Social Enterprise :- They operate with the objective of generating solutions for thepresent environmental or cultural or ethical problems existing in the market (Cao and Lin, 2017).P2 Differences and similarities between entrepreneurial ventures.Similarities between them :- Small and medium-sized social entrepreneurship both havethe similar purpose of providing services and benefits to the people who require it. Allentrepreneurship businesses are having basic aim to bring innovation and focus on identificationand creation of a new market segment thus forming a new customer base. They have creativeideas and acquiring funding is also one of the common purpose. The strong will and hard workalong with a persistent nature is another common thing in entrepreneurs. Finally, all the business2
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