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Entrepreneurship and Small Business Management : BBC

   

Added on  2021-02-20

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ENTREPRENEURSHIP AND SMALLBUSINESS MANAGEMENT

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1 Different entrepreneurial ventures and their typologies.........................................................1P2 Similarities and differences between these ventures..............................................................2LO 2.................................................................................................................................................4P3 Impact of micro and small business on economy...................................................................4P4 Importance of small business on growth of social economy..................................................7LO3..................................................................................................................................................9P5 Skills of different entrepreneurs.............................................................................................9P6 Aspects of personality reflect motivation and mind set of entrepreneur..............................10LO 4...............................................................................................................................................12P7 Impact of background and experience on foster entrepreneurship.......................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONWillingness and capability of an individual to bear risk and establish a business is called asentrepreneurship (Kuratko, 2016). UK is the nation which has high number of small and microbusiness. Present study will discuss purpose of different venture and their typologies. It willdescribe differences between these ventures alone with similarities. Furthermore, assignment willuse some facts to show contribution of Small companies in economy development of country. Itwill define social economy and significance of small firms in social economy. In addition, skillof a successful entrepreneur will be highlighted alone with their background and experience.LO1P1 Different entrepreneurial ventures and their typologiesEstablishing a new business is quite difficult task, entrepreneur bear all risks and setup anew business. This ability of willingness of an individual make them unique from others. Thesepersons are known as entrepreneurs. Entrepreneurship is the willingness of person to face criticalsituation to fulfil their dream (Burns, 2016). There are various entrepreneurial ventures:Public venturesIt is the type of firm which have rights to sell their shares in stock exchange. All theimportant decisions are taken by board of directors by considering interest of all shareholders.Public companies work to satisfy consumers by offering quality products are reasonable price.BBC is the great example of public firm which telecast news and inform population about latesthapping’s (Storey, 2016). Private companiesPrivate companies cannot sell their shares directly to public and owner own self make alljudgements for the growth of business, government do not get involved in any decisions ofbusiness. There is restriction for private ventures in transferring shares publically. The mainagenda of such kind of companies is to raise profitability, productivity and can competitiveadvantage. For example, McDonalds is private firm which expand its business globally andgenerate revenues. Private venture may be partnership of sole trader. In partnership firms profitis shared between all partners whereas in sole trader profit and liabilities both remain in the handof owner only (Read and et.al., 2016).Social ventures1

Wellcome trust is social firm which continuously work for improving wellbeing ofsociety members. There is no specific direction to forma social firm, as all volunteers workindividually to serve the nation best. Their content is flexible than any other statutoryregulations.Survival venturesThese are newly start-ups which are started to earn reasonable profit. It can be smallshops or barber shop etc. Owner earn reasonable profit which help them in living a normal lifeand managing their daily expenses (Hsieh, Parker and van Praag, 2017).Managed growth venturesThis is the type of venture in which companies pay more attention on consistency, theyalways try to get consistent profit rather than getting huge revenue or expansion. They alwaysfind some unique ideas through which enterprise can attract more consumers and can sustain inmarket for longer duration (Balmaceda, 2018).Each venture has different typologies which determine their way of conductingoperations. Typologies of these business are described as below:Lifestyle typology: This type of typology is generally implemented by managed growthventures. As they work to generate a consistent level of income so that owner can enjoytheir life style smoothly. They have limited growth options and find innovative ideas toget consistent income.Serial typology: This is the kind of typology in which new ideas are given priority so thatcompany can run business in such competitive environment easily. This is implementedby survival ventures (Burton, Sørensen and Dobrev, 2016).Scalable typology: This is implemented by private companies. In this typologiescompanies make arrangement in such manner so that increasing demand can be managed.Firms make changes in their products and process as per the changing demand of endusers.P2 Similarities and differences between these venturesEach venture is different from other, there differences are illustrated as below:Ventures/differencecriteriaPublic venturePrivateventureSocialventureManagedgrowthventureSurvivalventure2

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