(solution)Entrepreneurship and Small Business Management
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Added on 2020-12-09
(solution)Entrepreneurship and Small Business Management
Added on 2020-12-09
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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Types of entrepreneurial venture and they relation with typology..................................1P2. Similarities and differences between entrepreneurial venture.........................................2TASK 2............................................................................................................................................4P3. Impact of micro and small business over economy.........................................................4P4. Role of small and start-up businesses in social economic growth of UK after Brexit.....5TASK 3............................................................................................................................................7P6. Entrepreneurial personality that reflect motivation and mindset of entrepreneur............9TASK 4..........................................................................................................................................10P7. Background and experience can hinder and foster entrepreneurship.............................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneur is a person who bring up an innovative idea which is new to market and setup their business by bearing all the financial risk in hope of getting maximum return over theirefforts. An entrepreneur plays a crucial role in country's economical and social development byproviding various growth opportunity (Austin, Stevenson and Wei-Skillern, 2012). This projectsexplains about different types of entrepreneurial venture and their relation with typologies. It alsoexplains about the similarities and differences that these ventures possess. Further it will talkabout the role of small businesses within the economy and how they contribute in social &economic development after Brexit. In addition to this it also describes about characteristics,traits and skills which makes an entrepreneur stand different from other and factors that hinder orfoster them in their actions. TASK 1P1. Types of entrepreneurial venture and they relation with typologyEntrepreneurship refers to the process of establishing and managing a new businessventure by bearing all the risk in hope of making profit in future. So, an entrepreneur is one whocame up with innovative idea in order to bring new product or services in market. They are alsoknown as innovator or source of idea that identify the opportunity in market and try to exploit itby converting their imagination into reality. There are various types of entrepreneurial venturethat exits in business environment which are as follows:Small scale enterprises: - It is a type of enterprise which is privately owned and managedby a one or two individuals either as sole trader or in partnership. The main aim ofestablishing this business is to earn a better life for their family. Small businesses employsmall number of workers, not more than 50 employees. These business can be arestaurant, bakery, dry cleaners, electrician, carpenter etc. Scalable start-ups:- These type of entrepreneurs are more creative and innovativethinker. They take up an innovative idea and then search for an option to scale theirbusiness. Scalable entrepreneurs either enter into large market and take up market sharefrom incumbents or enter into new market to grow faster (Bae and et. al., 2014). Theseentrepreneurs always try to exploit opportunities, therefore they start a business and afterestablishing it hand it over to another person for starting up their new venture. 1
Social enterprises: - These organisation are established with an aim to work toward thewelfare of society and environment. Social enterprises can be for-profit, not-for-profit orhybrid. These enterprises more focus on producing product or services that solving thesocial problem and promote a healthy life to community. They mainly work towardmaking the world a better place. Large-scale enterprises: - These type of organisation have finite life cycle and generallygrow through sustaining innovation, offering new product. Large scale enterprises aregenerally established with an aim to generate maximum profit by providing greatersatisfaction to its customers (Bosma and et. al., 2012). They operate business incompetitive environment and try to capture large market share either by their innovativeapproach or by acquiring other ventures. There are various types of entrepreneurial typologies to which an entrepreneur belongsand that affect the way in which one operate their business. Following are the types ofentrepreneurial typology:Copycat:- These type of entrepreneur are one who sees the success of others and try tocopy them in their business in the hope of making same profit. These entrepreneur tries tofigure out factors that work better and implement those in their business. Small scalebusinesses are related with this typology as they generally copy the business idea of otheras these persons work to earn money and not to get market share. Research entrepreneur: - These entrepreneur always try to explore new things forproviding better services to their target market. They always try to identify what workand what not in their business. Large scale entrepreneurs put more emphases towardresearch for identifying the current trend and strategies used by competitors in order toremain competitive in market place. P2. Similarities and differences between entrepreneurial ventureEntrepreneur play an essential role in bringing new and innovative product or serviceswithin market which contribute toward improving the living standard of society (Cooper andFolta, 2017). There are various types of entrepreneurial present in market place that are differentin term of their size, operations and objectives. Difference between these enterprises are asfollows: - Large scale enterprise Social enterprise2
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