Entrepreneurship and Small Business Management Importance: Doc
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Added on 2021-02-21
Entrepreneurship and Small Business Management Importance: Doc
Added on 2021-02-21
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Entrepreneurship and SmallBusiness Management
Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1 Different types of entrepreneurial ventures............................................................................1P2 Differences and similarities between entrepreneurial ventures..............................................2LO2 .................................................................................................................................................3P3 Impact of small and micro businesses on the economy..........................................................3P4 The Importance of small business and business start-ups to the growth of the socialeconomy ......................................................................................................................................4LO3 .................................................................................................................................................5P5 Characteristic traits and skills of an entrepreneur...................................................................5P6 Aspects of entrepreneurial personality ..................................................................................5LO4 .................................................................................................................................................5P7 Background and experience of an entrepreneur.....................................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONEntrepreneurship means starting a new business by an individual while taking risk for thepurpose of earning profit(Scarborough, 2016)An entrepreneur have to develop, organize andmanaging a business to run it effectively and efficiently. Present study will be based on Deloitte company. It is a multinational professionalservice network that provides services in accounting field such as audit, tax, consulting andfinancial advisory. It is the fourth largest private company in the United Kingdom.Report will include different types of entrepreneurial ventures and their topology.Similarities between different entrepreneurial ventures. It also includes statistics related to microand small business and its impact on the economy. Furthermore, it will include importance ofsmall business and its growth in the social economy. It also includes traits and skills ofentrepreneurs and that differentiate it from others. LO1P1 Different types of entrepreneurial venturesPublic Company( Aviva)Private Company(Deloitte)Voluntary Company( Oxfam)It is a British multinationalinsurance company. It is thelargest insurer and providingpension to its customers. It is a multinationalprofessionalservicenetwork provider thatdeals in accounting. It is a charitable company thatmainly focusing on alleviation ofglobal poverty from the country. It was created by merging twoBritish insurance firms that areNorwich Union and CGU plc. This company is formedby two people CharlesWaldo Haskins and ElijahWatt Sells.It was formed by WinnieByanyima in 2013.Objective of the company is toprovide the best financialservices to its customer(Schaper, 2016).Objective is to become thelargest company inproviding service networkto the worldwide.It is a non- profit organizationthat aims to reduce poverty fromthe country. In Aviva 30,021 employees areworking in the company havingnet income of £ 2,225 million.2,86,200 employees areworking.It is an independent organizationthat runs with 20 other charitabletrust. 1
There are different topologies of entrepreneurship such as female, scalable and socialtopology. Female Topology:- This topologyis related to approximately 1/3 of all the entrepreneurs arefemale. This topology is used in the Deloitte company. As in private sector female is alsoinvolved nowadays in the companies. It runs for the purpose of earning profit in the company.This topology also emphasizes on getting involved female entrepreneur in the business. Scalable Topology:- This mainly focuses on expanding business operations into various sectorof the economy. This topology is being used by Aviva company as it is a public limited companyand operates in a large number of sector. There is more scope in this sector so this topology isused for future growth in the economy. Social Topology:- This is used in Oxfam as it is a non profit organisation that works for thesocial cause in the economy. Through this society is being helped as Oxfam is aiming inreducing poverty from the country. Therefore, Oxfam is related to this topology as it is veryimportant to follow the rules and regulation(Venkataraman, 2019)This topology is related as italso works for social well-being of people and care for the people in the country.P2 Differences and similarities between entrepreneurial venturesPublicCompany(Aviva)PrivateCompany(Deloitte)VoluntaryCompany(Oxfam)BackgroundIt is a Britishmultinationalinsurance companyand largest insurer anda leading pensionprovider.It is a multinationalprofessional networkprovider of thecompany. This is a non-profitorganization that runsfor the purpose ofprovidingsocialbenefits to the people. ScopeIts scope is to expandits business operationsinto different sector ofthe economy.Its scope is to earningmore profit and futuregrowth in theeconomy.It is to provide socialbenefits to the peoplefor securing future. ObjectiveIts objective is to startbusiness at very largeoperations in theIts objective is tobecome the largestservice network in theThe main objective ofOxfam is to reducepoverty and provide a2
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