Entrepreneurship and Small Business Management: Sample Assignment

Entrepreneurship and Small Business Management
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Contents
INTRODUCTION...........................................................................................................................3
Lo1...................................................................................................................................................3
P1 Examine the various types of entrepreneurial ventures and how they relate to the topology.
.....................................................................................................................................................3
P2 Describe the differences and Similarities between entrepreneurial ventures.........................4
LO2..................................................................................................................................................6
P3 Assess the suitable statistics and data that impact on the small business on their economy..6
P4 Describe the importance of Small business and startup to grow the social economy............7
Lo3 & Lo4.......................................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
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INTRODUCTION
Small business Management is a core component of entrepreneurship that help to maintain
the power of economy, having the knowledge and skill help to start the business in terms of
poverty or prosperity. It will discuss about the Local Borough Wycombe District Council and
presenting the report of entrepreneurial venture in the global market by the chairperson of
council.
This report will discuss about the different types of entrepreneurial venture and how they
are related with the multiple topology. It will identify the similarities and differences between
them. This documentation will analyse the suitable statistics and information that impact on the
small business. It will describe the importance of small business to grow the social economy in
global marketplace. There are variety of characteristics, traits and skill of successful
entrepreneurs or comparison with other business. It will understand the personality of
entrepreneur that reflect on their motivation and mind set. At last, this report will describe the
background and experience of successful entrepreneurs.
Lo1
P1 Examine the various types of entrepreneurial ventures and how they relate to the topology.
Entrepreneurial ventures are those who were organize, manage and identifying the risk of
business. It is to be considered the multiple types of venture in the global marketplace. In Local
Borough, it will describe the different types of entrepreneurial ventures.
Life Style Business- This type of business is set up the unique and run by the founder
which primarily aim for sustaining the particular level of income. It provides the foundation from
which to enjoy the life styles. It is based on the profit enterprise where they were combining a
founder skill, passion and strength (Akhmetshin and et.al., 2019). At local committee has been
presented the report, it can be identified that the Life style business has specified long term goals
and also self-directed the enterprises or engages with the expertise to increase the profitability in
marketplace. this organization is not so big creators and generating a revenue or provide the
income to enhance quality of life.
Small Business – It is based on the independently owned and operated for the profit
business that will dominant in its fields. The basic goals of small business to increase the
profitability and sustainability because employee work together or hand over the members of
families.
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This business will be generated the payroll taxes and jobs but not large employers at the
local areas of borough. They provide the better quality of product and services to the customers.
Large business- this type of business has been well established that track all records and
possible to maintain public visibility. It is frequently operating the complex financial structure
that may uses different type of finance (Cole, 2018). In the local Borough, it has been established
organization that employs at least 500 employees and generating the substantial growth or
development. For Example- AT&T is based on telecommunication firm that can provide the
facilities of communication. It useful for customers when they are sending data or information by
using hardware devices.
Topologies related the business
Scalable topology
This Life style business has limited scalable because growth and development would
destroy the lifestyle of employee, owner and manager. It depends on the business to give
satisfaction to the customer and owner.
Social topology
Social topology is related to the small business when they are building innovative idea
and concept in business to make better results. The Primary goal to increases and impact on the
sustainable ways. An organization is working to resolve the problem regarding health issues and
also controlling the problem in developing nations. In this way, it can be determined that social
topology is interlinked with the Small business for creating a good environment or culture.
P2 Describe the differences and Similarities between entrepreneurial ventures.
Comparison
Small Business Life Style Large business
Annual growth rate The annual growth
rate of small business
has been increased
2% on day to day
(Dana, 2018).
The annual growth
rate of Life style firm
has increased 5% on
the basis of weekly or
monthly operations.
The annual growth
rate of large
enterprises has been
increased 20% in 2 -5
years.
Management Style This firm is used the
reactive style for
managing business in
It can be used tactical
style to handle the
business activities.
It is used the proactive
and strategic for
increasing business
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proper manner. productivity.
Management skill It can be
implementing the
selling skill in
production.
It can be
implementing the
operational skill and
basic management
concepts
This firm is planning
innovative concept
and manage the cash
flow process.
Entrepreneurial
orientation
Low Medium Very high
Similarities
Small Business Life Style Large business
Creative Idea Small business always
finding the innovative
idea and concept
because it helps to
maintain operations
and functions.
Life style firm is also
creating idea in the
product and services
because many
consumer has changed
the life style so that it
can give many options
(Horns by JS and
et.al., 2018).
Large business is
continuously creating
an idea for increasing
the growth and
development of
business.
Driving Forces A driving force of
small business is an
effective team and
positive environment.
A Local council has
been shown the
criteria of driving
forces of small
business that support
the entire
Life style firm is also
used the effective
team members and
working culture that
help the business to
increase their brand
values.
Large business
always focused on the
team members and
positive environment
etc. these are main
driving forces for
increasing the
production and sales.
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functionality.
LO2
P3 Assess the suitable statistics and data that impact on the small business on their economy.
Small businesses are contributing to the local economies by bringing the innovation and
growth to the social community. In this way, it huge impact on the national economy but it only
on the economy of their communities. These are unique and individual concept for cover all
variety of industries (Jones and et.al., 2018). It allows the enterprise to increase opportunities for
achieving their financial independence and also create the employment chances. It may not
generate so much revenue but individually as a large business. it is the main success of business
and economy in the countries.
As per Wycombe District Council, it has been found that Small industries always offering
the large number of innovation and diversity to the economy and generate large amount. On the
other hand, it also impacts on the job opportunities to provide the many types of employment
services to their peoples. In 2018, there are approximately 30.3 million small enterprises in
which making 99% of business in UK. It is the best source and engine of employment creation in
the nation. 64% percent of private firm increases the employment.
At the local area of Borough, there are 8 million of small enterprises being owned by the
minority but in 99% women owned their small business. In global world, Modern technology
always helping minorities and women to provide equal pay for expanding the local economy. It
has been found that there are various types of small business target the improvement to give
facilities regarding handywomen.
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Figure 1SME
(Source: Small Business Impact on the economy. 2018)
This business always contributes to the understand the local communities where they can
operate. Many small enterprise has been participating in the firm by organizing events, donating
non-profit rate and also sponsoring the teams. In this way, it has determined that small
businesses have large impact on the economy in both local and national level. In UK, the higher
rate of money invests on the small business and also participating in the programs of
communities such as charities, events programs.
P4 Describe the importance of Small business and startup to grow the social economy.
The importance of small enterprise to the local communities and social economy which
are emotionally rooted in selling and buying through nearby shop. It is important role playing in
the cities and rural areas of Local borough where it will increase the economic benefits related
the shopping experience of consumers (Julien, 2018). Small and start-up business is only
survival that can reduce the population. They also offering different types of facilities and
services to diverse the inventory in proper manner. It is also representing the new employment
opportunities to serve the building block in global marketplace.
Small business
A small business are approximately 500 employees and less working together in the
organization. It has been created the 1.8 million new job opportunities with the small firms. In
this way, this business is participating the specific role for bringing the social growth and also
increasing the economy. This business always focused on the talented people those who will
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understand the overall business strategic and tactics. They can use their own skill and knowledge
to produce new product in marketplace. it mainly depends on the enterprise for completing their
various functions. For Example- CafePod Coffee is based on the small scale firm that possess the
ability to respond and adapt to change the climate of economies. It is based on the customer
oriented that can understand the requirement of community. Wycombe District council must be
encouraging the small business to make action plan towards the business performance and also
promote the new entrepreneurial activities in global marketplace.
Start-up business
In Start-up business, there are approximately 10-15 employees working together in the
organization. The primarily goal is to increase the business revenue and maintain the success of
economy. This business always gives the more opportunity to achieve their financial
independence and other opportunities. Sometimes, it is very challenging to handle the complex
situation during business activities. It helps the economy of country to increase the expansion
and accommodate the new job seeker. It also helpful for improving the technology advantages
for future growth and development of social economy.
It has been produced the report through the council so that they always recommended to
perform different actions and closing down or moving towards the borough in terms of small
business development.
Lo3 & Lo4
Covered in ppt
CONCLUSION
As per discussion, it concluded that Management of business is the most important part
where the entrepreneur establishes their own business to maintain the economy of country. There
are different types of entrepreneurial venture and how they are related with the multiple
topology. It identifies the similarities and differences between them. This documentation
analyses the suitable statistics and information that impact on the small business. it summarised
that the importance of small business to grow the social economy in global marketplace. There
are variety of characteristics, traits and skill of successful entrepreneurs or comparison with other
business. It understands the personality of entrepreneur that reflect on their motivation and mind
set. It also determines the background and experience of successful entrepreneurs.
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REFERENCES
Book and Journals
Akhmetshin, E.M. and et.al., 2019. Modern Approaches to Innovative Project Management in
Entrepreneurship Education: A Review of Methods and Applications in
Education. Journal of Entrepreneurship Education. 22. pp.1-15.
Cole, R.A., 2018. Bank credit, trade credit or no credit: Evidence from the Surveys of Small
Business Finances. Trade Credit or No Credit: Evidence from the Surveys of Small
Business Finances (July 31, 2018).
Dana, L.P., 2018. ENTREPRENEURSHIP & SMALL BUSINESS.
Hornsby, J.S M. and et.al., 2018. Entrepreneurship everywhere: across campus, across
communities, and across borders. Journal of Small Business Management. 56(1). pp.4-10.
Jones, P. and et.al., 2018. Entrepreneurship in Africa, part 1: entrepreneurial dynamics in
Africa. Journal of Small Business and Enterprise Development. 25(3). pp.346-348.
Julien, P.A., 2018. The state of the art in small business and entrepreneurship. Routledge.
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Online
Small Business Impact on the economy. 2018 [online] Available through:<
https://2012books.lardbucket.org/books/an-introduction-to-business-v2.0/
section_09/152dbda6b036e1371f32f2846e7bd630.jpg>
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