Entrepreneurship and Small Business Management Assignment : Clarks

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents

INTRODUCTION
Entrepreneurship means the activity to start a business or businesses by taking financial
risk in hope of earning profits in return. There are various entrepreneurs in the world like Larry
Page and Bill Gates who are well known for their contribution in the economy. The work of an
entrepreneur is to take various decision regarding the business, train the employees of the
organisation, motivate employees, bringing innovation in the economy etc. This report will
discuss about the various entrepreneurial venturers, their similarities and differences and the
impact of small and micro businesses on the economy. This report also discusses the traits and
skills of successful entrepreneur with other managers, how their personality reflect motivation
and example of how background affect entrepreneurship.
LO1
P1 Type of entrepreneurial venture and their relation to the typology of entrepreneurship.
When a new business started by entrepreneurs it accepts different levels of risk and the
changes of returns identify is called as entrepreneurship venture. On this basis there are four
categories of entrepreneurship ventures :
Private company :
The best suitable example for private company is Clarks. The focus of Clark is providing
quailty products and the life cycle of products are different. The candidates employed by them
are very effectively, multi tasking and they have knowledge about multiple sectors and fields.
This type of venture generally established to expand their business and establish their place in
the targeted market, Clarks build its self in the same manner stated above(Welter and et.al.,
2017).
Micro venture :
Micro business venture is a very large number in United Kingdom. In recent five year the
micro business has risen drastically, and become a important source contributing to the economy
of the country. They are mostly departmental stores, small independent food lorry etc.
Small ventures :
Nowadays the number of small start up are is increasing, they are everywhere in United
Kingdom. They contribute a lot in providing employment in the country as well as the economy.
Small ventures generally involves Stores, independent cafes, various service provider like tutor,

cleaner etc. Kaffeine is a small venture cafe of London, united kingdom(Volery and Mazzarol,
2015).
Medium ventures :
Medium ventures are the venture in which the employees are fewer than 250. These
ventures have very slow and steady growth. There are more that 5.7 million SMEs in United
Kingdom till the year 2018. The best suitable example for medium entrepreneurship venture is
Gaicom
Large ventures :
The Large entrepreneurship ventures are like Tesco they have their focus on providing
unique products and their quality services on regular basis, due to increasing time on in business
line. Innovation in the products and their application in the system in quit difficult in large
ventures. Shell is the perfect example for Large entrepreneurship venture.
Entrepreneurship typologies :
Typology defines the basic motive for which the firm has been started up therefore the
basic purpose of the company or the foundation idea to start a new business.
Survival Firms :
The basic motive of these types of firms are to keeping doing their business operations.
The priority of the organisation is to keep running their business active, growth is not their
focus(Storey, 2016).
Lifestyle firm :
These types of firms are started with the motive of providing a decent growth rather than
targeting to grow the business therefore at present level of operational activities they can easily
avoid the operating risk.
Managed Growth firms :
If the main focus of the firm is to expand its business operation at a very steady rate then
the firm is known as Managed growth firm. Managed growth firm grows faster than their
competitive firms they also have increased revenue. These firms can avoid risks at extreme
levels.
Aggressive Growth firms :