Entrepreneurship and Small Business Management - P1 Various Types Entrepreneurial

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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1 Various types entrepreneurial business and their relation with entrepreneurship typologies1P2 Similarities & Differences among entrepreneurial ventures..................................................3LO 2.................................................................................................................................................4P3 Impact of micro & small enterprises on economy..................................................................4P4 Importance of Small business enterprises in growth of social economy................................6LO 3.................................................................................................................................................7P5 Traits & skills used by successful entrepreneur which differentiate them for other managers......................................................................................................................................................7P6 Reflection of entrepreneurial personality on entrepreneurial motivation and mindset..........7LO 4.................................................................................................................................................8P7 Background of Entrepreneur...................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONEntrepreneurship is a process of investing money for starting up a new business venturewith an objective of profit maximisation.Micro & small business enterprises are firms whooperate their business with less investments and give employment to 10-12 individuals. Motiveof these enterprises is to earn profit for fulfilling basic requirement. This report explains differenttypes ofentrepreneurial business ventures and inter-relation of these venture with typologies ofentrepreneurship. Further, this report elaborate similarities and dissimilarities among varioustypes of business ventures.Furthermore, this report includes impact of micro & small business enterprises oneconomy of United Kingdom. Moreover, this report explains advantage of small scale businessin development & growth of social economy. Further, this report includes traits & skills used bysuccessful entrepreneur and their differentiation with tactics used by managers. Furthermore, thisreport assess reflection of entrepreneurial personality on entrepreneurial motivation. At last, thisreport explains hindrance of background & experience on entrepreneurship.LO 1P1 Various types entrepreneurial business and their relation with entrepreneurship typologiesPerson who wants to establish a new operation and organise & manage all workings ofthat organisation are known as entrepreneur. Thus, business incorporated by entrepreneur istermed as entrepreneurial venture. Individuals establish different type ofentrepreneurialventuresaccording to their financial capacity, and these are discussed below-On the Basis of SizeSmall Business Entrepreneurship-Small scale business are one which is established byindividuals, partnership firms and sole proprietor firms. According to small businessentrepreneurship individuals operate various types of business ventures such as hair salons,travel agents, carpenter, plumbers and electricians. This type of venture are operated for thepurpose making profits of survival their objective is not to build a million dollar empire. ForExample- Egle Food Ltd. They also generate employment as it provide employment to localpublic(Chepurenko, 2017).Large Company Entrepreneurship-Large Entrepreneurial ventures are high growthbusiness as they use new technology, adapt innovation & advancement and also make expansionplan introducing new product line. These companies also provide products & services according1
to demand and expectation of their customers. Example of these type of companies are Tesco,Zara and Marks & Spencer.Scalable Business Enterprise-This type of business venture is established with anobjective of developing & improving perception and beliefs of individuals. Example of scalablebusiness are Facebook, Twitter, Instagram and many other social websites. These business firmsoperate their business with an objective of balanced growth and profits maximisation. Thesebusiness takes funding from venture capitalist for maintaining balanced growth.On the Basis PurposeSocial Entrepreneurship-An entrepreneur who start a business and offer its products &services with an objective of fulfilling social needs. They do not operate with a motive of profitmaximisation. Thus, they are also known as non profit organisation. Oxfam and National HealthService (NHS) are Example of Social Entrepreneurship.On the Basis of SectorCorporate Entrepreneurship-According to this entrepreneurship venture new products& services are developed with in the existing business organisation which further heklps inenhancing profits amd market share of business ventures.Private Entrepreneurship-This type of business venture is operated by privateorganisation with less or no involvement of government.Typologies of EntrepreneurshipSurvival Firm Typology-According to this typology business venture is operated withless investment, assets and they offer products & services which fulfils basic needs of customers.They are operated for earning profit so that they can accomplish their basic needs. Thus, SocialBusiness Entrepreneurship is related to this typology as motive behind operating this type ofbusiness firm is to fulfil basic financial requirements by earning profit(Kraus, Niemand andSyrjä, 2017).Managed Growth Firm Typology-According to typology growth and profits of firm isto be managed and controlled as they want balanced growth. Thus, this typology can be relatedto scalable business enterprises because motive of those firm are also provide balanced growthand they reinvest only for adapting changes so that they can maintain their success.Aggressive Growth Firm Typology-This firms run their business by making innovationand adapting new technologies with an objective of enhancing market share and they are more2
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