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(Solved) Entrepreneurship and Small Business Management Solved Assignment

   

Added on  2020-10-05

17 Pages6008 Words131 Views
EntrepreneurshipProfessional Development
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Entrepreneurship and smallbusiness management
(Solved) Entrepreneurship and Small Business Management Solved Assignment_1

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Different types of entrepreneurial ventures and typologies..............................................1P2 Similarities and difference in entrepreneurial ventures.....................................................2P3 Impact of micro and small businesses on the economy....................................................4P4 Explanation of the importance and business start-ups to the growth of the social economy6M2 Evaluate the differences small, medium and large businesses make to the economy,applying relevant data and statistics.......................................................................................6D2 Critically examine how small businesses have an impact on different levels of theeconomy (local, regional, national) and in an international context......................................7P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiatethem from other business managers.......................................................................................7P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivationand mindset.............................................................................................................................9P7 Impact of background and experience on entrepreneurship............................................11M4 Analyse the link between entrepreneurial characteristics and the influence of personalbackground and experience to specific successful entrepreneurs........................................12D4 Critically evaluate how background and experience influences entrepreneurs, bothpositively and negatively, by comparing and contrasting examples....................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14Books and Journals...............................................................................................................14
(Solved) Entrepreneurship and Small Business Management Solved Assignment_2

INTRODUCTION Entrepreneurship can be defined as ability of person that can sets up a venture with theaim to generate profit. Entrepreneurs are the persons those who work hard and utilise their skillsso that their business can be established successfully. Present study is based on twoentrepreneurs Richard Branson and Peter Jones. Current assignment will describe different typesof entrepreneurial ventures and typologies. Furthermore, it will explore the similarities anddifferences between entrepreneurial ventures. Study will involve statistics and will present datato show how micro or small business contribute to economic development of nation. In addition,report will determine skills and traits of successful entrepreneurs and will examine howbackground and experience can hinder or foster entrepreneurship.TASK 1P1 Different types of entrepreneurial ventures and typologiesEntrepreneurship is the ability of person to start a new business and run it successfully.Entrepreneur is the person who have new ideas and has ability to sets up a new business.Entrepreneurial ventures are the place which is established for producing social or economicvalues. There are many entrepreneurship ventures:Small size entrepreneurship venture:It is the type of venture in which business owner start a new business at small scale. UKis the country where so many small business are running and they are contributing welldevelopment of UK economy. These can be grocery stores, consultants, travel agents etc. theirmain agenda is to generate funds so that business can sustain in the market for longer duration.Success definition of such business is to feed their family and fulfil their basic needs. Privatecompanies, sole traders come under the small ventures as they have to invest own fund to run theorganisation(Kerr and Kerr, 2016).For example Funeral care is working as small size socialventure.High growth ventures :This is another kind of venture that always ensure high growth and continuousdevelopment in business. Goal of such companies is to generate significant wealth and createunique brand image in the market. Such type of business implement innovative ideas so that itcan meet the demand of consumers and can expand its business across the world. Publiccompanies come under large scale enterprises, as they have adequate funds to run business1
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successfully (Nabi and et. al., 2017). Microsoft is the great example of large or high growthventure. For example: Google, Facebook are working as high growth firms. Social ventures :This is the type of venture that always believes in offering satisfactory goods toconsumers, its main agenda is to create better place. Maximizing impact is the major aim of suchkind of business. These are non-profit or hybrid firms those which contribute well in creatingwealth. Community greens is the great example of social enterprise.For ex. NHS is large sizesocial venture and funeral care is small size social venture. TypologiesLifestyle firm typology: This type of typology is generally adopted by independent smallscale business. Such kinds of firms are run by their founders with the aim to generateincome. They operate their business at limited places and also they have limited chancesto grow well in the market(Zucchella and Magnani, 2016). These types of business cansatisfy consumers by offering them high quality goods and services. This type oftypology provides stable income to owner and help them in maintaining competition.Aggressive growth firms:: This is another kind of typology that is generally adopted byhigh growth or large scale companies. They have strategic management style and behaveproactive. This type of typology always focusses on generating more funds in businessunit. Survival firm: Such kind of business have no formal registration, they have no capacity toreinvest for further development of business.Managed growth firms: This type of business have stable growth and continuously workfor new product development. They have ongoing reinvestment strategies but havemoderate regional growth(Rey-Martí, Ribeiro-Soriano and Palacios-Marqués, 2016).Differences between serial entrepreneurs, intrapreneurs and owner-managersBASIS ENTREPRENEURSINTRAPRENEURSOWNER-MANAGERSPrimary Motive Independence,opportunity to createmoney. Independence andability to advance inthe corporate rewards Promotion and othercorporate rewards likeoffice staff. Time OrientationSurvival and executing5 to 10 years growthof firm.Between manages andentrepreneurialdepending on urgencyShort term meetingquotas and budgets,monthly weekly and2
(Solved) Entrepreneurship and Small Business Management Solved Assignment_4

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