logo

Entrepreneurship and Small Business Management Assignment - TESCO

   

Added on  2020-10-22

11 Pages2525 Words382 Views
Entrepreneurship and Small Business Management

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1a) Scope, development and growth of entrepreneurial ventures............................................1b) Impact and Importance of small business on the economy and its growth........................3TASK 2............................................................................................................................................7I) Characteristics traits, skills and motivational drivers of successful entrepreneurs.............7II) Background and experience influence both positively and negatively.............................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTIONEntrepreneur is the person who undertakes business with some profits potential andincluding considerable amount of risk. Entrepreneurship is procedures of designing and runningnew business (Schaper and et.al., 2014). In order to that, running a business takes abundantamounts of time and efforts which is known as small business. These businesses owners utilisemanagement skills, expertise and knowledge to achieve objectives of their firm. This report willexamine scope, development and growth of entrepreneurial ventures. It will analyse impact andimportance of small business on economy as well as growth of social economy. TASK 1 a) Scope, development and growth of entrepreneurial ventures Entrepreneurial ventures target high returns with an equally large level of uncertainty.The entrepreneur is willing to risk their financial security and career, spending time and capitalon uncertain venture. There are different entrepreneurial ventures such as:Small business Entrepreneurial venture:Small businesses are groceries, consultant, travel agent, plumbers, electricians and so on.An individual run their own business is called as small business. They raise funds throughfriends, family for their enterprise (Burns and Dewhurst, eds., 2016). For example, Wiser, whichis a creative and recruitment company which provide an environment where creative meetsrecruitment to build and transform employer brands. In order to that, there are fewer 250employees are working in the small business. Large business Entrepreneurial venture:Large businesses grow through sustaining innovation, offering new goods that arevariables around their core products. There are many factors such as changes in customer tastes,new technologies, regulations, new challengers, etc. can make pressure for innovation in thecompany. Therefore, large organizations require creating wholly fresh commodities sold intonew consumers in new markets. For example: TESCO. It is British multinational groceries andgeneral merchandise retailer. There are around 6553 shops in different locations across the UK.It is public organization in UK. Typology of entrepreneur Scalable Start-up Entrepreneurship:1

Start-up entrepreneurs begin firm knowing from day one that their vision can change theworld. They attract investment from equally crazy financial investors-venture capitalist. Thefocus of Scalable entrepreneurship needs more venture capital to fuel fast growth. Social Entrepreneurship:Social enterprise are originator who direct on making goods and services that resolvesocial needs and difficulties. The goal is to create the world better place not to take market shareand to create wealth for the founders (Mariotti and Glackin, 2015). For example, British Heartfoundation (BHF). It is the social enterprise or charitable organization in the UK. It funds studyto beat heartbreak from heart diseases and their risk factors. There are over 950 BHF health careprofessionals caring for patients across the UK. Difference between Public and Private EntrepreneurshipPrivate Entrepreneurship: It is the business unit established, owned and operated by individual for profits rather thatany government and its agencies which is basis of free market capitalist system. For example:River Island. It is high street fashion brand in UK. Company has over 350 stores in the UK, Asia,Europe alongside 6 online websites which ships to over 100 nations in the world. Public Entrepreneurship: Public sector entrepreneurship has been determined as the statement of innovative publicpolicy initiatives that generate larger economic conditions by transforming a status-quoeconomic atmosphere (Sahut and Peris-Ortiz, 2014). For example: HSBC which is the Britishmultinational banking and financial services holding organization. Company has 3900 offices in67 nations. Criteria Private Sector Entrepreneurship Public Sector Entrepreneurship Meaning It is owned and controlled privately.It is controlled by public andgovernment. Objectives The aim of private enterprise is to earnmore profits. The objectives of publicentrepreneurship are to servecitizens of nation. Example River Island is private company in theUK (Mariotti and Glackin, 2015). HSBC is public limited organizationin the UK. Scope Company has over 350 stores inBank has 3900 offices in 67 nations2

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Entrepreneurship & Small Business Management ( pdf )
|12
|3376
|285

Entrepreneurial Ventures and their Impact on the Economy
|15
|4491
|20

Entrepreneurial Ventures
|14
|3755
|53

Entrepreneurship and Small Business Management Assignment | Microsoft
|6
|971
|212

(Solved) Entrepreneurship and Small Business Management Sample Assignment
|9
|2262
|30

Entrepreneurship and Small Business Management
|11
|2722
|393