Entrepreneurship and Small Business Management - Assignment (doc)

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ENTREPRENEURSHIP
AND SMALL
BUSINESS
MANAGEMENT
INTRODUCTION
Entrepreneurship is the process of launching a small new business organisation with the
risks involved in the sector for generating profit. A person having innovative ideas and skills
who runs that small business in order to gain profit is called entrepreneur. Entrepreneurs are
finding it easy to open their business in United Kingdom due to Government policies and
support. Start-ups in UK are increasing at a fast pace. The present assignment report covers
various ventures that can be considered as entrepreneurial and their interrelation with different
typologies of entrepreneurship. This assignment will give an idea about the impacts of small
businesses on the UK economy by studying roles and importance of small firms and international
aspects of entrepreneurship. Also it will access the key aspect of entrepreneurship and mind-set
in terms of skills of successful entrepreneur which differentiate them from other business
managers. Further this assignment will cover different environmental factors that foster and
hinder entrepreneurship by taking appropriate examples.
TASK 1
P1: Different types of entrepreneurial ventures and their relation to typology of entrepreneurship
Entrepreneurship:
It is the most important aspect of a business. Every big firm starts with a small business.
It is the capability to create, plan and manage a business venture with the risks involved so that it
can make profit by giving services and products.
Entrepreneurial activity:
It is directly associated with entrepreneurship. It is Imaginative action of humans in order
to create values by the initiation or expansion of economic activities by identification and
exploitation of latest products, markets or processes.
Enterprise:
It is the other word for a profitable business, but often related to entrepreneur ventures.
People who are successful in entrepreneurship are called as enterprising. However, the word
Enterprise tells the actions of a person who take initiatives by taking risks in launching and
Investment for running the business(Altman, Sabato, and Wilson, 2010).
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Types of Entrepreneurial ventures
Serial entrepreneurs:
Entrepreneurs means a person who come forward with an idea of business and plays an
important part in maintaining business. Whereas, Serial entrepreneur is the one who comes
forward with an idea and starts the business but after that gives the responsibilities to the other
persons to move again to a new venture or idea.
Intrapreneurs:
These persons have skills and ideas as those in entrepreneurs. These are highly motivated
and creative entrepreneurs who works in an organisation. They develop ideas and projects as
entrepreneurs within a organisation. The risks are low in those ideas as their efforts are backed
by organisation in terms of finance, Skills and knowledge.
Owner managers:
These peoples are the workers in an organisation responsible for managing the work.
They work alone or in teams and hold control of the firm. They have the authority to take
decision on their behalf. These are classified as employees due to taxation process(Barringer,
2012).
Typologies of entrepreneurship
The typologies of entrepreneurship taken into consideration are lifestyle, growth and
social entrepreneurship.
Lifestyle entrepreneurship:
These types of firms set up for doing the work that the owner enjoys or by achieving a
specific productive activity that provide the enough profit to the owner. According to Shaw and
William,smallfirmsprovidesthewayforthedevelopmentofcertainculturesof
entrepreneurship like, the lifestyle entrepreneur. Characteristics of such type of entrepreneurship
are:
Such process is motivated by the living style of life instead of growth.
Management action classified as irrational.
Lack of concentration on product development and marketing campaigns.Owners invests more amount of time in these firms.
Growth entrepreneurship:
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