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Entrepreneurship and Small Business Management Assignment - Greenwich

   

Added on  2020-12-18

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Entrepreneurship and SmallBusiness Management

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3a.) Scope; Development and Growth of Entrepreneurial Ventures.............................................3b.) Impact of Small Business on The Economy..........................................................................5TASK 2............................................................................................................................................81. Analysing the characteristic traits, skills and motivational drivers of successfulentrepreneurs providing examples of well-known British entrepreneurs ..................................82.) Critical Evaluation of Background And Experience of Entrepreneurs..................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12

INTRODUCTIONEntrepreneurship can be defined as the activity of starting up a new business and takingup of challenges and opportunities for particular task in the hope of profit. Basically,entrepreneurship can be defined as the process of designing; and running a new project with theonly objective of serving the society and to do something for the mankind along with theachievement of profit (Allen, 2015).Thus, the borough that is being discussed in this report isGreenwich. It is an area of south east London, England. It is notable for its maritime history andalso for giving its name to Greenwich meridian. Those who are practising such things can bedefined or called as entrepreneurs. The project is covering the topics and is throwing the light onthe scope and development and growth of various entrepreneurial ventures in the business. Theassignment further lays emphasis on the similarities and the differences between the variouskinds of ventures in the public and private sector. The report further lays its focus on the impactthat is made by the small business on the economy with respect to the important data andstatistics (Burns and Dewhurst, 2016). The assignment further lays its focus on the similaritiesand differences of entrepreneurial ventures. Impact of small business on the economy. TASK 1a.) Scope; Development and Growth of Entrepreneurial VenturesAn entrepreneurial venture can be defined as such a venture in which an entrepreneurstarts and runs a business with the available and limited resources. The entrepreneur isresponsible for all the risks and rewards that is faced in the Greenwich. There are four types ofentrepreneurial ventures: - Micro Entrepreneurial Venture: - This type of entrepreneurial venture can be defined as such aventure which is operated by an independent individual. The independent way of working ofsuch type of entrepreneurs represents completely creative way or approach of doing things in anew and creative manner. (Burns, 2016). Example of such entrepreneurial venture is SpazaShops.The scope of this entrepreneurial venture is really tremendous in a developed nation likeUK.Small Entrepreneurial Ventures: - These are the privately-owned corporations in which thefewer employees are being employed and the total revenue is also less than the regular sizebusiness. The range of employees in the small business is just between fifteen to fifty. Such type

of business can also be classified or categorized on the basis of annual revenue sales; and assets.In most of the nations these organisations offers services that are given in the form ofconvenience stores; bakeries; hairdressers or the carpenters and many more (Jamali and Lanteri,2016). Example here is Marks And Spencer. In U.K. small businesses contribute a lot to theeconomy. As per the recent data, the firm, so the organisations with less than 20 employees isresponsible for providing 18% employment to the people of UK. Medium Size Entrepreneurial Venture: - It is also known as the small and medium sizeenterprise. (Morris and et.al., 2018). Here, the example is, Doritos. The scope of this mediumsize entrepreneurial venture is it contributes in the economy at some level. In UK,approximately, 95% of OECD enterprises fall under the SME category and contributingapproximately 60-70% in the employment sector.Large Entrepreneurial Ventures: -In Greenwich It is the type of business in which there aremore than 250 employees in an organisation. It is numerically small but, its employees around40% of the total private sector workforce in the company (Zahra and Wright, 2016). . Themotive of large organisations is to maximize the success, and these are not rebound from thefailure like that of small business (Morris and et.al., 2018). Here, example is Apple Inc. Scope oflarge organisation is, it can further think about the expansion and take over of other projects.The large-scale organisations employ a large amount of people. Almost 2.9 million jobshave been offered to the people of UK (Matthews and Brueggemann, 2015).Examination of Similarities and Differences of Entrepreneurial VenturesBasis ofDifferencesMicroSmall MediumLargeMeaningThis type ofentrepreneurialventure can bedefined as such aventure which isoperated by anindependentindividual.It can be definedas the type ofventure in whichvery fewemployees areemployed and thetotal revenue isalso less than theIt can be definedas the type ofenterprise thatinclude theindependent typeof non-subsidiaryfirms whichemploy a fewIt can be definedas the type ofbusiness in whichthe hierarchy ismore complexthan the mediumscale business.

normal type ofindustries(Matthews andBrueggemann,2015).numbers ofemployees.EmployeesLess than 10employees.Less Than 250employees.Between 50- 250employees.More than 300employees.Financial GoalsIt focus on theincreased revenueand decreasedcosts.Lays emphasis onthe debt servicemanagement andimproving themargins.The financial goalof medium sectoris to earn profitsby playing therole of bridgebetween the twoorganisation.To expandbusiness indifferent nations.Mission AndVisionTo generateincome by sellingservices andproducts to thecustomersdirectly.To increase salesand profit throughretail trade inorder to achievedevelopment andgrowth (Nair andBlomquist, 2018).The vision of thisorganisation is totransfer in to alarger scale ofbusiness.Main vision is toget recognized asone of the mosteffective andglobalrepresentative.Mission of this isto help in creatingsubstantialdevelopment inthe world.Influence onstrategicmanagement interms of thedecisions that areto be taken byrecognizing thechanging markettrends.In case of Micro Enterprise:- The scope is really very good. The companies that fall under thiscategory, really makes a good contribution in the economy of nation. This type of enterprise arevery helpful in the growth of an enterprise.

In case of Small Enterprise:- These are quite similar to that of micro enterprise. These are suchenterprise, that makes an effort towards the growth of nation but in a very negligible way. In case of Medium Enterprise:- These are such enterprise, that are playing a very important rolein the growth and development of an economy and also contribute in the economy of nation bygenerating a significant employment for the people. In this way, these enterprises are having avery significant contribution in the growth of economy.In case of Large Enterprise:- These are undoubtedly having a remarkable presence andcontribution in the economy. These are such type of enterprise that are doing a lot for theeconomy in some different manner.Similarities among the different entrepreneurial ventures The main similarity between all entrepreneurial ventures in Greenwich is that theyprovide huge level of employment for people which also helps in increasing economic growth ofparticular country and standard of living of people. In addition to this, they all have to go throughvarious risk to become successful.Funding – It describes how small, medium and large organisations raised fund forperforming business activities and new projects in Greenwich. All the types of organisations orventures raised their capital from various sources such as bank loans, investment or partnership.This is a major similarity among all types of businesses. b.) Impact of Small Business on The EconomyThe small businesses are playing the role of backbone of UK economy by driving growthin Greenwich; opening the new markets; and creating the opportunities for jobs and this is thereason that, their contribution of the small industries is vital. Small business encourages thecompetition and also motivates the employees and the co-workers for offering new ideas thatchallenges the status - quo of people working over there (Kickul and Lyons, 2016). Most of thepeople working in this Greenwich are aware of the fact that Small and Medium scale businessare currently growing up in the UK and are becoming core reason of economic development. Thecombined turnover of the small and the medium size business was 1.6 trillion pounds at thebeginning of 2014 (Kickul and Lyons, 2016). Now, following are the factors that contribute inthe economy of UK: -

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