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Entrepreneurship and Small Business Management: Doc

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Added on  2020-10-04

Entrepreneurship and Small Business Management: Doc

   Added on 2020-10-04

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Entrepreneurship and SmallBusiness Management
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TABLE OF CONTENTSINTRODUCTION................................................................................................................................1LO 1......................................................................................................................................................1P1. Entrepreneurial ventures and their relation with typology of entrepreneurship....................1P2. Resemblances and alterations between entrepreneurial ventures..........................................3LO 2......................................................................................................................................................6P3. The way micro and small businesses impact on economy....................................................6P4. Way in which SMEs and business start – ups affected after Brexit and help in growing aneconomy socially.........................................................................................................................8LO 3....................................................................................................................................................11P5. Analysing two successful entrepreneurs based on their traits and proficiencies.................11P6. The way entrepreneurial personality put its influence on the motivation and mind-set ofentrepreneurs..............................................................................................................................14LO 4....................................................................................................................................................15P7. The way entrepreneurship of individuals get affected through their background andexperience..................................................................................................................................15CONCLUSION..................................................................................................................................17REFERENCES...................................................................................................................................18
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LIST OF FIGURESFigure 1: Predicted UK contributions to EU Budget.......................................................................6Figure 2: Value added of SMEs.......................................................................................................7Figure 3: Brexit impact on SMEs....................................................................................................9Figure 4: Brexit impact on SMEs..................................................................................................10
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INTRODUCTIONEntrepreneurship is the capability of a person (entrepreneur) and his desire to manage abusiness venture with taking organisation to growth and success along with handling the risksand bringing innovation in the processes (Powell and Eddleston, 2017).It is all abouttransforming the world by addressing the issues occurring in target markets which is donethrough either initiating social change or making an innovative product. In the present report,different entrepreneurial ventures will be studied along with assessing their relation withtypology of entrepreneurship. Further, the way SMEs and business start –ups help in growingeconomy socially after Brexit will be discussed. Moreover, two successful entrepreneurs basedon their characteristics and proficiencies will be examined and the impact of their backgroundand experience on entrepreneurship will be analysed.LO 1P1. Entrepreneurial ventures and their relation with typology of entrepreneurshipEntrepreneurial venture Entrepreneurial venture can be termed as an undertaking whose main emphasis is onproviding advisory services to the firms that are in their early and mid-stage. However, roleswhich they perform vary on the stage on which they are running their business.Scalable start-up entrepreneurship: This kind of venture is started by an individualfounder (entrepreneur) only. In these kinds of ventures, from the very first day ofbusiness, entrepreneurs take initiatives to make their firm grow. Under scalable start-upentrepreneurship, entrepreneur make efforts to increase the market share and profit withsetting a strong position. However, major focus of this venture is to search the need orproblem prevailing in the market and then setting vision and mission accordingly (Storey,2017). Main advantage of this kind of entrepreneurial venture is that without having theadditional sky-high incremental costs, revenue of the firm can be increased. Smallbusiness models are followed in this kind of ventures and with the help of same,innovation and creativity are brought. For example: NHS.Social venture entrepreneurship: Generally, start-up companies use this kind ofentrepreneurial venture. Major emphasis of these ventures is on developing, funding andexecuting the solutions to issues related to culture, society and environment. Social1
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entrepreneurs are basically non-profits who make high efforts to generate a positivereturn to society. For the same, different kinds of metrics are used by them that support inearning higher profit (Julien, 2018). These enterprises play a significant role insupporting the social or cultural goals that are mainly in relation with voluntary sector.Social venture’s main objective is to provide employment to people and raising moneyfor community development. For example: Tesco Plc. Small scale venture: In this kind of venture, only a small number of employees areemployed as well as the level of sales is not so high. Small scale ventures are generallyprivately owned and operate in market in the form of sole proprietorships, partnerships orcorporations. Entrepreneurs running these kinds of ventures put a limited amount ofcapital to start their business and hire mainly local employees (Sharma, 2017). Forexample: HTK Ltd., UK.Large scale venture: It can be said that under large scale ventures, certain life cycle isthere. With the help of synthesising new products and services, these corporations acquiresustainability as well as growth in market. These ventures always face high competitionand as per the ever changing environment, it keeps on bringing changes in the offeringsof business depending on the market trends (Dugguh, 2017). Thus, the best ability ofentrepreneurs under this can be seen while adopting imminent changes in business. Forexample: Microsoft.Typology of entrepreneurshipEntrepreneurial typology can be referred as a classificatory scheme. Entrepreneurshipcannot be theorized in once and can be of as many types as possible. Thus, typology is the termwhich classifies types of entrepreneurship based on their similarities they possess. Entrepreneurswithin each kind of typology possess similar types of traits that are different from that of otherentrepreneurs. All these entrepreneurial ventures are related to the typology of entrepreneurship. Someof these typologies are given as below: Managed Growth entrepreneur: Major focus of these entrepreneurs is always onattaining the growth and success in business at any cost. For the same, they invest a hugeamount of money along with taking risks so as to earn higher profit. They are responsibleto maintain the growth rate of business for which they re-invented their business to grow2
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at a fast pace. Along with this, these entrepreneur always focus on creating something oflong term value. In comparison to other entrepreneurs, they take more risk as theinvestment they make is huge (Hornsby, 2018). These entrepreneurs are mainly suitablefor scalable start-up entrepreneurship as aim of both is to earn high profits and revenueswith bringing innovation in business.Lifestyle entrepreneur: Lifestyle entrepreneursare the one who start their business withan aim of a particular lifestyle. Although, they remain in business but have leverage tolive in a certain place with having the complete freedom to pursue another passion. Theseentrepreneurs are mainly famous for dealing in higher value activities. They mainly getbetter returns for what they have invested (Scarborough, 2016). In most of the cases,lifestyle entrepreneurs in an existing business desire for the freedom of autonomy andchoice which with being an entrepreneur does not remain with him.Social ventureentrepreneurship suits best with these kinds of entrepreneurs as main emphasis of thesefirms is on improving the status of society and so as with lifestyle entrepreneurs (Hatten,2015).ConclusionOverall, it can be said that entrepreneurship typologies play a vital role in identifying thekey differences within a number of entrepreneurs. These typologies help in making betterpredictions regarding the behaviour and success of an entrepreneur by which to make evaluationof their responses becomes easy.P2. Resemblances and alterations between entrepreneurial venturesLargeSmallScalableSocialDifferencesThe main emphasis oflarge ventures is onincreasingtheprofitabilityandimproving position inthe market. To gainhigher market share isit’s another objectiveUnder small scaleentrepreneurial venture,the capital invested inlower as compared toother organisations(Saleem, 2017). Majoraim of this kind ofventure is to maintainThese ventures mainlyhave low level of riskbecause as the amountthat they invest inbusiness is not so large.Thus, the market shareof these ventures is alsosmall. Major aim ofThis is the venturewhose main motive andmajor orientation is onthe betterment andincreasinglivingstandard of society,taking care of people aswell as of the3
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