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Entrepreneurship and Small Business Management: Assignment

   

Added on  2020-10-22

17 Pages4524 Words146 Views
Entrepreneurship
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Entrepreneurship and SmallBusiness Management
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INTRODUCTIONThe people who are involved in process of launching and designing the new business isan entrepreneur. This overall concept is called Entrepreneurship. Small business managementruns the company with limited planning and resources in the UK market. Entrepreneurs areoverall interested in starting new business that is initially owned by them. The report aims iondescribing various types of entrepreneurial ventures of UK. Moreover, the similarities anddifferences about different ventures are specified below. The growth of small business afterBrexit impact on UK economy is discussed in this report. Further, statistical data of smallbusinesses are mentioned below. In addition to this, the report aims in describing aboutcharacteristics and traits of successful entrepreneurs. Lastly, experience and background thathinder or foster entrepreneurship is also discussed below.Main Body1. Different types of entrepreneurial ventures and it's typology.There are various types of entrepreneurial ventures who starts the new business by takingrisk to achieve aim and objectives of the company in UK.Small Entrepreneurial Ventures: In this global world, the small businesses start theirentrepreneurship which are barely profitable. In addition to this, small ventures aim in feedingtheir family instead of gaining high profit. The small businesses are linked with grocery stores,Salon, travel agent, street vendors and many more (Scarborough, 2016). Moreover, they promotetheir business through their families, friends and relatives in the UK market. They feel to besuccessful by paying various bills and by involving in small type of luxury things. Theentrepreneurs of small businesses are highly motivated to earn profit and to fulfil needs andrequirements of their family. In respect to this, the local people are hired by small entrepreneursto help and run their business.In relation to it's typology, the lifestyle of small entrepreneurs are at basic level. Thestandard of their living is average and medium as they earn to feed their families (Schaper andet.al, 2014). In addition to it's growth, they are widely interested in gaining more profit andefficiency in the business.Scalable Entrepreneurial Ventures: The scalable entrepreneurs are interested in inventing newideas that helps in growing their business widely in UK. They are in search of repeating thebusiness models that turn their company in highly profitable and effective. The scalable1
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entrepreneurship is also known as start up business which is totally opposite to small businesses.Moreover, they are risk takers which are engaged in changing the global world throughinnovative ideas and techniques (Burns, 2016). They increases their profit and incomes by theircapital and does not include incremental costs to it. They promote their businesses throughvarious social websites like Facebook, Instagram, Twitter and many more. They aim in achievinghigher profit by promoting their products and services through socially, advertisements,newspapers, pamphlets and so on.In relation to it's typology, the scalable entrepreneurs are highly interested in achievinghigher profit by satisfying their customer's needs and requirements. They aim in growing theirbusiness by changing the world through innovative techniques.Social Entrepreneurial Ventures: The entrepreneurs run their business in regards to maintainthe standard and value of society. Social entrepreneurship is concerned on transforming theissues of community and local people (Goss, 2015). They aim in achieving profit along withsolving the problems of society and community. Further, they work in regards to satisfy peopleof UK and focuses on maintaining healthy relations with them. For instance, Hamlet Foods is asocial entrepreneur who works with Gawad Kalinga as a partner in the business. All the activitiesperformed by social entrepreneurs is in regards to social people that motivates them inincreasing their self- confidence. In addition to this, the main focus of this entrepreneurship is toreduce poverty ratio of UK. Moreover, the aim and objective of social entrepreneurs is toidentify problems and to resolve it of society. These companies can be on basis of profit, non-profit or hybrid (Dees, 2017). Mainly, these social innovators are eligible in improving the worldby using innovations and techniques in their businesses.In relation to it's typology, their growth of business relates in reducing poverty of thesocial people and community. The lifestyle of social entrepreneurs are maintained throughachieving higher profit by changing the world.Large Entrepreneurial Ventures: This is a corporate business which involves the process ofdeveloping the company which is already established and exists in the UK market. They aim indeveloping their business by new and innovative ideas that helps in satisfying their customer'sneeds and requirements. In addition to this, large entrepreneurial venture plays a vital role ineconomical development of country. The owner of this firm is focused in improving theprofitability of organization at large scale (Drucker, 2014). This helps in maintaining the2
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