Assignment Entrepreneurship and Small Business Management

Added on - 06 Jun 2020

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Entrepreneurship and SmallBusiness Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1LO1.............................................................................................................................................1P1. Different types of entrepreneurial venture and their relation................................................1P2. Similarities and differences between various enterprises.....................................................2TASK 2............................................................................................................................................4LO2.............................................................................................................................................4P3. Impact of small and micro businesses on the economy........................................................4P4. Contribution of start ups and SME's in the growth of the social economy in UK afterBrexit...........................................................................................................................................5TASK 3............................................................................................................................................6LO3.............................................................................................................................................6P5. The characteristics, traits and skill sets of two entrepreneurs that are been used byentrepreneurs to achieve a better success....................................................................................6P6. Reflection on the entrepreneurial motivation and mindset...................................................7TASK 4............................................................................................................................................8LO4.............................................................................................................................................8P7. Impact of background and experience that can hinder or foster the growth of anorganisation................................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES.............................................................................................................................10
INTRODUCTIONEntrepreneurship is a skill to convert the innovation into profitable business ideas. Theentrepreneur is a person who makes the best out of the available resources and is able to takerisks, growing and developing its business or enterprise. An entrepreneur will bring somethingnew or create an innovation in the existing idea or the product available in the market. This willimprove the market condition and will open a new scope and sector in market (Abrams, 2017).The small level business we have taken in consideration is Educ8 Group. It is an enterprisewhich works in the digital learning and education. This report will cover the details of varioustypes of entrepreneurial venture and their similarities and differences. Also, the report willdiscuss the effect of micro and small level businesses on the economy and their contribution insocial growth. We will also discuss the traits of entrepreneurs and the factors that can increase ordecrease the growth of an enterprise.TASK 1LO1P1. Different types of entrepreneurial venture and their relationThe entrepreneurial ventures are innovative ideas that are been turned into a successfulbusiness by the entrepreneurs. The entrepreneurs will implement their capital, knowledgeresources and skill sets to develop the enterprise and will also recruit the new employees onattaining a sustainable growth with common mindset and knowledge (Bhachu, 2017). There arevarious types of entrepreneurial ventures which are different on the basis of their investments,scale of productivity and work power. Some different types of entrepreneurial ventures are:Micro level enterprise: These are the enterprise where the individual or the group ofpeople work together on their own, using their skill sets and knowledge. They either workin freelance or set up their own workplace to carry out their functionality (De Massis, andet.al., 2017). Their main goal is to earn a profit and generate enough income or capital torun their businesses. They often provide services to other enterprises in the market.Itusually consists of serial or female entrepreneurs, who start the various entrepreneurialoperations on their own to gain a better profitability for their venture.Small and medium scale enterprise:These are either independently owned or are beenin the small level partnership. They usually don't dominate in their operational field. They1
determine for the growth and work for it (Fini, Perkmann and Ross, 2017). It consists ofthe people with common skill sets and knowledge about the field and are comprisesmostly the family members or close ones as the employee. They often invest their owncapital or take loans from bank or can have their personal funds to establish the enterpriseand get its growth. Their main objective is to get a good profit and attain a sustainablegrowth. They are small level job providers and generate the taxes.The entrepreneurs ofthese ventures are usually female serial and some times social entrepreneur's who workfor the betterment of the society and their businesses or venture.Large companies: They are high level enterprise with large investment and jobopportunities. They are, as per the scale, the established and well known firms with largeinfrastructure and work force. They are either self sustained or take the help of small andmedium level enterprise to get their work done. They take loans from the banks on vastscale or generate funds from the stakeholders (Bhachu, 2017). They are mostlyestablished in partnership and the profit achieved is distributed among the employees andthe stakeholders along with the business partners. They provide jobs on large scale andare the major tax payers in the economy, contributing to its growth.The entrepreneurs ofthese ventures can be female and some times social entrepreneur's who work for thebetterment of the society and their businesses or venture.Social good enterprise: They are either owned by an individual or a group of peoplewhich work for a social cause. Their investment is majorly their personal funds or thesupport they get from the government or other NGO's along with the support from SME'sand the larger enterprises. Their size and operational ability may vary and can theymostly work for the philanthropic activities. They lay a major impact on the society asthey work for its betterment and growth (Hornsby, and et.al., 2017.). Their profit is beenshared among the employees and is not been taken by the developers. They usually workfor the improvement of the social economic and health conditions in the society andimprove the standard of living of the people. They can either get the support from thevarious enterprises in the market.It basically consists of the social entrepreneur's whowant to work for the betterment of society.2
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