Entrepreneurship & Small Business Management Aspects
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Added on 2020-10-22
Entrepreneurship & Small Business Management Aspects
Added on 2020-10-22
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EntrepreneurshipandSmall BusinessManagement
EXECUTIVE SUMMARYThe matters covered in this report defines entrepreneurship and related aspects which areimportant to know before launching an enterprise. Furthermore, entrepreneurial venture alongwith its relativity with entrepreneurship, their difference and similarities have been explained.Businesses that have established and operating at small level having impact on UK market is thekey which is well discussed in this report followed by their contribution on growth of socialeconomy. Furthermore, a look into real life entrepreneurs have been provided to know how theyused their entrepreneurship skills and traits to become successful. This was continued toelaborate their reflection of their personality in motivational mindset. Lastly, variousenvironments have been identified which may give opportunities or possess hurdles inentrepreneurship.
INTRODUCTIONThe process of creating a new business on the basis of an idea is called entrepreneurship.Investment is made by entrepreneur for the development and management of venture. Risks andprofits are two factors which are considered before proceeding with the establishment. Generally,the business started by an entrepreneur is small in size which grows with time through theapplication of techniques, technology, labour, and things which are important (Blackburn, Hart,and Wainwright, 2013). The report covers venture that can be used in setting up a business andtheir connection with entrepreneurship along with similarities and differences between them.Furthermore, examination of relevant information which have been expressed in the form ofstatistics for the illustration of impact of small business on economy and their contribution in thegrowth. Furthermore, characteristics traits and skills of a successful entrepreneur and reflectionof personality of such person through motivation and mindset. Together with this, examplesexplaining background and experience that can possess hurdle or foster entrepreneurship. MAIN BODYP1. Different types of entrepreneurial ventures and their relativity with typology ofentrepreneurshipEstablishment of an enterprise requires co-ordination of three elements such asentrepreneur, entrepreneurial and entrepreneurship. Entrepreneur: It is a French word which is a combination of two words viz. “Entre”which means between and “Preneur” signifies parts. In layman language, an individual who hasinnovative ideas to build own business in the marketplace by taking into account with a view tomake profit and including the risks associated with it. In other words, it can be defined as aneconomic opportunity which is grabbed by setting up a venture which will grow with the time.Some forms of entrepreneurs are as follows: Innovative entrepreneur: When a person develops new idea, new products, newproduction or processes, followed by identification of potential market andrestructuring of company's structure is known as innovative entrepreneur (Burns,2016).
Imitating entrepreneur: The one who copy the ideas of innovative entrepreneurare called imitating entrepreneur. There is significant resemblance of technology,processes, methods made by others. Fabian Entrepreneur: These kinds of entrepreneurs are not easily convinced tobring transformation in the organization or business practices. There is noinventions of new ideas and existing processes or ideas are applied only whenentrepreneurs are satisfied with the results of previous innovation.Drone Entrepreneur: The entrepreneurs falling under this category areimpossible to motivate for making changes. They feel that no alterations isrequired and satisfied with results being produced currently (Duval‐Couetil,2013). Entrepreneurship: It is a concept whereby a new venture is created by entrepreneur byundertaking risks associated with it. The objective of entrepreneurship is to make profit. Itrequires uniqueness and innovation which can transform the whole business. There could beunderlying objectives of resolving problems related to society. There are number of actions takenby entrepreneur to build something revolutionary for the economy. The functions of entrepreneurunder entrepreneurship are gathering inputs like land, labour, material and capital. Enterprise: It is defined as a business or company for the purpose of earning of profitbut majorly involved with different types of entrepreneurial ventures. It provides a structure uponwhich the whole business is set up and carried. There are number of enterprise forms such as soleproprietorship, partnership, company, limited liability company etc. It has different meaningswhich are about an urge to something unique and new by considering risks, or motive to makeprofit or to face challenges. Typology of entrepreneurship:Small Business entrepreneurship: These are the start-ups which have been establishedat a small scale. The entrepreneur of such venture employs people from local market,generally family members. The goals are not big or major and limited to achieve nominaltargets. Furthermore, it is financed through borrowings obtained from friends and familyalso, banks are there who provides small business finances. Some of the examples of thistypes are hairdressers, consultants, travel agents, grocery stores etc.
Scalable start-up entrepreneurship: The entrepreneurs who strong believes that theirvision could change the current scenarios and issues in wider context. Only thoseindividuals are hired who have the sufficient knowledge with impressive skills and talent.The funding is done through venture capital. Generally, these types of entrepreneurshipventures are very limited and involves huge risks. Large Company entrepreneurship: These types of enterprises are are the results ofhuge number of innovations (Gill and Biger, 2012). The business is conducted at largescale which takes into account the customers' taste and preferences, new technologies,new laws, and many more. They have major contribution in the development of economythus, there is a constant pressure to create innovation in new products for attracting morecustomers in the market. Furthermore, already registered companies opt for acquisition ofinnovative corporates who can help with the execution of innovations and new ideas.Social entrepreneurship: The entrepreneurs who have vision and mission to serve theproducts which fulfil requirements of huge number of people living in the society. Theyare focused on to making goods with an aim to resolve social problems by accomplishingneeds of the society. For example, organizations for non-profit motive, for -profit or insome cases hybrid. Their goal is to have a better place in the market and not to makeprofit or maximises of wealth for its members. This entrepreneur venture is related tolifestyle typology of the entrepreneurship as they are giving priority to their socialpriorities as a result, they attain targeted their goals in less period of time.Entrepreneurial venture: It means an entity which has emerged by putting innovationwhich has objective to create value in the society. There are various kinds of ventures which canbe set up by entrepreneur. These have been provided below:1.Survival firm: Businesses which face difficulties in earning revenue and income areincluded in this category. They are known as survival firms because of the immenseefforts put by such entities in sustaining in the market. These firms look for opportunitiesand ways to keep the position and market standing strong among the tough competition.It does not have large number of employees to carry business. Furthermore, these arepreferred by entrepreneur to start their business. There are no hard and fast rules and theneed to bring innovation is not high. For example, Brightstar Financial, Thirway group.Both of these organizations have limited funds which should be used appropriately. They
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