(PDF) Entrepreneurship and Small Business Management | Assignment

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ENTREPRENEURSHIPANDSMALL BUSINESSMANAGEMENT
Executive summaryThe entrepreneur and small business management has refers the scope and growth ofeconomy. Those business contribute in the economy growth. That had create the employmentopportunities for the peoples by innovation. The report has present by the various entrepreneurventure and its typology of business to grow at marketplace. With the help to statistical data,report found the turnover, growth of small and micro business venture. All venture are differentand similar with each other. The study has shows a characteristic, skills and motivation hasimpact to the people and entrepreneur for run the business. This has show the examples of thedifferent entrepreneur venture and its success.
Table of ContentsINTRODUCTION...........................................................................................................................4LO1..................................................................................................................................................4P1...........................................................................................................................................4P2...........................................................................................................................................6LO 2.................................................................................................................................................8P3...........................................................................................................................................8P4.........................................................................................................................................13LO 3...............................................................................................................................................15P5.........................................................................................................................................15P6..........................................................................................................................................16LO 4...............................................................................................................................................19P7.........................................................................................................................................19CONCLUSION.............................................................................................................................21REFERENCES..............................................................................................................................22
INTRODUCTIONIt is the effective activity of designing and establishing the brand-new business. Smallbusiness is involved by the high risk and liability because it has only few members to run thebusiness. Furthermore, it’s kind of start-up where entrepreneur find opportunity to do new thingsand creativity.The study lays emphasis on the different types of entrepreneurial ventures whichis medium, small and large enterprises (Abraham and Tupamahu, 2016). Study will show theinterrelationship between different entrepreneurial ventures and typologies. Apart from thissmall, medium and large enterprises have various similarities and dissimilarities that willdiscussed briefly in present study. Report will be detailing with the necessary small and start upin social economy. Furthermore, a study will show the traits and skills of entrepreneur andaspects of entrepreneurial personality that reflect motivation and mindset of entrepreneurs. Atlast various examples are discussed of background and experience that can hinder or fosterentrepreneurship.LO1P1There are different types of entrepreneur who can individual they start the business withsets new ideas, new various services and goods. They are help to develop the market by bringingnew ideas and knowledge and skills. They refer effective process for start a business. Here, ismention some entrepreneurial venture which are as follows:EntrepreneurEntrepreneurare employees but they know and assume them as a entrepreneur within acompany because of their effective entrepreneurial skills. They have the capability to run thebusiness at Red bridge council and try to develop business with their ideas in a workplace.EntrepreneurshipThe entrepreneurship is the set of activity of business and businesses, which are takingthe financial risk in the hope for profit. It is the process of designing, lunching or running thenew business which is often from the initial level.Entrepreneurial venturethe entrepreneurial venture is about the risky, failure and success of embracing it andlearning from that. They are the person who learn from their failure and unsuccessful.
EnterprisesIt is the another word for a profit business or the company. But it is associated with theentrepreneurial venture.There present a difference between the serial entrepreneur, intrapreneurs and owner managerSerial entrepreneurA serial entrepreneur is the person who are continuously come with the new ideas andstart new business. They often the single ideas for start the new company and business.IntrapreneursThey are the manager of the company who promote the innovative product anddevelopment and marketing of the business and company.Owner managerthe owner manager is both- to own the business and also to manage it. They are makestrategy for gro0wth of business at marketplace.Typologies of business ventures and its relation to different entrepreneurial venturesScalable start-ups entrepreneurshipThis type of start-up has aims at attracting investment from financial investors. They hirebest employees in the organization to have best human resource in the organization. In additionto this it is very much related to large ventures as both have common goal of increasing scale ofthe business and attracting new and potential customers by offering new and innovative productsfor long run (Burns, 2016). Thorough this organization can aspect for aglow for the business andthey tend to set up successful business model.Lifestyle start-ups or social entrepreneurshipThe aim of lifestyle start-up is to sustain a particular level of income. These are the smallcreative industries which are more practical.Furthermore, there are soul practitioners in theorganization. For example, husband and wife team. In addition to this these start-ups are verymuch related to social entrepreneurship because it prefers the consumer preference and the lifestyle typology helps in achieving the desired level of satisfaction of the customers.Small entrepreneurshipThere are the ventures which has less than 50 employees in the organization and nothaving turnover more than £6.5 million. For example, hairdressers, travel agents, electricians,plumbers, who have their own business and these are less profitable. Furthermore, these are the
ventures which hire local people or families to work as an employee in their organization. Thattype of businesses is generally run with the support of the sole proprietors and partnership firms(Burns and Dewhurst, 2016).Large entrepreneurshipThe large companies which aims at offering product at large scale. These companiesexpand their businesses through merger and acquisition. In addition to this large venture sustainin long run because of continuous offering of products with innovation. These organizationsgenerally aim at meeting demand of new customers. These companies enlarge their business byacquiring new business which offers new and innovative products. For example, Sainsbury is thelarge organization which provide innovative and new product and has more than 500 employeesin its organization.The types of entrepreneurial ventureSocial enterpriseThe social enterprise is established for help to other peoples in effective manner. LikeNHS is free medical service provider firm to their customers. They are take care of theircustomers by providing better health service to them.The profit motive company(aggressive growth)The profit company are established for earn money by selling good and services to thecustomers. Like the Tesco that is the supermarket chain in the market place. they are providetheir best and effective services to the customers and against they are take money and charges forearn money.Public companyThe public company is owned and run by the government body. This have main motiveto open their business provide services against of earn some profit form the government body.Like lifestyle firm is covered in the public company. This serve their best service to thecustomers.P2.The difference and similarities between the survival, lifestyle, managed growth andaggressive growth business are as follows:Difference
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