Entrepreneurship and Small Business Assignment (Doc)
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Added on 2020-10-22
Entrepreneurship and Small Business Assignment (Doc)
Added on 2020-10-22
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Entrepreneurship and SmallBusiness
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1LO 1................................................................................................................................................1P1 Different types of Entrepreneurial ventures and their topologies..........................................1P2 Similarities between entrepreneurial ventures-......................................................................2LO2..................................................................................................................................................4P3 Statistics of micro and small business which impact on the economy-.................................4P4 Importance of small business and business start-up to the growth of the social economy....5LO 3.................................................................................................................................................6P5 Characteristic traits and skill of successful entrepreneurs.....................................................6P6 Aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset..8LO 4.................................................................................................................................................9P7 Background and experience which hinder and foster entrepreneurship................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship is to run own business and rule it with own terms and conditions. Itbrings new ideas, innovations which involves strong vision. Entrepreneurs create business fortheir own. Red Bridge London borough council is the local authority for Red bridge, and one ofthe capital's 32 borough councils. Small businesses are like organisation which have lessresources with small revenue. Entrepreneurs are logical, self motivated, enthusiastic, optimistic,willingness towards their goal and make pragmatic products, services to society. This case studywill define different type of entrepreneurial ventures and typology. It Will explain similaritiesand differences between entrepreneurial ventures. Illustrate statistic and impact on different levelof economy of small and micro business with public and corporate sector. Analysis characteristictraits and skills of successful entrepreneurs that differentiate them from other business managers.Elaborate background and experience can hinder or foster entrepreneurship.LO 1P1 Different types of Entrepreneurial ventures and their topologiesMicro Enterprises: Micro enterprise is a small kind of business with minimumemployees and minimum balance at Red bridge borough. In manufacturing sector investment inthis type of enterprise is not exceeded from 2.5 millions and in service sector not more than 1millions. Micro enterprise usually starts not more than 10 workers with small amount. Small Enterprises: In small type of enterprise there are some employees and have smallnumber of sales. Basically, it is an independent enterprise which can be operated freely by acompany (Goss, 2015). It is limited in size and profit depends on company. In small enterprises'investment in manufacturing sector is between 5 millions to 5 billions and in service sector it isbetween ten millions to two billions. Small enterprises start from not more than fifty people. Medium Enterprises: In medium enterprise at Red bridge borough, there are not morethan 250 employees. This enterprise has slow and steady growth. In manufacturing industry,investment is up to 25 millions and in service sector investment is between 2 billions to 5billions. Object of medium enterprises is to expand their business, make profit and to increasemarket share. Typology of EntrepreneurshipThere are 4 types of typology of entrepreneurship in market.1
Small Business Entrepreneurship: Small businesses are like hairdressers, internetcommerce store fronts, grocery store, plumbers etc (Burns and et.al., 2016). This business can berun-ned by anyone. Aim of these kinds of businesses is to earn money and to feed family andthey have day to day profit. Family or local employees can be hired in small business.Scalable Entrepreneurship: Scalable entrepreneurship of Red bridge borough, hasinnovative ideas for business model that take company towards higher growth. They have clearvision that can change and make the whole world a better place. Vision of scalableentrepreneurship is to attract financial investors and to make profit for the company. They hirethe bes-test and brightest candidates for company for making profitability.Larger Entrepreneurship: Larger entrepreneurship leads towards to make innovativeideas and products that bring profit in company. They keep changes in its products according tocustomer test, interests and also bring new technologies, competition to improve its productsquality. Large entrepreneurs always push themselves to make more profit. Social Entrepreneurship: Social entrepreneurs are those, whose aim to focus on makinga better world. Like they identify people's need and their problems and try to solve them. Theyeffort to bring some positive changes in society. They are focused to make products which fulfildemands of people. Basically, social entrepreneurship is no profit, for profit.P2 Similarities between entrepreneurial ventures-There are many similarities of entrepreneurial venturesThe main aim of all entrepreneurial ventures like scalable, large company andsmall business is to earn maximum profit because profit is essential for the growth of theventure. Profits provide finance to entrepreneurial ventures to expansion and diversification.Large company as well as small company require various resources like men, material,money and machines. The availability of these resources is usually limited so it is important forevery entrepreneurial ventures and small business to make the best possible use of theseresources.Social objectives is the main purpose of social entrepreneur and large company. Socialobjectives include those objectives which are desired to be achieved for the benefit of thesociety. Social objectives of entrepreneurial ventures include production and supply of qualitygoods and services and contribution to the general welfare of society.2
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