Docs : Entrepreneurship and Small Business Management

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Entrepreneurship andSmall Business Management
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1................................................................................................................................................3P2................................................................................................................................................5TASK 2............................................................................................................................................7P3................................................................................................................................................7P4................................................................................................................................................9TASK 3..........................................................................................................................................10P5..............................................................................................................................................10P6..............................................................................................................................................11TASK 4..........................................................................................................................................12P7..............................................................................................................................................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONEntrepreneurship could be described as procedure of discovering, assessing andexploiting new opportunities implying new products,services or processes that forms importantpart of every business whether large or small scale(What is Entrepreneurship?, 2017). Anentrepreneur is a person who is an initiator, challenger and a driver who nurturer an innovativeidea into a business concept and take risk to combines various resources into a venture(Acs,Autio and Szerb, 2014). The project is based on case study of a successful entrepreneur JoeWoods who is an owner of an IT firm that provides real time solutions to several companies thatprocesses online and credit and debit card payments from vendors. The assignment will discussabout various types of ventures along with differences and similarities of different businesstypologies. It will also provide synopsis of various traits and skills that are required by anentrepreneur to bear risks and uncertainness and other capabilities that are requisite to becompetitive in this dynamic business environment.TASK 1P1According to Ducker, (2014) entrepreneurship forms one of most creative procedure thatinvolves organizing, managing and leading employees to work autonomously towards attainingpre determined goals. Thus, an entrepreneur is an individual who willingly take risk byidentifying and catering unfulfilled requirements of its target audience that can provide potentialopportunities to gain success and business growth. Therefore to successfully deploy its limitedresources an entrepreneur conducts in depth analysis of various types of ventures in order toadopt most appropriate one in context to its chosen project and availability of funds & resourceswith them. Following are certain most prominent types of ventures:Large Corporation:These firms are subject to definite life cycle and attain growth andsustainability through offering creative and innovative products, services that arecustomized as per its customer requirements. Large corporation involves heavy capitalinvestment in its plant and machinery. These firms to remain competitive keeps onmodifying its goods and services in accordance with changes occurring in market trends,customers taste and preference etc.Small-scale corporation:This ventures requires limited capital and other resources forconducting its business operations(Bhachu, 2017). These firms are generally self
owned,self -managed and are less prone to market risk and uncertainties. Small scalebusiness involves restaurants, grocery stores,cafes etc. In UK, these small scalebusinesses and start ups contributes significantly in providing employment opportunitiesto the economy.Social Enterprise:These firms work on non profit basis with main motive of providingproducts and services that fulfils basis necessities of society. These firms focuses onproducing goods and services that would contribute in betterment of the standard ofliving of society and its people (Blackburn, Hart and Wainwright, 2013).Scalable business :The main focus of these enterprises is on quality aspects of itsproducts and services rather than producing in large quantity. These firms are quietconfident and focused towards their vision and they seek to attract investors that sharessame vision .Types of entrepreneur typologyLifestyle Venture:These ventures places passion over profits and deliberately choosesbusiness models that collaborates with personal area of interest, expertise,knowledge withability to earn. For example Pat Flynn who is an architect by profession however is mostpopularly known for his work as an author and writer of book Let Go.Female Entrepreneur:They are the woman or group of women who initiate, organizeand start a business venture.These entrepreneurs are morecreative, innovative andconfident female capable of achieving self reliance and economic independence either bybeing a single entrepreneur or in association with others. They assist in providingemployment opportunities to various people through start up and handle its entirefunctions and operations while keeping pace with her personal, social and family life.For instance, Emma Kane founder and CEO of Red Leaf communications that is amongtop award winning London based PR and investor relation venture.Male Entrepreneur:In these type of organization entire business activities andoperations are managed and controlled by male entrepreneur. The main objective of thesefirm is to gain competitive edge over other business rivals. Bill gates the owner ofMicrosoft is one of the most popular and renowned male entrepreneur that has setexamples of success.
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