Micro and Small Business Management in the Social Economy
Added on 2021-02-19
33 Pages6309 Words455 Views
Leadership ManagementEntrepreneurship
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Entrepreneurship And Small BusinessManagement 1| P a g e
Table of ContentsINTRODUCTION......................................................................................................................3LO1 ............................................................................................................................................3LO 2..........................................................................................................................................14P3 Interpreting and assessing the relevant data and statistics to illustrate how micro andsmall businesses impact on the economy.............................................................................14P4 Explaining the importance of small businesses and business startups to the growth ofthe social economy...............................................................................................................16M2........................................................................................................................................17LO 3..........................................................................................................................................18P5 Determining the characteristic traits and skills of successful entrepreneurs thatdifferentiate them from that of other business managers.....................................................18P6 Assessing the aspects of entrepreneurial personality reflecting entrepreneurialmotivation and mind-set.......................................................................................................20M3 .......................................................................................................................................21LO 4..........................................................................................................................................22P7 Examining background and experience that can hinder or foster entrepreneurship.......22M4 .......................................................................................................................................23CONCLUSION........................................................................................................................24References................................................................................................................................252| P a g e
INTRODUCTIONThis assignment on entrepreneurship and small business management will provide adetail overview of the entrepreneurial activities. The report starts with explaining differenttypes of entrepreneurial ventures along with their similarities and dissimilarities. The impactof small businesses on the economic development of a country has also been discussed here.Along with that the characteristic traits that are unique in entrepreneurs have been discussedalong with different line of arguments. Finally the report ends with explaining the impact ofbackground and previous experience on the success rate of an entrepreneur along withspecific examples from the given case study of Croft-Simon.LO1 Slide 13| P a g e
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Slide 3EntrepreneurshipRather than working under other’s business organisation starting own business whichwill support to livelihood of a particular person can be categorised as entrepreneurship. Aperson who innovates ideas and thoughts for the purpose of running a new business is knownas entrepreneur. For example, Mark Zuckerberg has started his own business Facebook inwhich a lot of employments are created as well as he can work independently which provideshim an opportunity to earn money as revenue (Casson and Buckley, 2010). Besides, JeffBezos who is the founder and CEO of Apple also started his own business rather thanworking for others (Casson and Buckley, 2010). Types of Entrepreneur Serial entrepreneur An entrepreneur can be defined as serial entrepreneur when he will comecontinuously with a number of different new ideas and make implementation of these ideas.For example, Andreas von Bechtolsheim is a top rated and most successful serialentrepreneur and he is considered as the co-founder of Sun Micro system and he was also theco-founder Arista Network.6| P a g e
IntrapreneurAn intrapreneur works for other within an organisation and he is responsible todevelop new ideas and products which will support to the growth and development of theorganisation in which he works. In this context, intrapreneur has not required to bear risk sothat he will not get the reward as like as the entrepreneur. For example, the people whoeverwork for Google and Shutter stock can be considered as the intrapreneur. Social entrepreneurs: People who works for society and poor people in order toprovide them best services for their welfare is called social entrepreneur. Such type ofentrepreneurs understand the social problems and provide them benefits. The main purpose ofsocial entrepreneur is to continuous growth of social economy as well as organisation. Forexample, NGO, Trust , etc. Slide 4A wide range of entrepreneurial ventures are observed in the real business world two of themare explained below with examples- Small business venture The business organisation which is started by one or more entrepreneur in order tomanage the livelihood can be defined as small business venture. Such type of venture createsemployment for only 50 people and can generate less than or equal to £10 million turnoverper year. Due to less capital and less manpower such type of venture has less growth andexpansion opportunity. For example, grocery shop and beauty parlour as profit of such venture is used only tomanage the livelihood of the entrepreneur (Casson and Buckley, 2010). Corporate venture A venture can be defined as corporate venture when this venture has the capacity togrow at a higher rate. A corporate venture might experience more than 200% to 500% growthwith the five years of starting its operation. Corporate venture has high capability to developand implement new business ideas due to high capital base and high profitability. Such typeof venture introduces new products every now and then which support to attract more andmore clients (Reinink, 2010). 7| P a g e
For example, Google can be considered as the corporate venture as it has developednew products within its existing operation such as YouTube, Google drive and Google Adsense (Reinink, 2010). Slide 5Typology of Entrepreneurship Salary entrepreneurshipThis entrepreneurship is considered as the basic category of the entrepreneurialventure. Such type of entrepreneurship provides less expansion opportunity as theentrepreneur starts it in order to manage its livelihood properly (Morris et al., 2016). Thefunds which are required to manage the operation of the venture are collected by theentrepreneur from his savings. In case of survival venture the entrepreneur works as themanager, worker and owner. Due to less capital and less profitability such entrepreneurshipare operated as small business organisation. Therefore, such typology is related with smallbusiness ventures and entrepreneurs who runs a small business. This is run by intrapreneurwho works in an industry for the purpose of getting salary in the consideration of work done. For example, pharmacy, beauty parlour and grocery shop are the considered as thesalary entrepreneurship (Morris et al., 2016). Lifestyle entrepreneurship In case of lifestyle entrepreneurship the entrepreneur searches for earning hislivelihood from the pattern in which he lead his personal and social life. Such type ofentrepreneurship is considered as the unique form of entrepreneurship as the lifestyle of theowner is reflected in the business operation (Morris et al., 2016). Therefore, such typology isrelated with serial venture and social entrepreneur who brings continuous changes in theirorganisation and provide different benefits to society. In this context, the entrepreneur turnsthe lifestyle in business organisation which provides them an opportunity to make profit andexpand the operation of business. Employment opportunities are also created from such typeof entrepreneurship. For example, the profession and business of travel guide can be referred as thelifestyle entrepreneurship. Such type of entrepreneurship is mostly location based in whichexperience of the entrepreneur is considered as the major capital (Morris et al., 2016). 8| P a g e
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