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Entrepreneurship & Small Business Management Assignment Solved - TESCO

   

Added on  2020-11-12

13 Pages3899 Words143 Views
Leadership ManagementEntrepreneurship
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Entrepreneurship and Small Business Management
Entrepreneurship & Small Business Management Assignment Solved - TESCO_1

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Presenting different types of entrepreneurial ventures..........................................................3P2 Presenting the similarities and difference between entrepreneur ventures............................4P3 Presenting different data to illustrate impact of micro and small business on economy.......6SME helps in growing and developing of Economy in many ways these are:...........................6P4 Importance of small business and business start-up to the growth of social economy..........7TASK 2............................................................................................................................................8P5 Characteristic trait of Jack Cohen or other entrepreneurs and how they are different fromother managers............................................................................................................................8P6 Reflecting Jack Cohen entrepreneurial motivation and mind set..........................................9P7 Presenting how background and experience can foster entrepreneurship...........................10CONCLUSION..............................................................................................................................11
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INTRODUCTIONEntrepreneur plays an important role in very small as well as large business. The reporthelps to understand the meaning and scope of entrepreneurship and also presents differentbarriers to start up business. The report deals with Jacob Edward Cohen who is one of the bestentrepreneur in UK and opens a largest store TESCO in United Kingdom. It presents differenttypes of entrepreneurial ventures and also explore the differences and similarities between them.The report also interpret different data and present how it micro and small business impact on theeconomy of UK. It explain the importance of small business to the growth of social economy andalso present the economy of UK and the importance of society. The report presents characteristicof Jack and other entrepreneur. The report assess how Jack's entrepreneurial personality isdifferent from other which reflect their mindset and entrepreneurial motivation. The report alsoexamine that how background and experience can prevent or hinder the entrepreneurship. TASK 1P1 Presenting different types of entrepreneurial venturesEntrepreneur refers to those person who are willing to develop or organize any businessalong with their risk as well as profit and Entrepreneurship is the study of how a new businessare created or the actual process of starting a new business by a successful entrepreneur. Thereare basically four types of entrepreneur ventures and these are mentioned below:Small Business Entrepreneurship: This type of business refers to independently-ownedand their aim is to fulfill all the needs and demands of their family members. Theirobjective is to grow their business into ling term business in order to maximize profitwith possibility of eventual sale to employees or their family members (Cooper and Folta,2017). They did not take loans from ventures and they used to take loans from the banksor micro loans and even generated revenue or can take loans from their relative or familymembers. For example, restaurants, beauty parlour, small retail stores etc.Large company Entrepreneurship: they mainly offers new products and most of themgrow through innovations by using different technologies in order to attract theircustomers and their aim is to maximize profit. They used to follow different rules and
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regulations made by the customers and implement those into their business. For Example:TESCO, General Motors etc.Social Entrepreneurship: it refers to those entrepreneur who mainly focus on creatingnew products in order to fulfill or solve the needs of society. They are generally non-profit organizations whose aim is not to collect revenue or not to acquire market share.Their goal is to make the world a better place for people. Examples, those organizationwho work for the welfare of society (Kirzner, 2015). Wennekers and Thurik: Entrepreneur are those who have the skills to promote theirbusiness in further level of success. Through their empirical research, they want toenhances their competitive advantages in market but they work in small firms only.Wennekers also states that these type of entrepreneur understand the role ofentrepreneurship in the growth of economy. Schumpeterian Entrepreneur: This type of entrepreneur basically work in order tocontribute in their economic growth as well as through their innovative skills they want todevelop the business and promote them for their future growth. Intrapreneur: This are those entrepreneur who promote through their differentinnovative things and through marketing they develop new strategies and promote theirbusiness for profit maximization. They mostly work in large firms with a good idea ofpromoting the project into forward direction. Managerial Business owner: This type of entrepreneur are those person who have smallbusiness but they are known by their different attributes as per the interest of thecompany. Such as owner, manager and entrepreneur owner and entrepreneur ownermanager. Typologies of entrepreneurshipSerial Entrepreneur: These are those entrepreneur who continuously comes up withtheir new ideas and then start their business. Through their new and innovative ideas theyfurther expand their business and also create firm structure to maintain the focus. Based on Gender: when the business are owned and managed by the men then they arecalled men entrepreneur. On the other side, if women are defined and managed the workthen the business are owned by the women.
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