University ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT

University
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Table of Contents
P 1.............................................................................................................................. 3
Explore and illustrate the range of venture types that might be considered by
entrepreneurial ....................................................................................................... 3
P 2.............................................................................................................................. 5
Similarities and differences between entrepreneur ventures.................................5
P 3 ............................................................................................................................. 7
Assess and interpret relevant data and statistics in your mini-research, to
illustrate how micro and small businesses impact on the economy........................7
Assess the impact of small businesses on economy...............................................7
P 4 ............................................................................................................................. 9
Importance of small business in economic growth of Brexit ...................................9
P 5............................................................................................................................ 10
Determine and assess the key aspects of an entrepreneurial mindset.................10
P 6............................................................................................................................ 11
Aspect of entrepreneurship personality.................................................................11
P 7............................................................................................................................ 12
Examine the different environments that foster or hinder entrepreneurship........12
References................................................................................................................ 15
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
P 1
Explore and illustrate the range of venture types that might be considered by entrepreneurial
The concept behind entrepreneurship can be well understand by going through its types and its
features. An entrepreneur is a person who is the owner of a new company, idea or venture. He or
she is countable for the inherent outcomes and risks associated with the business. In simple
words, an entrepreneur is a person who seeks the opportunity and organizes resources required
for working out on that opportunity (Smilor and Sexton, 2001). The entrepreneur also makes
strategies to deal with the opportunities and achieve it. According to Peter Drucker, an
entrepreneur is a person who always searches for a change responds to it and then achieve it as
an opportunity. He also stated that an entrepreneur innovates and innovation is a particular tool
of success available to the entrepreneurs. There are varieties of entrepreneurship types out of
which only few are important and basic types such as small business entrepreneurship, scalable
startup entrepreneurship, large company entrepreneurship as well as social entrepreneurship
(Seavey, 2009). These entrepreneurship ventures are discusses below:
Scalable startup entrepreneurship
Scalable startup entrepreneurship is different from small and large scale entrepreneurship. These
types of entrepreneurs are more concerned with the future of the world rather than the future of
the company. The investors invest on the projects of these entrepreneurs. The investors know
that they will get profit from them along with fame and stardom (Seavey, 2009). These
entrepreneurs start an organization knowing from the first day that their vision could change the
world. Moreover, they attract investment from equally crazy financial investors. These
entrepreneurs hires the best and the brightest investors. The only job of these entrepreneurs is to
search for scalable and repeatable model of business. As soon as they find it, their focus on scale
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
need even more venture capital so that they can fuel rapid expansion (Special Issue ofJournal of
Social Entrepreneurship, 2012). Some of the scalable startups in innovation cluster includes
Silicon Valley, Shanghai, Bangalore, Israel, New York and so on make up a small percentage of
entrepreneurs along with startups. The entrepreneurs of Silicon Valley are known as Silicon
Valley Entrepreneurs or SVE. It is the largest grassroots movements of developers and founders
in the Bay area since 2007. Moreover, this particular community provides opportunities for the
startups for sharing their passion with the other members of a broader startup ecosystem.
Source: https://www.google.co.in/url?
sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjZh_7H0fjSAh
VCqI8KHb9bCEQQjRwIBw&url=http%3A%2F%2Fwww.forbes.com%2Fsites%2Frodebrahimi
%2F2013%2F08%2F28%2F6-emerging-trends-in-silicon-valley-entrepreneurship
%2F&psig=AFQjCNHxYWGNazuy0x73IjfSoqsTkeutRg&ust=1490771175249576
Social entrepreneurship
The application and utilization of the techniques by start-up companies as well as other
entrepreneurs to implement, develop, fund a solution to social, environmental and cultural issues
is known as social entrepreneurship (Ivy, 2016). Moreover, the social entrepreneurs are
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
innovators who are more concerned in creating services and products that solve the needs and
problems of the society. Social entrepreneurship is different from scalable startup
entrepreneurship. The objectives and goals of social entrepreneurship is to make the world a
better place not to take market shares or to create wealth for the founders. Social
entrepreneurship may be hybrid, non-profit or for-profit. The for-profit entrepreneurs measure
performance by utilizing the business metrics such as revenues, profit and increases in stock
prices (Buschke, 2014). Additionally, this particular entrepreneurship typically attempts to
further broad cultural, social as well as environmental goals often connected with the voluntary
sector. The profit-making entrepreneurs may be established to support the cultural and social
goals of the company but not as an end in itself.
P 2
Similarities and differences between entrepreneur ventures
Small business entrepreneurship
Privately owned businesses are beauticians, grocery stores, professionals, internet exchange
client confronting exteriors, travel administrators, plumbers and carpenters, electricians and so
on. They are any person who runs his or her own specific business. These type of
entrepreneurship is known as small business entrepreneurship (Kourilsky and Walstad, 2003).
They contract adjacent laborers or family. Most are hardly profitable. Their significance of
achievement is to support the family and make an advantage, not to accept control over an
industry or build a hundred dollar million business. As they cannot give the scale to pull in
speculation, they finance their businesses by methods for colleagues/family or autonomous
wander progresses. Today, the brain boggling number of entrepreneurs and startups in the United
States are as yet private endeavors. There are 5.7 million autonomous ventures in the United
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
States. They make up ninety-nine percent of all organizations and use half of all non-
administrative pros. Today, with the internet boom, entrepreneurs have ended up being a
champion among the most component qualities in the economy. Besides, entrepreneurs are by
and by driving the advancement boom, which is itself driving an awesome piece of the world's
financial improvement (Schwienbacher and Larralde, 2017). Consequently, it makes
entrepreneurs indispensable from a full scale financial perspective. They have transformed into a
more broad financial ponder that significantly influences the economy.
Large company entrepreneurship
Most of the large scale companies grow by sustaining innovation and they have a finite life
cycle. These large scale companies offer new products and services that are variants around their
core products. Moreover, changes in taste of customers, new competitors, new technologies and
legislation can create pressure for more troublesome innovation. Subsequently, the organizations
needs to create entirely new products and sold it to the new customers in new market. It requires
a lot of strategies and market plans (Tsuruta, 2016). On the other hand, the existing large scale
organizations do this by either acquiring innovative organizations or by attempting to build a
troublesome product inside. Paradoxically, these large scale enterprises have their own size and
culture which leads to disruptive innovation and it becomes an extremely difficult situation to
handle.
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