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Entrepreneurship And Small Business - Assignment

   

Added on  2021-02-19

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ENTREPRENEURSHIPAND SMALL BUSINESS
Entrepreneurship And Small Business - Assignment_1

Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3LO 1.................................................................................................................................................3P1 Examine different Types of entrepreneurial ventures and their relation to the typology ofentrepreneurship.....................................................................................................................3P2 Explore the similarity and difference between entrepreneurial ventures..........................4M1 Investigate Diverse range of entrepreneurial ventures in public and corporate sector.. .6D1 Critically analyse scope, Development and growth of entrepreneurial ventures.............6LO 2.................................................................................................................................................7P3 Interpret and Assess relevant data and statistics illustrating impact of micro and smallbusinesses on economy...........................................................................................................7P4 Explain the Importance of small business in social growth of economy..........................8M2 Evaluate Difference between small, medium and large business....................................9D2 Critical examination of Impact of small business on levels of economy.........................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONEntrepreneurship can be defined as per Schumpeter, as doing those thing which are notperformed in the normal or ordinary routine level. He also termed creative destruction incontext of entrepreneurship describing innovations in manufacturing field. As per Lachman, anentrepreneur can be defined as a person who uses a unique combination of already existingproduction factors in order to manufacture or produce a unique product creating a new market inthe industry. Say was another writer who stated that any agent who unites means of productionand finds value in products. Lavington stated that in modern times, an entrepreneur can adoptdifferent manners to operate. This report discusses different types on entrepreneurship and theimpact of small-medium entrepreneurs on UK's economy.MAIN BODYLO 1P1 Examine different Types of entrepreneurial ventures and their relation to the typology ofentrepreneurship. All the entrepreneurial ventures have one basic characteristics i.e. they bring somethinginnovative. However, there are different types of entrepreneurial ventures which can be classifiedon the basis of risk taken by them. There are 4 major types of ventures which are :- Smallbusiness entrepreneurs, Scalable entrepreneurs, Large business entrepreneurs and Socialentrepreneurship.Small business entrepreneurs are those type of entrepreneurial ventures which are owned andoperated by one person and operate locally (Read and et.al., 2016). Cafes, Service providers,Stores etc. are a few examples of small business entrepreneurs and their number is increasingrapidly in UK's economy contributing majorly in their growth. Scalable entrepreneurs are those ventures which begin at a very lower level but are opened witha purpose of expansion at the maximum level. Barclay's Bank, Tesco etc. are a few examples ofthis type of ventures.Large business entrepreneurs are those revolutionary ventures whose idea was so innovativeand influential, that they were able to influence entire world with their idea and make theirproduct prevalent in the entire world. It is very difficult to compete with them as they are therulers of their own industry and are highly successful. 3
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Social entrepreneurial ventures are those types of ventures whose main aim is to provideassistance to the people who need it in a unique or innovative manner (Dana, 2018). They focuson expansion so that they can assist as many people as possible rather than keeping profitmaximisation as their aim. NHS can be considered a perfect example of Social entrepreneurialventure operating in UK.All the types of entrepreneurial ventures are related to the differenttypologies of business. Typologies of entrepreneurial ventures :- Typology is the motive or purpose with which anentrepreneurial venture is set up. They can be classified on this basis :-Survival Firms :- These firms operate with a single purpose of keeping heir business open andrunning. Instead of focusing on expansion and profits, their major aim is to not get shut down.Lifestyle Firms:- Here, the entrepreneurs have the aim to generate sufficient revenue which willhelp them in fulfilling the basic requirements of the lifestyle they wish to follow. Here, theentrepreneur tries to avoid the risk by expanding or growing .Managed Growth Firms :- Under this, the entrepreneurs plan on growing but they do so at amanaged and monitored pace rather than taking extreme measures for growth. This helps them inachieving a steadier growth (Chell and et.al., 2016). Aggressive Growth Firms :- Under this, an entrepreneur is entirely focused on expanding andformulates the required strategies beforehand taking decision at extreme levels. Though they aretaken after much deliberation, there are chances of the business either becoming a failure orgetting successful.Public Sector Entrepreneurship :- Here, the venture is set up with an am to provide services tothe people and focus is on assisting and helping them rather than keeping profit generation astheir major aim which helps them in improving their economy.P2 Explore the similarity and difference between entrepreneurial ventures.There are many differences and similarities between the different types of entrepreneurialventures. The similarity is that all of them are created on the basis of a innovative idea and theyplan on succeeding on the basis of this idea. Small scale and social entrepreneurs do not pursuethe objective of profit maximization and and scalable and large scale entrepreneurs work towardsexpansion and growth (Burch and et.al., 2016.). BasisSmall ScaleScalableLarge ScaleSocialEntrepreneursIntrapreneur4
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