(solution) Entrepreneurship & Small Business Management

Added on - Dec 2020

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Entrepreneurship andSmall BusinessManagement
Table of ContentsINTRODUCTION...........................................................................................................................1P1 Presenting different types of entrepreneurial ventures..........................................................1P2 Presenting the differences and similarities between entrepreneurial ventures......................3P3 Presenting how micro and small business creates impact upon economy.............................5P4 Explaining How important small business and business start and contribute the growth ofthe social economy after Brexit...................................................................................................6P5 Presenting the characteristic, traits and skills of two successful entrepreneurs.....................7P6 Assess How Aspects of the entrepreneurial personality as discussed in P5 reflectentrepreneurial motivation motivation and mindset...................................................................9P7 Explaining how background and experience can hinder or foster entrepreneurship...........11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14
INTRODUCTIONIn 1919 TESCO was founded by Jack Cowen. With his £30 demobilization money hepurchased a surplus NAAFI stock and resold it on a market stall in Hackney. With the sales hedoubled his money and continue to purchase the surplus and resale it at the market, and he soonbecame an owner of numerous market stalls. In 1924 he created the TESCO brand name with thefirst two TESCO stores opening at Becontree and Burnt Oak in 1931. By 1939 Cohen owned ahundred TESCO stores. TESCO brand continued with a wining and innovative market strategyby innovating the sales process by becoming the first company to offer online service in the faceof TESCO direct, TESCO for first time the self service tills. That continued growth resulted in64bil gross turnover, with the only registered loss in 2015 of pre-tax loss of 6.4 bil. When thecompany again managed to implement a successful strategy by purchasing Londres, and Londresowned Bookers. This led to the company survival and beating the upcoming competitors likeAldi and Lidl. By developing multibillion businesses Jack Cohen proved to be an entrepreneurwith very successful business strategy and by managing to sustain and leave a history of a nearly100 years old business (Tesco plc, 2018).P1 Presenting different types of entrepreneurial venturesAmerican economistRawhouser, Cummings and Newbert (2019)defines theentrepreneur as: ‘They are the one who always searches for a change and responds to it andexploits it as an opportunity”. Therefore, Innovation is a specific tool which is used by anentrepreneur, through which they can easily accept the changes and apply them into the workingarea.AsScarborough (2016)says that: ‘The entrepreneur shifts economic resources out of anarea lower into an area of higher productivity and greater yield’American economistKirzner (2015)defines the entrepreneurs as innovators who drivethe creative-destructive process of capitalism.Moreover, Entrepreneurship can be defined in few words by the combination of activityand willingness to develop, organize and manage a business venture along with any risks in orderto achieve goals or make profits. There are different entrepreneur venture such as:Micro business-This types of business are basically set up in order to fulfil the needs oftheir family and there are around 18 percent of the micro business in UK. As this business do not1
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