Entrepreneurship & Small Business Management Ventures
Added on 2020-11-12
12 Pages3233 Words276 Views
Business DevelopmentEntrepreneurshipPolitical Science
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Entrepreneurship and Small Business Management
Table of ContentsINTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................2P1 Different types of entrepreneurial ventures which are related to entrepreneurship..........2P2 Similarities and difference between entrepreneurial ventures..........................................4P3 Interpret relevant data and statistics to illustrate how micro and small business impact onthe economy............................................................................................................................6P4 Explain small business and business start-ups to growth of the social economy.............8TASK 2 ...........................................................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONAn entrepreneur is a name given an individual who initiates a business idea and furtherconverts it into a successful business venture. Main aim of any person who becomes andentrepreneur is basically earning huge amount of profits along with a certain quotient of risksinvolved in it. (Ács and Szerb, 2014). Such individuals are known for their innovative ideas andapproach which they bring in with themselves. These innovations earn a great amount of profitsfor them in competitive markets. This report is framed on the basis of Redbridge .In Redbridge which is in Ilford, London, there are many enterprises in Redbridge which arerunning their business activities in housing, clothing and restaurants, etc. In present day context,this report focusses on different entrepreneurial ventures along with their similarities anddifferences. This report also throws light on impact of both micro and small businesses oneconomy of a country along with key traits of entrepreneurs that make them successful.TASK 1P1 Various entrepreneurial ventures and their relation to entrepreneurship.Any new or freshly started company that runs at a quite lower level is referred to as abusiness venture. Entrepreneurship or business ventures lay a significant impact on enhancingoverall economy of a nation. Also they help in reducing unemployment or poverty of a country. The enterprises in Red bridge undertake numerous activities or business operations thatcannot be performed by entrepreneur himself so it is quite important that businessmen orentrepreneurs employ a satisfactory amount of employees who are capable enough forperforming business operations in an effective manner. This can only be possible whenentrepreneurs and employees work in absolute harmony with each other and have clarity aboutmission and vision of their business concern. There are some Entrepreneurial ventures which are classified below - Small business entrepreneurshipAny business venture that is privately owned by a single individual and has quite a lessernumber of employees is referred to as a small scale business venture. Also their sales volume isexpected to be quite lesser in number. Small scale business concerns are generally privateowned businesses. They can either occur in partnership form or sole proprietorships. Main aim,of these firms is meeting demands of customers so that their overall profitability can further be
enhanced. (Blackburn and Wainwright, 2013). For example, Sole Traders can easily operatetheir functions in small business entrepreneurship as sole traders and havesimple structure ofbusiness and low-budget setup. The individuals are serial entrepreneurs who comes up with unique ideas to managinginnovation and meeting needs of society. This sector has wide area of scope to providequalitative and innovative products and services. This will benefit them to effectively developtheir business and achieve high growth. Main advantages of sole trader businesses is that it canbe set up easily with small amount of funds. Along with this the business structure can be easilychanged according to market demand. Social entrepreneurshipSocial entrepreneurship refers to a business venture that uses or employs certain commercialstrategies with a motive of initiating or bringing about a change in social, financial, andenvironmental well-being.Social entrepreneurship initiate with a motive that is enhancingoverall impact that may occur on society as a whole. Changes can either occur on social aspects,financial as well as environmental factors. Main aim of social business ventures is such thatperformance and overall status of people residing in a country can be enhanced. Scalable start-up entrepreneurshipScalable business venture refers to a business at begins or initiates as an e-commerceplatform in which transactions can either occur in two ways that is business to business orcustomers ( consumers) to business. The growth of this type of venture is noticed as per the timepasses. The individual who run this venture have the ability to generate funds from manyfinancial resources. The major purpose of this venture is to enhance the standard of living byproviding qualitative goods and services. For example, in scalable start-up entrepreneurship owner is the only authorized and responsibleperson who managers and control top management functions of company. They work effectivelyas to increase revenue without implementing sky high cost in their start up ventures. Theseventures remain to be perform in small scale as they aspire to become a great prospect businessorganisation.Aggressive Development VenturesAggressive development or business ventures are a part of scalable business ventures. Inthis business venture\, entrepreneurs are such that are capable enough of initiating their business
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