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Entrepreneurship and Small Business Management Sample Assignment

Added on - 08 Dec 2020

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EntrepreneurshipandSmall Business Management
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................31.Examination of different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship......................................................................................................32. Explaining and explore the similarities and differences between entrepreneurial ventures.. .43. How micro and small businesses impact on economy of UK.................................................64. Explanation on how important small businesses and business start –ups will contribute tothe growth of the social economy after ‘Brexit’.........................................................................85. Determining the characteristics, traits and skills of two successful entrepreneur...................86.Examining background and experience which hinder and foster entrepreneurship...............11CONCLUSIONS............................................................................................................................12REFERENCES..............................................................................................................................14
INTRODUCTIONEntrepreneurship is capacity and ability to develop, organise and control businessventure by agreeing on taking every risk in the way in order to make profit. An entrepreneur is aperson who has a vision and idea to start a business and has the willingness to work with effortsto make it in successful business. The present report will help in understanding the different kingof entrepreneurial ventures. Further, the report will discuss that, Small business enterprises isvery significant in contributing to the UK economy. Small businesses helps in providing jobopportunities to the people, a statistical data will help in understand and determine influence andimportance of SMEs in UK economy. In this report, the traits, skills and characteristics that J.K.Rowling and Joe Woods posses that helps in making them a successful entrepreneurs aredefined. At last, the study will determine how the background and experience can hinder andfoster entrepreneurship.MAIN BODY1.Examination of different types of entrepreneurial ventures and explain how they relate to thetypology of entrepreneurship.Entrepreneurs is person who has a vision an idea to start or create a business and works toachieve the vision by taking all the risk to make the business successful(Drucker, 2014). Anentrepreneurship is the capacity and willingness of the entrepreneur to develop, organise andmanage all the business activities requires to start a business. It includes the ability of taking allthe risk in order to make profit and business successful. There are differentThe different type of entrepreneurship ventures are:Small Scale Entrepreneurship:It is comprises of the small businesses which a person startedon his own. The motive to start the business is to support his living cost(Kirzner, 2015).Example of small scale entrepreneurship is grocery store, consultant, travel agents, electriciansetc. they can hire their family member or local employees to help them. Such businesses arebarely profitable. To sources of funds to start a small scale business to taking loan from friend orfamily or by using personal savings.Scalable Start-up Entrepreneurship: it is the type of entrepreneurship in which person has avision to make change with his innovative idea. The person are risk-taker and by their ability ofconvincing get the funds from venture capitalistic for their businesses(Parker, 2018). The
revenue in start-up are comparatively high. A person with an innovative idea can start a scalablestart-ups. Example of scalable start-ups are amazon, Facebook, twitter etc.Large scale entrepreneurship:It is a process of entrepreneurship with the help of developingnew idea within already established firm. A large- scale business works with an objective ofexpansion of business, increase organisational profitability and maintaining its competitiveposition in the market(Dickel, Hörisch and Ritter, 2018). This objectives can be achieved byincreasing its product-line, creating overall new product that will help in attracting newcustomers. An example of large-scale entrepreneurship are BMW that keeps on introducing newmodels of car in global market.Social entrepreneurship:Such type of entrepreneurship is the most basic level of businesswhich with an intension of doing business for the social cause. The entrepreneur stareted suchbusiness with a view to improve the life of common people by helping their commerce and socialissues. There is no motive of making profit in social entrepreneurship(McNamara, Pazzaglia andSonpar, 2018). The example of social entrepreneurship TOMS and Grameen Bank.Such entrepreneurship are started with different objectives and target and targets, andcarry out their operations in order to achieve their business objectives successfully.2. Explaining and explore the similarities and differences between entrepreneurial ventures.Different entrepreneurship according to their operations and objectives posses somesimilarities and differences. The following are differences between different entrepreneurialventures.Basis ofdifferenceSmall scaleScalable start-upsLarge scaleSocialentrepreneurshipMeaningIt is type of thebusiness which isstarted by a personon his own.Suchentrepreneurshipare based on theinnovative thinkingideasofentrepreneur byIt is the type ofventure which hasestablished inmarket and hasgood market shareand customer baseSocialentrepreneurshipare business thatare started with aview to improvethe standard of
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