Entrepreneurship and Small Business INTRODUCTION 3 TASK 13 P1 The Types of Entrepreneurship Ventures 3 P2 The Characteristic Traits and Skills of Entrepreneurs
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Entrepreneurship and Small Business INTRODUCTION 3 TASK 13 P1 Examine different types of entrepreneurial ventures and how they relate to the3 typology of entrepreneurship ventures 3 P2 The similarities and differences between social entrepreneurship and lifestyle entrepreneurship4 TASK 26 Covered in PPT6 TASK 36 P5 Determine the characteristic traits and skills of entrepreneurs and how they are differentiated from those of business managers 6 P6 Assessment of the personality of Elizabeth Gooch and Tom Mercer that reflect their mindset and
Entrepreneurship and Small Business INTRODUCTION 3 TASK 13 P1 The Types of Entrepreneurship Ventures 3 P2 The Characteristic Traits and Skills of Entrepreneurs
Added on 2020-02-12
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Entrepreneurship andSmall Business
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Examine different types of entrepreneurial ventures and how they relate to the..............3typology of entrepreneurship ventures..................................................................................3P2 The similarities and differences between social entrepreneurship and lifestyleentrepreneurship.....................................................................................................................4TASK 2 ...........................................................................................................................................6Covered in PPT.......................................................................................................................6TASK 3 ...........................................................................................................................................6P5 Determine the characteristic traits and skills of entrepreneurs and how they aredifferentiated from those of business managers.....................................................................6P6 Assessment of the personality of Elizabeth Gooch and Tom Mercer that reflect theirmindset and motivates their ventures.....................................................................................7P7 How personal background and experience can hinder or foster entrepreneurship...........8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONThis study has been created on the entrepreneurship and small business management.Entrepreneurship and small business can be defined as the start-ups that are new and innovativeand employee less amount of people in it. This study has been carried out on the two cases that isElizabeth Gooch and EG Solutions PLC and other one is Tom Mercer and MOMA Foods. Theyare the start-up and the small business in the UK (Schaper and et. al., 2014). The main aim of thestudy is to support line manager at the Entrepreneurship and Small Business ManagementCouncil to contribute for the resources that are used by line managers. In this study severalventures that are the part of entrepreneurial group have been explored, growth and developmentventures have been examined, impact of the cited ventures on the UK economy, environmentthat hinder growth and characteristics skills of entrepreneur have been analysed in the study. TASK 1P1 Examine different types of entrepreneurial ventures and how they relate to the typology ofentrepreneurship venturesEntrepreneurship is a process that is used by an entrepreneur in order to established theirown business so that their overall profits can be improved. They are the one who takes financialrisks in order to improve their growth. In the first case, Elizabeth is a CEO of EG solutions whoestablish their own business by taking the fund from friends and family. In the another case, Tommercer start their own business and open a shop so that healthy food can be provided to thepeople. There are different types of entrepreneurial ventures in the market and they all performtheir operations in an efficient manner so that they can accomplish their objectives. Every personstart their business on the basis of particular vision and mission. Through this, they will be ableto give the direction to their employees so that they performed in order to serve the qualityproducts to their customers (Bridge and O'Neill, 2012). Entrepreneur is the owner of their ownbusiness and they set the goals so that they can improve their growth at the marketplace. Thereare four kinds of entrepreneurial ventures such as:Small business entrepreneurship: There are many small business organisations that areestablished by an individual so that they can fulfil the desires of their customers. There areapprox 5.3 million start-ups which perform their operations in United Kingdom. For example,
grocery shop, retail store, agents are some of the small businesses that are run by anentrepreneur. These people hire workers from their family members so that they can improve thegrowth of their firm. In order to start their business, they take fund from their family members orfinancial institutes. As per the case study of Elizabeth, she started her business by taking the fundsuch as £1,000 from their family and friends. Entrepreneurs are one who start their business bytaking some risks. These can be related to the factors such as finance and so on. Small businessentrepreneurship is related to the entrepreneur key venture so that their overall performance canbe improved. Scalable start-up entrepreneurship: These types of entrepreneurs are the one who starttheir business with a vision and mission. They recruit the skilled and knowledgable employees sothat they can improve their growth and generate more revenues. They perform their operations inan effective manner so that they can take their business towards large scale so that high profitscan be achieved (Dennis Jr, 2011). Managerial business owners are the one who are verychallenging and innovative towards their activities and operations that they have to perform in anefficient manner. They are responsible to perform their business in an ethical manner so thatoverall goals can be achieved in right direction. Large company entrepreneurship: These types of entrepreneurs perform their operationsat large scale and along with this they follow a life cycle so that they can improve their growth inthe market. They focuses on the needs and demands of their customers so that their overallsatisfaction can be increased. They have many competitors in the market so manager of largeenterprise have to perform competitive strategies so that they can achieve competitiveness.Intrapreneur is an entrepreneur in the large business organisation who uses their skills in order toenhance the profitability of an organisation. They are focusing on the processes or activities thatrather than whole company. Social entrepreneurship: These types of entrepreneurs are the one who create productsand services so that they can fulfil the social needs (Gorgievski, Ascalon and Stephan, 2011).Their main aim is to improve the welfare of the society and to enrich the society. These different types of entrepreneurial ventures are related to the typology:The accomplished entrepreneur: This type of entrepreneurs follow all the stages of theentrepreneurship so that they can achieve success in the market. Mainly these people are largescalable entrepreneur who focuses on the needs and demands of their customers.
The determined entrepreneur: These entrepreneurs are more determined towards theirwork and their goals. Scalable and small business entrepreneurship ventures create their ownvision so that they can enhance their growth in the market than any other competitive firm. The research entrepreneur: There are some entrepreneurs who perform research in themarket so that they can establish their business (Carraher and Paridon, 2015). They are morefocusing on the learning activities so that they can perform their operations in an efficientmanner. Large business enterprise conduct a survey in the market so that they will be able toidentify the needs of the people. On the other hand, new start-ups also perform these activities sothat they can attract new customers.For example, Tom mercer first conduct a research in themarket and then start their business. P2 The similarities and differences between social entrepreneurship and lifestyleentrepreneurshipThere are many entrepreneurs who perform their operations in the market on the basis oftheir aim and objectives. Everyone wants to grab an opportunity that will lead them towardssuccess. There are two distinct types of entrepreneurs such as social and lifestyle entrepreneurs.They both perform their operations in an efficient manner so that they can enhance their growthand welfare of the society (Fassin, Van Rossem and Buelens, 2011). Their are some differencesand similarities between these types of business owners are:Objectives: Social entrepreneurs are the one who create innovative and quality servicesfor the people so that they can fulfil their social needs. Their main aim is to enrich thesociety and to attain the sustainable profits. On the other hand, there are some lifestyleentrepreneurs whose main aim goal to increase the market share and generate morerevenues. Mindset: This is the biggest difference between the social entrepreneurs and lifestyleentrepreneurs that in which direction they lead their business (Chittithaworn and et. al.,2011). The first one establish their business in order to reduce the poverty in the countryand the another one focuses on the money and capital. Along with this, on the basis oftheir mind set they set their visions so that they can provide quality services to theirconsumers. Value creation: The lifestyle entrepreneurs are focuses on the needs and demands oftheir consumers. They offer innovative and quality products to their consumers as
compare to the other competitive firm. On the contrary, social entrepreneurs offer valueservices to their consumers so that they can improve welfare in the society. They gave apositive impact on the society so that overall economic growth can be improved. Marketing communication: lifestyle entrepreneurs are the one who perform promotionalactivities so that they can increase the brand awareness among all the people of thecountry. They spent a lot on these advertising activities. Fro example, they can use radio,social networking sites, newspapers and so on (Sampaio, Thomas and Font, 2012). Onthe other hand, social entrepreneurs are the one who didn't use these promotionalactivities as they believe in work of mouth marketing strategies.As per the case study of Elizabeth Gooch, she is the lifestyle entrepreneur who performactivities so that they can improve their growth in the market. Along with this, they attractinvestors towards their services so that their overall profitability can be achieved. For examplethe another case study is based on Tom mercer who open their business named as MOMA food.They established their businesses so that they can offer healthy and quality food to theircustomers. The similarity between the social and lifestyle entrepreneur is that they both perform theiroperations for their customers so that they can fulfil their needs and demands. Along with this,they both perform activities so that they can improve their growth in the market.
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