entrepreneurship & small business management (esbm) - Assignment
Added on 2020-11-12
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ESBM
Executive SummaryThis report will present a comprehensive review about the entrepreneurship skills andcharacteristics that derive the mind of the entrepreneur to carry out the successfully business.Also, it has been discussed that different types ventures and their typologies that suggests thescope and operational activities performed in the business. It has also provided a clearunderstanding about Famous and successful entrepreneurs who has innovated and provided adifferent perception to the people. This report has presented an impact of the small business onthe economy of the county. This document has also ensured the entrepreneurial traits, skills andcharacteristics that derive the mind of the successful enterpriser.
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1LO1..................................................................................................................................................1P1 Different types of entrepreneurial ventures and their typologies...........................................1P2 Exploring the similarities and differences between entrepreneurial ventures........................3LO2..................................................................................................................................................5P3 Access the relevant data statistics ..........................................................................................5P4 Explain the importance of small business start-ups to the growth of social economy...........8LO3..................................................................................................................................................9P5 Determine the characteristics, traits and skills of successful entrepreneurs that differentiatethem from the other business managers.......................................................................................9P6 Personality reflects of entrepreneurs along with their motivation and mind-set..................12LO4................................................................................................................................................13P7 Background and experience which fosters entrepreneurship...............................................13Peter Jones.....................................................................................................................................14CONCLUSION .............................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONEntrepreneurship is the process of launching and running a new business in a market withan innovative idea. The activities of setting up the business and taking the financial risks in thehope of earning profits. The study will be based on the entrepreneurial activities of Tescoindustries. The report will help in understanding differences and similarities between variousventures. It will also provide the contribution of micro and small businesses on the maineconomy of the country. Also, there are various different types of ventures which cannot run thebusiness for earning profits. So main objectives of the enterprises also vary according to the sizeand purpose of the business.Moreover, this study will also help in determining the personality traits, skills andcharacteristics which derives the behaviour of the successful entrepreneurs. Also, it will create acomplete understanding about the motivation and mind-set of the successful entrepreneurs whichallows them to derive for successful venture and a long term sustainability. MAIN BODYLO1P1 Different types of entrepreneurial ventures and their typologiesEntrepreneur is a person who sets up a business, taking on financial risks in order toachieve higher profits. Although, entrepreneurship can be termed as a activity which involves incarrying out the operational task within the entrepreneurial venture which is aimed at growth,sustainability and profitability (Williamson and et.al., 2018). However, enterprise is thecomprehensive unit which carry out the process of the business via various resources such ashuman resources, tools, machinery and equipment etc. Typologies of the business helps in understanding the nature of the relationship betweena type and its object. There are generally four types if Typologies of entrepreneurial venturessuch as Male/ female typology, social, and scalable. Furthermore, Entrepreneurial ventures arecategorised into many different kinds such as: Survival firm topologyThese Enterprises are basic substances which allows the enterprises to run the businessactivities with the hope of earning profits. These enterprises are not formally registered and suchbusiness typically have no premises to carry out the business operations and related activities.Survival business mainly exists in order to provide the basic personal financial needs which1
generally cannot resists and have no capacity to reinvest into the venture (Akpoviroro, andAmos, 2018). This business is often necessity driven in which entrepreneur is generallymotivated or forced in order to operate in a highly competitive and price based market.Typology- Scalable typologies generally comes under this category as Survival ventures havescalable scope of the business. NHS is one of the best example which aimed at social welfare ofthe people rather than earning the profits. The keyobjective of this type of entrepreneurialventures is to achieve specific objectives by managing the several business activities properly.For example, Bulb is one of the survival entrepreneurial venture belongs to UK. So thiscompany is mainly fulfilling the basic personal financial needs and adopting various newmethods to sustain the company for the longer run. These types of entrepreneurial venture lieswithin Scalable typology as these ventures have huge scope in the future.Lifestyle These types of entrepreneurial ventures generally produce stable income stream forowners and also based on a management approach which consists of workable business model.Also Entrepreneurs of the Lifestyle ventures generally reinvest in the business according to thecompetitive requirement in the business. This organization has a premises on a single location inorder to operate the business but it do not seek the immediate expansion or growth (Ball, 2019).Also, these types of ventures contain fixed number of employees and it is also difficult for theventure to achieve the economies in operations. Typology- This entrepreneurial venture mainly comes under the category of the Social typologywhich allows the business to achieve higher growth in the future with the individual capabilities. For example: Bulb is one of the survival entrepreneurial venture belongs to UK. So thiscompany is mainly fulfilling the basic personal financial needs and adopting various newmethods to sustain the company for the longer run. These types of entrepreneurial venture lieswithin Scalable typology as these ventures have huge scope in the future.Managed Growth VentureThese business generally seeks the stable growth over the time and also follows theworkable business model. Managed growth ventures periodically enters into the market bylaunching new products in order to bring growth and sustainability within the firm. Thiscontinues reinvestment into the business guides the organization towards the sustainabledevelopment and growth (Ugorji and Ani, 2018). This allows the entrepreneurs to continuously2
expand the facilities, location, staff and regional brand image. For instance the retail or thehospitality organization which continuously aims to expand and achieve growth falls under thiscategory. These entrepreneurial ventures manage every aspect of their business activities so thattheir profitability goals can be achieved. Typology- These types of ventures lie under the category of Scalable typology in which Growthof the venture is more focused. The best example of the managed growth venture is IDG venturewhich possess the great capabilities to enter into the existing competition.For example, Ecotricity companies is one of the managed growth venture which israpidly growing towards the international market.AggressiveThese are the technology based ventures that possess the strong innovation capabilities.Such businesses are mainly funded by the equity capital and also achieves the exponentialgrowth which derives many opportunities for the organization as well as employees andemployers in order to accomplish individual goals. This entrepreneurial venture is seeking toexpand the business globally within the national or international market (Seoryanto Soegoto,2018).Most of the global service providers or the international hospitality or retain chains are theexamples of this venture which aims at establishing their roots at global scale. Typology- This entrepreneurial venture mainly comes under the category of the Scalable businesstypology. For example,McDonald is the managed growth venture as this company has expandedand grow over the time.P2 Exploring the similarities and differences between entrepreneurial venturesDifferent entrepreneurial ventures are characterised by different growth rate, managementcapabilities and the ease to successful implementation. The below table provide the comparisonof different entrepreneurial ventures on the basis of particular specifications so that effectivenessof each of the type can be justified. Basis ofDifferencesSurvival LifestyleManaged growthAggressiveAnnual growthrate Growth rate of the such organization Such enterprise venture generally seeks less than 5 These types of business possess 10 to 15 percent These entrepreneurial ventures adopts 3
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