PDF- Entrepreneurship and Small Business Management
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Added on 2020-11-23
PDF- Entrepreneurship and Small Business Management
Added on 2020-11-23
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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1Types of entrepreneurial ventures..........................................................................................12. Differences between Intrapreneur, serial entrepreneurs and owner managers...................3Serial entrepreneurs................................................................................................................3Owner managers.....................................................................................................................33. Public and corporate sectors...............................................................................................52. Scope, growth and development of entrepreneurial ventures............................................6Scope and development of National Rail-..............................................................................6Scope and development of Eagle Food Ltd-..........................................................................6Part 2................................................................................................................................................71. Impact of small and micro businesses on economy...........................................................72. Social economy and small business start up ......................................................................73. Differences between medium, large and small ventures at different levels.......................84. Small businesses impact on different levels of economy...................................................9Part 3................................................................................................................................................91. Characteristic, traits and skills of successful entrepreneurs...............................................92. Aspects of entrepreneurial personality reflect on motivation skills.................................103. Motivational drivers of successful entrepreneurs.............................................................114. Background and experience of entrepreneurs..................................................................12CONCLUSION .............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONEntrepreneurship is the activity of start up businesses, taking on fiscal risks in hope ofmaking profit. It is the process of launching, running and designing new business in marketplace(Scarborough, 2016). Every small and large organization starts out as small level of businesseslead by a businessman. Entrepreneurship is essential for global business environment and also asfor the growth of entrepreneurial. Entrepreneurs change the way they do business with the skillswhich is required for it. Setting healthy venture environment required active cultural and socialbehavior of people.The present report various types of business and how they are related totypology of entrepreneurship. It explains differences between owner managers, entrepreneursand serial entrepreneur. Moreover, it defines differences and similarity between entrepreneursand reflect variety of entrepreneurial ventures. This report defines corporate and public sectorsand development, scope and growth of business. Furthermore, it discusses characteristic, skillsand traits of successful businessman and motivational drivers that support to run organization.This report explains small businesses and micro environment impact on UK economy. PART 1Types of entrepreneurial venturesEntrepreneurs is the person who set up businesses in country and the place where theywant having ability and willingness to organize, develop and manage business along with manyof its risks in order to gain profitability. In other words' entrepreneur is an individual whorecovered and run small businesses and assumes all peril and wages of venture. There are typesof ventures that manage by entrepreneur successfully, like-Micro enterprises - Micro organization is basically operated at very small size ofbusiness which considered only nine people and have balance sheet. General stores andothers enterprises consider in this category, they supply products and services for its localareas and gain less turnover. Micro enterprises entrepreneurs start organization knowingform day one that its mission and vision could change the whole business. They usuallymanage with less than 10 workers and start businesses with small number of capital. Small business enterprises- Grocery stores, consultants, internet commerce, hairdressersetc. included in small businesses. They run their business individually and hire localworkers for accomplishing their tasks and functions in organization. They can not give1
scale of force venture capital instead of fund for business via family and friends or somesmall businesses loans. Small enterprises run business with fewer than 250 employeesand their annual turnover not exceeding million.Medium sized enterprises- Medium sized firms are non-subsidiary and workindependently with fewer number of employees. 100 workers when working for anenterprise can termed as medium sized entrepreneurship. They hire brightest and beststaff in its companies that help to manage each functions of business effectively. Forexample, charitable trust and voluntary organizations. Medium size enterprise areindependent companies which employ less than number of workers. Large sized enterprises- Large type of organizations are running their businesseseffectively which grow business through offering new and quality products, sustainingcreativity and innovation. They gain high turnover and also gaining competitiveadvantages. Large size organization employ large number of employees and gain highprofit margin through serving in many countries.Type of typology-Start-up enterprises- They are basically operated initially financed by handful ofowners or one individual (Burn and Dewhurst, eds., 2016). In early they invest moneytends to exceed its revenues as they perform on development and marketing idea. Large Company enterprises- large company enterprises defined as legal entity procedurethat has all the rights to conduct their business on its own. Female and male entrepreneursare equally grown and have an opportunity to develop productivity and increase financialbudgets more than others. For example, TESCO adopt Equal Pay Act 1963 and workaccording to it in which they pay both men and women equally without any differences. Social enterprises- This type of typology apply commercial strategies to maximizeenvironmental and social wellbeing. For example, charitable trusts and otherorganizations who want to save the lives of people and give facilities of leaving happily.2
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