(PDF) Entrepreneurship and Small Business Management : Assignment

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ENTREPRENEURSHIPAND SMALL BUSINESSMANAGEMENT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Various kinds of entrepreneurial ventures...................................................................................1Similarities and differences between entrepreneurial ventures...................................................3Small and micro business impact on society...............................................................................4Importance of small businesses to economy and the growth of the social economy..................4Comparison between medium and large businesses....................................................................5TASK 2............................................................................................................................................6Characteristic traits, skills and motivational drivers of successful entrepreneurs.......................6Background and experience successful entrepreneurs and their influence on entrepreneurs bothpositively and negatively.............................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONEntrepreneurship can be defined as willingness or capacity of developing, running andorganizing a business. It is an activity which helps the entrepreneurs in setting up a businesssuccessfully by taking various kinds of financial risks in the hope of profit(Cooper, 2017).Entrepreneurs are those individuals who create and run business whether at small scale or atlarge scale. All entrepreneurs need a proper business management process which helps them inrunning a successful business, manage their financial data or information, employees, take anykind of successful decision and many more. In other words it helps in automating and optimizingall business processes using various models, methods, measurements etc. This assignment willlay emphasis on different kinds of entrepreneurial ventures inRedbridge Council, Similaritiesand differences between them, impact of small and micro business on society, importance ofsmall businesses to economy and the growth of the social economy and comparison betweenmedium and large businesses.TASK 1Various kinds of entrepreneurial venturesIn order to run a successful business entrepreneurs take huge number of risks, invest largeamount of money, take various kinds of security measures irrelevant of the size of the businessi.e. business run by entrepreneurs can either be a small or a large scale business(Lipset, 2018).Redbridge Council also has various kinds of entrepreneurial ventures both private and public.Each of these ventures has their own topologies associated with them.There are various kinds oftopologies that helps in understanding relationship nature between type and subject. There arevarious kinds of topologies of entrepreneurship for different types of entrepreneurship forexample: lifestyle entrepreneurship, serial entrepreneurship, female entrepreneurship and manymore. Based on these topologies four main types of entrepreneurial ventures have been defined.These ventures have been explained below:Small Business Entrepreneurship: This type of businesses are mostly run by entrepreneurswho have the least number of employees working with them. Such type of businesses generateless revenue and due to this their overall profit margin is also less. The main goal of suchbusiness is to mainly focus on providing products and services to the customers by bringingcontinuous changes within their services as well as products so that they can increase theircustomer base. Owners of such businesses are either family members or friends.It can be related1
to female entrepreneurship topology because today most of the female are choosing to start theirown business and preferred to be self employed(Cooper and Folta, 2017). It has also beenobserved that many of the small businesses are run by women only. Such type ofentrepreneurship comes within private entrepreneurial ventures. For example: restaurant chainsetc.Scalable start-up entrepreneurship: This type of business are mostly run by entrepreneurs whowant to start a business with an innovative idea and provide innovative services and products totheir customers. Entrepreneurs who run such type of businesses always focus on changing theworld by implementing their ideas. They mainly focus on successfully running their businesswith innovative idea by making a successful business model so that it can be implementedsuccessfully within the enterprise and try to bring financial investment for their business fromvarious kinds of capital investors. It is important for such type of entrepreneurs to focus on theirbusiness model and capital investment if they want their business growth in the market.Topology used by this entrepreneurship is serial entrepreneurship as such type of businessowners mainly focus on implementing an innovative idea of their own in order to run or starttheir own business(Nambisan, 2017).Large Company entrepreneurship: Owner of this type of business mainly focus on sustainablyrunning their own business. Only after achieving sustainability they focus on expanding theirbusiness. For this they continuously need to focus on improving and introducing new productsand services in the market by understand the changing trend and changing demands and need oftheir customers. Other than this they also need to focus on their competitors, their offerings andthen bring changes among their products and services, this helps then to gain competitiveadvantage, survive and remain on the top of the market. Most of the entrepreneurs who run largecompanies are the one's who implement innovative ideas and bring changes within the society.Due to this reason it can be related to serial entrepreneurship topology as they are the ones whomostly think of innovative ideas and focus on changing market trends with their innovativeideas. It has also been observed that most of the serial entrepreneurs' comes under privateentrepreneurship ventures for example: Facebook, Google.Social Entrepreneurship: Owner of this type of business mainly focus on soling any kind ofsocial issue and based on this they introduce and deliver products or services to their customerswhich eventually helps them to contribute positively in a society and create better world(Hitt2
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