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Solved Entrepreneurship and Small Business Management : Assignment

   

Added on  2021-02-20

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Entrepreneurship
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ENTREPRENEURSHIPAND SMALL BUSINES
Solved Entrepreneurship and Small Business Management : Assignment_1

Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3LO 1.................................................................................................................................................3P1 Different types of entrepreneurial ventures and their relation to typology............................3P2 Similarities and differences between entrepreneurial ventures..............................................4LO 2 ................................................................................................................................................6P3 Analysis and interpretation of relevant data and statistics illustrating impact of micro andsmall business on UK's economy.................................................................................................6P4 Importance of Small businesses and start-ups for growth of social factors in an economy...9LO 3...............................................................................................................................................10P5 Characteristics and traits of successful entrepreneurs differentiating them from managers.....................................................................................................................................................10P6 Impact of an entrepreneur’s personality on his motivation and mindset with which heworks..........................................................................................................................................11LO 4...............................................................................................................................................12P7 The impact of an entrepreneur's background and experience in hindering ad fosteringentrepreneurs..............................................................................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14
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INTRODUCTIONEntrepreneurship as per Schumpeter, can be defined as an act of setting up an new businesswith an innovative idea which has not been grasped by the entire market i.e. it is not ordinary orroutine in nature. Since the idea is new, here is an extremely high risk factor. The personbeginning a new venture is called an entrepreneur who bears all the risks and begins a newventure with the sole purpose of making it successful. In this report, the two entrepreneurs BillGates and Howard Schultz have been taken for studying the entrepreneurial characteristics. Thisreport highlights the different entrepreneurial ventures and their typologies along with thesimilarities and differences between these ventures (Espedal, 2017). Further, this report willevaluate the various data and statistics provided for interpreting the rising number ofentrepreneurs and their contribution in the economy of UK. Further the importance of these start-ups has been discussed and the traits of successful business have been assessed so that theirmotivation and mindset can be studied. Lastly, this report will also discuss about the strugglesfaced by the two entrepreneurs and how their background played a significant role in shapingtheir growth.MAIN BODYLO 1P1 Different types of entrepreneurial ventures and their relation to typology.As per Lavington, an entrepreneur, in modern time, can adopt different manners ofoperating i.e. he can be in partnership or as a private firm; joint company or a cooperative etc.Lachman is an another entrepreneur who started an entirely new venture in Israel along with 29other males only. He stated that en entrepreneur is a person who with a unique combination ofproduction factors, can open a unique brand. Stauss on the other hand argued that a firm is alsoan entrepreneur. Say is another philosopher who defined entrepreneur as an agent uniting allproduction means and re establishing the value in his products. Joseph Schumpeter was apolitical economist who later became a professor at Harvard University and gave the importantconcept of Creative Destruction.Entrepreneurship Ventures are the above mentioned categories of different kind of businessesthat an entrepreneur can operate having different scope and risk-return level. There are four typesof entrepreneurial ventures namely :- Small business, Scalable, Large business and SocialEntrepreneurship. Small Sized Entrepreneurial ventures signify those ventures having which3
Solved Entrepreneurship and Small Business Management : Assignment_3

operate on a smaller scale and are usually owned by a single person (Glass and Cook, 2016).There is an increasing number of such small scale entrepreneurs and they make a majorcontribution to the growth of UK's economy. These are service providers, cafes, stores etc.Simple Funeral is a small scale entrepreneurial venture in UK.Scalable Ventures are those types of ventures under which at initial level operate at a smallerlevel but the entrepreneur has an objective to maximize the venture further. Tesco, Marks andSpencer are examples of these types of ventures.Large Business Ventures include those kind of social ventures which are formulated with anideology which can help them in expanding all over the world ad bring a revolution and changein the way world operates. Microsoft, Google etc. are a few companies that fall under thiscategory.Social Entrepreneurship can be defined as those ventures which are operating with the aim ofproviding and assisting individuals in an innovative manner (Neumann, James and Vince, 2019).Their focus is on reaching out to maximum people through their work so that majority of themcan be assisted. NHS is the best example of a social entrepreneurship operating at such a largescale in UK.Typologies of Entrepreneurship :- typology refers to the purpose of existence of anentrepreneurship I.e. the motive with which it is set up. Survival Firms :- The basic aim of thesefirms is to not get shut down i.e. keeping their business running ids the main focus point.Lifestyle Firm :- These are set up with the aim of generating reasonable income and theentrepreneurs avoid risk factor by avoiding the expansion and growth of firm. Managed GrowthFirms :- Here the entrepreneurs expand at a normal i.e. moderate skill level and rather thanconcentrating on expansion at extreme levels, they focus on a slower and steadier growth.Aggressive Growth Firms :- Here, focus is on expansion of business through implementation ofpre formulated strategies and plans (Lopez and Wise, 2015). They might sometimes takedecisions which affects the business in a negative manner and creates a loss making situation.Public Sector Entrepreneurship :- Under this, the business is set up with the idea of providingservices to the common people working for their benefits thus improving the economy as well.P2 Similarities and differences between entrepreneurial ventures.Differences between entrepreneurial ventures :-4
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