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Unit 09 Entrepreneurship and Small Business Management

   

Added on  2020-10-05

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UNIT 09:ENTERPRENEURHIP ANDSMALL BUSINESSMANAGEMENT

TABLE OF CONTENTSINTRODUCTION.........................................................................................................................31 Demonstrating various types of entrepreneurial ventures relevant with entrepreneurshiptypology.......................................................................................................................................32 Determining the differences and similarities between entrepreneurial ventures......................5M1 Presentation of facts for entrepreneurship in public sector.................................................11D1 Critical examination of growth and development of entrepreneurial venture.....................113 Ascertaining the impacts of small and medium size business on economy............................124Analyzing the contribution of small ventures in society after impacts of “Brexit”.................14M2 Defining the concept and impacts of medium and large size entrepreneurship on economy....................................................................................................................................................16D2 Critical determination over the growth and development of entrepreneurial ventures........165 Difference between successful entrepreneurs and business managers...................................166 Analyzing the characteristics and skills of two entrepreneurs................................................17M3 Examining the arguments based on “are entrepreneurs born or made?”.............................19D3 Relevant arguments and theories.........................................................................................197 Impacts of background and experience will help in enhancing the entrepreneurship............19M4 Presenting the outcomes of methodical and detailed analysis over the data.......................20D4 Debating the background and experiences influences differently to others........................20CONCLUSION............................................................................................................................20REFERENCES............................................................................................................................21

INTRODUCTIONRunning a young business is more challenging than governing an existing one. Therehave been various obstacles and issues which were relevant with the operational tasks as well asmarket conditions. Problems from funding, resourcing as well as performing activities will createhurdles to a business. In the present report, there will be analysis on the various types ofentrepreneurial ventures which will be demonstrated on level of their operations and dutiesperformed in the society. Moreover, there will be discussion based on impacts of Brexit on theexistence and operations of small and medium size businesses in UK. In addition, this report willbe assistive in a manner to analyze the internal scenario and operational approaches of the smallindustries as well as suggestive for making plans into action.1 Demonstrating various types of entrepreneurial ventures relevant with entrepreneurshiptypologyTypology in entrepreneurship: This is the element of determining the entrepreneurship field as the academic area ofbusinesses. There have been use of various techniques and methods to form strategies for thebusiness growth and development.These are the self-governed business which has been operated on the basis of implicatingideas into action. The carrier of these kids of ventures starts with innovative or revolutionaryideas which retain appreciation from society (Storey, 2017). Moreover, there are various kinds ofentrepreneurial ventures which will be assistive in determining the operational level of business.Following are the types of various entrepreneurial ventures which can be analyzed here such as:Small business:These are the ventures which are self-driven and independently governed by a singleowner. Therefore, there are less chances of having any kind of manipulation of activities. Alongwith this, there will be requirement of short amount of investments as the financial health mainlydepends on sales and seasonal variations (Pisaniand et.al., 2017). They can acquire funds forinvesting in the operational activities mainly through banks, family, friends or dependency overthe revenue generated through industrial activities. In relation with the typology of entrepreneur

on which it is relevant with Skeptical entrepreneur on which a person gets inspired with otherentrepreneurs and make efforts in his own business. For example: R Robson, Freestyle IT andSwain & Jones are the small-scale industries operating in UK.Lifestyle business:These organizations are also operated as a self-governed entity which acts as motivatingthe skills and talent of an individual. Thus, it allows individual to participate in the business andearn the profits as per this strength, skills and talent in a particular field. Moreover, anentrepreneur is itself a creative personality and their efforts and efficiency make them successful.In addition, the growth of an individual in this respect will be attainable and helpful as perraising their operational motives and encourage them to take proper initiative (Hornsby andet.al., 2018). In this category they will become able to retain higher profitability on long termbasis which emphasis on their skills and talent in segmentation. There will be copycatentrepreneurs which analyses the operations done by others and make similar approach. Forexample: there are various life style businesses which are being performing in UK such asCoffee and Lifestyle Concept Shop London.Large business:In this field there are main influences of different tasks in corporate units. Therefore, theyhave large number of workforce which is engaged in performing large operations. Theyperformed as per considering all the ethics, laws and regulation incorporated with the businessactivities. There will be revenue generation, payments to taxes as well as dividends amongshareholders. The capital funds will be generated through investments, operations, bankborrowings as well as shareholder investments (Amoroso and Link, 2018). These are the firmswhich were have to disclosure the annual report regarding financial and operational performanceof the business performed annually. Along with this, as per considering the operationalmanagement and administration of all tasks these industries have board meeting and haveinfluences of various committees which analyses and make appropriate decisions for futureoperational projects.Their aim is for retaining higher profit and expanding the operations which will bringthem better wealth. There can be research entrepreneur as per typology which determines

appropriate analysis over market and designs operations accordingly. There have been influencesof typology of technical entrepreneurship. For example: Tesco, HSBC Holdings are operating asthe large business units in UK.Social good enterprisesThese entities work as a social worker in environment their motivation is relevant withdelivering product and services for the wealth or society. Unlike large corporation they do notemphasis on getting a market share of improve profitability. They aimed at facilitate the helpfulor needful services among the society (Mandhachitara and Allapach, 2017). In thus entrepreneursare comparatively talented and skilled in terms of implicating the innovative approaches intoaction. They have appropriate operational determination of current environment conditions andmarket needs and designs goods or services accordingly. Improving living standard of society aswell as encouraging them for better wealth is their prime motivation. Craftsman entrepreneursare in the typology of this business segmentation. For example: In respect with analyzing thedata base there have been various social good enterprises on which there are various enterpriseswhich are operating in the market such as Higher Rhythm Ltd, Action for Business Limited andBarnsley Community Build2 Determining the differences and similarities between entrepreneurial venturesThe business motive of every enterprise is for creating an identity as well as generatingadequate amount of profits from the market. Thus, in respect with this, there can be most ofsimilarities which will help the organization in making appropriate gains as well as retain theadequate amount of funds for the operations. Differences will be seen in both segmentations onthe basis of level of operations, funds and resources incorporated to perform a task. Moreover, toanalyze the similarities and differences in such entrepreneurial ventures such as:BasisSmall enterprisesLarge enterprisesLifestylebusinessSocial goodenterpriseFundingThere are mainlyinvestmentsmade by theowner on thebasis of fundsgathered fromfamily, funds,relatives,Here revenue canbe generatedthroughoperationalactivities,investors, bankloans etc. Theycan have higherThere will beno requirementof must fundsas similar withsmallbusinesses.There arelargeoperationaltasks whichrequireshigherfunding assame as

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