UNIT 9. Entrepreneurship and Small Business Management | Assignment

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UNIT 9Entrepreneurship and Small Business Management1
Table of contentsIntroduction....................................................................................................................................2LO 1. Explore and illustrate the range of venture types that might be consideredentrepreneurial...............................................................................................................................3P1. Examine different types of entrepreneurial ventures and explain howthey relate to the typology of entrepreneurship.........................................4P2. Explore the similarities and differences between entrepreneurialventures........................................................................................................5LO 2. Assess the impact of small businesses on the economy...................................................7P3. Assess and interpret relevant data and statistics in your mini researchto illustrate how micro and small businesses impact on the economy.......7P4. Explain the importance of small business and business start-ups willcontribute to the growth of social economy.................................................9LO 3. Determine and assess the key aspects of an entrepreneurial mind-set..........................9P5. Determine the characteristics, traits and skills of successfulentrepreneurs, which differentiate them from other business managers.....................................................................................................................10P6. Assess how aspect of entrepreneurial personality reflectentrepreneurial motivation and mind-set..................................................11LO 4. Examine the different environments that foster or hinder entrepreneurship.............13P7. Examine, using relevant examples obtained through your mini-research, how background and experience can hinder or fosterentrepreneurship.......................................................................................13Conclusion....................................................................................................................................14References.....................................................................................................................................162
IntroductionEntrepreneurship plays major role in the development of overall economy and social growth.This adds value not only to the national level but also to the regional level. Though the conceptof entrepreneurship seems flexible but actually it is complicated and dynamic (Allen, K. andMeyer, E. 2016). This study will reveal that each entrepreneurial capabilities varies from oneanother based on educational background and real life experiences. There are different venturesdiscussed in this study that is considered as entrepreneurial. Differences and similarities amongthe ventures are discussed for the convenience of discussion. Entrepreneurial ventures havesignificant positive impact on the economy, they play vital role for the economic advancement,increase GDP by adding value to the economy. Small ventures in the UK economy contributing alot to the economic growth of the country. This study also covers how entrepreneurialpersonality builds entrepreneurial mind-set and provides motivation. There are somecharacteristics of successful entrepreneurs who differentiate them from other business managersand established them as a business role model for other managers. Finally, it will also provide anoverview of how educational background and real life experiences differs one manager fromother and how risk taking ability of the entrepreneurs developed through the passage of time.LO 1. Explore and illustrate the range of venture types that might beconsidered entrepreneurial.The termentrepreneurship can be stated as the willingness and ability to formulate, organize,control and manage a business organization with a view to make profit in the short run and tomaximize wealth in the long run with any risk involved in it (Frese, M., Baron, R. 2016). Forexample, it is basically associated with the start-up of a new business.For the clarification of this report, it is to state that the terms enterprise, entrepreneurs andentrepreneurship have a clear distinction. Enterprise is the business venture formed to producegoods and to provide services, to create job opportunities, to help increase national income, toincrease export/ import and to contribute to the sustainable development of the economy. On theother hand, entrepreneurs are the persons who start-up businesses with a risk to have lose andopportunity to make profit. Finally, the activities of formatting a business including ability,skills, originality and difficulties will be termed as entrepreneurship. However, if3
entrepreneurship is the act then entrepreneur is the actor and whole economy will be consideredas field.P1. Examine different types of entrepreneurial ventures and explain how they relateto the typology of entrepreneurship.There are several types of entrepreneurial ventures based on the traits of their size, location,scope and status. Here are several types of entrepreneurial ventures-Explanation of few entrepreneurial ventures are as follows:Small business entrepreneurship:The number of small business and their contributionto the UK economy is overwhelming today. There are almost 5.2 million of small businessventures in UK economy, they covers almost 48% of employment of the total economy and 33%of private sector employment turnover (Hughes, A.2016). There are several hundreds ofexamples of small firms such as, grocery stores, hairdressers, consultancy, electrician, travelagency, carpenters and so on around our daily life premises. The objectives of their business is tofeed themselves, make a little profit, expand business not more than $100 million and to supporttheir family (Hughes, A.2016). They can be anyone to formulate and manage their business, hireemployees or afford employees from their own family etc. chance of lose is very little in thiskind of business. Formulation and destruction is very easy as there is single owner.Entrepreneurship of large companies:Large companies often faces a limited life cyclebecause of the nature of its competitiveness, arrival of new technology, changes in the test ofcustomers, arrival of the new firms offering same products and services etc.Some of the largecompany entrepreneurship are said to Google, Microsoft and Yahoo.Most of the firms gothrough innovation of new products and services, making little change around the core productsto be sustained in the competitive world (Drucker, P. 2015). New technologies, change incustomer tastes, change in legislation and new firms can create pressure on the existing firm thusrequiring existing firm to produce new products, according to customer demand, and sell them tothe new customers. This objective can be done through acquiring existing innovative firms orthrough developing new product lines inside the firm.Scalable start-ups entrepreneurship:It is different from small businesses that it is likewhat Shanghai entrepreneurs and their investors do. The vision of the ventures is very dynamicand can change the business world (Church, O. 2015).For example, Online shopping is emergedas scalable start-up business for apparels, DVDs, Electronics, ebay and computers.4
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