Entrepreneurial Exit Strategies and Small Business Research
Added on 2020-09-08
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UNIT 9ENTREPRENEURSHIP1
Executive SummaryIn order to maintain effective objectives and effective business, a prerequisite entrepreneur playsan important role in an enormous company or business. In addition to that, in order to gainfruitful visionaries and end goals, the entrepreneurs need to be effective in terms of businessdecisions and planning of strategies. On the other hand, in order to develop the business growthand maintenance of business issues, proper administrative capabilities need to be appropriate. Interms of business, different business possesses different numbers of employees and thus helps tocategories the business in different types. As businesses helps to balance the economicdevelopment through contributing the shares in enhancing gross domestic products, thus thegovernment needs to concentrate on the small scaled businesses in order to develop the focalpoint on the small scale and thus top gain economically developed. On the other hand, in order togain successful business, proper motivation and mindset of entrepreneur needs to be appropriate.2
Table of ContentsINTRODUCTION ........................................................................................................................4TASK 1........................................................................................................................................4LO1..............................................................................................................................................4P1. Different types of entrepreneurial ventures .......................................................................4P2. Entrepreneurial ventures similarities and dissimilarities ....................................................6Task 2..........................................................................................................................................9LO2..............................................................................................................................................9P3. Economic influence through micro and small business .....................................................9P4. Social economy growth through small business and business start-ups..........................13Task 3........................................................................................................................................15LO3............................................................................................................................................15P5. Difference between entrepreneur characteristics and business managers .....................15P6. Personality mindset and motivation aspects of entrepreneurs ........................................17Task 4........................................................................................................................................18LO4............................................................................................................................................18P7. Background and experience influence on entrepreneurship ..............................................18CONCLUSION...........................................................................................................................20Reference list ............................................................................................................................223
INTRODUCTION Entrepreneurship is considered as the individual willing to make profit throughapproaching the business, with taking potential risks of failure. In addition to that,entrepreneurship is also referred as the innovative business of individuals which are connectedby an individual in the economic system. This discourse highlights different ventures ofentrepreneurs with reference to their similarities and differences. In addition to that, this coursestudy demonstrates the influence of business on economy and focuses on the economic growththrough the small business enterprises. On the other hand, this critique differentiates between theroles of managers and entrepreneurs, in relation to business. Moreover, this discourse highlightsthe influence of entrepreneurs, with reference to their personality and experience. Overall thispresent report based on entrepreneur opportunity and growth in small scale sector. It will coverthe types of entrepreneurs. It will also explain the skills of successful entrepreneurs whichdifferentiate from the manager in the organisation. TASK 1LO1P1. Different types of entrepreneurial ventures Entrepreneurs started their own business in order to gain a profit with considering the risks ofbusiness. In the view of Chaston (2017, p.16), entrepreneurs gain an advantage of having properestablishment of start-up business through approaching the entrepreneurial business. Differententrepreneurs have succeeded in managing a successful business at a global level such as, JohnCadbury of Cadbury Company, M&S of Michael Mark and Thomas Spencers, Jeff Bezos ofAmazon and many others. In the opinion of Barreto (2013, p.56), small business enterprises areconsidered as the economic backbone of United Kingdom. In terms of business, the choice ofBrexit of UK might influence the economic capability of UK based on long-term future, withspending the expenses and taxes on infrastructure development rather than paying to EU. 4
Figure 1: Company Size in UK(Source: Research Open Data Business, 2017)Based on the business, the entrepreneurs are engaged in different ventures, such as:Scalable Scalable entrepreneurship is considered as the business, which is done on the famed and existingproducts and services, in order to establish a large business based on long-term. Yavli andFarfetch can be some examples of UK, which can be considered as the scalable business. In theopinion of Bruton et al. (2015, p.20), in order to gain funds and investment expenses, thescalable entrepreneurs seek to financial investors, in order to establish their business in a longterms sight. Small business Small business entrepreneurship is considered as the local business or doing business at a localarea, in order to make a profit from the business. In the view of Autio et al. (2014, p.1102), smallbusiness entrepreneurship aims to provide the services and products, in order to gain customersatisfaction and high profit through distributing the products and services at local area. Theexamples of small business entrepreneurship can be considered as the local shopkeepers instreets. In addition to that, the investments and funds, in order to establish the small business aregained from the local people, clubs, relatives or friends. Large company 5
Large company entrepreneurship are considered as the establishment of business with a aim thecustomers at a larger population at global level through using different channels and mediums ofbusiness. In the opinion of Amit et al. (2015, p.296), the larger company entrepreneurship aimsto gain a high amount of revenue generation and high profit. Some examples of larger companyentrepreneurship can be Amazon, Tesco Plc, Cadbury and others in UK. Social Apart from the above business ventures, social business entrepreneurship is generally consideredas the non-profit organisation, which aims to deliver the services to the customers in order to help them with social factors. As Dentine (2015, p.269) has commented that, social business entrepreneurship can engage the social topology entrepreneurs. Examples of such social entrepreneurship companies are Key Funds, CASA, Settle Hydro and others. Please follow unite leader’s suggestion: Entrepreneur is the person who start business individual or from group of persons. These may be male and female. Enterprise venture start from the family funds or from partnership. For that entrepreneur person are the person who takes all responsibilities on its own and make them better and profitable. They need to require many resources and machines to operate their business functions. P2. Entrepreneurial ventures similarities and dissimilarities Based on the entrepreneurship ventures, all the ventures possess both dissimilarities andsimilarities in the procedure and process of business. Similarities and dissimilarities of entrepreneurial ventures Type of entrepreneurship Similarities Differences Large Entrepreneurship Both the largeentrepreneurship andsmallentrepreneurship aimsto gain profit andrevenue through thebusiness.According to Kitching(2015, p.140), theproducts and servicesof both the largeThe large businessentrepreneurshipshave specific structureand marketsegmentation.However, as RidleyBull (2015, p.28) hasstated that, smallbusinessentrepreneurship doesnot possess at specific6
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