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Unit 9: Entrepreneurship and Small Business Management Assignment

   

Added on  2020-11-12

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Unit-9Entrepreneurship

Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11. Types of Entrepreneurial ventures..........................................................................................12. Similarities and Differences between Entrepreneurial ventures.............................................33. Impact of Micro and Small ventures on economy..................................................................54. Importance of small and start-up businesses on growth of social economy after Brexit........75. Characteristics, traits and skills of successful entrepreneurs,.................................................86. Impact of background and experience on entrepreneurship.................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONEntrepreneurship means capacity and willingness of an individual for developing,organizing and managing an enterprise to earn profits along with its risks involved (Scarborough,2016). An entrepreneur is an individual who coordinate a risky venture of any sort and performsubstantially in a way of business entrepreneur. In this report, various types of entrepreneurialventures within different typology are been studied. An enterprise consists of micro, small andmedium sized business ventures. This report will determine various similarities and differencebetween distinct entrepreneurial ventures explaining its basis. Impact of micro and smallbusinesses over UK's economy is been identified and their contribution towards the growth ofsocial economy post Brexit. Characteristics, skills and personality of an entrepreneur is beenassessed through research on two successful entrepreneurs. At last various impacts onentrepreneurship is been identified.MAIN BODY1. Types of Entrepreneurial venturesEntrepreneurship refers to starting of a new business, through discovering, assessing andexploiting new opportunities like developing new product or services or production processesand organisational strategies (Scarborough, 2016).Entrepreneurial activity is pursuit of generating value for human action, throughexpansion or creation of economic activity by exploiting and identifying new markets, productsor processes (Scarborough, 2016).Entrepreneur are persons who sets new business ventures by taking financial risks inorder to earn profits.Typology of Entrepreneurship:Social enterprise: It's an entrepreneurship venture style which utilize commercialstrategies for increasing or improving social, economic, and environmental well-being.Social enterprise can be in form of cooperatives, mutual organisation, etc. This can be ofboth profit and non-profit organisation (Dees, 2017). Profits of external shareholders ofenterprises are along with its social impact is been maximised. Examples of socialventures are banking services, educational institutions or programs, micro-finance1

institutions, etc.Social entrepreneur are the most appropriate and developingentrepreneur which always looking for the social welfare. Social entrepreneur are havingsome kinds of skill such as good leader, people oriented, problem solver. These qualitiesof social leader differentiate them from managers. Lifestyle firms: This entrepreneurship firms keeps growth and development in theirmind for focusing on profitability of company for personal income of entrepreneurs.Lifestyle firms are established for enjoying a particular lifestyle that owner is been living,for which their businesses main aim is to sustain or retain certain level of income.Owners' lifestyle is been disturbed by enterprise potential for growth and scalability(Dees, 2017).Growth firms: It refers to fast growing company than its competitors or wider economy.Growth firms as compared to industry average have more increase in annual income orprofitability over a continuous period of time. Growth firms creates value by continuingto prosper over average earnings, spending on research & development and free cashflows (Kuratko, 2016). Opportunistic Entrepreneurship: Businesses that identifies, executes and exploitsopportunities present at surrounding environment at first hand are known as opportunisticentrepreneurship (Burns, 2016).Incubative entrepreneurship: This type of business entrepreneurship creates andpromotes new ideas and ventures within organisation. Incubative entrepreneurshipfollows and get differentiated technologies for promoting creativity and innovations(Barringer, 2015). They always develops new varieties of products or services and createsproduct differentiation in market.Large and Scalable firms: Large and scalable firms are described as enterprises havingcapability to adopt and well perform under expanding or increased scope or workloads.They are able to increase or maintain their efficiency or performance level (Storey,2016). They are able to handle increased demand in market under corporate environment.Scalable firms are one that improves or maintain profit margins as sales volumeincreases.Types of entrepreneurial ventures:2

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