Exploring differences and similarities among entrepreneurial ventures and small business management initiatives
Added on 2020-01-23
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ENTREPRENEURSHIP AND SMALLBUSINESS MANAGEMENT1
Table of ContentsINTRODUCTION...........................................................................................................................3Task 1: LO1.....................................................................................................................................3P1: Carrying out research for examining various kinds of entrepreneurial ventures and explainingtheir relation to the entrepreneurship typology................................................................................3P2: Exploring differences and similarities among entrepreneurial ventures...................................5Task 2: LO2.....................................................................................................................................6P3: Assessing and interpreting significant statistics and data in the mini-research for illustrating impacts of small and micro businesses on the economy.................................................................6P4: Explaining the importance of small and start-up businesses for contributing growth of economy after ‘Brexit’.....................................................................................................................7Task 3: LO3.....................................................................................................................................8P5: Determining traits, skills and characteristics of entrepreneurs differentiating from business managers..........................................................................................................................................8P6: Assessing impacts of entrepreneurial personality over entrepreneurial mindset and motivation........................................................................................................................................9Task 4: LO4...................................................................................................................................10P7: Explaining the way by which background as well as experience foster or hinder entrepreneurship............................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12BIBLIOGRAPHY..........................................................................................................................152
INTRODUCTIONTypical impacts of entrepreneurs could be evaluated on the management of the smallbusiness. The behaviour, culture and nature of the entrepreneur affect the improvement anddevelopment of small business organisations. Management of small business organisations arecritically assessed through the workings and operation of the entrepreneur. The study conducts amini-research on examining several entrepreneurship ventures and assessing the data gatheredregarding the impacts of small business on the progress of the economy. It also portrayssignificant impacts on the economic growth through the development of small businesses or5start-ups after the epidemic of Brexit. The taken up organisation could be considered as SimplyBusiness, London. Task 1: LO1P1: Carrying out research for examining various kinds of entrepreneurial ventures andexplaining their relation to the entrepreneurship typologyBoth large and small business companies are critically important towards determining theperformance of the UK economy. It is fruitful to draw a relevant distinction among theindividuals working in the organisation's, entrepreneurial ventures and corporateentrepreneurship because they functions are different. According to the observations ofDeTienne et al. (2015, p.270), the potentials for growth and innovation have seemed to bedifferent. It is being proposed that any shift into entrepreneurial mode has been observed to beinstrumental in initiating and planning up of new ventures. This would in turn, help UK economyin achieving a substantial forward leap within the trends of growth at a particular point in thesurvival of ongoing ventures. The progressing appreciation of the franchise being entrepreneurialendeavour represents along with multiple disciplinary perspectives has been considered to attractmarketing attention, entrepreneurship, management and researchers of small businesses. Several entrepreneurship ventures could include:Small Business entrepreneurial ventureAs per the words of Choi and Majumdar (2014, p.370), small business organisations are mainlyprivate organisations which constitutes business aspects of hairdressers, consultants, travelagents, storefronts, plumbers, carpenters and electricians. They basically hire local workers and3
are barely profitable. Their success level depends upon earning their livelihood and feed theirfamily. These businesses yet contribute to the national income of the nation such as SimplyBusiness which has increased its selling of insurance after the Brexit incident and therebycontribute in bringing up the economy’s growth. In the observations of Battilana and Lee (2014,p.400), their source of investment mainly comes through the funds accumulated from friends orfamily since they are unable to attract venture capital. Hence the typology of entrepreneur isbasically business typology since the proprietor of the business aims at achieving successthrough making a targeted profit to sustain his or her survival. Scalable start-up entrepreneurial ventureThese are efficient start-up organisations where entrepreneurs start any company by attractinginvestments from financial investors and venture capitalists. According to the suggestion ofMalek et al. (2014, p.35), the hiring of these firms tend to be brighter and bigger since they aimat accumulating long term profit through investing at present. In order to fuel rapid expansion ofthe business, these kinds of ventures are set up and they meet their daily profit. This extends thelimit of growth of the UK economy and subsequently focuses on enlarging the future prospects.Corporate entrepreneurs are mainly involved in these start-up businesses (Gedajlovic et al. 2013,p.475). The presence of corporate entrepreneurship manages and handles smooth running of thebusinesses through up-liftment of the coordination and cooperation skills and thereby, manageundertaking of corporate. Large company entrepreneurial ventureLarge companies are often found to have finite and broad life cycles. Their growth is mainlyinculcated through sustained innovation and offering innovative products and services whichhave been variants around the core products. As per the findings of Smith et al. (2016, p.680),the changes within the tastes and preferences of customers, modern technologies and newentrants of competition create huge pressure and disrupt the innovation that requires largebusiness organisations for creating entirely innovative products that are sold to customers in theemerging markets. The typologies of entrepreneurship followed within these organisationsinvolve corporate and business entrepreneurs. Social entrepreneurial ventureSocial entrepreneurial ventures are generally public corporations that serve for the betterment ofthe society based on which creates services and products. As per the knowledge of Mody et al.4
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