Entrepreneurial Ventures in Barnet London Borough Council

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ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT
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Table of Contents
TABLE OF CONTENT..................................................................................................................3
INTRODUCTION........................................................................................................................4
TASK 1 (LO1 & LO2).................................................................................................................. 5
ENTREPRENEURIAL VENTURES IN BOROUGH.......................................................................5
SIMILARITIES AND DIFFERENCES BETWEEN VENTURES.......................................................6
ENTREPRENEURSHIP IN PUBLIC AND CORPORATE SECTORS................................................8
IMPACT OF MICRO AND SMALL BUSINESS ON THE ECONOMY............................................9
IMPORTANCE OF SMALL BUSINESS AND START-UPS FOR GROWTH OF SOCIAL ECONOMY
........................................................................................................................................... 11
DIFFERENCES BETWEEN SMALL, MEDIUM AND LARGE BUSINESSES..................................12
TASK 2 (LO3 & LO4)................................................................................................................ 13
POWERPOINT PRESENTATION............................................................................................13
CONCLUSION.......................................................................................................................... 26
REFERENCES........................................................................................................................... 27
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TABLE OF CONTENT
Figure 1 Small Business economy.............................................................................................9
Figure 2 Impact of Small Business..........................................................................................10
Figure 3 Number of businesses..............................................................................................12
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INTRODUCTION
This assignment will carry 2 tasks, in task 1 the report will examine the entrepreneurial
ventures and relation with the topology. This will examine the impact and importance of
small business ventures for the economy for the development of the economy. This will also
consider public and private sectors by showing similarities and differences for understanding
entrepreneurship. This will be based on the Barnet London Borough Council as the Borough
in London. This will also examine the importance of small business and start-ups as well as
will explore the similarities and differences between ventures. Task 2 will show the
PowerPoint presentation on the entrepreneurship and about successful entrepreneurs by
showing their characteristics and traits as well as by showing their personal background and
experience which foster or hinder their entrepreneurship.
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TASK 1 (LO1 & LO2)
This report is being prepared for the Barnet London Borough Council as the Borough in
London, which will provide a thoughtful understanding of the ventures of entrepreneurship
within public and private sectors.
ENTREPRENEURIAL VENTURES IN BOROUGH
Entrepreneurship: Entrepreneurship is a process of initiating, planning and running the
business venture which has to be adopted by the entrepreneurs by having the aim to earn
profit with bearing risk (Kuratko, 2016).
Entrepreneurs: Entrepreneurs are the person who runs a business venture in order to gain
the desired objective and competitive advantage. They launch a business venture for
earning more profit with having the responsibility of bearing risk for the loss and success of
the business (Kuratko, 2016).
Intrapreneurs: Intrapreneurs are the person who is allowed for implementing the strategies
for developing a new product or service without taking a risk by himself as the company is
liable to bare and handle the risk (Kuratko, 2016).
ENTREPRENEURIAL VENTURES
Small entrepreneurship: these entrepreneurship ventures are comprised of friends, family
members and other members not more than 100, who performs together in order to make
the profit for satisfying their requirements. For example, carpenters, electricians, grocery
shops, local shops etc. (Burns, 2016).
Large entrepreneurship: these entrepreneurship ventures are comprised of less than 250
members in the business with having the same purpose of gaining profit and expanding
their business. These businesses are bound to follow the rules and policies of the
government. For example, supermarkets, multinational companies etc. (Vaillant and
Lafuente, 2018).
Social entrepreneurship: these entrepreneurship ventures are been created for helping
others and they are not mean to earn the money and increase the profit. Their aim is to help
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the helpless people by providing them with education, employment and other necessary
facilities for their development.
RELATION WITH TOPOLOGY
Social entrepreneurs: Social entrepreneurs are the person who aims to make the profit for
the development of others by helping them by providing education, employment and other
facilities (Yunus, 2017).
Serial entrepreneurs: Serial entrepreneurs are the person who aims to make a profit for
their purpose and they play an important role for the business functions and for them who
wants to start their business by providing them ideas for innovative thinking (Vaillant and
Lafuente, 2018).
Lifestyle entrepreneurs: Lifestyle entrepreneurs are the persons who are having the
intention of not getting much profit as they only want to change their lifestyle according to
their needs and requirements personally or professionally (Inkpen, 2015).
SIMILARITIES AND DIFFERENCES BETWEEN VENTURES
VENTURES SIMILARITIES DIFFERENCES
Small entrepreneurship These offer products and
services at affordable prices
to the customers for
increasing demand.
The venture aims to enhance
employment in the Barnet
London Borough through
start-ups (Burns, 2016).
Large entrepreneurship These work effectively for
the development of the
economy and expansion of
the business (Inkpen, 2015).
The venture aims to enhance
its sales for making a profit
and for enhancing the image
of the brand in the borough.
Social entrepreneurship These works for meeting the
needs of the people for the
improvement of society as
well as economy (Yunus,
2017).
The venture does not aim for
making a profit as it aims to
works for the economy and
society development (Yunus,
2017).
Lifestyle entrepreneurship These works for meeting The venture aims to collect
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their requirements and
facilities for enhancing their
lifestyle by increasing sales.
the resources for the
improvement of their
desired lifestyle (Inkpen,
2015).
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ENTREPRENEURSHIP IN PUBLIC AND CORPORATE SECTORS
Public sector entrepreneurship: these ventures are owned and managed by an individual,
group or by the government for creating value for the society and the public. These
companies provide shares to the public who are called shareholders which are not fixed as
they are moderate. These businesses involve less risk as these are under government rules
and policies (Leyden, 2016).
Corporate sector entrepreneurship: these ventures are owned and managed by an
individual or in a partnership which has been established for earning more profit for their
own rather than profiting society or other people. These ventures are not controllable and
run by the government. These businesses are owned and mange for the motive of earning a
profit (DeSantola and Gulati, 2017).
Social entrepreneurship: these are the types of ventures which are having the purpose of
providing benefit to the public and society for their welfare and growth. These ventures are
created for helping others and they are not mean to earn the money and increase the profit.
Their aim is to help the helpless people by providing them with education, employment and
other necessary facilities for their development (Yunus, 2017)..
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IMPACT OF MICRO AND SMALL BUSINESS ON THE ECONOMY
The economy of the UK gets impacted positively with the increase of micro and small
business. In the context of Barnet London Borough Council, small businesses play an
important role in the economy as it has employed 250 employees and there are approx. 20
million small and micro enterprises are in the UK (Rinaldi et al., 2016). These businesses help
the economy by providing unlimited job opportunities, employment as well as other many
opportunities for the people of the UK economy. SMEs contribute much to the growth and
development of the UK economy (Burns, 2016).
Figure 1 Small Business economy
(Source Rinaldi et al., 2016)
As per this diagram, this has shown that the existing businesses are having the share of 95%
of the small and medium businesses where the large companies only have 5% of share in
the economy of the UK. The private sector employment adds 60% in SMEs and about 63% of
jobs has created by SMEs (Rinaldi et al., 2016).
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This is the relevant statistics of the small business which is showing the percentage of
contribution of small and micro businesses in the UK as per different sectors and divisions.
Conferring to 2017, SMEs in the UK has categorized according to diverse sectors like rents,
services, business activities and others (Sainidis and Robson, 2016).
Figure 2 Impact of Small Business
(Source Sainidis and Robson, 2016)
The growth of small businesses helping the economy of the UK in making every person liable
to do their own businesses and earn a maximum profit for the development of the
economy. This picture is showing that the contribution of small businesses are much more
than medium and large businesses, as small businesses providing 99.3 % of employment and
others are providing 0.1% to 0.6% (Sainidis and Robson, 2016). According to the borough,
the government of the UK is being become effective and efficient for the small business for
providing them loan facilities for their development which can directly or indirectly help in
increasing the efficiency of the UK economy (Sainidis and Robson, 2016).
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IMPORTANCE OF SMALL BUSINESS AND START-UPS FOR GROWTH OF
SOCIAL ECONOMY
Social entrepreneurship works for helping others and they are not mean to earn the money
and increase the profit as these are having the purpose of providing benefit to the public
and society for their welfare and growth (Goss, 2015). Their aim is to help the helpless
people by providing them with education, employment and other necessary facilities for
their development. By this entrepreneurial venture, the social economy gets affected
positively and give the best results for the development of the economy (Goss, 2015).
The small businesses help in the development of the social economy for the purpose of
making the UK economy effective and developed where no can feel unwanted and jobless.
The growing economy of the UK also reflects the growth of the social economy in the Barnet
London Borough Council (Goss, 2015). The small businesses and start-ups are growing fast in
order to provide satisfaction to all the people of the UK economy by providing employment
opportunities and the ideas to enhance their ability to commence a business of their own
choice (Storey, 2016).
The changing environment and trends help the small business and start-ups in generating
new ideas for the growth of their business for impacting positively on the social economy
(Goss, 2015). The turnover of the UK small businesses is like the engine for growth which
helps in development and growth of the social economy and this also helps in expanding the
profit of the country and opportunities for meeting the future needs and demands of the
economy (Storey, 2016).
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DIFFERENCES BETWEEN SMALL, MEDIUM AND LARGE BUSINESSES
Small business: these businesses are relatively small than the large and medium-sized
businesses which are having a nominal share in the market. In the economy of the UK, these
businesses are growing faster as these are providing many opportunities for the people of
the country like business start-ups and employment (Hillary, 2017).
Medium business: these businesses are having a standard size which commences their
businesses within the nation. These are relatively less effective than small and large business
and works for obtaining the profit for themselves (Hillary, 2017).
Large business: these businesses trade in the international by importing and exporting
goods and services for the improvement of the economy of the UK. These businesses
provide fewer opportunities for the development and growth of the economy as it doesn't
allow everyone to perform a business at a higher level (Hillary, 2017).
Figure 3 Number of businesses
(Source Hillary, 2017)
SMEs makes more profit and revenue comparing to the medium and large businesses. SMEs
contribute much to the growth and development of the UK economy. The turnover of the
UK small businesses is like the engine for growth which helps in development and growth of
the economy and this also helps in expanding the profit of the country and opportunities for
meeting the future needs and demands of the economy (Cowling et al., 2015). There are
more than 5.7 million job developments in the UK and as per the statistics, SMEs developed
70% in the private sector by offering jobs at the national level of 15.7 million people. This
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