Entrepreneurial Ventures and Topology: An Analysis of Small Businesses

Desklib provides solved assignments and past papers to help students succeed.

ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT
1

2

INTRODUCTION
This assignment is based on the entrepreneurial ventures and entrepreneurship. This will
examine diverse entrepreneurial ventures with their relation with topology. This assignment
will search the differences and similarities among the ventures as well as their
understanding in the private and public sectors. In the next part, this will use the relevant
data for showing the influence of small businesses on the economy by showing their
importance also in the growth of the social economy.
This will also show the difference between large, medium and small business by applying
relevant statistics. This assignment will also determine the characteristics of entrepreneurs
and comparing with other managers. This will assess their personality reflect the
entrepreneurial mindset and motivation as well as describe various arguments base on
them. At last, this will examine their experience and background which foster and hinder
entrepreneurship by linking with other entrepreneurs.
3

LO1
As working in ASOS which is a public clothing industry in London, UK. This is a start-up
company which was founded on 3rd June 2000 by Nick Robertson. This assignment will pay
attention to the impact of the start-up on the economy of London.
P1 EXAMINING TYPES OF ENTREPRENEURIAL VENTURES WITH THEIR
RELATION TO THE ENTREPRENEURIAL TOPOLOGY
Entrepreneurship: The willingness and ability for organizing, evolving and handling a
business venture along with taking a risk for making a profit and an entrepreneur is a person
who commences a business with limited planning and resources where he is responsible for
taking all the risks and recompenses related with the business (Blundel et al., 2017).
ENTREPRENEURIAL VENTURES
Small business: these businesses are small in size and are start-up ventures. In the economy
of the US, the small businesses are said to be in a number of 5.7 million and make the
employment till 50% for all governmental and nongovernmental workforces. These
businesses include carpenters, consultants, plumbers, internet trade storefronts,
electricians etc. who can do their business on their own and can hire a family member of a
local employee (Hillary, 2017).
Large business: they have limited life cycles and most of the large businesses grow by
sustaining innovation and offering innovative products alternatives to the core products of
the company. The large companies have to modify their business according to the customer
taste and preferences, technologies, competitors, legislation etc. for remaining in the
market (Varaiya, 2017).
Scalable business: these are like the small businesses start-ups which are for making
innovation clusters like Israel, New York, Silicon Valley and Shanghai. These entrepreneurs
start their business with a new innovative vision for changing the world. The company hires
the innovative and best person for searching a model of scalable and repeatable business
(Varaiya, 2017).
4

Social business: these are the modernizers who have a focus on creating services and
products for serving to societies and solving their problems and needs. Their aim is to make
the world wealthier as an alternative of making a profit (Yunus, 2017).
TOPOLOGY RELATE TO ENTREPRENEURIAL VENTURES
Serial entrepreneurs: is an entrepreneur who comes up with innovative ideas for
commencing a new business. These businesses get started within a short period and the
person who runs the business tends to follow new ideas continuously and work on them
instantaneously. For example Donald Trump, Mark Cuban etc. (Varaiya, 2017)
Social entrepreneur: is an entrepreneur who chases different applications that having the
ability for solving the difficulties of the community. The entrepreneurs are willing to take the
risk in solving their problems and effort for creating positive changes in society by their
creativities. For example, Café direct, Auction etc. (Yunus, 2017).
Lifestyle entrepreneur: is an entrepreneur who creates a business venture for having a
persistence of changing their personal life and not for the purpose of earning a profit. The
entrepreneur is more focused towards providing life rewards to the people for enjoying
their life and be passionate for what they are doing. For example online stores, professional
blogging, advisors and consultants etc. (Blundel et al., 2017)
Female entrepreneur: is a woman entrepreneur who manages and organises an enterprise
or a business for making a profit. The entrepreneurship of female is increasing in the UK and
this is giving rise to wealthy and self-made females. For example Oprah Winfrey, Meg
Whitman and Diane Hendricks (Blundel et al., 2017)
5

P2 EXPLORING SIMILARITIES AND DIFFERENCES BETWEEN
ENTREPRENEURIAL VENTURES
Some of the differences between entrepreneurial ventures where each type of venture have
similarities and differences with one another are showed below. Following are the
differences:
Entrepreneurial ventures Similarities Differences
Small entrepreneurs The purpose is to make a profit
by starting a new business with
innovative ideas which are not
used by others before (Hillary,
2017).
They are not able to take more
risk. The risk is less in small
enterprises in comparison to
other entrepreneurial ventures.
Scalable entrepreneurs The purpose is to establish new
firms for providing innovative
services and products for
obtaining profit from the
market (Varaiya, 2017).
Scalable businesses have more
risk than small and social
businesses. Their percentage of
risk is higher which are not
sustained by society.
Social entrepreneurs These businesses provide
services and products to the
society by the innovative extent
and are ready to take the risks
for the society (Yunus, 2017).
This business is different from
other businesses as the
businesses are not maintained
for the profit generation as they
are for providing benefit.
6

M1 INVESTIGATING RANGE OF VENTURES AND UNDERSTANDING
ENTREPRENEURSHIP IN PUBLIC AND CORPORATE SECTOR
Public sector: these sectors are the sectors which are under control of the government of
the nation. All the organizations of public sectors acquired or established are ruled by the
government. The function of public enterprises is to provide services at affordable prices to
the public and ensure them about the availability of basic facilities (Hayter, 2015).
Corporate sector: these sectors are the sectors which are not ruled by the government as
they are handled privately by the owners of the company. Their key object of running a
business is to earn maximum profit from the business. These sectors are not required to
charge reasonable prices and costs on their services and products (Hayter, 2015).
Understanding entrepreneurial ventures in the corporate and public sectors:
Small entrepreneurship: these businesses are small in size and are the start-up ventures
which help both public and corporate sectors to invest in their start-ups for earning profit as
well as it is helpful for their growth and development (Hillary, 2017). For example, Hayley
Barna who is the co-founder of Brichbox
Large entrepreneurship: they have partial life cycles and most of the large businesses grow
by supporting innovation and offering innovative products alternatives to the core products
of the company. These businesses help the corporate and public company for their
development, scope and growth in the large businesses by investing and purchasing shares
and dealership of the company (Hillary, 2017). For example, Donald Fisher who is the co-
founder of Gap
Social entrepreneurship: these are the innovators who have a focus on creating services
and products for serving to societies and solving their problems and needs. Their main
purpose is to solve the problems of society and provide them benefit in terms of
accommodation, employment, and education etc. for the disabled or helpless people
(Hillary, 2017). For example, Alan sugar who is a social worker and business magnate.
7

LO2
P3 INTERPRETING AND ASSESSING RELEVANT STATISTICAL DATA FOR
ILLUSTRATING IMPACT OF MICRO AND SMALL BUSINESS ON THE ECONOMY
Small and micro businesses play a very important role in the economy of the UK, as they
helped the economy in their development by contributing to the development of
employment and creating ideas of doing business. Through the growth in entrepreneurship,
it also helps in generating profit and revenue in the UK economy as well as the
establishment of healthy competition (Julien, 2018).
The small businesses in London, UK are growing tremendously fast as the growth in
population also increases which is resulting in a rising in the employment rate of the
economy where the employees work with full efficiency which increases productivity.
Approx. 18% of the contribution is by small and medium business in the economy of the UK
(Eniola, 2018). The businesses provide opportunities to the unemployed people and in the
year 2018, SMEs has provided 99.3% employment opportunities under 5.7 million SMEs.
These businesses provide huge opportunities to the blue and white collar people for getting
employment and earn income (Eniola, 2018).
ASOS is also a small business which has grown very fast in the UK economy as this has also
employed many people who are working for profit by providing high productivity. The
government of the UK played an important role in the SMEs in their start-ups with new and
innovative ideas. The government has provided 25% of funds to them and about 15% were
capital and 60% they have risen from outside sources (Eniola, 2018).
8

P4 EXPLAINING IMPORTANCE OF SMALL BUSINESSES AND START-UPS FOR
SOCIAL ECONOMY GROWTH
Social economy: it is the entrepreneurship which worlds for the well-being of the society as
well as for making the economy of the UK better by helping others by providing and
executing them about effective business strategies and plans in a possible manner. The
small business and start-ups are growing very fast in the economy of the UK which helps
various partnerships and ventures of entrepreneurship (Yunus, 2017).
Many of the small business start-ups are into public sectors, private sectors, social
entrepreneurship etc. The small businesses in London, UK are growing tremendously fast as
the growth in population also increases which is resulting in a rising in the employment rate
of the economy where the employees work with full efficiency which increases productivity
(Suzuki, K., 2016, July). These also help the social economy as the businesses tend to follow
the trends of the changing environment based on the choices and preferences of the people
which help them in providing best facilities to the helpless people in order to develop the
social economy of the UK (Julien, 2018).
The growing businesses contribute to the UK annual turnover as growth engine which shows
an important and crucial role for the growth and development of the social economy by
generating employment, supporting unskilled and skilled people, eradicating unemployment
etc. (Suzuki, K., 2016, July). These businesses also help in expanding the country’s profit and
turnover as well as help in eradication of poverty and provide better opportunities for
meeting the needs of the future. Social entrepreneurship also improves the frugality of the
UK by eliminating employment and moving the city's position by aiding them in every
potential method (Julien, 2018).
9

M2 DIFFERENCE BETWEEN SMALL, MEDIUM AND LARGE BUSINESSES BY
APPLYING RELEVANT DATA
Small businesses: these businesses are small in size which includes local shops, grocery
stores, carpenters, electricians etc. In the context of growth and development, the small
businesses have many growth opportunities by expanding their business into stores and by
partnering with other businesses. These businesses are having short term stability and not
have more than 100 employees (Eniola, 2018).
Medium businesses: these businesses are larger than a small business which includes retail
stores, groceries mega-stores, boutiques etc. In context to growth and development, they
are having opportunities to merge with the large business in order to modify and expand
the business. Their stability is long termed as compared to small businesses and these don’t
have more than 250 employees (Hillary, 2017).
Large businesses: these businesses are larger than small and medium-sized businesses
which include megastores, hypermarkets, multinational companies etc. which are under
many laws and legislation. In context to growth and development, large businesses have a
high growth rate as they wanted to make more profit to expand their businesses
internationally. Their stability is upper than both small and medium-sized businesses
(Hillary, 2017).
10

11

LO3
P5 DETERMINING TRAITS AND SKILLS OF DIFFERENT SUCCESSFUL
ENTREPRENEUR FROM OTHER MANAGERS
Characteristics traits of different successful entrepreneurs:
Self-motivated: the entrepreneurs are having the skills of self-motivation which they get
from their life experiences and workings. The skills of self-motivation differentiate
entrepreneurs from the other managers of the organizations. They are highly eligible to take
their own decisions for the businesses in order to make a profit (Anne MacRae, 2019).
Communication skills: the successful entrepreneurs are having a good communication skill
which helps them in delivering important information and notices to their employees
effectively. They are having a positive attitude and patience level which helps them in
delivering their thoughts to other people in order to become successful (Anne MacRae,
2019).
Leadership skills: the entrepreneurs have the skills of guiding and leading others which
makes them good leaders so as to achieve the objectives of the business. A successful
entrepreneur keeps its employees motivated and leads them to do proper work for
maintaining the quality of work and effectiveness to lead the world (Anne MacRae, 2019).
Decision-making skills: successful business entrepreneurs have the quality of making
decisions for the progress and development of the business by using their creativity and
innovative thinking. They must have the ability to communicate the decisions to the
employees and other members of the company in order to implement the changes (Anne
MacRae, 2019).
Risk taking ability: the entrepreneurs are having the ability to take the risk in their business
which helps them in modifying and development of the business in order to gain success.
Being an entrepreneur they have to face many problems related to ideology, capital
investment etc. there is no guarantee in the business always up there is also a possibility of
breakdowns which an entrepreneur has to take the risk in the business to come over this
(Anne MacRae, 2019).
12