Entrepreneurship and Small Business Management Report - ESBM Unit 9

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This report, submitted as part of Unit 9 on Entrepreneurship and Small Business Management, delves into various aspects of entrepreneurial ventures. It begins by defining entrepreneurship and examining different types of ventures, including those focused on new venture creation, business performance, emerging technologies, high-tech firms, and established companies. The report explores the typology of entrepreneurship, encompassing survival, lifestyle, managed growth, aggressive growth, public sector, and social enterprise models. It then analyzes the similarities and differences between these ventures, considering factors such as funding, innovation, and managerial styles. The report also interprets data and statistics to illustrate the impact of micro and small businesses on the UK economy, covering aspects such as employment, turnover, and growth. Overall, the report provides a comprehensive overview of entrepreneurship and its significance in the business landscape.
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PROJECT SUBMISSION FORM
Failure to complete, sign and submit this form will result in a mark of ‘0’ for the
project.
Unit Number & Unit Title Unit 9 - Entrepreneurship and Small Business Management
Project Title Entrepreneurship and Small Business Management
Signature: ……………………………………… Date: ………………………………
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ESBM
Introduction
(Briefly state the purpose of this unit and the knowledge expected to gain in completing the
unit.)
Entrepreneurship and small business management are two different terms, in which
entrepreneurship is a quality of attribute which generally exists inside the entrepreneurs. On
the other side, small business management is an activity to perfectly manage a small-scale
venture or business. This report disuses different types of entrepreneurial ventures with
typology of entrepreneurship. Some key roles of small and micro businesses in the UK’s
economic development also has been discussed in this report. For showing effectiveness of
micro and small ventures, there are few statistics and relevant data also has been mentioned
in this report.
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Task 1
Q1 (P1+M1)
(P1) Examine different types of entrepreneurial ventures and explain how they relate
to the typology of entrepreneurship.
(M1) Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both the public and corporate sector.
Entrepreneur:
(Explain who is an Entrepreneur / What is Entrepreneurship?)
Entrepreneur is basically a person who always has different ideas of doing business.
Basically, when a person innovates new and exclusive range of product and service for
raising appropriate profit, then that person become entrepreneur (Shepherd, Souitaris and
Gruber, 2020). There is entrepreneurship is an attribute which commonly presents inside an
entrepreneur, so that this attribute or quality motivates it for doing business activities.
Different entrepreneurial ventures:
Note for students: (Examine/ inspect thoroughly, entrepreneur ventures that fall in the
categories below in order to determine their nature or condition. The examination would
require inspection and examples from the categories below)
“Creation and development of New Ventures of all types” (Meyer 2009)
Creation and development of new venture is a situation when entrepreneurs take
different actions towards develop a new venture. Currently many new ventures have entered
in the UK’s business environment. For example; Monzo, Deliveroo etc.
“Based on the Performance of business”
Currently many businesses are able to successfully run their business operations just
because of their effective performance in market place (Stüdli, 2018). For example; Tesco is a
large-sized business which currently has managed an excellent performance and productivity.
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“Emerging enterprises that May or may not grow, do or do not innovate”
(Mitzberg 1989, Gartner 1990)
Currently those businesses are highly emerging in market place which belongs to
technology and innovation sector. For example; Facebook and Apple completely technology
and innovation-based businesses which has developed their products and services according
to different emerging market trends.
“Firms that are innovative- High Tech firms” (Langlois 2007)
In this modern era, high-tech firms and venture are gaining very high growth in
market place, because currently technology become the one of most essential services of
people within market. There is Google LLC is the best example of high tech venture.
“Any Established company, small size social venture, High growth firms”
(Shane 2012; Ucbasran et.al 2001; Zahra 2014)
Any Established company
Tesco is the leading retail organisation in the UK, so that it has well-established
company right now.
Small size social venture
The children’s society is the best example of small size social venture in the United
Kingdom (D'hont, Doern and García, 2016). This social venture mainly works in the welfare
of local children of the country.
Large size social venture
Currently NHS and funeral care are two key large-sized social ventures in the United
Kingdom. The main objective of both ventures is to maintain an effective environment within
the society.
High growth firms
High growth firms are basically those ventures which currently capable to achieve
very high growth in market place. There are Tesco, Google, Apple etc. the best examples of
high growth firms in the United Kingdom.
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Typology of entrepreneurships:
Note for students: (Briefly explain the typologies below)
Survival Firms: Survival firms are basically developed by those entrepreneurs in
market place which has started their firm for gaining long term profit. Basically,
they highly survive in market to achieve profit for the long time period.
Lifestyle Firms: Lifestyle firms mainly develops by such entrepreneurs which has
an excellent quality of entrepreneurship and also has business mind (Kalafatoglu,
2018). This type of entrepreneurship enables to a person for gaining huge growth
to its firm.
Managed growth firms: Managed growth firms are such ventures which has
perfectly managed by its upper level management. The entrepreneurs of these
ventures always have well-developed management competence, and that’s why
they simply manage all over growth of their firm.
Aggressive growth firms: Aggressive growth firms has established by such people
within market place which has aggressive nature to earn huge profit. Basically,
this type of firms always be active for producing their products and services
according to market trends and demands to generate huge profit.
Public sector entrepreneurships: Public sector entrepreneurship is a quality or an
attribute that motivates to a person for becoming an entrepreneur by formulating a
public sector entrepreneurship. This quality encourages a person for raising fund
by selling shares in of own business publicly.
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Social enterprise: Social enterprise is basically a venture which has formulated by
a person who wants to work in the social welfare. The entrepreneur of a social
firm not starts its activities of firm for earning huge profit, because the main
motive behind running a social venture is only to freely serve people.
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How they relate to the Typology of entrepreneurships:
Note for students:
Please make sure you cover different type of ventures (minimum 3 to maximum 5 ventures)
from both public and corporate sector. Additionally, make sure you cover organisations
that has profit motive (such as: Tesco, Apple, Facebook, Corner shop etc.) also organisations
that has social motives (such as: NHS, funeral care etc).
Different entrepreneurial ventures
as defined by a variety of Authors
Examples in
those
categories
Sector How they relate to the typology of
entrepreneurships
Established venture Tesco Public
sector
Currently Tesco is well-established company
which currently the largest customer base in
the UK’s retail industry (Low, 2020). In this
situation, public sector and well-established
venture is relating with the ‘managed growth
firm’ type of entrepreneurship, because top-
level management of this business is
completely efficient to manage an excellent
growth of its business.
High tech venture Apple Public
sector
Apple Inc. is very reputed brand in this current
time period, because it has large customer base
in across the world. This venture was mainly
founded by the Steve Jobs, and that’s why this
venture completely relates with the lifestyle
entrepreneurship, because the lifestyle of
Steve Jobs was encouraged him to build this
great and highly reputed brand in market
place. Basically, in personal life, he was crazy
to innovate different new technological
gadgets and equipment.
High growth venture Iceland foods Corporate
sector
Iceland foods ltd.is private of corporate sector
business which relates with the aggressive
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growth type of entrepreneurship, its founder
had quality to aggressively boost performance
and productivity of own venture in market
place. This is the main reason that, Iceland
foods has achieved great growth and success
in few years of operations.
Q2. Explore the similarities and differences between entrepreneurial ventures. P2
The similarities of the different ventures:
Note for students: Students need to cover 5- 6 similarities
You may take into consideration: (make sure explain in your own words)
Strong-willed entrepreneur:
Funding from some venture capitalist or investor
Raise fund through some venture capitalist or investor is similarity in various ventures,
because each venture is required to use some this type of sources of funding to smoothly run
their operations in market place (Mateev and Andonov, 2016).
Creative idea:
This is a very common aspects generally exists within each type of ventures in market
place. Basically, top-level management of each venture always tries to think creatively for
making some creative products and services. Creative ideas contribute in the development of
each type of ventures.
Creating a Brand name
This is another main similarity between different ventures and organisation, because top-
level management and administration within each venture mostly takes different productive
steps towards creating their brand name very reputed and popular in market place.
Sustain against large businesses
All ventures mostly try to be sustained against large businesses and ventures in market to
run their different activities on the progressive path. So that, this is another prime similarity
between ventures.
Constant Innovation:
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Constant innovation is another key similarity in all types of ventures, because almost all
ventures believes in the constant innovation. The innovation helps them for gaining excellent
outcomes in market place.
Driving forces
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The differences between the entrepreneurial ventures:
Note for students: Students should cover 5 – 8 differences
You may take into consideration: (make sure explain in your own words)
Survival Life Style Managed
growth
Aggressive
growth
Annual
growth Rate
Survival ventures
always has
limited growth
rate, because
these ventures
believe in earning
high profit in the
long time period.
Life style
ventures
mostly able to
gain huge
growth rate in
each year
operations.
These ventures
are capable to
achieve a
managed
growth rate,
which affects
them in
positive way.
Aggressive
growth
ventures’
annual growth
rate always has
very higher,
because top-
level
management
within such
venture always
has vision to
gain excellent
profit.
Time Horizon
Managerial focus In survival
ventures, the
management has
focused in
achieving long
term profit.
Lifestyle
ventures’
managerial
focus has
always on
making its
products and
services
completely
exclusive and
different.
In managed
growth
ventures, the
management
focuses on
always
growing own
business
operations.
Managerial
focus in
aggressive
growth
ventures stays
on aggressively
boosting own
productivity
(De Silva and
Wright, 2019).
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Managerial style
Entrepreneur
orientation
Managerial skills
Technology
Investment
Businesses which
comes under the
survival category
are always like to
invest in the
technology, but
they have
purchased on such
tech gadgets and
machineries
which gives
services for long
time.
In lifestyle
ventures, the
entrepreneurs
invest in the
technology
according to
business
requirements.
Managed
growth
ventures
always deep
analyse about
technology
which they
want to be
implemented in
their
workplace.
Aggressive
growth
ventures
mostly invest
in those
technologies
which can
provide them
excellent
outcomes.
Exit approach
Source of finance For survival
ventures, banks
and personal
saving are main
sources of
finance.
Lifestyle
ventures
mostly uses
investor as a
source of
funding.
Managed
growth
ventures
commonly use
bank loans and
customer credit
for as sources
of finding.
These ventures
generally use
business
incubator,
government
grants as
sources of
funding.
Organisation
Structure
Economic motives Survival ventures
always comes in
These ventures
run their
The main
motivate of
Aggressive
businesses has
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market for
achieving ling
term profit
(Jacobides,
Cennamo and
Gawer, 2018).
business
operations just
because of
earning higher
profit margin
in market
place.
managed
growth
ventures is to
gain
sustainable and
managed
revenue each
year.
motivation to
aggressively
expand their
business
operations for
generating
more and more
and profit.
Reward
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