Entrepreneurship and Small Business Management Report

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ENTREPRENEURSHIP AND SMALL
BUSINESS MANAGEMENT
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Contents
EXECUTIVE SUMMARY........................................................................................................4
INTRODUCTION......................................................................................................................5
LO1............................................................................................................................................6
LO2..........................................................................................................................................12
LO3 & LO4..............................................................................................................................15
CONCLUSION........................................................................................................................34
REFERENCES.........................................................................................................................35
Figure 1 Number of Increases in Business Population in UK private Sector..........................12
Figure 2: Classification of Small, Medium and Micro Company............................................13
Figure 3 Contribution of Small Size Business for Start-up Business......................................14
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EXECUTIVE SUMMARY
There is a different type of entrepreneur who has a different ability and different skills for
performing in the organization. On the basis of the size, scope and structure of the business
different entrepreneur have various objectives. In this assignment, three types of
entrepreneurs are discussed (Abe et al., 2015). In Independent Entrepreneurship the economy
price is free of cost on the basis of the organization structure. In this, the action and the
different types of activity are taken freely in the organization. Corporate Entrepreneurship
mostly uses the different type of strategic policy to make a new business idea and some latest
point of view in their organization. In the business industry, the main objective or goal of the
organization is to get more and more success as compared to others (Abe et al., 2015).
The social activity and the value of the people are always supported by Social
Entrepreneurship. With the help of Social Entrepreneurship, the organization will make a
good atmosphere in the business world. Their main motive is to fulfil the need and wants of
the customer which will satisfy their needs (Abe et al., 2015).
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INTRODUCTION
This assignment establishes the start-up business. The business is conducted successfully
with the help of entrepreneurship activity in the organization. The growth of the economy and
the development of the economy are done by a small business organization. This is very
useful to increase the sale of the organization (Abe et al., 2015). Most of the small business
enterprises are those who will invest less money and less human resources in the
organization. The main motive of the small business industry is to satisfy the customer needs
and wants and maximize their profit (Abe et al., 2015).
This assignment will identify some of the barriers which the organizations have to face while
starting a new business. To gain more success in the market the organizations use much
different type of strategy and plans (Eijdenberg et al., 2015). For the development of the
economy and growth of the organization the small business entrepreneur support and help
them.
Ella's Kitchen is the company who will manufacture organic baby and toddler food. They
sold their product in supermarket internationally include the UK and many more. In the UK
baby food sector will contribute approx. 30% share. In 2006 this company is founded and the
founder of the company is Paul Lindley (Eijdenberg et al., 2015). Their main motive is to
provide good food and services to there target audience. They also prefer to sell their product
at a cheap price. This company prefer to produce baby food product because most of the
parents prefer to0 to give good and healthy food for their baby.
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LO1
As per the latest analyses, various entrepreneur ventures have various types of policy and
different pattern of work in the business. With the help of mini-research, the organization
will find out the success and the growth of the business. The organization will get more
success if they have a more skilled entrepreneur and they have also a different ability to
increase the organization growth (Eijdenberg et al., 2015). This is most important that an
entrepreneur has that much ability through which they will manage the business venture more
profitably. With the help of this case, we will understand the growth and the development of
Ella s kitchen.
There is a different type of entrepreneur who has a different ability and different skill for
performing in the organization (Eijdenberg et al., 2015). On the basis of the size, scope and
structure of the business different entrepreneur have various objectives. There is various type
of entrepreneur venture they are explained as per:
Independent Entrepreneurship
In Independent Entrepreneurship the economy price is free of cost on the basis of the
organization structure. In this, the action and the different type of activity are taken freely in
the organization. When the organization is taking any decision them the employee will also
participate or decide the process through which the organization will get more success
(Dimitratos et al.,2014). Employees are free to take participation while the organization is
deciding something which is related to the business. With the help of employees succession
and there point of view will give more and more success to the organization. The sale of the
organization will also increase with the help of employees’ point of view and with their skill
(Dimitratos et al.,2014).
Public Entrepreneurship
In Public Entrepreneurship the group of people are included. With the help of a group of
people, they will collect some of the individuals that will help to maintain the setting of the
organization (Dimitratos et al.,2014). This type of Entrepreneurship will also know as policy
entrepreneurs or political entrepreneurs. On the other hand, this is also said that the
involvement of the public is very important in this type of ventures.
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Corporate Entrepreneurship
On the basis of other different ventures, the Corporate Entrepreneurship has a different type
of policy and ventures in their organization. Corporate Entrepreneurship mostly uses the
different type of strategic policy to make a new business idea and some latest point of view in
their organization (Dimitratos et al.,2014). In the business industry, the main objective or
goal of the organization is to get more and more success as compared to others. On the other
hand, the corporate venture involves a different type of working pattern and new invention in
the existing goods and services.
Social Entrepreneurship
The social activity and the value of the people are always supported by Social
Entrepreneurship. With the help of Social Entrepreneurship, the organization will make a
good atmosphere in the business world (Giaoutzi et al., 2016). Their main motive is to fulfil
the need and wants of the customer which will satisfy their needs. For improving their
services quickly in the organization they will take feedback with their target customer. With
the help of feedback, the organization will improve their business.
There is a more different type of ventures in the organisation they are:
• Lifestyle venture
• Aggressive growth ventures
• Managed growth ventures
• Survival Ventures
Survival Ventures
The barter system and cash exchange are de3pended on this type of business. They don't have
that much money to conduct their business activity in the market with a better position
(Giaoutzi et al., 2016). Survival Ventures is not registered formally is the huge reason for
their bad condition. Their main motive is to gain more and more profit in a competitive
market.
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Lifestyle Ventures
With the help of Lifestyle Ventures, the organization will compete with other organization.
Their main motive is to maintain the economic more profitability as compare to expanding
their business in the market (Giaoutzi et al., 2016). With the help of this type of venture, most
of the people will improve their lifestyle in a better way.
Managed Growth Ventures
With the help of this type of venture, they will improve the business growth and they also try
to support the overall economy of the nation. On the other hand, they try to work with some
particular commercial model (Giaoutzi et al., 2016).
Aggressive Growth Ventures
These types of venture mostly use technical equipment to increase the growth of the business
and try to develop there business. With the help of this type of venture, the national and the
international economy of the business will be gained (Mazzucato, 2015). These types of the
venture will also identify the brand image in front of all the people. Their main objective is to
provide good services to their target audience. Due to providing good services, the
organization will gain more and more profit (Mazzucato, 2015).
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On the basis of the latest data, there is a different type of enterprise with their unique goal and
objective. Their main motive of working in the organization is to gain some particular
income. There is some of the similarity and the difference of the different type of enterprises
which will discuss in this is (Mazzucato, 2015)
DISCOVERING SIMILARITIES AND DIFFERENCES OF ENTERPRISES ON
DIFFERENT BASIS
CATEGORY/ BASIS PUBLIC
ENTERPRISES
PRIVATE
ENTERPRISES
SOCIAL
ENTERPRISES
DEFINE ROLES The government of
the nation will give
authority to the
Public Enterprises.
Their main motive is
to provide better
goods and services
to their target
audience and they
also try to satisfy
there need with the
help of providing
reasonable services
to them (Goffee and
Scase 2015).
Their policy is made
by them self and
their main objective
is to provide better
goods and services
to their target
audience and they
also try to satisfy
there need with the
help of providing
reasonable services
to them.
With the help of
social enterprises,
the society will get
more benefits
related to their
development
(Goffee and Scase
2015). For the
economic
development of the
country, they always
try to support the
people and their
country.
CHARACTERISTIC
S
With the help of this
type of government
body the
organization will get
help for supporting
to the startup
business (Goffee
and Scase 2015).
The main objective
of the business is to
increase the growth
of the business
(Goffee and Scase
2015). And they will
also try to satisfy the
customer need and
On the basis of the
goal of the
organization, the
social enterprise will
get profit or no
profit.
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And this is also
noticed that with the
help of public
enterprise the
economic growth of
the country will also
increase rapidly.
wants with limited
money. With the
help of this, the
organization will
also identify the
profit of the
organization.
They also do their
work with well and
proper manner and
with the systematic
way to achieve
organizational goal
and objective
(Goffee and Scase
2015).
EXPLORING ON THE BASIS OF SIZE VENTURES
The government of the nation will give authority to the Public Enterprises. Their main motive
is to provide better goods and services to their target audience and they also try to satisfy
there need with the help of providing reasonable services to them (Taylor, 2017). They
always try to follow all the rules and regulation of the business. On the basis of the benefit
allowance, the organization will get profit as per that. Growth of the economy and the
development of the economy are fully depended on public ventures (Taylor, 2017).
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They mainly focus on that to identify the profit ratio of the business. In the private
organization, most of the time small and medium sizes of entrepreneur are involved. The
main objective of the business is to increase the growth of the business (Taylor, 2017). And
they will also try to satisfy the customer need and wants with limited money. With the help of
this, the organization will also identify the profit of the organization.
LO2
With the help of different techniques and strategies, the company is competing with each
other in the market. On the basis of 2018 data in the UK, there are more than 5.7 million
private sectors of business. The number of business is fall for the first time this year. As
compared to 2000 data in 2018 there were more than 2.2 million businesses are increased
(Fernández and Alegre 2015). Over the whole year, 64% of business was increased. Due to
an increase in self-employment, the number of employees will decrease.
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Figure 1 Number of Increases in Business Population in UK private Sector
[Sources: Dimitratos et al., 2014]
With the help of small and medium size of the business, the development of the economy is
increasing rapidly. This is very beneficial to the organization. Most of the small enterprises
are starting their new business in the market due to this most of the people will get
employment in this sector (Fernández and Alegre 2015). There is huge different is held in the
business organization as compared to 2000.
On the other hand with the help of small business, the growth of the organization is
increasing on a regular basis. For the Development of the economy of the country, the small
business industry contributes there to share in more ration as per the latest analysis
(Fernández and Alegre 2015). For the development of the SME's, there are more It company
which will increase the growth of the business.
As per the latest scenario, there were 5.4 million micro businesses in the UK. In 2018 there
were 96% of business was increased.
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Figure 2: Classification of Small, Medium and Micro Company
[Source: Dimitratos et al., 2014]
Then the growth of the economy and the development of the organization are fully depended
on the business organization and the latest start-up company. In the market, there are various
types of business enterprises like private, public, and voluntary organization. Their objective
and goals are different from each other (Rhodes, 2018). On the basis of their size and
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