Exploring Diverse Entrepreneurial Ventures: A Case Study of Greenwich

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ENTREPRENEURSHIP AND SMALL BUSINESSMANAGEMENT

Table of Contents
INTRODUCTION............................................................................................................................. 3
TASK 1............................................................................................................................................ 4
P1 EXAMINATION OF DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES AND EXPLAIN THEIR
RELATION WITH RESPECT TO THE TYPOLOGY OF ENTREPRENEURSHIP.........................................4
P2 EXPLORATION OF SIMILARITIES AND DIFFERENCE BETWEEN DIFFERENT ENTREPRENEUR
VENTURES......................................................................................................................................6
M1: INVESTIGATION OF DIVERSE RANGE OF ENTREPRENEURIAL VENTURES WITH RESPECT TO
PUBLIC AND CORPORATE SECTORS............................................................................................... 7
D1 CRITICAL EXAMINATION OF SCOPE, DEVELOPMENT AND GROWTH OF ENTREPRENEURSHIP
VENTURES......................................................................................................................................8
P3 INTERPRETATION AND ASSESSMENT OF RELEVANT DATA AND STATISTICS TO DEMONSTRATE
THE IMPACT OF MICRO AND SMALL BUSINESS ON THE ECONOMY..............................................9
P4 EXPLAINATION ABOUT THE IMPORTANCE OF SMALL BUSINESSES AND BUSINESS START-UPS
TO THE GROWTH OF SOCIAL ECONOMY......................................................................................12
M2 EVALUATION OF THE IMPACT OF SMALL, MEDIUM AND LARGE BUSINESSES IN THE
ECONOMY.................................................................................................................................... 13
D2 CRITICAL EXAMINATION OF THE IMPACT OF SMALL BUSINESS ON VARIOUS LEVELS OF
ECONOMY IN TERMS OF REGIONAL, NATIONAL, GLOBAL AND INTERNATIONAL CONTEXT........14
CONCLUSION............................................................................................................................... 15
REFERENCES.................................................................................................................................16
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LIST OF FIGURES
Figure 1: Comparison of SME and large scale business in the UK..................................................9
Figure 2: Business Share in the UK...............................................................................................10
Figure 3: Business Types of Micro and Small Businesses in the UK..............................................10
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INTRODUCTION
Entrepreneurship is the procedure of keeping various aspects of business such as managerial
and financial risks in the mind and then effectively set up a business in a successful manner by
an entrepreneur. In order to develop and manage an effective entrepreneur venture, it is
required by the entrepreneur to have certain skills and a creative mindset to get access to high
growth in the business (Drucker, 2014).
In the given study, the researcher is working for the local council of the Royal Borough of
Greenwich so as to have a discussion on the business policies which are currently prevailing in
the borough. So, a local report would be prepared by the researcher for the London Council of
the given borough so as to examine:
 Scope, Development and Growth of an entrepreneurial venture
 Impact of the economy of the small business operating in the given borough
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TASK 1
P1 EXAMINATION OF DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES AND
EXPLAIN THEIR RELATION WITH RESPECT TO THE TYPOLOGY OF
ENTREPRENEURSHIP
Entrepreneurship Venture
It is defined as the initiation of previously determined business which is run by an entrepreneur
with a low budget as well as planning. If this venture is able to sustain in an effective manner, it
would not only generate more wealth but would also be able to boost up the respective
economy. There are different types of ventures which are as follows:
Small Business Entrepreneurship
This type of entrepreneurship is run by an individual or a few groups of people and provides
employment to a few numbers of employees. They do not generate much revenue and focus on
attracting as many customers which would be able to provide valuable income to help them to
sustain in the given industry. They are mostly run from the funds provided by the family
members, friends and local banks to the entrepreneurs (Kloepfer and Castrogiovanni, 2018).
Scalable Startup Entrepreneurship
This entrepreneurship is based on innovation and focuses on providing innovative products
from the commencement of the business. These entrepreneurs search for the brightest mind to
work in their business and search for venture capitalists to invest in their project.
Large Company Entrepreneurship
These ventures have a finite business life cycle and they stress more on providing new products
and services to their clients so as to enhance longevity and sustainability in the given business.
They focus on ever-changing demands of the customers and provide the services as per the
latest trend. However, it is difficult for them to opt for disruptive innovation in their services.
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Social Entrepreneurship
This type of entrepreneurship focus on providing services which would satisfy the needs and
requirements of the society and thus help in the creation of a better and prosperous world. In
Greenwich, they could be a non-profit, for-profit or hybrid type of entrepreneurship (Xi, et al.
2018).
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P2 EXPLORATION OF SIMILARITIES AND DIFFERENCE BETWEEN DIFFERENT
ENTREPRENEUR VENTURES
Factors Small Business
Entrepreneurship
Scalable Startup
Entrepreneurship
Large Company
Entrepreneurship
Social
Entrepreneurship
Objectives and
Goals
No structural
goals as they
achieve low
growth and
profitability just
to sustain them
and their family
Focus on
providing
innovative
products and
services in favour
of achieving high
profitability for
the investors.
They sustain
themselves by
constantly
producing new
products and
services with the
help of good
marketing
strategies.
Aim to make a
world a better
place by
providing quality
services to
society (Kirzner,
2015).
Risks Low risks albeit
with high
competition.
High risk due to a
large number of
investment and
pressure to
provide a high
return to the
investors.
Medium risk due
to the proper
management of
the business by
the large
organisation due
to their high
brand value.
Low risk due to
widespread
support from the
Government and
public.
No. of
Employees
Not more than 50
employees.
Depends on size
and structure.
More than 1000
employees.
Depends on
business size.
Organizational
Structure
No proper
structure.
Consists of
corporations.
Complex
organizational
structure (Dees,
2017).
Mainly trustee
based
organisation.
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M1: INVESTIGATION OF DIVERSE RANGE OF ENTREPRENEURIAL VENTURES WITH
RESPECT TO PUBLIC AND CORPORATE SECTORS
In the Public Sector
These sectors are directly and indirectly controlled by the London Council of Greenwich. They
get financial support from the government and have been established in different sectors to
provide quality products and services to their patrons. The major focus of such a sector is on
the development and social welfare instead of profitability.
In the Corporate Sector
These are run privately and could be owned by an individual as well as the public. Their major
focus is on achieving profitability through the provision of good quality products and services to
their clients. It includes large organisations as well as scalable entrepreneurship ventures and
devises various marketing strategies to enhance competitive advantage in the given business
(Baum et al. 2014).
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D1 CRITICAL EXAMINATION OF SCOPE, DEVELOPMENT AND GROWTH OF
ENTREPRENEURSHIP VENTURES
As per the studies of Kuratko (2016), the mission, vision and objectives of different
entrepreneurial ventures are different which have a significant impact on the scope of these
organisations. If the given organisations in Greenwich are able to satisfy the needs and
demands of the people in a significant manner, then they would be able to survive for the
longest time period and also enhance their profitability. Hence, it is required by these ventures
to get some good investments which would help in the development of good quality products
for the customers as per their needs and demands.
Storey (2016) has stated that there is a requirement of the development of an effective
organizational structure where there is a proper communication medium between different
departments so that there would be no issues in running the regular activities. Moreover, there
should be the provision of proper quality of the products and services, good and sustainable
pricing strategies and meeting of customer's demand in time so that there would be significant
growth in these entrepreneurial ventures.
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P3 INTERPRETATION AND ASSESSMENT OF RELEVANT DATA AND STATISTICS TO
DEMONSTRATE THE IMPACT OF MICRO AND SMALL BUSINESS ON THE
ECONOMY
The economy of any country depends on the growth of its micro and small business as they
possess a larger part of the economy. In the London borough of Greenwich, there has been
significant development of this business which has generated high revenue for the London
Council and has made available the good quality products and services to a large number of
people whole across the UK.
Figure 1: Comparison of SME and large scale business in the UK
Source: [Brenkert, 2017]
In the whole of the UK, the business environments are dominated by SME's which occupies
almost 99% of the business in the country. There are 4.5 million SME in the UK and have a high
contribution to the economy as well as the GDP of the country. Although they provide
employment to less than 10 employees per ventures, yet they are part of 22% of total turnover
and 33% of the employment whole over the UK (Schaper et al. 2014).
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Figure 2: Business Share in the UK
Source: [Schaper et al. 2014]
From the above-given graph, it could be concluded that the share of SME's is much higher as
compared to other business in the UK. Besides, they have a 48% employability and a 37%
turnover rate throughout the UK.
Figure 3: Business Types of Micro and Small Businesses in the UK
Source: [Julien, 2018]
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In the UK, small and micro businesses are categorized as innovator, non-innovator, exporter
and non-exporter. They provide a large amount of revenue and thus help the government to
get a significant amount of foreign currency to boost up the local economy.
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