Entrepreneurship and Small Business Management
University: UKCBC College London
Question :
The senior member working with Federation of small businesses have asked to identify ways through which entrepreneurship could be promoted in the local area. Below mentioned are some of the essential elements which are to be covered under report:
- Examination of different types of entrepreneurial ventures along with stating the typology of entrepreneurship.
- Exploring the similarities and differences between different entrepreneurial ventures mentioned in the previous question.
- Presentation and interpretation of data which highlights the impacts of micro and small businesses on economy of a nation.
- Provide an explanation of importance of small businesses and start ups towards social economy.
- Determination of traits and skills which are essential to be a successful entrepreneur with use of real life examples.
- Conduct an assessment of how entrepreneurial personality reflects entrepreneurial mind-set and motivation.
- Examination of how background and experience of a person can hinder or foster entrepreneurship.
Answer :
INTRODUCTION
An entrepreneur is an individual who run business with the purpose of attaining larger profitability. In this they also has capability to take risk for converting into profit. In this context, they set new and innovative things to operate business for attaining sustain in market for longer period of time. In addition of this, it is important for them to make an effective research to analyse the market trends and demand (Blackburn, Hart and Wainwright, 2013). It is important for person to create innovative ways to make their process effective which may leads in attaining set goals and objectives. With the help of this, they easily attaining better success at market place. Current report is based on entrepreneurship and small business management. Various entrepreneurial ventures is also mentioned in this report. Along with this, it is important for entrepreneur to set innovative and creative ideas within their process to attain high profitability level.
PART 1
P1 Types of entrepreneurial ventures and their relationship with typologies
Entrepreneurial Venture: It is refer to regular business but actually it is not. Along with this, it is that type of business which is run by the person with new and innovative ways to attain opportunities to run their business in effective manner. This will contribute in developing economic development. Basically, it is fast in developing wealth with risk. It directly contribute in producing quality products and services.
Entrepreneur:
Person who run their business with limited resources which the aim of attaining profitability level. They are the single person who take risk at the time of manufacturing products.
Types of entrepreneurs:
- Serial entrepreneurs: These are those entrepreneurs who run their business by taking challenges. Under this they set various new and innovative ideas to set their business in effective manner.
- Social entrepreneurs: These type of entrepreneur who set their business just for solving the issues and problems of the society (Bridge and O'Neill, 2012). The main aim of this entrepreneurs is to increase social welfare which contribute in developing the economic condition.
- Female entrepreneurs: These type of entrepreneurs are known female as they run their business with creativity and also control entire work as per their own responsibilities. Along with this, women entrepreneur is easily handle their staff members effectively as compare to female entrepreneurs.
Concept of entrepreneurship:
This can be defined as an effective process through which person prepare, design and launch new business at small level by taking high risk (Carsrud and Brännback, 2011). Along with this, they set their business with the purpose of attaining success in market place by introducing their new and quality products and services.
Key Ventures of entrepreneurs:
- Small business entrepreneurs: In today's time various types of entrepreneurial ventures are operate their business in UK. In which they approx 6 million small business are run in UK market. It includes travel agents, consultants, cafe and many more. Along with this, people are operate their business at own risk in order to make it in higher profitability level.
- Scalable entrepreneurship: These type of ventures are created with new and strong ideas to change the whole business. In this, they make as well arrange financial funds form various investors to execute their ideas in appropriate manner.
- Social entrepreneurship: Under this, these type of ventures are operate their business for improving the social condition. As they provide better services to provide various benefits to society. Along with this, they produce their products for workers without any harm.
Relation of ventures with entrepreneur typology:
As entrepreneurial ventures are highly relate with its typologies which contribute in overall development of the economy of nation. Like lifestyle ventures are connect with social entrepreneurship. All these are run their business with the purpose of attaining higher growth at market place.
Types of typology:
- Lifestyle Ventures: Under this, business give immediate profits to the business. As entrepreneurs work alone (Chittithaworn and et. al., 2011).
- Survival ventures: These type of business start for generating money for their family. As they are small business with less resources. It includes Grocery stores, barbers and many more.
- Managed growth Venture: These type of business is run by talented and smart business men as they effectively know that how to generate money for their business (Chrisman and et. al., 2012). As they invest their money those place where they make high profits.
P2 Similarities and Difference between entrepreneurial ventures
In today's time number of entrepreneurial ventures are operate their business in the economy. In this they take risk and run business in effective manner. In addition of this, similarities and difference between in all the entrepreneurial ventures.
|
Similarities |
Lifestyle Ventures |
Social entrepreneurs |
|
These type of ventures are start with small scale. The main aim of this ventures is not generate money and profits. |
These type of ventures are also start at small level for operate their business for society development. This type of ventures are work for society benefits not for attaining higher profits. |
|
|
Difference |
Lifestyle ventures |
Serial entrepreneurs |
|
This type of business operate their business with limited funds Along with this they run their business with their passion not for making any kind of strategies. In the they run their business for improving their lifestyle not for earn huge profits. |
As these type of business operate their activities by getting funds from investors. In this they wants to improve their business for attaining higher growth. This type of ventures make their own ad effective strategies to manage entire activities. Serial entrepreneurs having their particular location from there they serve their services to larger number of customers. One of the main aim of this type of business is to generate profits. |
|
SIMILARITIES |
Female Entrepreneurs |
Male Entrepreneurs |
|
Women arr more creative and focused entrepreneurs as they easily maintain their office activities (Dennis, W, 2011). Female entrepreneurs set new and innovative ways to perform their work for attaining better success at market place. |
Male entrepreneurs are only focus on their business as they set their targets to attain better results. Male entrepreneurs run their business with passion and dedication to make their business more successful in market. |
|
|
DIFFERENCES |
Female Entrepreneurs |
Male Entrepreneurs |
|
Female entrepreneurs spend lots of time in decision making process as some time it creates negative impact on business activities. Female entrepreneurs focus on developing quality products and services which contribute in development of society (Zott, Amit and Massa, 2011). Female entrepreneurs are hesitate at the time of taking financial risk. Along with this, they easily build better relation with heir customers and customers as well. |
Male entrepreneurs are easily take any kind of decision. As male entrepreneurs highly focus on reducing the production cost in order to develop better performance of the company. Male entrepreneurs easily handle financial decision in market which may helps in developing the business condition. One of the main difference is that male entrepreneurs task oriented people. |
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