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Small Business Management and Entrepreneurship

University: London College of Business Studies

  • Unit No: 9
  • Level: High school
  • Pages: 24 / Words 5882
  • Paper Type: Assignment
  • Course Code: N/A
  • Downloads: 294
Question :

This sample will let you know about:

  • Discuss about the various types of entrepreneurship ventures.
  • Discuss about the differences and similarities between entrepreneurial ventures.
  • Discuss about the Importance of small business and business start-ups.
Answer :
Organization Selected : Tesco

INTRODUCTION

Entrepreneurship and small business management are two areas that revolves around risks and conflicts. Every business needs these areas for expansion of the firm. Entrepreneurship refers to a process of consolidating activities to form a business. A person who is entitled and willing to take risks is eligible for this term. Small business management refers to process which is carried out by entrepreneurs for their commercial activities. German motor company (GMC) headquartered in UK, is a leading manufacturers corporation . So, in this report topics that have been considered are types of entrepreneurship ventures, topologies, development and growth, impact of micro and small business in economy, importance of small business and start-ups.(Burns and Dewhurst eds., 2016)

TASK 1

P1 Elaborate various types of entrepreneurship ventures and how they are co-related with topology of entrepreneurship

Entrepreneurship refers to launching or starting of new business venture. It is a process of organising, managing , controlling and determining the risk in business. German Motor Company is expanding its business and its operational activities are managed and controlled by highly skilled employees and workers. Further, it also meet the requirements as the customer is needed.

There are different types of entrepreneurship ventures which being focused and carried out by entrepreneurs which are discussed below-

Small business entrepreneurship- This is a kind of entrepreneurship which runs on the small scale just to live and support themselves in the market. Small business entrepreneurship such as small traders, retailers, bakery shops, cafe etc. This kind of business is less risky with limited profitability. In context to GMC, they have started workshops of their services and their modified products to enhance their business growth in different segments of area.Small business entrepreneurship always require finance for their business to develop their operation and functions at wider level. They uses different sources of funds such as money lenders, bank loan etc. An entrepreneur is a person that owns a small business and members of team which is required to fulfil customer needs and wants.

Scalable Start-up Entrepreneurship- This refers to when entrepreneur has scalable business with manageable risk as well as profit. Thus, these type of entrepreneurs take help of ventures capitalists(firms or cluster of people who are ready to invest in business or start-ups) with motive of growth of the company. In these, entrepreneur manages to join business with other organisation. They are always ready to take advantage of opportunity available in market. So, German Motor Company is expanding their business and giving jobs to people. In assistance to this, this creates an innovative idea and also searches for a scalable and repeatable business model that lead to high growth and profitability of a company. Further, it also build a sharp team to achieve a cavilling path.

Large Company Entrepreneurship- In this, entrepreneurs start their business at large scale with motive of innovation, advanced technology and sustainable environment. Risks and barriers in this entrepreneurship are at higher level. Such types of entrepreneurs usually have adequate amount of to carry out their business activities in market. They are flexible and goal oriented in nature. These large company entrepreneurship always achieve their task with motivation and innovative approach. Company is using digital platforms to sponsored their products with Desk jock, Facebook etc. to enter into foreign market and to provide more reliable output to its customers (Ratten 2016). A large company entrepreneurship is further defined as a company through which it survive in providing new products. It further involves customized in tastes and preferences of of a customer that is tackled by new competitors.

Social Entrepreneurship- Business is not all about profit and sales rather it is a broader term . In this, entrepreneurs run their business aiming social welfare and health; work as non-profit organisation. These types of entrepreneurship perform their business operation and function with ethics as well as principles. So, social needs and services are two focused in this kind of venture. It is a formulation through an individuals, groups, start-up companies or entrepreneurs that evolve the funds and then evaluate the results to social, cultural or environmental problems. Further, it has a large scope of organisation that varies in norms, beliefs and so on.

Typology of entrepreneurship- Typology refers to study of classification and types such as on basis of religion, culture, people etc. It is mainly describe as the classification of types according to its basis. It is first published by Arthur H.Cole in the year 1934. In assistance to this, it implies on regarding the norms, beliefs and so on. Considering GMC, their department is divided into different types of typologies which are mentioned below-

Serial entrepreneurs- A serial entrepreneur are those who comes with new ideas and thoughts of doing business. They are flexible in nature and are active in the market such as German Motor Company( BMW, ASTON MARTIN) etc. These kind of entrepreneurs are always ready to take risks (Mugler 2017). Further, it also involves new innovations and specific ideas that lead to running the business in effective and efficient way. It comes to start new business enterprise that plays an essebtial role in regular intervals of a company.

Lifestyle Venture- These are the entrepreneurs who comes with motive of acquiring large share of market and with maximum resource. The main objective of this typology is to explore personal lifestyle rather than making profit. In assistance to this, it also involves to maintain large market area for with a individual idea that lead to grow in the future and increases profitability and productivity of a company.

Social economy: It is form by a enterprise of an organisation such as mutuals, associations, foundations, social enterprises that could share their ideas and thoughts in a community. It involves democratic governance, combination of interests and members that privide responsibility to a particular individuals. In assistance to this, it has various sizes that include large companies and groups in their markets.

Characteristics of successful entrepreneur

  • Motivation for doing work.
  • Creativity and innovation of new ideas and thoughts.
  • Vision and mission of a company for future growth.
  • Decision making is in hand of individual entrepreneur.
  • Risk factor increases in a business.

Typology of entrepreneurs have a great impact on business. Because attributes, attitude and behaviour are different in each individual.

P2 Determine differences and similarities between entrepreneurial ventures

SIMILARITIES

Small Business

Scalable Business

Large Business

Owners

These are owned as well as managed by owners

These are owned and managed with help of professionals.

These run as professional management and owned by more than one individual.

 

Motive

Their main motive is to survive in market with minimum profit.

Their main motive is to acquire large market share with more profit.

In this, main aim is to be gain profit at national & international aspects.

 

Meaning

Lifestyle ventures and similarities with business

  • These are the ventures which are dynamic in nature and explore their personal lifestyle as well as passion.

 

Serial entrepreneur and their similarities with business entities

  • They focus on innovation and goodwill of the firm. In relation with GMC it is giving a huge rise in employment business at large scale.

Similarities

Requirement

 

  • To increase the growth and production of organisation they require skilled workers and efficient resources which will assist them in overall development.
  • Lifestyle ventures mainly focuses on passion and profit maximisation is at moderate level.

 

  • In this also, these entrepreneurs need expertise as well as highly professional people who can give boost in growth of their company.
  • Serial entrepreneurs main aim is to give employment to number of people and provide a better services and products to customers.
 

 

Difference

Difference

Effectiveness

 

 

 

 

 

 

 

 

 

Finance

 

 

  • Two way communication is not so effective in this type of entrepreneurship.
  • Availability of risk is less in life style venture because they enjoy their freedom of expression.(Storey 2016)
  • These types of business generally do not require any financial support from external sources. Because mostly lifestyle ventures are started by savings or own earnings.

 

  • In this, two way communication is effective and necessary as to deal with clients, customers and members in the organisation. In relation with GMC, company conducts group activities and workshops to have better communication within the firm.
  • Risk is present at higher level because of non availability of funds and uncertain activities. GMC is increasing its services and products at global level which is a riskier approach.
  • These types of business requires financial support from both external as well as internal sources

M1 Investigate diverse range of entrepreneurial ventures to show understanding of entrepreneurship in both public and private sector

Entrepreneurship is broader and wider concept which includes various types of sectors like public and private. Public sectors companies are those which run for people help and providing them service. For example- NHS service in UK can be considered as public sector. Private are those which are run by individuals such as TESCO, ASDA Group etc. 

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D1 Critically examine the scope, development and growth of entrepreneurial ventures

Lifestyle ventures are changing drastically and there business is scope is linked to their economies of scale how well they have strong base, development of such venture depends upon their profit margin and growth of business is flexible depending upon the market situation.

TASK 2

P3 Micro and small businesses impact on the economy

Micro business is defined as the small scale business which includes less than 15 employees in the enterprise. It is often referred to the small(tiny) enterprise which is not financed in the market(Burns and Dewhurst eds., 2016). Further, it is the growing company which is going to be established now and it wants to generate the more income in order to gain the profit. Furthermore, it is a family based business that has the low market share.

Small business is defined as the private organisation with limited number of employees and resources for growing the business. It further includes the business such as grocery items, small manufacturing entities, bakeries etc. It has the small market share and generate the very less revenue.

The micro business has the various impacts on the economic conditions of the environment. It provides the growth and opportunities to the people for enhancing the future success in the organisation. In a developed city, small businesses has to offer the unique and specialised products in order to enhance their productivity. While shopping, the customers have the economic benefits in the rural areas which increases the largest market share (Boodraj and Boodraj 2017).

Small businesses brings in the new innovations and the growth which leads to the establishment of the enterprise. It involves the people which are unemployed that helps them to encourage for the better opportunities. It could attract the people who have the talents for the new innovations in the existing ideas . These type of business contributes for the skilled employees that initiate the available products to the new. In the challenging environment, it plays a vital role in the growth of the future perspective. It helps in developing the employees with the skills and knowledge that might access to the future success in the markets.

Since, it provides the needs with the full support and services that enables them to attract the capital of the market. It often provides the limited resources of raw materials which are generated according to their revenue and assets in the market. The impact of small business occurred on both the level which includes national as well as local(Ratten 2016). They helps in creating more jobs and provides the economic opportunity with their success in the business education. These businesses are the start-ups which is going to be grown and established for enthusiastic of employees. Further, they pays the higher tax return that involves the local property taxes. This could lead to increase in their knowledge for the new ideas and also assess their ability for the successful work done. It could acquire the growth of the business in such a way for making the enterprise more productive. Small businesses could strengths the local company which enhance the employees to spend their earnings in products and services. It boosts the employment level and increases the loyalty towards the business purposes. In addition to this, it plays a important role in improving their productivity which lead to explore business to higher stage. However, it has the huge impact on the creation of the job opportunities in any business. The success in the business growth helps to increase the profitability and productivity level.

The graph analysis is discussed below-

  • It provides a number of employment opportunities reducing unemployment in the economy.
  • They help government to charge more to foreign investors and gain higher revenues from them.
  • Also, the above graph shows numbers of job given to people per year by SME's. Through which analysis has been done that scale is increasing from past years.
  • Moreover, red line depicts the EU regions scale and blue line shows UK scale of employment given by business in country to people.

P4 Importance of small business and business start-ups which lead to the growth in the social economy

Small business is important in growing and innovating the company for the future success which helps to increase the morale of the employees. It leads to the best opportunity in the employment of the enterprise (Julien 2018). Social Economy refers to organisation with diversified activities and which includes mutual societies and people. These types of economies mostly perform multitasking operations and operate with mutual benefit and objectives.

The impact of small business in social economy helps in providing the resources to the enterprise in order to improve their productivity. Further, it assist to contribute in the GDP growth of the total economy. It provides the job opportunities to the society which enhance their skills and knowledge within the business. Furthermore, it includes the overall contribution in the social performance for the unemployed people. It could be beneficial for operating the entities in respect to increase in the value of the society. It improves the living standards of the employees and a qualitative life in which region they are located. Moreover, it enhances the social development of the people that understands the better knowledge of the business. The research of the enterprise focus on the financial consequences which could provide the benefits in generating the revenue. In the small business, females allow the additional benefits while operating a new business rather than males. There are various policies and procedures for the new innovations of the products and services. It could involves the behaviour of the particular individuals through the workplace in the development of the social economy (Yan and Yan 2016) .

Start-ups company might be the small company which plays a important role in the growth of the social economy. It could create the job opportunities for the employment which leads to improve in the overall economy. In involves the contribution in the new innovations of the products in order to increase the competition level. Further, it includes the development in the technology that are occurred for the drastic changes in their lives. In the recent trends, the various innovations of the products and services that includes social media, smart phones, internet etc. The start-up companies has an idea about the new inventions that affects the customer base. It has the direct impact on the product which are delivered to the available customers. Further, this lead to the better opportunities in the challenging environment for the higher growth in the future. The local customers which requires the quality goods in order to switch to the other products and brand. Start-ups companies are the base of the business which may grow or not in the near future(Kuratko and Morris 2018). It provides the development in the various strategies and innovations for the better productivity and profitability. Venture capital could measure the success which lead to impact in the past returns. It brought the new competitive vigorous within the social economy. It encourages the research & development in the new innovations based on the economic conditions. Start-ups business brings the new mind-set according to the knowledge and creativity within the society. Further, it fulfils the basic needs and wants of the customers in order to achieve the growth in the future. A particular individual has the further opportunities and it includes the technological advancement of the products and services.Want to get Assignment help? Talk Our Expert Now!

M2 Evaluate differences small, medium, and large businesses make to economy supported by relevant data & statistics

Small businesses are run by solely person as individual and these entrepreneurs can take decision independently. Medium businesses are run by two or more than individuals and they thrive for market and customer base. Large businesses includes shareholders, owners etc. and in decision making is done via consulting with everyone.

D2 Critically examine how small business have impact on different levels of economy

Small business affects the various types of economy as in local economy they deliver products and services to people thus increase their growth, whereas in regional economy they enhances the financial position of state and business & in national they provide jobs to people.

TASK 3

P5 Analyse the attributes, traits and skills of entrepreneur that differentiate from managers

Entrepreneur and mangers are two different and broad terms. There are varies in their skills and knowledge. There are two famous entrepreneur whose behaviour and attributes are different from each other Elon Musk and Sir Richard Branson (Baric, Polak 2016).

Traits of a Successful entrepreneur-

  • Motivation- A successful entrepreneur is always focused and motivated towards their goals and objectives. Motivation drives/ stimulates the entrepreneurs to achieve the impossible things.
  • Active- Another successful entrepreneur is that active about the work, ideas, trends across the globe etc. An active entrepreneur is always ready to face the challenges.
  • Flexible- Changes are part of life and business so, to become successful entrepreneur person is to be flexible in every situation.

 

Elon Musk

Richard Branson

TRAITS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Skills

 

 

 

 

 

 

 

 

 

 

 

 

Characteristics

 

  • Innovation- The idea of making technology for humanity such as introducing hybrid TESLA cars which are eco friendly to the environment

 

  • Experimentalists- These type of entrepreneurs are more concerned towards innovation and new technology.

 

 

 

  • Motivator: This kind of personality always motivates followers, subordinates to achieve the impossible things and goals.

 

  • Communication: Elon Musk believes that two way communication is important in order to achieve positive results as well as reliable output (Sassmannshausen and Volkmann 2018).

 

  • Team player: Elon Musk is team player because he believes that organisation cannot be run by single person. Thus, team building and working in group is crucial too.

 

  • Problem solving: Elon Musk is a problem solver because his first vision is to provide reliable output without any error.

 

 

  • Innovation- The idea of both entrepreneur are for society welfare; started from student magazine to multinational venture capital.
  • Feedback approach- These kind of personality are more into developing their own business , applications and websites by taking preferences as well as feedback from users and customers.

 

  • Focused: Sir Richard Branson is focused personality towards work and development.
  • Mindfulness: In this kind of personality, mostly put their effort with assist of mind (Albort-Morant and Ribeiro-Soriano 2016).

 

 

 

 

  • Risk taker: Sir Richard Branson is a risk taker because he believes that to expand business risk is important that is why virgin group is a diversified company.
  • Leadership: Sir Richard Branson is true leader as he believes that market is wide so, one should always be ready with new ideas and thoughts.

 

 

 

Basis

Manager

Entrepreneur

Meaning

 

 

 

 

 

Focus

 

 

 

Approaches

 

 

Status

 

 

Risk Orientation-

 

 

 

 

Reward

 

 

 

 

Authority

 

Manager is one who is responsible for managing, organising and achieving of desired goal or specified task.

 

Manager main focus is to manage and operate functions as well as activities related to organisation.

Their approach to achieve the task in formal way.

 

Their status in the organisation is employee

 

Manager in organisation reduces risks and conflicts.

 

 

 

For manager reward can be declared as salary and incentives.

 

 

Manager does not have full authority to manage activities in the entity.

 

Entrepreneur is one who is start a business and put b efforts to achieve the desired vision as well as mission.

 

Entrepreneur main focus is to improve the growth of the business and to increase profit and sales revenue.

Their approach to achieve the goal and objectives is formal as well as informal.

Their status in the organisation is owner.

 

Entrepreneur in the organisation are entitled to take risks because risk is associated with business.

 

For entrepreneur reward can be declared as profit and shares (Boodraj and Boodraj 2017.

 

 

Entrepreneur have full authority within the organisation.

P6 Analyse different entrepreneurs personality which reflect entrepreneur mindset and motivation

Every person has different types of personality, behaviour and perception. Personality depicts the in and out of individual attributes and behaviour. In context to entrepreneur, personality has great impact on business as well as organisation.(Brustbauer 2016). To differentiate between the different types of personality OCEAN model is considered as best way to understand the traits of personality that every individual possess. Types of personality are stated below-

Openness- In this types of trait, entrepreneur is entitled or say willing to take risks and explore new opportunities. This type of personality are often considered as dynamic and challenging in nature. Other than this, entrepreneur who does not take risks and have fear of being getting involved with conflicts. So, openness is the best way which affect mind and thoughts in positive way.

Conscientiousness- This kind of personality act as perfectionists. These entrepreneurs are always ready for uncertain situations because they prepared themselves at earlier stage. Hence, they are well organised with backups and cure. This traits also reflect impulsive decision and conflicts in this traits are more. Other than this, there are entrepreneur who first see the situation and than they react or say these kind of personality is also known as reactive.

Extraversion- This traits of personality are extrovert in nature. Attributes of extrovert entrepreneur are more enthusiastic and open to the public. Whereas introvert personality are shy and afraid to get open with public. Hence, extrovert personality are more beneficial to the organisation.(Nyadu-Addo and Mensah 2018)

Agreeableness- Further comes the agreeableness in this, entrepreneur are kind and shows empathy towards public and organisation. These kind of people cope up with everyone. Whereas, other trait is entrepreneur are not agreeable and do not like to cope up or adjust with public or say within the organisation.

Neuroticism- In this type of traits, entrepreneur are emotionally vulnerable or say they have mood swings. They also sometimes act as a sadistic person in the organisation. Whereas, other than this entrepreneur with static swings who remain happy and does not affect others with their emotions.

M3 Also, explore and examine different lines of argument relating to entrepreneurial traits

Every entrepreneur has different characteristics and according to which they react and behave in organisation. There are various types of traits which are neuroticism, extra-version, agreeableness, openness, conscientiousness. According to these characteristics they lead the team in business.

TASK 4

P7 Background and Experiences of an Entrepreneurs

For, the successful entrepreneur it is very important to know about the family background and their experiences in the past decades. It helps in the innovations of the new products where the market is developed(Baric, Franic and Polak 2016) . The main aim of an entrepreneur is to gain more profits and generate income from the available resources. Further, it also helps in the growth which lead to increase in the productivity of the business.

Family Background

Elon Musk was born on 28 June, 1971 in Pretoria, South Africa. When he was 10, he made his interest in the computer field that how to do programming and then at the age of 12 he sold his first software of gaming which is called Blastar. His mother named Maye Musk who has worked at many places to support her family. His father Errrol Musk who is an engineer, at the age of 10 his parents got divorced. Musk had left Canada for further study in business and physics. He has graduated with the degree in economics and got second in the degree of physics.

Richard Branson was born on 18 July 1950 in Surrey, England. He has the struggling life in the school and then he has drop the school at the age of 16. His mother Eve Branson employed in the flight as a attendant. His father Edward James Branson has worked for a barrister. Branson has formed the Virgin Mail Order Records for raising the funds. He is now the co-founder of the Virgin group Ltd. Which deals in the hot-air ballooning and powerboat racing.

Interest

Musk has changed their mind-set and after that he felt that the internet has more opportunity rather than in physics. Firstly, he found the Zip2 company which provides the maps and the directions. Further, PayPAL company which provides the online transfer money. Moreover, he also founded the SpaceX company which makes the rockets at affordable prices. Tesla motor company which provides the electrical vehicles(Sozuer, Altuntas and Semercioz 2017) .

Branson has dropped the school at the age of 16 and his interest in the business of the aircraft hot-air ballooning. It has faced many challenges during his life around the world and across the Atlantic for sailing. It has founded many virgin companies which includes the Virgin Group, Virgin Records.

Experiences

He has brought the many experiences from the various innovations in order to get the knowledge about the companies. He has struggled in his life for the achievements in the future which lead to success. He is now recently the co-founder and the CEO of Tesla company which deals in the motor electric vehicles (Albort-Morant and Ribeiro-Soriano 2016) . His interest in the computer field helps in achieving towards its goals for the future.

He has the experiences in the various sectors which includes the music industry and space tourism that makes him a billionaire. It is also known for the adventurous spirit and sports achievements. Further, he has the experience in the crossing of the oceans that includes the hot air balloon.

D3 Analyse the characteristics traits, skills and motivational drivers of successful entrepreneurs & entrepreneurship

Every entrepreneur has different traits, skills and characteristics. To become successful entrepreneur one must have-

Traits- Experimentalist

Characteristics- Problem solving

Skills- Motivator

Above are some of the skills, traits and characteristics that every entrepreneur possesses.

D4 Critically evaluate how background & experience influences entrepreneur's, both positive and negative, comparing and contrasting them

Background and experience affects the entrepreneurs at depth both in negative and positive way. Because in positive background comes from friends and family whereas in negative experience comes from what entrepreneur has gone through in the past. 

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CONCLUSION

In the above description, it can be concluded as the micro and small scale businesses plays a very important role in growing the business. These businesses has the better job opportunities that fulfil the needs of the customers in order to gain the productivity and profitability. It could generate more revenue to increase the profit in the near future. Moreover, it encourages the people for the job creation that lead to develop in the market. The huge impact on the social economy. It provides the knowledge and skills for the employees in the start-up company. These companies are the establishing company which enhances the future growth. In addition to this, start-up company provides the GDP which grows for the development in the society. New technologies and innovations are determined by the employees from existing product to the new products and services.

Read Also :- Managing Diverse and Inclusive Workspace

 

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