Small Business Management and Entrepreneurship

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

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.

P6 Analyse different entrepreneurs personality which reflect entrepreneur mindset and motivation

TASK 4

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