Entrepreneurship And Small Business Management GSM London College

Introduction

It can be said that entrepreneurship and small business management plays an important and vital role in order to develop domestic market that helps to increase economic advantage for particular nation effectively (Wright and Stigliani, 2013). The report will cover different types of entrepreneurial ventures and how they relate to the typology (different types) of entrepreneurship. In addition to this, the similarities and differences between each f entrepreneurial ventures and considering the roles, characteristics and Objectives of different types of ventures: private; public; social enterprises - as well as different sized ventures: micro; small; medium will be discussed in this report. The report will also demonstrate and present relevant data and statistic to illustrate the impact micro and small business have on the economy. Finally, the report will cover the importance that small businesses and business start-ups on the growth of the social economy.

Part1 1

P1. Types of entrepreneurial ventures and their relation with typologies

Entrepreneurship: Entrepreneurship is an process of building something new of value by devoting the necessary time and efforts. Entrepreneur venture make efforts to accepting and acknowledging the necessary financial, psychological and social risk within the business in order to meet their desired entrepreneurial goals and objectives (Trimi and Berbegal-Mirabent, 2012). It is a process of creating something new value and assuming the risk and rewards within entrepreneurial venture. In addition, entrepreneur is an individual who is dedicated to execution of such activities and leading their own business and nature them for growing and prosperity of business. They are entitled to creating the changes by identifying appropriate opportunities which make differences from other organisations which are operating in current market.

Intrepreneur: An intrepreneur is a person who behaves like an entrepreneur whilst being employed. Intrepreneurs are usually encourages to develop their ideas into a workable product by the companies they work for (Schaper, 2016). Like an entrepreneur, an intrepreneur is motivated, creative, and able to think outside of the box.

The difference between entrepreneurs and intrapreneur are provided below:

Basis

Entrepreneur

Intrapreneur

Meaning

Refers to an individual who establish own business.

Employee in a company who is responsible for undertaking innovation.

Approach

Intuitive

Restorative

Resources

Utilise own resources

Company provide resources

Risk

Borne by him

Borne by company

Enterprise

Newly established

Existing one

Dependency

Independent

Dependent

Works for

Developing own market position

Transformation and redesigning organisational system

Capital

Raised by him

Financed by company


Different types of entrepreneur:

Small business entrepreneur: Small business entrepreneur are those who pick up short ideas by which they can develop short form of products and services by which they can attain short terms business objectives efficiently. Small business operates their business functioning for gaining short terms financial goals.

Large business entrepreneurs: Large business entrepreneur have goals and objectives to introducing large kinds of products and services who has potential to make differences between existing same types of goods in marketplace. They mostly utilised approaches to implementation of innovation within core business products and gaining wide range of profitability. Large scale of business entrepreneur taking initiatives for making innovation within existing products and through large amount of products, gaining high range of profitability (Morris, 2015).

Social business entrepreneur: These are those entrepreneurs, who work for social welfare program in order to generating sufficient amount of success by provision of effective social welfare products. It has examined that, social business entrepreneur works for furnishing products and services by which communities development can be executed within societal environmental efficiently. Social entrepreneur introduce variety of services at free of cost and they contain aim for earning non-profitability.

Scalable business entrepreneur: Scalable entrepreneur ventures are those who work for coming up into market by introducing totally different innovative products and services which conduct characteristic antithetic from existing products in the marketplace. So they have major aim to introducing unique product and services for earning large amount of profitability or containing desired to changing the world by their different innovative ideas. Scalable entrepreneur are increasing broad level in the country (Moroz and Hindle, 2012).

  • Corporate Entrepreneurs: These entrepreneurs worked in order to establish their own corporation in future. For example, these types of entrepreneurs worked in large scale corporate sector organisation (Estrin, Mickiewicz and Stephan, 2013).
  • Public entrepreneur: These entrepreneurs worked under government and provide products and services to the public as per government.
  • Private entrepreneur: These entrepreneurs can be found in sole business, partnership or joint venture. The main motive is to earn profits and revenue.
  • Academic Entrepreneur: These are university scientist, most often a professor, sometimes a PhD student or a post-doc researcher, who sets up a business company in order to commercialize the results of his/her research.

P2. Similarities and differences between entrepreneurial ventures

Different types of entrepreneurial ventures are running in the nation which is operating their business functionalities within particular industries of the nation. They have different types of characteristics and differences which is as following:

Differences

Small scale ventures

Large scale ventures

· The role of small scale ventures or organization is to provide products and services to limited number of target customers.

· The objective of small business enterprises is to earn revenue by retaining their target markets.

· These are considered as small ventures as they have limited paid up capital and employees

· Small business entrepreneur is generally operating their business operational activities for earning small amount of money for sustainable life.

· Small types of entrepreneur business is not following uniform structure for running its various business functionalities within the industry. They chose random approach to completion of business tasks within short time period.

· Small types of entrepreneur has very few volumes of employees who does not require to possessing extra expertise. Employees of small business require to having less knowledge than large business's employees (Kirzner, 2015).

· Small business organisations are not following specific types of working culture on which the firm can get success. Small businesses contain huge risk upon its various decision making process,

· The role of large scale ventures and organisations is to provide products and services to large target markets and to enhance the national economy of the country.

· The objective of large scale ventures is to keep on enlarging their target market to become market leader.

· These are considered large scale ventures due to enormous paid up capital invested by the management, large number of employees and market share.

· Large business entrepreneur operate their operational activities by earning large amount of profitability and revenue generation from the marketplace.

· Small scale of business have particular approaches and strategies to following the way of completion of various business tasks within the business environment in order to completion of business tasks on time (Landes, Mokyr and Baumol, 2012).

· Large business have wide numbers of employees at workplace for completion of various types of business activities in industry in respective manner.

· Large scale of businesses are following specific types of culture at workplace while performing various tasks of the business activities.

 

Social entrepreneur venture

Scalable entrepreneur venture

· Social entrepreneur venture is different from all other entrepreneur ventures. The role of these venture is to provide welfare services to the communities and societies.

· Social entrepreneur venture works for developing social welfare services and products by which development program and campaign can be carried out by social bodies.

· Social entrepreneur does not work for earning profitability and generating revenue (Estrin, Mickiewicz and Stephan, 2013).

· This type of entrepreneur does not require to having wide range of expertise within its employees in order to provision of social care services. They only need to hire voluntary works for completion various business functionalities.

· The role of scalable entrepreneurial ventures is to provide innovative and unique products according to the needs of customers.

· Scalable entrepreneur venture works for developing innovative and unique products and services for resolving short terms and long terms issues of peoples in society.

· Scalable business is running for earning profit and productivity for the business in terms of gaining sustainable development in competitive world.

· Scalable business entrepreneur require to expertise and skilled employees in case of improvement of new or innovative invention within products and services.

 

Similarities

Large scale organisation

Small entrepreneur venture

· Large organisation works for delivering unique and core business products and facilities for earning high volume of prof

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