Entrepreneurship and small business management assignment sample
Introduction - Entrepreneurship and small business management
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In this report, there will be a brief classification of the different entrepreneurship ventures. Entrepreneurship is the activity or systematic process of setting up a new business or start-up with new ideas and innovations will be defined. The similarities and differences between different ventures will also described. The impact of the small, medium and large businesses on the economy is highlighted that how they help in the growth of the country economy will be discussed. The objective of this report is to have knowledge about the ventures and how they help in generating employment will define in this report.
Task1.
Entrepreneurship- Entrepreneurship defines how an entrepreneur does research in the market about the new opportunities and then captures the best one and tries to convert that opportunity by starting a new business or start-up. They focus on finding out the new ideas and innovation which can give the society, world something new which adds on something good in the life of the people.
Different kinds of entrepreneurial ventures-
Small business entrepreneurship - The small business are those businesses which are started with a small number of funds and the resources. The level of risk is low as compared to the big firms as the amount of the investment is low in small business.
The small business includes sole proprietors and partnership firms. Business ethics and principles of entrepreneurship can be easily learned from the small business enterprise (Morris et al, 2018).
Scalable Start-up Entrepreneurship - The Scalable start-up focus on more innovative ideas, which can be easily scalable which will give them a high level of profit and high growth. In this type of scalable start-up, the entrepreneur focuses on such innovative ideas which can give them a new way to the industries growth.
Large Company Entrepreneurship -This type of venture comes up with a huge amount of investment in the business, they are ready to take a high level of risk as they have ready to invest a huge amount of money in their business. The large company focuses on adopting innovation and try to invest in the new products with the help of the new innovative ideas.
Social entrepreneurship - This type of ventures come up with the idea and products which focus on solving the problems of the social, culture, and environment issue which are faced by the common people's. The entrepreneur before starting the venture they do a brief analysis of the outside world problems (Bertoni et al, 2019).
The relation of the typology of entrepreneurship with the different ventures
In every type of venture the entrepreneur wants to find out the unfulfilled requirements of the market, they all want to capture the market or to start their business with those needs and wants which is not able to meet till that time.
All venture entrepreneurs try to survive in such a harsh competitive market by doing better research about their existing customers and about the capable new customer whom they can attract towards their new products.
Every entrepreneur wants to gain a good profit and market share by carrying out the best products and services which can serve their targeted customers (Margiono et al, 2018).
Similarities and differences of different entrepreneurship ventures:
Similarities:
To get a return -Different ventures have a different motive for opening their business but they all have one common motive is to earn a high profit from their investment which they have made in their ventures. As no venture can survive without revenue.
To come up with innovation- Every venture whenever they want to enter the new or existing market they always try to come up with innovation or idea which is not be exist in the market.
Success and Failure - This is another similarity between the ventures that either they can get success or get failure in their business, as it is not there like small business will get only success and large business will get failed, it is common for all the ventures nothing is fixed (Basole et al, 2018).
Differences:
The purpose is different- The purpose of every venture is different, as everyone comes up with different ideas and innovations and according to that their purpose of opening business is different, some come up with the motive of solving problems of the environment.
Way of working- The way of working is different for every venture, their policies, organizational culture, belief are different from others, and no one follows the same procedure for carrying out the daily work and for handling their resources.
Workload- The workload is different in every venture as in small organizations they have less amount of investment and fewer employees and their tasks are limited so their workload will be less as compared to the large organization where they have huge investment and a lot of tasks to do.
Amount of investment - The amount of investment in terms of money is different in every venture (Crespo et al, 2018). Every venture can't generate or raise the same amount of funds for starting up their own business.
The understanding of entrepreneurship in both the public and corporate sectors:
Public Sector- The public organization are those where all the control over the organization is of the government only, they are the only ones who take the various decision for the organization that how they have to run it. There is no enrolment of the private sector people on the public organization. They have a big amount of investment in their projects as compared to the private sector (Demircioglu & Audretsch, 2017).
Corporate Sector - The Corporate sector organization is owned and run by the sole proprietors or group of people in the form of a partnership firm. They come up with new ideas and innovations most of the time to serve their customer something better and unique all the time. The amount of investment maybe not that big as compared to the public sector (Morgan, 2016).
Scope, development, and growth of ventures' relationship with the typology of entrepreneurship:
Achieve goals - Every type of venture is started with the scope of achieving their goals and objectives for which they have been started their business. Either it is a public, private and social enterprise every venture comes up with new ideas and innovation.
Focus on the task-Every venture focuses on completing their task for which they have been started their business. As social enterprises, the main task is to provide those goods and services which can solve the problems of the environment for which they established.
Forecasting - Before starting the ventures every entrepreneur set their visions where they want to achieve with their business for that they do proper forecasting of the future market and the outcomes which they can get through their work process.
Appropriate use of resources - No business can run without the use of the resources, they all need machines, humans, funds, etc (Bird & Schjoedt, 2017). For the successful implementation of their ideas into reality. With the proper utilization of the resources effectively every venture can complete their task on time and able to achieve what they want to.
Impact of micro and small business on the economy:
Both types of business have a great impact on the economy of the country, as they both contribute a great level of input in the growth of the country's economy by circulating the flow of money, goods, and services throughout the country. When new products, ideas, and innovations are been introduce in any country which helps in the growth.
In the current scenario, monthly or yearly many micro and small businesses are opening in the country which comes up with the idea of providing the goods and services in those remote areas where things are scarce. With the opening of such business in the local, regional or national level they improve the working condition (Aguilera et al, 2018).
Micro and Small business established with the scope of earning profit by doing trading in the market which generates the income for the government of the country in the form of the taxes which will be paid by them, as when there is a good flow of money in the country then the economic condition of the country will be improved which have a good impact on it.
Importance of small businesses and business start-ups to the growth of the social economy:
Generating employment- Small and start-up businesses have a great role in generating employment in the country by hiring new people for the functioning of their daily operations. As noticed the start-up in Hong Kong plays a key role in generating employment in the high ratio which gives works to the needy ones.
Launch of New Technology- When new small businesses or start-up establish they always come up with new products or services and technologies which will help the society to make their living more comfortable by providing them those machines, goods.
Boost up the economy- Boosting up the economy of the country the small and start-up businesses show up their great contribution in by creating new jobs, by solving problems or issues of the society and by improving the living of standard of the people of Hong Kong which directly contribute in the boosting of the economy (Klofsten et al, 2019).
Circulates the flow of money- The economy of the country also depends on the flow of money in the country that how financially a country is strong. When new small and start-up businesses are open they generate money in the market by doing trading which means buying and selling of goods and services.
Differences a Small, medium and large businesses make in the economy:
Small Business- The small businesses are opened at a small level. They are opened in the local area where the owner of the small business lives. Their motive to open such a business is to support their living. In the small business, the amount of the investment is very small as compared to the other types of businesses.
Medium Business- Medium business also has an impact on the economy as when new medium-size (Parrilli & Radicic, 2020). Businesses open they generate more amount of employment as compared to small businesses. They also come up with the products and services which will help in generating money.
Large business- Large businesses make more good impact on the economy as compared to small and medium-sized businesses. They create a large number of employments in the country which reduces the ratio of unemployment which boosts up the economy of the country. Large businesses create new ideas and innovation which help in the solving of the problems of society (Olayemi & Bolanle, 2020).
Critically evaluation of the Impact of small businesses on the various level of the economy:
The various level of the economy is local, regional and national:
Local Level Economy- Small businesses have a good impact on the local economy as by establishing a business in such areas they bring new products and services in the local areas where nothing was available. They give employment to the local peoples. With the help of the small businesses, they give growth to the rural areas where good products and services were not available. They also help in the local government earnings in the form of taxes.
Regional Level Economy- The regional level economy is classified in the form of geographical area. The various small businesses are opened in the different regional areas of the country. The different regions have their unique demands of products (Roos Lindgreen et al, 2019). and services which they need and small business help them by providing them what they need and they also contribute the small in creating jobs for the people. They somehow solve the problems of society by giving innovative products and services.
National Level Economy- Small businesses also help in the growth of the economy at the national level. By increasing the growth of both the rural and urban areas they contribute to the national economy as it is linked with both this areas. When help in developing the infrastructure of the country which contributes to the growth of the national economy. They generate employment at a high level and they also give employment to both skilled and unskilled peoples in the businesses (Martin & Sunley, 2020).
Conclusion:
From the above report it can be concluded that entrepreneurship are highlighted which explain its types of ventures, how small, medium, and large businesses impact the economy. There are different types of characteristics and skills of successful entrepreneurs which help them in success of their business. The findings from this report are that nowadays various types of small business are opening which give the boost to the economy of the country. The entrepreneurs come up with innovations that improve the living standard of the people.
Task 2
Proper Planning- Successful entrepreneurs believe in proper planning and making a good outline of their business.
Passion Towards work- Successful entrepreneurs are always passionate about the work that they want to do.
Clear Vision- Every successful entrepreneur has a clear vision that describes the purpose
Focusing on the Weaknesses- The successful entrepreneurs focus on their weakness also that what they don't know (Baqutayan, 2016).
Good Communication Skills- the Successful Entrepreneurs have good communication skills as it is very important for every entrepreneur.
Management Skills- Management skills are very important in the field of business.
Creative Thinking- This differentiate them from another business manager as they have the capabilities to find out the creative solution of the problems (Almahry et al, 2018).
Passionate- These personalities of the entrepreneurs have a good impact on their mindset and their motivation.
Dynamic- The entrepreneurs with dynamic personalities are always ready to adopt the new changes.
Always ready to face problems and issues- The entrepreneurs with these personalities are always ready to face problems (Chavez, 2016).
Always motivated- They have a clear mindset for their work, which helps them to achieve their desired goals.
Optimistic - Ready to accept the changes which may occur in the environment.
Opportunity capture- they do proper research of the market and always ready to see and capture the good opportunities (Davis et al, 2017).
Ineffective planning- Most of the time the entrepreneurs are not able to make the proper planning.
Improper management skills- are not always so effective that they can manage the tasks or works properly.
Lack effective communication- They are sometimes not able to communicate their thoughts properly to their team members (Fodor & Pintea, 2017).
Improve work efficiency- it helps them to do their work and build up their business in a very effective way and manner.
Systematic way of work builds in them.
Always motivate to deal different situations while dealing and working with others (Clark et al, 2018).
Foster:
Positive impact on business growth and success.
Generate good idea and implementation throughout their business cycle.
Hinder:
Always not come with good implementation of their new idea in the business.
No sure chances of success all the time they start business(Tarling et al, 2016).
Passionate towards work and idea which they think and they work for them with full passion to achieve something.
Past learnings- Teach them something all the time which help them in future.
Flexibility- flexible with their work environment and always ready to adopt the changes this link with their experience (Lee & Kim, 2019).
Positive impact:
To start something new by seeing the outside world.
High self-confidence which help them to lead others.
Negative impact:
Poor knowledge of the past experience affect the business.
Over confident leads them to take wrong decisions in the hurry which can cause the loss of their business and their growth (Nguyen, 2018).
From the above presentation it can conclude that Entrepreneurial Skills impact their business and their personality reflect what they know and various positive or negative arguments tells a lot about them and their background and experience also have linkage with their business success and growth and their decisions which they take.
References
Aguilera, R, Kim, C,J, and Lee, K,S, 2018, 'The Impact of Micro-Enterprises in Business Situations: A Comparison between Mexico and Korea', Journal of International Trade & Commerce, 14(3), pp.119-134.
Basole, R,C, Park, H, and Chao, R,O, 2018, 'Visual analysis of venture similarity in entrepreneurial ecosystems', IEEE Transactions on Engineering Management, 66(4), pp.568-582.
Bertoni, F, Martí, J, and Reverte, C, 2019, 'The impact of government-supported participative loans on the growth of entrepreneurial ventures', Research Policy, 48(1), pp.371-384.
Bird, B, and Schjoedt, L, 2017, 'Entrepreneurial behavior: Its nature, scope, recent research, and agenda for future research', In Revisiting the entrepreneurial mind (pp. 379-409). Springer, Cham.
Crespo, N,F, Belchior, R, and Costa, E,B, 2018, 'Exploring individual differences in the relationship between entrepreneurial self-efficacy and intentions', Journal of Small Business and Enterprise Development.
Demircioglu, M,A, and Audretsch, D,B, 2017, 'Conditions for innovation in public sector organizations', Research policy, 46(9), pp.1681-1691.
Klofsten, M, Fayolle, A, Guerrero, M, Mian, S, Urbano, D, and Wright, M, 2019, 'The entrepreneurial university as driver for economic growth and social change-Key strategic challenges', Technological Forecasting and Social Change, 141, pp.149-158.
Margiono, A, Zolin, R, and Chang, A, 2018, 'A typology of social venture business model configurations', International Journal of Entrepreneurial Behavior & Research.
Martin, R, and Sunley, P, 2020, 'Regional economic resilience: evolution and evaluation', In Handbook on Regional Economic Resilience. Edward Elgar Publishing.
Morgan, R, Ensor, T, and Waters, H, 2016, 'Performance of private sector health care: implications for universal health coverage', The Lancet, 388(10044), pp.606-612.
Morris, M,H, Neumeyer, X, Jang, Y, and Kuratko, D,F, 2018, 'Distinguishing types of entrepreneurial ventures: An identity?based perspective', Journal of Small Business Management, 56(3), pp.453-474.
Olayemi, S,O,O, and Bolanle, A,O, 2020, 'Performance of Small and Medium Enterprises in Ondo State, Nigeria: Does Application of Information and Communication Technology Make a Difference?', INTERNATIONAL JOURNAL OF ACADEMIC RESEARCH IN BUSINESS AND SOCIAL SCIENCES, 10(3), pp.749-760.
Parrilli, M,D, and Radicic, D, 2020, 'STI and DUI innovation modes in micro-, small-, medium-and large-sized firms: distinctive patterns across Europe and the US', European Planning Studies, pp.1-23.
Roos Lindgreen, E, Salomone, R, and Reyes, T, 2020, 'A Critical Review of Academic Approaches, Methods and Tools to Assess Circular Economy at the Micro Level', Sustainability, 12(12), p.4973.
