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Entrepreneurship and Small business Management
Table of Contents
In this rapid changeable business environment all small and large organisations constantly struggle to improve their performance efficiency through the support of positive entrepreneurial skills. In small business process, entrepreneurship is operated in a interchangeable way. This task discusses the small business case scenario, from the standpoint of different entrepreneurial ventures. Aspects of entrepreneurial characteristics are discussed through understanding its comparison with the skill of business manager. this study can develop a strategic dimension of small business in order to gain long term sustainability.
Various types of entrepreneurial ventures and its interrelation with the typology of entrepreneurship
In this modernised business process, small business organisation has enhanced positive entrepreneurship chunk to foster standard performance at all level. As per the case scenario, Richard Branson has suggested the best tactical way in regards to successful business. As per his comment, entrepreneurship is required to recognise the gap in the production and marketing strategy within the organisation. It is required for both small and large scale business process. This report enlightens the different entrepreneurships ventures and its range within public and corporate business process.
Types of entrepreneurial ventures
In order to understand the in-depth view of this conception, different type of entrepreneurial ventures need to be recognised.
Figure 1: Entrepreneurial ventures
(Source: Morris, 2015)
Start up business is primitive field, where entrepreneurial implication is required to crate positive mindset in regards to sustainable performance. According to Bruhn et al., (2018), entrepreneurs of start-up business should have the clear understanding of business vision within changed as well as transformed market. During start-up, entrepreneurs are taking support of external financial investor for developing the business venture in a precise way. It has been visualised that often entrepreneurs are taking support of merger & acquisition with other small companies to strengthen their business stability in competitive market. In this scale, entrepreneurs are facing difficulties while the incorporated business solution has no surety to tackle different consequences. Therefore, explicit decision can hamper the growth as well as performance of such start-up companies.
Entrepreneurship of small scale business
It has been visualised that, in the upcoming market environment in the UK, most of the business will take the form of small businesses. As per the report of 2017, 5.7 million businesses are operating in UK. In this scale, over 99% businesses are small as well as medium sized business. In addition, it has been also reported that 33% employment and 22% turnover is accounted by the micro-businesses (files.parliament.uk, 2018). Among 5.4 million micro businesses, employment rate also dependent on their performance (Dilworth, 2017).
Figure 2: Share of Enterprises in UK
(Source: files.parliament.uk, 2018)
In this case, entrepreneurs are hiring the employees from local place. Entrepreneurs primarily not have any ambition to build a business worth $100 million. They are primarily accelerating this business for enhancing internal profit through the collaboration of positive team work.
In this business case, entrepreneurship strategy is prioritised on solving the social problems. As per the opinion of Bruton et al. (2015), entrepreneurs are applying such skill through understanding the possible changes within social perimeter. This type of business is operated as non profit business but they are supportive to make positive environment for the hybrid companies, who want to make sustainable profit. In this case, managerial aim has been structured to make positive business environment rather than making maximum profit share.
Large scale entrepreneurship
Large scale entrepreneurship is considered as a part of corporate objectives. In this case, companies are trying to create innovation for sustaining long term success. Therefore, entrepreneurs want to maintain competitive position in this market. The theories are applied here for evolving new technologies as per the current trend of consumers. Change on business innovation or disruptive innovation has been taken by the entrepreneurs due to rapid change in consumer trend.
Interrelation of entrepreneurial typologies with mentioned ventures
As per the viewpoint of Burns (2016), typologies can be utilised for understanding the relationship between type as well as subject. For the entrepreneurs and small business managers, this relation can be recognised based on the choice of activities. For all types’ typologies are needs of power, need of achievements, and attitude to profits as well as decision making style. In this scale, entrepreneurship dimension is dependent on the level of self-concept, creativity, commitment as well as purpose. In terms of the value, these typologies are required to be applied based on entrepreneurial characteristics. Therefore, mentioned ventures has positive link with the typologies to understand the way or method for marinating long term success. In this case, typologies are related with lifestyle entrepreneurships, corporate entrepreneurships, individual entrepreneurship and social entrepreneurships. These typologies are required to create value within incorporated business model of entrepreneurs. Individual are related to small and medium scale business and corporate is related with the large business process
In the current form of business, large scale businesses are seeking money first; charities are seeking the impact on social parameter. As per the opinion of Cassar et al. (2015), social entrepreneurs want to maintain balance within the profit and external impact. Social entrepreneurship covers the direction of decision making strategy. Through understanding the typologies, it can be said that major differences are visualised in individual and corporate entrepreneurships. According to Chen et al. (2017), for small scale and start-up business process, individual entrepreneurship typology needs to be understood. In individual entrepreneurship, entrepreneurs involve local partners and often family members. However, personal risk status is relatively high in such entrepreneurship venture but the entire ownership is under control of the owner. On the other hand, Dees (2017) commented that corporate entrepreneurship is linked with the large business operation, where other associates are also involved. Therefore, entrepreneurs have to pay attention on the partners for making any decision on business purpose. However, corporate entrepreneurs can offer employee freedom in regards to various opportunities. This type of ventures is dependent on the ventures rather than loss.
SME business process is dependent upon the human capital rather .............
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