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Entrepreneurship and Small business Management
Table of Contents
In this rapidly changeable business environment, all small and large organizations continuously struggle to improve their performance efficiency through the support of positive entrepreneurial skills. In the small business process, entrepreneurship is operated interchangeably. 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 a business manager. this study can develop a strategic dimension for small business to gain long term sustainability.
Various types of entrepreneurial ventures and its interrelation with the typology of entrepreneurship
In this modernized business process, the small business organization has enhanced positive entrepreneurship chunk to foster standard performance at all levels. As per the case scenario, Richard Branson has suggested the best tactical way in regards to a successful business. As per his comment, entrepreneurship is required to recognize the gap in the production and marketing strategy within the organization. It is required for both small and large scale business process. This report enlightens the different entrepreneurship ventures and their range within the public and corporate business process.
Types of entrepreneurial ventures
To understand the in-depth view of this conception, a different type of entrepreneurial ventures need to be recognized.
Figure 1: Entrepreneurial ventures
(Source: Morris, 2015)
Start-up business is a primitive field, where the entrepreneurial implication is required to create a positive mindset in regards to sustainable performance. According to Bruhn et al., (2018), entrepreneurs of start-up businesses should have a clear understanding of business vision within a changed as well as a transformed market. During start-up, entrepreneurs are taking the support of external financial investors for developing the business venture in a precise way. It has been visualized that often entrepreneurs are taking the support of merger & acquisition with other small companies to strengthen their business stability in a competitive market. On this scale, entrepreneurs are facing difficulties while the incorporated business solution has no surety to tackle different consequences. Therefore, the explicit decision can hamper the growth as well as the performance of such start-up companies.
Entrepreneurship of small scale business
It has been visualized 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 the UK. On this scale, over 99% of businesses are small as well as medium-sized businesses. Also, it has been reported that 33% of employment and 22% turnover is accounted for by the micro-businesses (files.parliament.UK, 2018). Among 5.4 million micro-businesses, the employment rate also dependent on their performance (Dilworth, 2017).
Figure 2: Share of Enterprises in the UK
(Source: files. parliament.UK, 2018)
In this case, entrepreneurs are hiring employees from a local place. Entrepreneurs primarily do 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 teamwork.
In this business case, entrepreneurship strategy is prioritized on solving social problems. As per the opinion of Bruton et al. (2015), entrepreneurs are applying such skills through understanding the possible changes within the social perimeter. This type of business is operated as a nonprofit business but they are supportive to make a positive environment for the hybrid companies, who want to make a sustainable profit. In this case, the managerial aim has been structured to make a 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 the health care sector. The act of patenting medical innovation for sustaining long term success. Therefore, entrepreneurs want to maintain a competitive position in this market. The theories are applied here for evolving new technologies as per the current trend of consumers. Business change cannot sustain long. Hence, they need innovation or disruptive innovation has been taken by entrepreneurs due to rapid changes in consumer trends.
The interrelation of entrepreneurial typologies with mentioned ventures
As per the viewpoint of Burns (2016), typologies can be utilized for understanding the relationship between type as well as the subject. For entrepreneurs and small business managers, this relation can be recognized based on the choice of activities. For all types’ typologies are needs of the power, the need of achievements, and attitude to profits as well as decision-making style. In this scale, the entrepreneurship dimension is dependent on the level of self-concept, creativity, commitment as well as purpose. In terms of value, these typologies are required to be applied based on entrepreneurial characteristics. Therefore, the mentioned ventures have a positive link with the typologies to understand the way or method for marinating long term success. In this case, typologies are related to lifestyle entrepreneurship, corporate entrepreneurship, individual entrepreneurship, and social entrepreneurship. These typologies are required to create value within the incorporated business model of entrepreneurs. The individual is related to small and medium scale business and corporate is related to the large business process
In the current form of business, large-scale businesses are seeking money first; charities are seeking the impact on social parameters. 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 significant differences are visualized in individual and corporate entrepreneurship. According to Chen et al. (2017), for small-scale and start-up business processes, 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 an entrepreneurship venture but the entire ownership is under the 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 to their partners for making any decision for business purposes. However, corporate entrepreneurs can offer employees freedom regarding various opportunities. This type of venture is dependent on the venture rather than loss.
SME business process is dependent upon the
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