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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT

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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT

 

Introduction

Entrepreneurship is the process of self-employing in any kind of business. It involves the activities, which can identify several prospects in the economic system. An entrepreneur has the ability and willingness to seek for investment opportunities for running the enterprise. This assignment describes about the types of entrepreneurship, what roles and responsibilities does an entrepreneur have, what qualities should a good entrepreneur have to run a successful business and even about the role of micro and small businesses in the economy. It also describes if the entrepreneurs are born or are they made. Through this assignment, the learner will have an in depth knowledge about different entrepreneurship (Barringer, 2012). 

Part 1

P1. Brief Introduction to the report by examination of different types of entrepreneurship and how do they relate to different typology with entrepreneurship.

Entrepreneurship is nothing but self-employing. An entrepreneur should have innovative ideas and should plan proper strategies to implement those ideas. The process of entrepreneurship also involves decision-making and forecasting. To start any business, entrepreneur has to find sources for financing the business and then earn profits from the business deals. The entrepreneurs have come up with a lot of new business ideas which has developed different types of entrepreneurial ventures (Drucker, 2014). The type of entrepreneurship can divided under many bases. Based on the type of business occupation, there are five types of entrepreneurship as given below-

        i.        Business Entrepreneurs- These types of entrepreneurs are those individuals who develop new ideas for a particular product or service. After that they try to convert their idea into materialistic business by means of developing new business opportunities. The entrepreneurs seek for resources to run their business and production. The size of their entrepreneurial business venture can be big or mall. Mostly the size of all the ventures is small and the owners are called the small business entrepreneurs. Example, advertising agency, tour and travel agency, confectionery, ready-made garments, textile processing house, etc. These small business enterprises have flourished in the manufacturing business and have significantly contributed towards the economy.

       ii.        Trading entrepreneurs- The trading entrepreneurs do not involve in the business of manufacturing good and services, they are concerned with the trading. They identify the potential market and create the demand for their products amongst the customers. The buyers become interested to purchase their products. Trading entrepreneurs are involved in both the national and international trade (Colquitt, Lepine & Wesson, 2011).

      iii.        Industrial Entrepreneur- The industrial entrepreneurs are those who specifically manufacture goods and services according the customer needs. These entrepreneurs are product-oriented who start their ventures with the thought of producing new products. The industrial entrepreneurs have the capability to convert the economic resources into a profitable venture with the help of technology. Example- textile units, machine tool manufacturers, electronic industry, etc. 

     iv.         Corporate Entrepreneur- These types of entrepreneurs are the ones who manage corporate undertakings and demonstrate their innovative skills. the corporate undertaking are those ventures which are registered under specific regulatory Act to run as a separate legal entity. The corporate entrepreneurs have to make sure that they run their business according to the rules and regulations under which their company is registered.

       v.        Agricultural Entrepreneurs- The agricultural entrepreneurs take up business activities of agriculture. They produce and market the agricultural crops, fertilizers and other such products related to agriculture. They use the method of irrigation and utilize the technology for dry land to increase the productivity of the agricultural sector (Goffee and Scase, 2015).

All the entrepreneurs of different entrepreneurial ventures study the market and the behaviour of their prospective customers. They analyse the products and are always ready to take calculated risks. The main in every business is to run successfully by providing effective service and qualitative products to the customers.           

P2. The similarities and dissimilarities between types of entrepreneurial ventures and roles, characteristic and objectives of different types of ventures

There are certain similarities between the above-mentioned types of entrepreneurial ventures. The most common thing between all the entrepreneurs is that they are risk takers. Every business involves some amount of unavoidable risks. The entrepreneurs have the ability to convert their innovative ideas into realistic work. When they try to allocate their resources or when they try to take up any new manufacturing decision, or in any other situation, there are risks involved, which the entrepreneurs are ready to take. The entrepreneurs have the capability to manage their finances from the very beginning of their business process. They know which product would give them the maximum return and which will not. All types of entrepreneurial ventures aim at satisfying their customers. They spend time in doing proper market research and they try to study the behaviour of the customers. This helps them to provide the right kind of product and services to the customers (Bridge and O'Neill, 2012). All the entrepreneurs formulate plan for every types of situations and follow it so that the entire organization runs in a systematic way.  The micro, small and medium sized entrepreneurial ventures are mainly established to focus on the customers largely. The customer base for these kinds of ventures is huge and these customers have trust on these small sized enterprises. The gestation period of micro, small and medium sized firm is shorter than the big established ventures as the customers happen to do repeat purchases very frequently. These enterprises do not need to research for days and formulate plans to adapt to any economic variations in the market. They can modify their products and services accordingly the needs of their regular customers easily. The mode of working is also very simplified and these ventures try to maintain good relations with their customers (Jaskiewicz, Combs and Rau, 2015, p.33).

P3. Impact of micro and small business on the economy

Independent owners own the micro and small sized businesses. The entrepreneurs of these enterprises use their innovative ideas and produce products that their customers require. Customization of the products and services makes the customer trust the seller and make repeat purchases. These enterprises in recent years have contributed immensely towards the GDP of the economy. It has created a lot job opportunities, given the chance to many youngsters who have different business ideas and has eradicated the unemployment problem in most of the countries. The employees who are hired by these enterprises do not receive huge amount of salary. The job guarantee is also not as high like the large business enterprises (Thurik, Stam and Audretsch, 2013, p.308). The employees may have a fluctuating salary structure, which most of them would not prefer. These enterprises focus on training their employees and make them ready for any business situation. They make sure each of their employees know how to handle the customers, understand their needs and provide them the right product and service. The economy has received a lot of new business ideas, new types of products and services, potential employees and trading business from these enterprises. These enterprises have changed the income dynamics and have created wealth in many countries. It has created 26 million jobs in US and 24.3 million jobs in UK. It adds tremendously towards the Gross Value Added (GVA). There are some of the small and micro business firms which have brought international trading deals to their country, hence creating business worth millions dollars (Martin, McNally and Kay, 2013, p.220).

P4. Importance of small business start-ups on the growth of the social economy

The social economy comprises of the people of the community, charitable institution, social enterprises and non-governmental organizations of the economy. The small business start-ups are established with the aim to create a good impact on the people with their innovative business ideas. They do not try to compete with the large companies but they try to deliver the product and services in a better way. They understand the needs of the customer closely and provide them their desire products and services at a reasonable rate (Santos, 2012, p.337). The customers have started having faith in these small business start-ups and they prefer purchasing from them. Today, the big companies like Silicon Valley, Tesla, Nike, Microsoft, McDonald's, etc. also started as a small business start-ups. They also focused at providing customers with their high quality products at lower price compared to the larger companies. These start-ups have not only given job opportunities to millions of youth in different countries, but they have also trained them in a professional manner so that some of those are able to expand the business, which would bring job opportunity to more people. The problem of unemployment has been removed by SMEs in some of the countries like UK, US, Geneva, etc. The large companies have also appreciated the emergence of such small-sized business firms. These firms have also helped to reduce the workload of large enterprises by taking up outsourcing work contracts with them. This gives both the type of companies the benefit to earn more income (Klein, et al. 2010, p.13). Though these small business start-ups have created job opportunities, provided the economy billions of business and has contributed towards solving the problem of poverty in most of the countries, most of these enterprises have not yet shown any interest in the CSR practices. The large companies voluntarily develop CSR strategies and they keep practicing it often. The business performance of the SMEs is tremendous, but they should also consider taking up some of the CSR programmes to contribute towards the community in a better way.



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