Unit 9: Entrepreneurship and Small Business Management (GC070)
Table of Contents
Introduction.
Task 1.
LO 1: Explore and illustrate the range of venture types that might be considered entrepreneurial
LO 2: Assess the impact of small businesses on the economy.
LO 3: Determine and assess the key aspects of an entrepreneurial mindset
LO 4: Examine the different environments that foster or hinder entrepreneurship.
Conclusion.
References.
Introduction
Entrepreneurship is the way to set up a business by considering different risks related to it such as financial or managerial. Entrepreneurial ventures can have different ownership structures and the entrepreneurs need to have certain skills and characteristics for the development and management of a business.
The experience and personal background can have a diverse effect on entrepreneurship that can foster or hinder a business. The study is going to focus on different types of entrepreneurial ventures, their effect on the economy. Apart from this, the skills and mindset needed to set up a business will be elaborated along with the ways experience and personal background can affect a start-up business.
I currently work for a small business consultancy firm that provides advice and support to small businesses and entrepreneurs under the local Council’s Central Government small business investment initiative. As part of the new initiative to spark off small business start-ups in and around London, I have been tasked with investigating different types of ventures and their impact upon the London economy.
LO 1: Explore and illustrate the range of venture types that might be considered entrepreneurial
P1 Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship
The entrepreneurial ventures are different in types as follows: Small business entrepreneurship: These type of startup businesses can only be run by the owners and the number of employees are very low. Along with this, the revenue generation is not much and these organizations continuously focusing on getting more clients and developing their products or services. This type of business can be run with family members and with friends as a partner. However, several small businesses are there that provide innovative products or services and grow exponentially (Drucker, 2014).
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Scalable startup entrepreneurship: These types of businesses start a business with innovative ideas and focus on providing innovative products or services from the start. These types of entrepreneurs believe that their ideas can change the world and they search for investment from venture capitalists. These organizations look for the brightest minds for the business and they tend to set up a scalable business model.
Large company entrepreneurship: Large organizations have a finite life cycle and they focus on providing new products or services to the customers for sustainability and longevity of the business. The demand of the customers and trends are changing eventually along with competition, legislation that forced the large organization in disruptive innovation and create new products for an entirely new market. However, the large size of the organization makes disruptive innovation difficult.
Social entrepreneurship: This type of entrepreneurship focus on solving different social problems by delivering their products or services. These organizations focus on creating a better world for the people and can be for-profit, non-profit or hybrid (Scarborough, 2016).
P2 Explore the similarities and differences between entrepreneurial ventures
Lifestyle entrepreneurship:
An individual who creates a business not for the profit earning purpose rather for the purpose of altering lifestyle is called lifestyle entrepreneurship. Actually, a lifestyle entrepreneur focuses more on the life reward and sometimes in business he or she does good as he or she is doing as per his)her passion. Suppose, Elizabeth in EG Solution PLC is a lifestyle entrepreneur as she was conducting business with her passion………….
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