Entrepreneurship & Small Business Management Assignment Sample

Introduction Entrepreneurship And Small Business Management Assignment

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An entrepreneur is an individual who takes initiative to begin a business on their terms and by taking risks. They tend to create and survive in the business world on factors like taking risks and applying skilled management. Entrepreneurial ventures are business activities driven by the innovation and creativity of entrepreneurs taken up by their company. A person must be visionary, passionate, energetic, creative, and brave to be an entrepreneur. There are various types of entrepreneurs in the world, including coercive, revolutionary, and many more. Entrepreneurship is the venture taken by entrepreneurs with financial risks to achieve certain business goals.

Scope of Entrepreneurship:

Taking in mind the meaning of entrepreneurs and entrepreneurial ventures, the focus should now be made on the scope and types of entrepreneurship. There are quite a several entrepreneurs and here emphasis must be made on certain numbers of them. This determines an organisation's work culture, whether it is a big, medium, or small company.

• Small business entrepreneurship: This type of entrepreneurship is small in size with lesser capital accumulation and innovation is moderate here. We find this small venture majorly in developing nations, where profit is made to sustain basic requirements. The ventures are established by the entrepreneurs themselves with capital taken as loans. As capital flow is limited here, profit margins from the company are also marginal. This type of entrepreneurship can be classified as small stores, boutiques, and grocery shops. Handyman and Woodworker can be considered examples of small business entrepreneurships. (Julien, 2018).
• Large business entrepreneurship: Large business entrepreneurship is the opposite of the previous kind of entrepreneurship. Entrepreneurs here have a large capital flow, and with constant support from innovation, the profit margins of entrepreneurship are large as well. The executive and management teams here are heavily functional here. This type of business has a varied range of services that they provide to their customers. Entrepreneurship like Google and Microsoft can be considered under this category (Baier-Fuentes et al., 2019).
• Social Entrepreneurship: In this type of entrepreneurship, social issues are targeted and the entrepreneur works for the betterment of such issues. The company's production is primarily focused on addressing the social problem and the ultimate aim of this entrepreneurship is to recognise a social issue and to work for its eradication. Social issues can range from environmental or animal protection and the goals and outcomes of this entrepreneurship have a greater social meaning. Amul, a dairy company in India can be considered a social entrepreneur (Gupta et al., 2020).
• International Entrepreneurship: In this type of entrepreneurship the reach of the business is beyond any single nation. This business produces goods that not only have a domestic but also an international market, which results in heavy profit margins. Companies like Apple and Mcdonald's can be held under this one (Baier-Fuentes et al., 2019).
• Technological Entrepreneurship: Technological entrepreneurship results when entrepreneurship and technology get mixed. Technological entrepreneurship rises when an entrepreneur with creativity and innovation brings about goods from the company with heavy usage of technology. Technology forms the prime factor in the production process, and this type of business has a demand in this modern world. Entrepreneurs like Elon musk and Steve Jobs are large techno-entrepreneurs, and there are quite a lot of small, and medium enterprises that have traits of technological entrepreneurship.
• Corporate Entrepreneurship: Corporate entrepreneurship is a type of entrepreneurship that denotes the behavioural pattern of entrepreneurs that are found inside large organisations to manage the work. Inside the corporate world, the essence of entrepreneurial objectives can be found, space for innovation, creativity, risk-taking opportunities, flexible structure of the management which causes a liberal functioning of the company. Google and Reliance Industries can be considered the examples of corporate entrepreneurship. (Kreiser et al., 2021)

Entrepreneurial Ventures and Dissimilarities and Similarities:

Entrepreneurial ventures are the type of ventures that are undertaken by entrepreneurs or their organisations to achieve goals by deploying innovation and exploiting opportunities (Morris et al., 2018). Entrepreneurial ventures have characteristic features or traits, for instance, the venture must be carried by an entrepreneur who is ambitious, creative, eager to learn from mistakes, and ready to take financial risks. Four elements are required in an entrepreneurial venture, namely, people, opportunity, context, and deal. As there are different types of entrepreneurship, there are quite a several entrepreneurial ventures towards which emphasis must be given in this section. Ventures can be of various kinds namely, small, large, social, corporate, technological, environmental, hustler, scalable, and many more (Julien, 2018).

Dissimilarities:

There are heavy elements of differences between large and small entrepreneurial ventures. Firstly, large ventures have larger business plans than smaller ventures. The requirements of finance and resources are more in the larger ventures than the smaller or the scalable ones. The large entrepreneurs are always focusing and investing towards large investors and thus the production here is always more if compared with the smaller ones. The smaller business not only lacks in profit margin but also in innovation and creativity. Small ventures do not require a constant capital flow for growth like large ventures. Social entrepreneurial ventures are different from all types of ventures as their objective is something else. The main objective of the social entrepreneurial venture is to serve society or to address social issues and provide a way to solve them. Their products or goods do not solely revolve around profit and capital flow but have a social aspect to them. The organisational features of these social ventures are different from corporate or technological entrepreneurial ventures. Social ventures aim to establish social values and they do not carry business for profit only, unlike other ventures whose central aim is to achieve profit. Corporate entrepreneurial ventures lack freedom and financial risks as the companies follow strict rules and regulations, unlike other entrepreneurial ventures. Small, large, or social ventures have more autonomy in their functioning unlike corporate ones, whose entrepreneurial leaders are expected to follow guidelines. Technological ventures are different from others because they tend to depend heavily on technology. Technology becomes the central revolving factor here. Whereas in other ventures, technology can be used but they do not secure a prime position, around whom capital flow, profits, and resources will revolve (Morris et al., 2018).

Similarities:

However, despite having dissimilarities, there are elements of similarities between large and small entrepreneurial ventures. Both ventures have goals and aim to fulfill. To achieve certain goals, both ventures despite differences will undertake organisational targets. As both are entrepreneurial ventures, the products offered by them are unique and have a demand in the market. Innovation does play a role in both ventures. The similarities found in social, corporate, and technological ventures are the similar factors of innovation. Innovation forms a similar feature in all these ventures. The ground for creation and flexibility forms a similar factor. The knowledge of the market must be clear in every entrepreneur's mind irrespective of their ventures because ultimately every venture is directly targeted toward the market. The ability of the entrepreneurs to lead, guide, and direct teams under them is similar in all ventures. Managing funds, and directing them in the correct ways to achieve business goals are also done in similar ways by them from all ventures. The products found as a result of these ventures are all creative and unique in the market, which has a high demand (Tur-Porcar et al, 2018).

Factors contributing to entrepreneurial mindset:

Emphasis has been provided to factors like entrepreneurial skills, entrepreneurship, and differences and similarities between the ventures. However, to become an entrepreneur and have an entrepreneurial mindset, certain factors are required for such development. Entrepreneurship is a conglomeration of factors and criteria that play an important role in the making. Factors like family background, education, economic conditions, and lifestyle contribute to the development of entrepreneurs. Factor-like family background forms a prime feature of the development however, it does not signify the only cause. As education provides the basic ability to solve problems, entrepreneurs require it for their business purposes to solve strategically important issues. Through education, entrepreneurs from a very young age learn about the importance of setting up goals and their fulfillment which later in business helps them. Familial conditions are necessities for growth, as studies show 51.9% of all entrepreneurs have started their business ventures from home (Baier-Fuentes et al., 2019) . Education constitutes another important contributing factor that contributes to the development of entrepreneurs. If not all the majority of entrepreneurs have at least have bachelor's degree according to studies. Other technological social and corporate ventures might hold degrees of higher value. The cultural setup in which an entrepreneur grows also forms a base for the development of the entrepreneurial mindset. Liberal, innovative and creative background contributes to the growth of an entrepreneurial mindset. A lifestyle that propagates freedom, flexibility, and an autonomous learning environment nourishes the traits of entrepreneurship (Tur-Porcar et al., 2018).

Entrepreneurial Mindset: An entrepreneurial mindset is a set of skills that enable people to identify and make the most of opportunities, overcome and learn from setbacks, and succeed in a variety of settings. Being an entrepreneur is more than starting a business, it’s a way of thinking that can be applied to any opportunity or challenge. Check out these stories to see some of these entrepreneurial mindsets in action.

A positive attitude and outlook are a must for successful entrepreneurs. The mindset of the head of the company sets the tone for the rest of the company and influences corporate culture. Negative thoughts undermine forward motion and the progress of the company, not to mention the management’s ability to lead staff and motivate employees. Part of what gives entrepreneurs the fortitude to weather business downturns is positivity. Bill Gates is one of, if not the most successful entrepreneur of the 20th century. In just 25 years, he built a two-man operation into a multibillion-dollar colossus and made himself the richest man in the world. Bill generally loves to pursue knowledge and seeks a deeper understanding of the world. As an INTJ, Bill tends to be confident, analytical, and ambitious. Bill is likely an independent thinker focused on solving the world's problems. The true test of an entrepreneur has to be in developing something from almost nothing. Bill Gates fits into the definition of an entrepreneur, they are said to be achievement-oriented, someone who would work until the task is completed, and who is restless and does not fit into structured organizations.

Impact of Small and Medium Enterprises on the Economy:

Entrepreneurship provides a vast scope of job opportunities. By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic development. Entrepreneurship drives innovation in the economy. There are more than 5.7 million businesses in the UK, of which 99% are small to medium enterprises. Microbusiness includes less than 10 employees and an annual turnover of less than 2 million. A small business consists of less than 50 employees and an annual turnover of under 10 million. A medium-sized business will have less than 250 employees and an annual turnover of under 50 million(Brigi?, M. and Alibegovi?, S.Ð., 2019).

• Advantages: Micro businesses increase micro-businesses including solopreneurs, freelancers, side hustlers, and many business owners who operate out of a single location. Financing and marketing can be more of an issue for these businesses, though they tend to enjoy a closer relationship with customers and require less capital to operate day by day as young job seekers are looking forward to entrepreneurship. Small businesses include services or retail operations like grocery stores, medical stores, tradespeople, bakeries, and small manufacturing units. Turnover is the first tool to measure a place’s economy. Many small businesses operate locally and employ from near their locality to give them a chance. Coffee shops and eateries provide locals with places to socialize while boutiques and other small shops allow people with low mobility easier access to essential commodities. SMEs have the remarkable ability to enhance economic growth in the UK. They create many new job opportunities, drive the flow of innovation, and expand economic growth. SMEs also increase the competition amongst their peers and heat the market scenario. This continuous struggle for supremacy brings out the best in a business. This triggers a win-win situation for both provider and the consumer. This increases aggregate productivity as well as economy-wide efficiency. In recent years, SMEs have enhanced a higher financial growth rate compared to the global industrial sector. The major advantage of the SME sector is its potential to generate employment at low capital expenditure. There is a big connection between the various levels of poverty, hunger, and economic well-being of society and the general condition of various SMEs in the country. In the UK SMEs are a large proportion of all businesses in the country. In the UK over 90% of SMEs improve their employment rate. When large enterprises cut down jobs, SMEs keep developing and creating more jobs. SMEs adapt fast to the dynamic business world by switching to e-commerce and online transaction of goods and services. The advancement in technology has not only eased out the process of selling and buying, but it has also helped entrepreneurs to cut costs on advertising and marketing too. The various e-commerce platforms make life easy for SMEs. SMEs created a vital role in economic growth as well as in e-commerce (Guven, B., 2020.).

• Disadvantages: Though SMEs enhance the economy of the UK there are some disadvantages. SMEs generate competition and encourage further innovation across a range of various industries. They provide the economy with a healthy supply of new skills and ideas and make the marketplace more competitive. SMEs do not have the financial power that large companies have. For this reason, they will usually need external financing, which will also be more limited and in worse conditions, without the ability to access financial instruments available to large corporations, such as listing on stock markets, capital increases, etc. If a small business is not able to finance it will be a problem for the UK. As the UK has a large number of businesses, the task of reaching its customers can be very hard for an SME. The financial power of large companies allows them to make themselves known through mass media by advertising, but for small and medium companies, reaching a significant number of customers can be a task that requires years of effort. In addition, being less well-known than their larger competitors, SMEs may find it more challenging to convey to their customers the security that a large company can offer them. Also, they have to meet their competitive edge. SMEs can lack in the country in technologies. In the UK customers face difficulties in bargaining. SMEs usually offer to develop a career, but it will be more difficult to attract talented and well-prepared workers who will usually be more tempted to develop their skills in a large enterprise. However, this does not mean that an SME can not attract talent, but will often have to offer other incentives. This kind of situation is not having any effect on the UK's economic Growth. In the UK market, SMEs could not compete against the Larger and more established businesses. This makes the statistics of the economy low. The best entrepreneurs are persuasive individuals. The power of persuasion can help you negotiate, close a sale, or score a lower price on your inventory. an entrepreneurial mindset is the mode of thinking that helps you achieve those goals. Successful entrepreneurs embrace challenges, mistakes, and failures as opportunities to develop new skill sets to help them succeed in the future. Skills an entrepreneur needs are

With communication, curiosity, the ability to inspire others, stress management, and the consumer, Bill Gates is one of, if not the most successful entrepreneur of the 20th century. In just 25 years, he built a two-man operation into a multibillion-dollar colossus and made himself the richest man in the world. focus, adaptability, and vision.

The importance of Intrapreneurship in public and private organizations:

Intrapreneurship means fostering autonomy along with independence which helps in an attempt to find a resolution. Several big companies promote intrapreneurship because it allows employees to find innovative ideas in the organization. This encourages individuals to engage their goals in the business and take over control of the business. An intrapreneurship mindset comprises interstate, and thinking processes. The major three characteristics of Intrapreneurship are adaptability, persistence, and a hard-working mentality.

Public Organisation: Maintaining talented employees is a major problem that is faced by every public organization. Nowadays there is a missing capability in a public organization in intrapreneurship. While losing employees can affect the growth of a company. Implementation of Intrapreneurship can prevent this situation. Intrapreneurship gives employees scope to avail their thoughts and invests their skills in it. This will help them to focus on work. This provides energy to innovation. It shapes the policies which enable social innovation. Public organizations rebalanced their resources with the help of intrapreneurship. This enables the ecosystem so that the organizations can build highly structured relationships between the employees. Intrapreneurship encourages individuals to fully engage with the business goals and take control of their work. This also makes their job more meaningful and provides greater autonomy, which research has found will further improve engagement, as well as improve productivity and well-being. Public organizations can improve their business module with the help of it, so it will be very motivating for the employees to work here and gather the opportunity to make a revolution(Morais, et al., 2021).

Corporate Organisation: Corporate organizations can grow with the help of Intrapreneurship. This will enhance employee work. This helps to develop the organization's ability to manage leaders and also improve leadership skills. Intrapreneurship, when done well, should allow for mind-blowing innovation within the company ecosystem without derailing the company. The term has been around for a while but we are now seeing it put into broader practice. Intrapreneurship will make the employees passionate about their work. The main reason is the corporate sectors have hectic work schedules the whole time. If any employees get a scope to think beyond their limits and implement newer things in work, this will make them. Successful intrapreneurship utilizes existing frameworks and resources, and this bottom-up approach usually leads to initiatives that advance the wider company. An intrapreneur is an employee who takes direct responsibility for turning an idea into a new product or service. Companies that encourage intrapreneurship will be seen as more innovative and creative, which are desirable qualities for many currently looking for work, particularly Millennials. Intrapreneurship also shows that you listen to your employees, which will help to create a more favorable impression of your business. Employees who are enjoying their work are less likely to want to leave your company. Intrapreneurship enables them to focus on those areas that they feel most passionate about, creating more meaning in their jobs. It also allows more opportunities for career progression as they develop key skills such as leadership. The mother of the business benefits of intrapreneurship is it helps to facilitate innovation, which in turn can reveal new ways to improve efficiency as well as opportunities for creating new products and services. This will help your organization to identify new opportunities and gaps in the market and pursue them quickly and agilely. Your intrapreneurs know your business inside-out and each will have their own unique experiences and knowledge that they can bring to the table. They will be able to make suggestions based on their knowledge of how your business works, the industry, and the competition. Putting innovation management software in place could help you capture their ideas.

References:

• Baier-Fuentes, H., Hormiga, E., Miravitlles, P. and Blanco-Mesa, F., 2019. International entrepreneurship: a critical review of the research field. European Journal of International Management, 13(3), pp.381-412.
• Brigi?, M. and Alibegovi?, S.Ð., 2019. Development of innovations under the impact of intrapreneurship activities in production enterprises.Ekonomski vjesnik,32(2), pp.321-334.
• Gupta, P., Chauhan, S., Paul, J. and Jaiswal, M.P., 2020. Social entrepreneurship research: A review and future research agenda. Journal of Business Research, 113, pp.209-229.
• Guven, B., 2020. The Integration of Strategic Management and Intrapreneurship: Strategic Intrapreneurship from Theory to Practice.Business & Economics Research Journal,11(1).
• Julien, P.A., 2018. The state of the art in small business and entrepreneurship. Routledge.
• Kreiser, P.M., Kuratko, D.F., Covin, J.G., Ireland, R.D. and Hornsby, J.S., 2021. Corporate entrepreneurship strategy: extending our knowledge boundaries through configuration theory. Small Business Economics, 56(2), pp.739-758.
• Morais, G.M., Santos, V.F., Tolentino, R. and Martins, H., 2021. Intrapreneurship, innovation, and competitiveness in organization.International Journal of Business Administration,12(2), pp.1-14.