Entrepreneurship and Small Business Management
Introduction
Entrepreneurs are one of the best trendsetters and economic contributors in the world. It is seen that the management of issues need to be done in a precise manner and for a better kind of result, it is also necessary to have the approach strategy and he resilience of not bowing down to anything. In the following segment, some of the aspects are going to be discussed in order to have better kind of response from the people on the viewpoint of entrepreneurship.
LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial.
P1. Examining different types of entrepreneurial ventures and explaining how they relate to the typology (different types) of entrepreneurship.
Lifestyle Ventures
The lifestyle venture of an entrepreneur is nothing but associated with fulfilling the requirements. There is no sign from the perspective of the person to have any growth and it is only associated with desire fulfilment. The main opportunity this kind of approach provides is considering different business tools to their business. They do not try to have a better market concentration and participate in the competitive ambience (Mariotti & Glackin, 2015). These kinds of companies have a limited source of income and they operate from one particular segment.
Growth Venture
The process is associated with continuous development in a competitive environment. The main aspect of this type of venture is having a desire to contribute to growth of the organisation in a competitive environment. The workplace of these types of organisation is innovative. In this context, equity capital is mainly used in order to have better kind of business in the market.
Public entrepreneurship
These types of ventures are usually supported by the government and they are helped continuously to meet the criteria of the organisation. The main aspects of the organisation is to make sure that they are making innovative products in order to meet the need of the market and they are one of those organisations which get help from the public as well. Apart from that, there are some issues too, which are associated with the business ventures. The property allocation process needs to be checked by the people because issues oriented to it come in lime light too much often.
Social entrepreneurship
The main aspect of this venture is nothing but developing the society and it is more important that the management of the organisation take care of the local issues that are associated with the malfunctioning in the society. There are many non-profit organisations and charity houses, which take this type of ventures into consideration to have an influence on the organisation.
Corporate entrepreneurship
The venture mostly preferred by most of the people and it is seen that the management often receives help from the other organisation that are performing in the same field. It is seen that the management process of the organisation needs to think of better kind of methodologies in order to be acceptable in the environment (Storey & Greene, 2010). Apart from this, it is also seen that the economic and non-economic both type of help is given to the people in order to motivate collaborative and innovative services.
In this case the organisation that has been taken into consideration is Tesco. The manger nature is habitual because he knows that the complementary skills are important in performing a particular task. Finding the complementary skills in the earlier phase is going to give a proper justification to the management.
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Name
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Jack Cohen
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Years in business
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99
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Who owned
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Jack Cohen
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Single or married
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Married
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Type of interpernurship
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Owner
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Size
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Large
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Employees
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476,000
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Typology
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Retail and growth
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Education
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General Schooling
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Capital resource
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Savings from different jobs and help from others
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P2. Explore similarities and differences between entrepreneurial ventures
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Topic
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Tesco
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Aston Martin
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Location
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The location of the business is the United Kingdom
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It is situated in UK.
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Year
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The organisation came into existence as a stat up in the year of 1919 and it is in a functional state right now.
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The organisation is in business from 1913 and it is still flourishing it business.
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Owner
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The owner of the organisation was jack Cohen
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Lionel Martin and Robert Bamford was the founder of the business.
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Type
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The organisation is a retail organisation, which is dealing in different types of daily goods that are associated with the requirements.
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The service providing authority belongs to tertiary type group and it is seen that they are providing automotive services to the people.
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Tax
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The organisation is a huge tax giver and it is seen that in this year it has provided £2.9 billion to the government for the operations it is doing on a global platform.
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The organisation pays almost 3 billion pound tax.
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Job providing
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The context of giving jobs is high is this company. It is seen that the organisation makes sure that they are recruiting a huge amount of efficient employees to the organisation.
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In case of giving away jobs, the organisation is making sure that they are hiring efficient employees and it is seen that the employee number is continuously rising every year. It is making a good contribution in developing the economy of the country.
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Experience
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The employees who work in the ground level is not too experience but in case of upper levels, the organisations take efficient employees.
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The employees are experienced and their work reflects their efficiency, which is needed in this case.
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Typology
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This is a retail organisation performing adequately in a competitive environment of UK.
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It is a high performing organisation in the Automobile section of UK.
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Employee
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There are more than 476,000 employees in the market (Tesco plc, 2018).
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According to the last report, the company has more than 3000 employees worldwide (Aston Martin, 2018).
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M1. Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship in both the public and corporate sector
From the given table it is evident that any entrepreneurial venture can turn out to be the best organisation in a field. There is a possibility of having such kind of experience if the management tries to cope up with the needs and make sure that the ambience is not getting hampered with any type of activities.
In case of the public sectors the above-mentioned companies can be taken into consideration as a successful model and following their business strategy is going to make proficient development in any business ventures (Bridge & O'Neill, 2012). On the other hand, if private companies are taken as role models than the best option is Bahwan Engineering. These organisation makes sure that they are not hampering any external element but also make sure that they are growing and contributing in betterment of the economy.
LO2 Assess the impact of small businesses on the economy
P3. Interpret and assess relevant data and statistic to illustrate the impact micro and small business have on the economy.
There is nothing to easy if one person is trying to implement something in an ambience, which is biased to newer inventions and thoughts. It is essential for an organisation to make sure that the management is having the best operations that are associated with proper kind of management system. The majority of the cases it is seen that entrepreneurial ventures come to limelight in Oman because of the use of resources.
In accordance with the recent reports, it is seen that the unemployment rate of Oman has fallen and there is a drastic difference in the levels of unemployment. There are many researchers who say that the majority of the times the Omani culture never accepted any kind of change, but the scenario is changing drastically (Ligthelm, 2010). The small business ventures are taking a good start and from the following graph of unemployment rate, it can be stated precisely.
Figure 1: Unemployment rate of Oman
(Source: Statista.com, 2017)
The level has clearly fallen and it is a good sign that the small business environment makes proficient impact on the management of the issues related with GDP generation and other facts. It can be further deduced that the majority of the cases it is seen that the process if business promotion was not that though to mitigate and it was seen that majority of the times the management considered an open approach to minimise the rate of unemployment.
(Figure 2: GDP rate)
(Source: Statista.com, 2018)
The rise in GDP is the best thing that the small business enterprises have given to the people. It is seen that the GDP has gone to 86 dollars, which is higher, the estimation. It was 65 just a few years back and it is estimated that the rate is going to be 93 in the upcoming years.
Getting job satisfaction and managing the issues of the people are the best things that the organisations have provided to the fellow citizens (Statista.com, 2017). Apart from that, the corporate culture has initiated different programs associated with CSR movements and it is seen that these have resulted in a proficient outcome. The majority of the cases it is witnessed that solutions came to limelight after making sure that the issues have been analysed well. The small business organisations made sure that the majority of the people have what it needs to have a proper life and in this case, this can be stated as the success of the organisations.
P4. Explain the importance that small businesses and business start-ups on the growth of the social economy
The importance of the small business and other businesses in the life of the people is amazing and it can be stated that the business development authorities have to take better amendments in order to maintain proper kind of balance in the system. There are different factors to be taken into consideration and it can be stated that the majority of the people have witnessed the changes in their life too. Some of the effects are going to be discussed in this segment in order to have better idea about the effects of the businesses that are running in the social context (Nga & Shamuganathan, 2010).
Lifestyle standard
The lifestyle of the people has been changed because people make sure they are getting a good amount of salary from their jobs and in this case, it is seen. People get recruited to the different organisations, both small and large, and have a different lifestyle than the rest. It is observed that the management of their basic needs are done with the jobs and the offered salaries (Williams & Shaw, 2013). It is necessary requirement filler in case of a person with limited income and marginal requirement. The lifestyle of a person improves and he contributes better in the social development.
Increasing Employment
The business ventures considered in this case affect the job-providing scenario. It is seen that in Oman, the percentage of unemployment has decreased and the only thing responsible for this was the increasing employment in the small and large business organisations. The increase in employment is necessary to make sure that the country is developing because this intrigues other foreign companies to execute their business ventures to the country for gaining more return on their investment. These things are also related and it is found that the people are getting more return on what they are expecting from their professional career.
Community and social development
The community of a country is definitely benefited with the incorporation of different business ventures. It is seen that the management process needs to incorporate the entire economy and the surroundings that are associated with the development criteria. The community and the social ambience need to make sure that the management on an organisation is not harming the surroundings (Skokic & Morrison, 2011). The community needs to take care of the factors that are associated with requirement fulfilment. Social development makes a positive impact on the management of issues and in the end a better market, reputation develops for the organisation.
Regional Development
The economy of the region develops and the business ventures make sure that they are getting involved in the local area too in order to make sure that their business ventures are not harming the ambience in any methods. This gives an idea of development to the managers of the organisation and they try to engage the neighbours via different CSR ventures. In this manner a small business and large business makes proper impact on the regional development. The economy, living standard develops and an overall betterment can be observed as well.
Conclusion
In the end, it is evident that the management of issues need to be done after proper analysis but in this case, it has to be remembered that the process of evaluation should be done in a comprehensive manner to get the job done precisely. There are many cases where it is seen that the people who are looking for a professional life have become frustrated and quit their job. It is not a solution for them and on the other hand, the business environment of the organisation has been hampered as well. Entrepreneurial ventures are necessary for betterment of the society and in this case, it is evident too.