Entrepreneurship and Small Business Management Assignment Sample

Entrepreneurship and Small Business Management Assignment Sample

Introduction of Entrepreneurship and Small Business Management Assignment

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Entrepreneurship may be characterized as beginning a new company, taking a risk, and hoping to make money from the venture. An entrepreneur is someone who takes on the risk of starting a company from scratch (Burns et al, 2011). Entrepreneurship is a new notion that has been around for a long time in the market. To get an edge in the market, a single individual with the help of a novel concept often founds this kind of company. More than 95% of the market share in different nations is occupied by small and medium-sized enterprises (SMEs) (Carter et al, 2012). The country's political and social climate ensures its long-term viability. Small-scale organizations contribute to the economic growth of the nation as well as to local development. Individual entrepreneurs are the driving force behind a nation's entrepreneurial culture.

Because of this, the country's economy will grow and jobs will be created, making this a win-win scenario for everyone. The study will focus on entrepreneurship and its influence on the economy. Also discussed will be the knowledge and attitude required to start a company, as well as how prior experience and personal history might impact a start-up firm. Explore the Entrepreneurial Mindset in this assignment. This talks about what makes someone entrepreneurial, as well as how to tell the difference between managers and self-starters. Despite the fact that users have spoken about the entrepreneur's personality, this is a reflection of their frame of mind. As a last step, look at the many factors that might either encourage or discourage entrepreneurship. People who have an entrepreneurial attitude are more likely to engage in entrepreneurial activities and have better results as a result. People with an entrepreneurial attitude are always on the lookout for new ways to innovate, create possibilities, and provide value.

This research is based on the experiences of two British entrepreneurs who have achieved notable levels of success. In the first place, Elizabeth Gooch, CEO of EG Solutions Plc, a tiny firm that sells software that helps customers enhance operational efficiency, is in the running. Another is Tom Mercer & Moma's cuisine. Tom Mercer worked for Bain & Co. in London as a management consultant. The breadth of entrepreneurship will be covered in the report, as well as the many sorts of entrepreneur initiatives. Small enterprises' role in fostering a thriving social economy is also addressed, as well as what it takes to succeed in business as an individual.

Part 1

Entrepreneurial typologies and economic circumstances, among others, have shaped the growth of British companies in this part, which is based on theories and interpretations. Data and statistics would be used to examine the manner in which these corporations attempt to influence the commercial market.

P1:

The following categories of entrepreneurial ventures are covered in the typology:

Microenterprise ventures – There will be very little room for reinvestment in this situation. Entrepreneurs struggle to stay afloat in an environment of constrained expansion and must devise novel means of ensuring their ongoing existence. Because the endeavor is confined to a single individual, these sorts of businesses are quite simple to launch (Burns, 2016).

Small/lifestyle ventures – As a result, although profits are secure, it may be difficult to expand the business. The company's growth is limited since it focuses on a lifestyle business.

Medium-sized ventures – This is a specific kind of endeavor that grows out of smaller or previous ones. Possible regional expansion and current investment prospects may be found in this article (Hatten et al, 2015).

Gazelle ventures – In this situation, the growth rate is outstanding and the expansion potential is significantly greater. Investors are able to increase the value of the initial investment because of the availability of liquidity. An independent entrepreneur is a person who owns a small/lifestyle business or a microenterprise business. In addition to gazelle enterprises and medium-sized businesses, growth-oriented forms of administrative entrepreneurship and independent entrepreneurship include: (Burns et al, 2016).

The other typologies in an organisation are as follows:

Business Entrepreneurship – These company owners need to get their business ideas off the ground by developing supporting concepts in their heads.

Trading entrepreneurship – These company owners are not in charge of coming up with new business ideas, manufacturing new goods, or offering new services. For local clients, they obtain services or goods from multiple wholesalers and resell them (Hatten et al, 2015).

Corporate entrepreneurship – In this case, the company's policies and procedures should be kept in-house. The most important thing to remember is to abide by the law and the restrictions imposed by it.

Agricultural entrepreneurship – These individuals are entirely reliant on the production and sale of crops, either directly or via intermediaries (Burns et al, 2016).

P2:

Lifestyle Entrepreneurship:

Life style entrepreneurship is the practice of starting a company for the sole aim of improving one's lifestyle rather than making money. As a life-style entrepreneur, you concentrate more on your life's reward than your company's financial success, but you may still perform well in business if you are doing what you are passionate about.

In EG Solution PLC, it is possible that Elizabeth is an "entrepreneur by passion."

Social Entrepreneurship:

Social entrepreneurship is the practice of establishing businesses and collaborating with other entrepreneurs to create, finance, and executes solutions to social, cultural, and environmental problems in the world (Griffiths et al, 2011). Depending on the kind of organization and its goals and values, this idea may be different from one to the next.

Let us just assume that Grammen Bank is an example of social enterprise (Baum et al, 2014).

M1:

There are three steps to starting a business. The following is a brief description:

Entrepreneurial:

In the business world, an entrepreneur is someone who creates and maintains a company on a shoestring budget, weighing all the benefits and drawbacks of the enterprise. Instead of an established company model, a business plan is often a very new idea, product, or service.

Entrepreneurial endeavours aiming for substantial profits, but with a high degree of risk, are common in these cases. When an entrepreneur is willing to put his or her life savings and career on the line in order to pursue an idea, he or she does not hesitate to do so.

Intrapreneurship:

When you are an intrapreneur’s, you are an entrepreneur inside a corporation. If you're looking for individuals who are self-motivated and action-oriented and can take initiative even inside the confines of an organization, you'll likely find these folks. As with entrepreneurs, a key characteristic of intrapreneur’s is that they are at ease with the idea of failing since they think that the company would pay any losses that result from their failure.

As an intrapreneur’s, your job is to concentrate on the particular difficulties at hand, rather than the whole organization. Depending on the situation at hand, a person may need to learn new skills or improve productivity, for example. One of an intrapreneur's main responsibilities is to help the company improve its current state by providing products and services.

Freedom is a top priority for introverts, and the traits that define them promote their sense of self-reliance. They are adept at creating process diagrams, and they can anticipate the threats to the organization and devise a strategy for dealing with them.

Managerial:

The person in an organization who is in charge of getting the task done is known as a manager. With prior permission, they may make whatever changes in the organization that they're employed to make. They are also prone to impulsiveness and a desire to control people or their subordinates at any costs. They are mostly in charge of running the business on a daily basis. Even if they do not have any new ideas, it doesn't seem to matter since they are just there to execute their normal jobs. Think of ways to make others more efficient and how to connect one item to another, and so on.

D1:

Every company, no matter its size, may benefit from entrepreneurial endeavors. As the recession in the United Kingdom fades, the breadth and growth of the industry is expanding. People are increasingly putting their money into ventures that are distinct from their own, and the younger generation is more intent on starting their own company than on obtaining a job. As a result, the range of possibilities is expanding.

On the other hand, these three entrepreneurial initiatives are essential to the proper operation of any firm. In today's world, people are always looking for new ways to improve their work and expand their horizons.

However, data clearly reveal that small and medium-sized firms have full access to the scope and growth of these endeavors, since small and medium-sized businesses account for 99.03 percent of total company. Because of this, there is a strong likelihood that small businesses will join the competitive sector.

P3:

New businesses have sprung up in droves throughout the United Kingdom. Organizations that provide better and more efficient services, as well as new business ideas are the result of this concept. In 2015-16, the number of new businesses in the United Kingdom surpassed 3500, and these new ventures were formed as new endeavors (Brenkert et al, 2017). Because of the country's political and economic climate, the development of these businesses is steady and predictable. Legislative elements are encouraging the expansion of small-scale enterprises in order to preserve the country's financial stability.

Comparison of SMEs and large businesses in the UK

(Source: Brenkert et al, 2017)

Over 4.5 million small and medium enterprises (SMEs) abound in the UK, making up almost all of the nation's businesses (Brenkert, 2017). These companies' earnings make a significant contribution to the country's overall gross domestic product (GDP). 96 percent of all firms are classified micro enterprises that employ 0-9 workers. Businesses in this sector account for 33 percent of all jobs and 22 percent of all revenue.

From the three primary industries, real estate, wholesale retail, and the hospitality industry, over 39.8 percent of the income was received. These sectors have benefited from the same economic influence, which has helped them generate the needed corporate growth.

Share of businesses in the UK

(Source: Schaper et al. 2014)

According to this graph, the number of small and micro businesses in the UK is much higher than the number of large corporations. The UK's small and micro businesses create 37 percent of GDP and employ 48 percent of the workforce.

Business type of micro and small businesses in the UK

(Source: Burns et al, 2016)

P4:

In order to maintain the expansion of the social economy, new businesses play an important role in several countries. Compared to established organizations, startup companies are more likely to come up with fresh ideas for products and services that will better serve their clients. Businesses must pay a large amount of business tax in order to aid in the development of a nation. Along with all of this, start-ups need to employ people in order to function, which help to lower the overall level of unemployment in the nation (Baum et al. 2014). Due to a shortage of resources, many firms are forced to minimize the number of unemployed workers by hiring people with lower levels of education and training. Most new firms do not become engaged in CSR initiatives that try to address societal, environmental, and economic concerns. In isolated areas or with a poor financial foundation, this strategy might be useful. An increase in work opportunities for these people will have an impact overall economy. A great number of new businesses are springing up all throughout the country because of this and have a substantial influence on the GDP.

D2:

A country's economy is directly influenced by the structure of its businesses. The business sector accounts for the majority of a country's gross domestic product (GDP). The majority of businesses in a nation are tiny and micro. Micro businesses are smaller than small businesses in terms of size. The company's revenue is also less than that of a small business. Although its income is tiny, it has a significant impact on the economy of the United Kingdom.

More than 90 percent of firms in the United Kingdom are small or micro-sized. Approximately 20% of businesses are micro-sized. Those without a job or unwilling to engage in any employment are most likely to engage in these sorts of businesses. The fact that most UK firms may suffer significant financial losses as a consequence of the loss of their workforce is another justification for engaging tiny businesses (Drucker et al, 2017). In addition, those who work in small businesses go about their daily lives. Despite its small size, it has the potential to generate a large number of goods, which might have a significant impact on the total expansion of the UK's GDP.

Share of businesses in the UK

(Source: Kuratko et al, 2016)

Self employment rate comparison

(Source: Storey et al, 2016)

Part 2

Introduction: 

'The Entrepreneurial Mindset' would be the theme of the following presentation. An assignment on entrepreneurship and small company management will focus on the many sorts of entrepreneurs and the ways they may influence and establish their own originality in the firm they run.

P5:

Traits and skills of Elizabeth Gooch and Tom Mercer

They are both entrepreneurs and managers in their own companies. In the administration of the company, both of them have shown to be outstanding business concepts that have been put into action to meet certain objectives. The following is a list of their traits. Communication between Elizabeth and Tom is excellent. As a result of their improved ability to communicate, they've been promoted to positions of leadership and responsibility inside the company where they now work. As a result of her excellent interpersonal abilities, Elizabeth Gooch is able to expand the customer base and establish lasting bonds inside the household. Customers may buy breakfast bottles from the Tom because of his excellent communication abilities.

To add to that, both Tom and Elizabeth possess the ability to foster cooperation among teammates. They are able to interact with the employees and customers of any firm to which they belong because of the quality. In order to better serve their customers and employees, Tom and Elizabeth's enterprises have set up branches to work together as a team. Tom and Elizabeth, on the other side, have the financial expertise. The administration of the firm relies heavily on financial expertise. Both business owners believe that it is important to maintain detailed financial records and track the success of their respective companies. Finally, Tom and Elizabeth share the trait of taking responsibility. Elizabeth joins the campaign to open the market to foreign investors. Instead of blaming the employees for the recession in 2009, Tom refused to do so (Cressy et al, 2008).

Many skills and traits are needed to establish and operate a successful business. A lack of capital at the beginning necessitates that an entrepreneur carry out a lot of tasks on their own. Entrepreneurs adhere to a certain personal trait:

• The ability to come up with innovative ideal
• Willingness to take risks
• Keep your eye on the prize.
• Have a strong desire to reach your objectives
• The ability to manage resources, including financial and human resources, effectively (Schaper et al. 2014)

An entrepreneur's personal characteristics include the following:

• It is necessary to have good communication skills in order to deal with a wide variety of individuals such as distributors, suppliers, customers, and workers, amongst others.
• Employees need a leader who can point them in the right direction for reaching their objectives.
• The ability to negotiate with customers and internal issues is essential.
• To achieve success, it is essential to have good time management skills.

P6:

Because of her personality, Elizabeth has been able to set up her own business. When it comes to Elizabeth and her managers, there are some notable differences.

It is essential to have an entrepreneurial mindset in order to start a business and be able to deal with the various difficulties and hazards that come along with it. The capacity to generate new ideas and put them into action in order to make a profit is one of the hallmarks of an entrepreneur's personality. These ideas have to be regularly improved to maintain their long-term success as an entrepreneurial endeavor. Entrepreneurs who are able to take risks and manage their resources well are more likely to succeed. It is critical that they figure out what the company's goals are and come up with a strategy for achieving them (Brenkert et al, 2017). To generate sales and profit, a company owner must first identify the opportunities. Consequently, they must be self-driven in running the business and possess the mindset of never giving up on their goals.

M3:

The traits of a leader and an entrepreneur are quite similar. For firm owners, this process includes establishing goals, identifying risks, and developing solutions. When dealing with a huge group of people, they are forced to do it alone. To that end, they must devise a plan for attaining the organization's objectives, allocate resources, and provide guidance to the workforce on the path ahead (Sanandaji et. al, 2014). An entrepreneur's ability to effectively manage the company and deal with any problems that may occur is essential to the success of the firm.

Entrepreneurial traits and a person's upbringing go hand in hand, as research has shown. Some people's backgrounds have been a hindrance in the past. Both Elizabeth and Tom's backgrounds have stifled their ability to succeed. In spite of their disadvantages, they are fortunate enough to possess certain entrepreneurial traits that have helped them overcome their obstacles.

D3:

The story of Ms. Elizabeth and Mr. Tom serves as an excellent illustration of such an entrepreneur. The following is a list of their attributes, traits, talents, and motivating drivers:

Freedom oriented

Elizabeth quit her job at HSBC after a year and began a small company. This trait has shown her to be a self-confident and free-spirited individual.

Bravo in nature:

Elizabeth, on the other hand, is constantly looking for new ways to do things, which is why she has created a consulting business.

Perseverance:

The company has lost money for the last two years in a row at this point in the trip. However, finally, he has made a profit from this business. Elizabeth's individuality has been enhanced because of this experience.

Visionary:

Since meeting with another entrepreneur, she has chosen to shift the company from a consulting business to a software company, as well. This shows Elizabeth's vision was correct.

In the second instance, Tom likewise had many issues when he first started his company.

Risk Tolerance:

He has been distributing samples of his product for a year now, certain that the end result will arrive at some point. This trait has shown that Tom was a person who was willing to take risks.

Rare Business skills:

When Tom launched the company, he did it in a way that ensured the product would be a success. This characteristic demonstrates Tom's exceptional commercial acumen.

Persuasive:

His company's success has been boosted by the fact that Tom has established a strategy that enables him to expand into new markets. As an example of Tom's persuasiveness, consider this.

P7:

A company plan that doesn't have the proper technological know-how is difficult to apply in the market, as shown by Elizabeth. Case 1 illustrates how this fact is put into practice. Now that she's met with a few people, she's decided to make the switch from consulting to software development.

Because of this, it is essential that each person has an innate desire to venture outside their comfort zone. In her own way, Elizabeth has this trait. She has quit her work and launched her own company, assuming the risk on her own, because of this.

In the second scenario, we can observe that Tom has had a difficult time dealing with his work environment. Because he lacks a physical address, he began his company at a train station, and when it became difficult to operate inside the station, he went outside and set up shop elsewhere.

For his part, Tom has been able to get space in a dinner shop despite the recession by using some creative business tactics of his own. This chance, I believe, has helped him grow his company.

M4:

EG consulting is the name of Elizabeth Gooch's new firm. Besides creating and delivering software to clients, she also serves as a consultant to those very same customers. Her service has been well received by her clients as well. Because she offers a refund policy depending on the quality of her program (Furnham et al, 2016). When Elizabeth was working for HSBC as a consultant, she was inspired to establish her own consulting firm because of her experience.

 Advantages:

1. Elizabeth created her own consulting firm since she already had consulting expertise.

2. The reputation of her consulting firm is enhanced by her ability to provide high-quality software in a timely manner.

3. Elizabeth is adaptable to the needs of her clients. Elizabeth has a return policy depending on the quality of the program, which is a great feature to have. She is now a successful business woman and has the ability to start her own company.

Disadvantages:

1. The company may suffer a loss if Elizabeth Gooch concentrated more on software than consultation. Due to the fact that EG is a consulting firm.

2. Second, Elizabeth was not interested in the UK's economic cycle. As a consequence of her efforts to build her firm, she suffered a significant financial loss )

3. Due to Elizabeth's overconfidence, the EG solution firm suffered losses of $7000 and $8000 in 2007 and 2008, respectively.

Tom Mercer's Personal History and Workplace Background

It was not long before Tom started selling cooked cuisine on the street, on trains, and on the railroad tracks. He began a physical food company in the UK after receiving positive feedback and reviews from customers. Tom was a professor of management consulting and worked as a consultant. He started up a food company by putting his ideas and thoughts to use.

Advantages:

1. MOMO is the first breakfast business in the UK that offers high-quality meals at reasonable prices.

2. People love MOMO's ready-made breakfast since it means they can eat in less time.

Disadvantages:

1. MOMO was unable to offer breakfast in the quality of a home-cooked meal, which resulted in a decrease in food sales.

2. During the crisis of 2008, MOMO's company experienced enormous losses.

D4:

Entrepreneurial traits and a person's upbringing go hand in hand, as research has shown. Some people's backgrounds have been a hindrance in the past. Both Elizabeth and Tom's backgrounds have stifled their ability to succeed. In spite of their disadvantages, they are fortunate enough to possess certain entrepreneurial traits that have helped them overcome their obstacles.

In both situations, the people have accumulated enough real-world experience to be able to start a firm on their own from the outset (Chiu et al, 2017).

Suppose Elizabeth's family was so poor that she needed to borrow money and use a credit card to start her company. Despite this, Tom has opened his shop outside the train station since he does not have somewhere else to go. All of these issues impede Elizabeth and TOM’s lives. However, they were able to resolve the problems and bring themselves together in an impressive manner.

Conclusion and recommendations

Small, micro, medium, and big companies are all examples of startups. As a result, small enterprises make up a significant portion of the economy of every given nation. Entrepreneurs must have the ability and mentality to start and maintain a firm while taking into account various risks. According to this entrepreneurship and small company management assignment, it is necessary to adapt the entrepreneurial approaches because of the size and demand of the services. With regard to the statistics and economics, it can be argued that this has been a nurturing ground for the expansion of companies. Managers and leaders in an organization have implemented many sorts of projects and ideas, it may be argued. Entrepreneurship of all kinds should be promoted in this situation. Entrepreneurship and small-business management positions are in high demand in the United Kingdom, where many qualified applicants have taken advantage of the trend. This is a crucial part of the country's effort to build a strong economy. For this reason, we can guarantee the quality of our entrepreneurship and small company management assignments since our management assignment help professionals are drawn from the best colleges in the country.

The traits and characteristics of entrepreneurship were examined here in accordance with the assignment for the study of the entrepreneurial mentality. When it comes to assessing entrepreneurial traits like drive, motivation. and success. there's a big difference between managers and entrepreneurs. Entrepreneurship is also examined in terms of how a person's personal history might either help or hinder their chances of success. There is a case study on a small company owner to explore, as was previously said.. There is a lot of difficulty in achieving their goals in terms of product or service entrepreneurship for an inexperienced entrepreneur If you don't have the correct information and plan, you won't be able to reach your objective of being a successful entrepreneur. Having your own business is a very profitable and rewarding career choice.

References and bibliography

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Griffiths, A. and Wall, S. (2011) Economics for Business and Management. 3rd Ed. Harlow: Pearson.

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