Entrepreneurship And Small Business Management Assignment Answer

Entrepreneurship And Small Business Management

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Assessment 1: Report

Question a

The term “technopreneurship” is derived from the words "innovation" and "entrepreneurial spirit." Technopreneurship is defined as entrepreneurialism in a technologically intensive environment. It is a method of combining technological but also entrepreneurial skills and abilities. Technology has been used as an inherent component of entrepreneurship in the change of goods or services (Del et al. 2019). A new style of business is adding functionality. It entails bringing together individuals who are intellectual, creative, technologically savvy, enthusiastic, and willing to take calculated risks. In contrast to entrepreneurialism, the success of innovation is dependent on collaboration.

The goal of social and cultural entrepreneurs is to use the company to benefit society. They develop and deliver cultural products such as contemporary art, music, and stories, as well as games that offer new perspectives on social issues. Compelling communication systems and social influences are used by cultural business owners who frequently use modern media tools such as Twitter and Crowdfunding to keep changing ideas, perceptions, belief systems, and actions (Arafat et al. 2020). As a result, they attempt to improve the world. The cultural entrepreneurial spirit is an economic but instead socio-cultural exercise that is premised on innovation, opportunity exploitation, and uncertain behaviour patterns. It is a social event that is inventive, consequential, and a great thinker. Cultural innovators promote social progress by engaging the community as well as positioning the arts as a means of transition.

Question b

In this context, every corporate organisation places a major emphasis on maintaining a suitable number of personnel to ensure that all tasks, as well as activities, are done in the required amount of time with perfect sufficiency as well as efficiency (McMullen et al. 2021). Such activity helps rivals attain their advantages and earn bigger profits. The main categories of entrepreneurship were explored here and are listed as follows.

• Small business enterprise venture: These small businesses have a limited number of staff, and one person who is competent at running a business manages its operations. " Carpenters, plumbers, small" business proprietors, etc. were a few examples. Many people operate tiny businesses to provide for their basic needs as well as the needs of their families. These tiny businesses' main goal is to increase profits by providing customers with exceptional products.
• Scalable start-up entrepreneurship venture: These businesses develop as time goes on. when a person manages these kinds of commercial endeavours (Cardella et al. 2021). A person has the choice to raise money from many investors while he owns this form of business. Every company requires money to carry out its operations, but on the other hand, such kinds of affiliations pose a significant risk, which is why everyone cannot operate scalable start-ups.
• Large company entrepreneurship venture: The phrase "corporate entrepreneurship" also describes this concept. Owners of businesses are people who were responsible for ensuring that their operations are carried out properly. The primary characteristic of this business is the distribution of vintage goods as well as services that can meet the demands and desires of certain customers in order to secure a larger market share in the sector. The proprietor of the business undertakes research programmes with the assistance of a specialist as a means of gathering information plus knowledge.
• Social entrepreneurship venture: Its goal is to provide cutting-edge goods for "social welfare", as the suggests. It doesn't run to make money for the owner personally. The primary goal of this endeavour is to benefit as well as work for the community (Riar et al. 2022). These businesses offer products that can assist with social issues. It falls under the category of a “non-profit organisation” because its foundation is not centred on making money. These are found around the UK.

Examine the parallels and discrepancies among entrepreneurial endeavours.

Several parallels, as well as differences, emerged after considering different forms of entrepreneurship. The subsiquent list explain these parallels as well as contrasts.

Similarities

The ventures' shared aims of “adding value” is through far its most glaring similarity. This constitutes the essence of entrepreneurship while also characterising it. The city street hairdresser creates value through hair removal, eBay makes a contribution by creating an online marketplace for used products, young scientists offer value by coming up with a cure or drug, as well as Grameen Bank makes a contribution by facilitating straightforward microfinance (Sadiq et al. 2021). But without the idea of delivering value, entrepreneurship has been nothing. These all share the aspect of the invention, with the exception of "small business entrepreneurship", which is another resemblance. A business must think beyond the box if it wants to add value in new ways. Innovative concepts should be placed at the centre of these initiatives as well as maximise the opportunities for “value creation”. For instance, prior to the invention of eBay, anybody could offer their products unless they knew a lot of people as well asat least one of them would be engaged mostly in item. Anyone may now post an advertisement online thanks to eBay's creative conception of such an online marketplace.

Different

It is clear that different types of projects share greater similarities than they do differences. Social entrepreneurs, for example, don't compete for profit. As compared to other type of businesses that still do only to make a profit, entrepreneurs create valueincludingbenefit the ecosystem (Bessière et al. 2020). Another distinction is in how much finance or venture capital each of them needs. Small business ventures don't need a lot of financing in order to get ground, but scalable businesses do need a significant amount of money from "venture capitalists”. The businesses have also received backing from numerous sources. Small company endeavours were launched through entrepreneurs with its own funds or with loans from family or friends. Shareholders including venture capitalists must contribute so much to scalable entrepreneurial endeavours. Major company entrepreneurship has been valued by employers themselves, even as the suggests. These investments involve different levels of risk. This is simple to see that tiny business ventures wouldn't carry a lot of risks, while scalable businesses supported by big investors do. That's because smaller companies are built on well-established models, and as a result, the dangers involved are as well-known (Isa et al. 2021). However, the theories or notions that scalable as well as large-scale entrepreneurship apply have not yet been put into practice.

Question c

Entrepreneurs not only generate products as well asservices which benefit the globe by employment creation, but they also advance economic growth. It takes bold ideas as well as the capacity to reason outside the box being an entrepreneur. Everyone has an original concept, but the actualentrepreneurship challengeis making that concept into a “profitable business”. To find success, one needs to be creative, conversational, and motivated, while also keeping the door open to risk as well as failure. Great businessmen must have a positive mindset and outlook. This same mindset of something like the project director sets them up for the remainder of the organisation and factors that influence business culture (Bosman et al. 2019). Developing a positive attitude does not imply burying the head into the sand as well as choosing to ignore potential problems, but rather learning how and when to intellectually reframe the reaction. It is pointless to wallow through mistakes.

In the company world, this same adage "Creative thinking is the greatest invention" has rarely been more true. Consider Steve Jobs as well as the iPhone. Entrepreneurial success necessitates creativity (Bosman and Fernhaber, 2018). An entrepreneur's mind is always searching for fresh notions as well asideas. The genesis of such an idea as well as its subsequent transformation into a workable product or service "constitute the basic life feedback loop"of almost any innovative innovation.

Question d

In this context, it can be observed that education, mainly defined by long-term schooling, has a beneficial impact on entrepreneur success. According to several other studies, education plays an important role in developing entrepreneurs. On something like a scale of education, teenagers can be seen to have a favourable attitude toward entrepreneurship including small businesses (Dana et al. 2020). Nevertheless, the connection between entrepreneurship as well as a comprehensive university degree is weak and debatable which contributes to the entrepreneurial mindset.

In this dimension, it can also understand the major main aim of this research is to ascertain "whether or not demographic variables", family history, plus prior self-employment experience have any bearing on “young business graduates” intentions to become entrepreneurs (Tunio et al. 2021). The findings simply serve to confirm that men are more entrepreneurially inclined than women. These findings support the notion that male undergraduates are often more inclined than female students to select a career in entrepreneurship.

In this case, a country's culture has an impact on such an entrepreneur's desire to launch a new firm. Entrepreneurial intention is directly impacted by perceived viability, perceived desirability, and entrepreneur expertise. The goal of this research is to examine the "impact of culture on entrepreneurial intention". Various cultural contexts can have varied effects on "entrepreneurial intention" as well as on intention regarding prescribed feasibility as well as prescribed desirability. The study aids mostly in decision-making processes for entrepreneurs, aids in the development of new businesses, inspires students to start their own businesses, and evaluates the viability as well as the desirability of such ventures (Afshan et al. 2021). "Country to country" and provincial to province, by various theorists. How different cultural traditions and values differ. Therefore, it will be advantageous in the future to evaluate business intentions in other cultures.

In this context, starting a company has been no easy task, as the majority of business owners rapidly discover. Its best ideas plus the development of tradition simply do not work together if there isn't a massive amount of inner motivation; a business won't grow on its own (Shi et al. 2020). Setting goals as well as keeping their eyes on the wider picture are essential if they want to keep focused during the endurance of interruption as well as on the worst days when it seems like their ability to pay their mortgage is slipping through their fingers.

Question e

In this context, It may start developing an entrepreneurial attitude right now in a wide range of ways. It's essential to start developing new habits right away, as well as don't be hesitant to write down thoughts in a diary in reaction to this content.

A competent coach will be concerned about their professional objectives with entrepreneurial aspirations. They are still valuable knowledge, insight, plus perspective. It'll develop specialised programmes that encourage success, aid in developing their cognitive processes, streamline company sales goals, and teach customers time management techniques. begin to consume podcasts that promote a more entrepreneurial mindset (Rodriguez and Lieber, 2020). But self-improvement podcasts could be utilised by listeners to enhance their outlook on life in general. Fearlessness is among the most crucial traits for entrepreneurs to possess. Fear, not failure. Consider failures of a valued visitor at the feast, in reality. Failure may help us learn how to become better businesspeople. It opens their minds to fresh, better thoughts. In order for bigger as well as better ones to open, it opens doors. Every unsuccessful business or idea should be viewed as a learning opportunity. People who participate in races don't spontaneously decide that they would like to complete the major race in their city within a couple of months when they wake up (Daspit et al. 2021). Its approach is to set modest training objectives as well as lockdown that time months beforehand.

Assessment 2: PPT presentation

Slide 1: Economic impact of SMEs and Intrapreneurship

Slide 2: Introduction

• This report's main aim is to examine the UK's micro, small, medium-sized, and large firms, and compare each one with the aid of pertinent statistics
• new business startup activity has been planned by FSB mostly on the subject of the “Economic Impact of SMEs and Intrapreneurship

Speaker Note

In this context, a new business startup activity has been planned by FSB mostly on the subject of the "Economic Impact of SMEs and Intrapreneurship". I have finally done this three-month employment with FBS (Schachtebeck et al. 2019). This report's main aim is to examine the UK's micro, small, medium-sized, and large firms, and compare each one with the aid of pertinent statistics. This report also explains the many roles that they play to affect the UK economy across various levels using pertinent statistics. Examine the relative contributions of corporate as well as public intrapreneurship to fostering competitive advantage in organisations. Analyse the advantages of encouraging intrapreneurship in organisations.

Slide 3: The micro, small, medium- and large businesses in the UK and provide a comparison of those organisations with relevant statistics.

• 76% of companies would not be using anyone other than the owner, with 1.4 million employed people and 4.5 million having none (s)
• 82 million e-commerce (to 0 to 49 staff members), accounting for 99.3% including all business owners
• 35,600 moderate business owners ( 50 to 249 staff members), accounting for 0.6% of the overall business inhabitants

Speaker Note

Somewhere at the start of every calendar year, this document offers only one official estimation of the entire number of privately held industry businesses in the UK). This same Department for Company or organisation, Energy as well as Industrial Tactic forecasts cover a broader variety of companies than the Central Statistical Office Measurement output values, which also report on VAT market participants and reimburse as individuals receive employers (Divakara et al. 2019). The UK private system is dominated by non-employing companies and local self-employed persons. 99.9% of any and all organisations are SMEs (business owners) (5.91 million businesses). There were an estimated 5.91 million private market businesses in the UK (Natividade et al. 2021). In addition, It can be found that 76% of companies would not be using anyone other than the owner, with 1.4 million employed people and 4.5 million having none (s). There must have been 5.82 million e-commerce (0 to 49 staff members), accounting for 99.3% including all business owners. There have been 35,600 moderate business owners ( 50 to 249 staff members), accounting for 0.6% of the overall business inhabitants, and 7,700 big businesses (to 2.3 million employees), accounting for 0.1% of something like the entire business inhabitants (Groenewald et al. 2019).

Slide 4: The different roles they play to have an impact on the UK economy at different levels (e.g., international, national, regional, local etc.).

• Generate numerous new job opportunities, propel the innovation train, and broaden the tax base
• Around 600 million employees will be required globally in the coming 15 years
• Generate work opportunities while requiring little capital investment.

Speaker Note

In addition to energy transfer, SMEs play a pivotal key role in the global economy by contributing to the workforce scenario. Definite points must be fully grasped here. According to a 2015 report, around 600 million employment will be required globally in the coming 15 years (Schachtebeck, 2019). This same majority of the official job vacancies in emerging economies are formed by SMEs. Which equates to nearly four out of every five job vacancies on the market. Having played an important role in economic development, it has been observed that approximately 50% of Microenterprises lack financial resources or wealth creation.

SMEs have an extraordinary ability to drive productivity expansion. They generate numerous new job opportunities, propel the innovation train, and broaden the tax base.SMEs also promote competition between all of their peers, further heating up the market circumstance. This constant battle for superiority brings out the finest in a company. This results in a win scenario for both the customer and the provider (Widya, 2018). Furthermore, this capacity and quality productive capacity as well as overall economic efficiency. In recent days, SMEs have outpaced the worldwide manufacturing economy in terms of growth. The primary advantage of something like Small and medium enterprises is their ability to generate work opportunities while requiring little capital investment.

Slide 5: Compare the public and corporate Intrapreneurship and explore their relevant contribution to stimulating competitive advantage in institutions

• The corporate entrepreneurship process initiator is management.
• The corporate investigation is the organisational impediment as well as the motivator.
• The corporate entrepreneurship process initiator is management.
• The corporate entrepreneur's common unit of analysis is individual characteristics.

Speaker note

Corporate Intrapreneurship

Corporate entrepreneurship, also known as intrapreneurship, would be a technique for creating new ventures, goods, or services within an already-existing company in order to add value as well as spur additional revenue growth. It can also be observed that the Corporate Intrapreneurship process initiator is management and the corporate Intrapreneurship common unit of analysis is the organisation (Kankisingi and Dhliwayo, 2022). In this dimension from this case study, understand that the corporate investigation is the organisational impediment as well as a motivator and the corporate Intrapreneurship process Intrapreneurship is the management. Here also understand that the corporate Intrapreneurship process evaluators are the management it can also be observed that the corporate Intrapreneurship ISO "(Intended system output)" is the new business unit or new market, product or cost reduction routines

Public Intrapreneurship

Leaders there in the public sector, whether they are from local, state, or federal governments or from leaders of "international organisations, are known as public intrapreneurs. They use the effect of "social innovation and social Intrapreneurship" to advance the common benefit through legislation, rules, or other usually starts (Chouchane and St-Jean, 2022). In this case study, it can also be observed that the public Intrapreneurship process initiator is Employee and the Public Intrapreneurship common unit of analysis is individual characteristics. In this dimension, it can also be observed that public Intrapreneurship is the personal traits and the public Intrapreneurship the process ownership is also employee plus the public Intrapreneurship the process evaluator is the employee

Slide 6: The benefits of promoting intrapreneurship to organisations (small, medium, large)

• Increase output
• Problem solver
• Innovative
• Enjoy taking risk

Speaker Note

To maintain development as well as productivity, large organisations need intrapreneurs. Here are a few benefits of intrapreneurship for companies:

Increasing output

An intrapreneur would be a person who has leadership abilities and works under pressure to produce outcomes (Antoncic et al. 2018). They will continue to inspire his group so they are eager to accomplish their goals. This company's productivity continues to rise while it is being done.

Problem solver

Typically, intrapreneurs were given specific firm tasks to enhance various business processes. Whereas if a firm's output has decreased, they look into the issue's root cause as well as come up with innovative solutions. If they discover a performance disparity, they will assess the company's various departments in an effort to close the gap or minimise it.

Innovative

Innovative Continue to visualise and imagine many situations as inventive approaches to boost the firm's growth rate.

Enjoy taking risks

Risk-takers who embrace failure were intrapreneurs. Due to the fact but under pressure, individuals routinely behave badly, a lack of anxiety has a distinct level of trust (Butkouskaya et al. 2020). It takes measured risks, which reduces the likelihood of failure since they understand that failure will also teach them a special lesson regarding what to prevent mostly in future as well as under what conditions.

Slide 7: Conclusion

• FSB has now arranged another follow-up business start-up event on the topic of 'Economic impact of SMEs and Intrapreneurship
• 76% of companies would not be using anyone other than the owner, with 1.4 million employed people and 4.5 million having none (s)
• Around 600 million employees will be required globally in the coming 15 years
• Increasing output

Speaker Note

It can be concluded that FSB has now arranged another follow-up business start-up event on the topic of 'Economic impact of SMEs and Intrapreneurship. I can also understand the statistics of intrapreneurship. The UK private system is dominated by non-employing companies and local self-employed persons. 99.9% of any and all organisations are SMEs (business owners) (5.91 million businesses). There were an estimated 5.91 million private market businesses in the UK. In addition, It can be found that 76% of companies would not be using anyone other than the owner, with 1.4 million employed people and 4.5 million having none (s). There must have been 5.82 million e-commerce (0 to 49 staff members), accounting for 99.3% including all business owners. There have been 35,600 moderate business owners ( 50 to 249 staff members), accounting for 0.6% of the overall business inhabitants, and 7,700 big businesses (to 2.3 million employees), accounting for 0.1% of something like the entire business inhabitants. SMEs have an extraordinary ability to drive productivity expansion. They generate numerous new job opportunities, propel the innovation train, and broaden the tax base.SMEs also promote competition between all of their peers, further heating up the market circumstance and the benefit of the increase the output and also focus on problem-solving. Also, the SME industries focus on innovation and also entrepreneurship ready to take the risk.

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