Waseelah

ESBM

Task 1

Introduction

An entrepreneur is one who creates a new business Someone who exercises initiative by
organizing a venture to take benefit of an opportunity and, as the decision maker, decides
what, how, and how much of a good or service will be produced.
An entrepreneur supplies risk capital as a risk taker, and monitors and controls the business
activities. The entrepreneur is usually a sole proprietor, a partner, or the one who owns the
majority of shares in an incorporated venture. (BusinessDictionary.com, 2018)

1. The survival Firms Entrepreneurship this type of business is from hand to mouth. For
example, hire dressing business do not grow and innovative this is because they are working
at home for family and friend and this means the business doesn’t have enough customers
according to expand their business. In addition, the business isn’t register this could be
helpful in terms of tax, however generally this type of business it is so difficult to make
money and to expand the business.

Aggressive Growth Firms is growth fast this is because the company running the business
properly and it is a register company. Apple company is one of this type of business apple
store always developed their products by bringing a new idea to attract the customer and
provide excellent quality smart phones and laptops. This will lead to the business to grow
rapidly. Apple is multinational technology company running the business online and instore
and have many customers this supports the company to grow rapidly. In addition, Apple is
widely considered as the innovative company in the world delivering good quality products to
expand their business. (Innovarsity.com, 2018)

The Lifestyle Firms business an example of this type of business is costcutter the main idea
of this kind of business is only sustaining a particular level of income and not concerning for
making money this means they can make a little money and enjoy and continue what they are
doing. Costcutter is whose owners switched to Costcutter because of cheaper fees.
The concept this kind of business not to make profit only altering their personal life style as a
result of that they can’t expand their income. Costcutter is a well-known convenience retailer
which aims to be at the heart of its local community. Their stores are run by independent
retailers but offer great value deals and low prices on everyday items. With a focus on basic
top-up items, they also sell a range of fresh produce, groceries and drinks. As well as selling
some of the best known branded goods, Costcutter has its own home brand range,
Independent, which provides a great value alternative to famous name products and
comprises over 600 different items. The Costcutter stores are part of the larger Costcutter
group of companies which includes a number of recognisable convenience brands including
Mace, Kwiksave, Simply Fresh and Super Shop. (Opening-times.co.uk, 2018)
Managed growth firms: Tesco is one of managed growth firms and popular amongst
consumer because running business in store and online. Tesco is so popular among customers
and providing a Varity of products including groceries, clothes and electronics this lead to the
company to growth fast and become more popular. Tesco is enhancing their product by
controlling the business applying any innovation within the organization. (Butler, 2018)

An example of Public sector entrepreneurships: is NHS services, such as hospitals, belong to

either an NHS trust or NHS foundation trust. The NHS needed to improve health outcomes
and reduce inequalities and it is free service for all patients. Every part of the health and care
system has a role to play in research and the NHS Constitution. use of research to improve
the current and future health and care of the population” Accountability for the way that the
majority of local NHS services are planned and paid for rests with clinical commissioning
groups, supported by NHS England. (Gov.uk, 2018)

Social enterprise the aim of this organization to make a profit but the profit is reinvesting or
donating it to create positive social change. Nearly every area has this business and will help
the poor people and this charity will change the world. It is good job opportunity for the
community to set up the business and to help the environment. Every day our amazing team
of volunteers list hundreds of items donated by supporters like you, including second-hand
women’s clothing, second-hand men’s clothing and a range of one-off collectables. Not to
mention our second-hand home wares, vintage wedding dresses, vinyl, music, books,
seasonal favourites like Fair Trade Christmas cards and more. There’s always something new
to discover in Oxfam’s Online Shop.

Different types of entrepreneurial ventures

Survival Firms Entrepreneurship: are grocery stores, hairdressers, consultants, travel agents,
internet commerce storefronts, carpenters, plumbers, electricians, etc. They are anyone who
runs his/her own business. They hire local employees or family. Most are barely profitable.
Their definition of success is to feed the family and make a profit, not to take over an
industry. or build a huge business. As they can’t provide the scale to attract venture capital,
they fund their businesses via friends/family or small business loans and it is not register
formally this kind of business is survival business and unlikely to grow as there is no a lot of
customers. Therefore, this type of business is always hand -to- mouth and this means the
financial issues will happen in the business. (Ben Casnocha, 2018)

Lifestyle Firms: providing stable income stream for owners usually this business has a single
location and workers. However, the focus is not on growth but sustaining the owner’s
lifestyle. To start this kind of business it doesn’t require a huge amount of money someone
can start with little amount of money also the owner can control costs easily it will also
generate a good salary for the workers this could be an interesting business for tjose who
involved with in the business. (Billyshall.com, 2018)

Managed Growth Firms: The Fund's objective is to achieve long term capital growth. The
Fund is an actively managed fund investing predominantly in collective investment schemes
in order to provide a well-diversified exposure to global equities. The Fund may also invest
in other collective investment schemes and directly in securities, fixed income assets,
warrants, money market instruments, deposits, cash, near cash and derivatives for the
purposes of efficient portfolio management. (Growth, 2018)
Aggressive Growth Firms: Once these main points about the company have been addressed,
other areas of the growth strategy can be looked at and fine-tuned to fit the business. One
area is market penetration or increasing the market share of a current product by improving
the product or developing a new marketing channel for it. Another area is new product
development or offering new products to a current market. Another area to consider is market
development or determining new markets for current markets and products. Diversification
can also be considered, which would involve developing new products that fall outside of the
business’s current offerings and would broaden its portfolio.
(Aggressivegrowthmarketing.com, 2018)

Corporate entrepreneurship: Corporate entrepreneurship is especially crucial for large

companies, enabling these organizations - that are traditionally averse to risk-taking - to
innovate, driving leaders and teams toward an increased level of corporate enterprising. In
addition to the obvious benefits obtained through innovation, this approach also provides the
organizational benefit of setting the stage for leadership continuity. (BusinessDictionary.com,
2018)

Public sector entrepreneurship: Public sector entrepreneurship has been defined by Leyden
and Link (2015) as the promulgation of innovative public policy initiatives that generate
greater economic prosperity by transforming a status-quo economic environment into one
that is more conducive to economic units engaging in creative activities in the face of
uncertainty. In today’s economy, public sector entrepreneurship affects that transformation
primarily by increasing the effectiveness of knowledge networks; that is, by increasing the
heterogeneity of experiential ties among economic units and the ability of those same
economic units to exploit such diversity. Through policy initiatives that are characterized by
public sector entrepreneurship, there will be more development of new technology and hence
more innovation throughout the economy. This special section of Economic E Political
Industrial—Journal of Industrial and Business Economics contains four papers authored by
eminent scholars who address different dimensions of public sector entrepreneurship. (Link,
2018)

Social enterprise: Social entrepreneurs are innovators who focus on creating products and services
that solve social needs and problems. But unlike scalable startups their goal is to make the world a
better place, not to take market share or to create to wealth for the founders. They may be nonprofit,
for-profit, or hybrid. (Ben Casnocha, 2018)

Small Business

Medium-sized business: The financial structure of a medium-sized business is usually

actively managed by in-house professionals, who review the suitability of the current
structure and the availability of alternative or additional funding in order to match it with the
needs of business in terms of purpose and timing. Medium-sized businesses normally use
different types of finance often supplied by different providers, they may deal with two or
three banks, and may have access to further types of finance by virtue of their established
record and ability to provide security. Businesses ideally suited for cash flow finance/invoice
factoring are those that provide tangible goods or services. It is commonly used by businesses
that have high levels of working capital tied up within debtors. It is also used by growing
businesses who are seeking to manage their working capital. Some examples are
manufacturers, wholesalers, engineers, transport companies and labour hire/recruitment
service providers. (http://www.accaglobal.com, 2018)
The similarities and differences between entrepreneurial ventures.
A growth business focuses on a marketplace with potential for rapid and robust growth over
the coming years. There may be technological innovations that spawn rapid development of
new products, or there may be changing customer dynamics that create new market needs.
The promising growth company is one that delivers value-added products into its growth
market or niche, and where its customers also understand, need, and value the solutions.
The lifestyle business, on the other hand, is one that may or may not see significant growth,
but exists to fund the “lifestyle” of its owner(s). This company could be profitable, but does
not necessarily have aspirations of rapid revenue growth. Many businesses that are
sometimes referred to as “mom and pops” are in the lifestyle business category.
Growth companies are typically much more attractive to investors than their lifestyle
counterparts. (Andersoncei.utk.edu, 2018)

2) Google is an example of corporate sector It would almost seem wrong not to mention
Google on a list of companies with great culture. Google has been synonymous with culture
for years, and sets the tone for many of the perks and benefits start-ups are now known for.
Free meals, employee trips and parties, financial bonuses, open presentations by high-level
executives, gyms, a dog-friendly environment and so on. Googlers are known to be driven,
talented and among the best of the best. As Google has grown and the organization has
expanded and spread out, keeping a uniform culture has proven difficult between
headquarters and satellite offices, as well as among the different departments within the
company. The larger a company becomes, the more that culture has to reinvent itself to
accommodate more employees and the need for management.
While Google still gets stellar reviews for pay, perks and advancement, there are also some
employees who note growing pains that you’d expect from such a huge company, including
the stress associated with a competitive environment. Hiring and expecting the best from
employees can easily become a stressor if your culture doesn’t allow for good work-life
balance. (Contributor, 2018)

Public sector: The NHS is made up of a wide range of organisations specialising in different
types of services for patients. The majority of NHS services, such as hospitals, belong to
either an NHS trust or NHS foundation trust. It is the Government’s ambition that all NHS
trusts will ultimately become NHS foundation trusts. Each trust can have multiple sites,
meaning one or more Research is vital in providing the knowledge needed to improve health
outcomes and reduce inequalities. Every part of the health and care system has a role to play
in research and the NHS Constitution corms the commitment of the NHS to “the promotion,
conduct and use of research to improve the current and future health and care of the
population” Accountability for the way that the majority of local NHS services are planned
and paid for rests with clinical commissioning groups, supported by NHS England. The NHS
is required to fund the drugs and treatments that the National Institute for Health and Care
Excellence recommends. Clinical commissioning groups (CCGs) hold providers of NHS
services to account through contracts, and CCGs are accountable to NHS England for how
well they meet their population’s needs. (Gov.uk, 2018)

3) Small businesses generate a broad variety of new employment opportunities. It’s easy to
underestimate their importance if you neglect to look closely at the statistics. Brad Sugars
wrote an article titled “How Many Jobs Can Your Startup Create This Year? that highlights
the fact that small businesses account for between 60-80% of all U.S. jobs. Since 1995, small
businesses are responsible for paying out 44% of the total U.S. private payroll. Another
important advantage of small businesses is that they give money back to their community. If
you live in Small town, USA and work at Random Small Business LLC, chances are you’ll
spend that money right where you earned it. That revenue and the resulting tax dollars are
then spread around the community, enriching and supporting everyone in the process.
Small businesses are an engine of growth that allows both citizens and the government to
acquire the goods and services they need to grow. At the same time it allows real people with
good ideas to act upon them and make their business a reality. In turn this stimulates local
(and national) economies and encourages others to take the same leap toward becoming a
small business owner. (HuffPost, 2018)

The important of Small businesses is that contribute to local economies by bringing growth and
innovation to the community in which the business is established. Small businesses also help
stimulate economic growth by providing employment opportunities to people who may not be
employable by larger corporations. Small businesses tend to attract talent who invent new
products or implement new solutions for existing ideas. (Smallbusiness.chron.com, 2018)

4) small companies often focus on a niche market, while larger companies tend to offer more
products and services to a wider variety of consumers. A small company with only a few
employees might be able to make enough money to survive by selling a single product or
service in a very specific market. As companies grow, they tend to branch out into new
markets and offer new products and services to increase sales and hire more employees.
(Smallbusiness.chron.com, 2018)

5)

Task2
References

Ben Casnocha. (2018). The Four Types of Entrepreneurship. [online] Available at:
http://casnocha.com/2011/02/the-four-types-of-entrepreneurship.html [Accessed 1 Feb. 2018].

Innovarsity.com. (2018). APPLE's INNOVATION STRATEGIES. Innovation Management Best Practives: Apple's
Innovative Business Models, New Product Design Process, Innovation Culture, Steve Jobs, Apple Computers. [online]
Available at: http://www.innovarsity.com/coach/bp_innovation_strategies_apple.html [Accessed 8 Feb. 2018].

Opening-times.co.uk. (2018). Costcutter - Opening times of Costcutter. [online] Available at: https://www.opening-
times.co.uk/Costcutter/ [Accessed 8 Feb. 2018].

Butler, S. (2018). Tesco to shed up to 1,700 jobs in new management shake-up. [online] the Guardian. Available at:
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Feb. 2018].

Oxfam’s Online Shop. (2018). Oxfam's Online Shop - Oxfam GB. [online] Available at: https://www.oxfam.org.uk/shop
[Accessed 8 Feb. 2018].

Contributor, S. (2018). 10 Examples of Companies With Fantastic Cultures. [online] Entrepreneur. Available at:
https://www.entrepreneur.com/article/249174 [Accessed 1 Feb. 2018].

Billyshall.com. (2018). The Lifestyle Business. [online] Available at: http://billyshall.com/blog/lifestyle [Accessed 2 Feb.
2018].

Aggressivegrowthmarketing.com. (2018). Developing Growth Strategies For Businesses – Aggressive Growth Marketing.
[online] Available at: http://www.aggressivegrowthmarketing.com/blog/developing-growth-strategies-for-businesses/
[Accessed 2 Feb. 2018].

BusinessDictionary.com. (2018). Corporate Entrepreneurship and its Importance in Large Companies. [online] Available at:
http://www.businessdictionary.com/article/726/corporate-entrepreneurship-and-its-importance-in-large-companies/
[Accessed 2 Feb. 2018].

Andersoncei.utk.edu. (2018). Growth vs. Lifestyle Businesses | Anderson Center. [online] Available at:
http://andersoncei.utk.edu/competitions/undergraduate-business-plan-competition/growth-lifestyle-businesses.asp [Accessed
2 Feb. 2018].

Growth, M. (2018). M&G Managed Growth | M&G Investments | Fund Fact Sheet | Citywire. [online] Citywire.co.uk.
Available at: http://citywire.co.uk/wealth-manager/fund/mandg-managed-growth/c9027 [Accessed 2 Feb. 2018].

Link, A. (2018). Public sector entrepreneurship: introduction to the special section.

http://www.accaglobal.com, A. (2018). Medium-sized businesses | The right finance for your business | Business Finance |
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Gov.uk. (2018). Cite a Website - Cite This For Me. [online] Available at:
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NHS_Guide_to_Healthcare_WEB.PDF [Accessed 1 Feb. 2018].
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https://www.huffingtonpost.com/david-m-kirby/small-businesses-can-make_b_13127000.html [Accessed 2 Feb. 2018].

Smallbusiness.chron.com. (2018). How Important Are Small Businesses to Local Economies?. [online] Available at:
http://smallbusiness.chron.com/important-small-businesses-local-economies-5251.html [Accessed 2 Feb. 2018].