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Key Topics
Requirement
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Solution
INTRODUCTION
The success of any economy totally depends upon the abilities of its citizens. This is because, it is the citizens only who takes initiates or risk for doing different kind of work which are related with varied sectors. The money which they earned from the taken risk will provide ultimate benefit to the economy of country (Prusty, 2017). Hence, people who take risks are primarily known by the name of Entrepreneur.
This report is based on the case study of Hong Kong which is taking part in the “One Road and One Belt” initiative of China. It is basically as developmental initiative which will form network between different Eurasian countries. In the present report, brief introduction will be given about the concept such as Entrepreneurship. This study will also depict about the impact that small business have on nation’s economy. Furthermore, here information about different factors will also be given which foster and hinder entrepreneurship.
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TASK 1
LO1 Illustrating different venture types that might be consider as an entrepreneurial
Entrepreneurship is the activity in which an individual take financial risks with a hope to earn high amount of profit. In other words, it can also be said that entrepreneurship is the process of taking the risk of setting new business for the purpose to earn profit. In the development of economy, entrepreneur plays very significant role. This is because, these people helps in resolving major issues of country such as poverty and unemployment etc. These all things lead to have positive impact on nation’s economy (?injarevi? and Veselinovi?, 2017).
Hence, with an aim to support respective concept several groups have been formed by Hong Kong government. These are as HK Women Professional and Entrepreneur professional Association and Hong Kong Web Start-Up Meet-Up etc. Further, recently it has joint its hand with the China development project named “One Road One Belt” which will open several business opportunities for new entrepreneurs. However, small medium enterprise is the type of venture which employs less than 250 employees and its turnover does not exceed from 50 million euro. For instance, it is examined that there are around 330,000 SMEs operates in Hong Kong. They constitute more than 98% of business establishment (Support to Small and Medium Enterprises, 2018).
Besides this, there are different options of entrepreneurship ventures identified which can be used by individuals who are planning to open business in “One Road and One Belt” plan.
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• Small business entrepreneurship: It is the form of venture which is basically run by family member of the person who has started this business. For example, businesses like consultant, electricians and carpenter comes under this category. In the above mentioned project, individual can open the business of consultant wherein they can consult the company about different issues which could occur during construction.
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• Large company entrepreneurship: They are also known as classic entrepreneur which convert innovative idea into reality (Vlasenko, 2017). In this regard, any individual who have some innovative concept in relation to road construction in “One Road and One Belt” can open new venture and present its idea in front of other people.
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• Social entrepreneurship: They are the person who manufactures that product which tends to provide benefit to the member of society in whole.
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These given form of entrepreneurship ventures are completely related with typology of the entrepreneur.
Figure 1 Typology of Entrepreneur
(Source: Cera and Furxhiu, 2017)
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Small business entrepreneurship: It terms of typology this comes under “Real manager” category. This is because, these individual does not bring any new and innovative concept in market but still they work well due to their good management skill. For example, Ampd is small business company which produces energy efficient system.
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Large company entrepreneurship: They are recognized as an expert idea generator because they bring new innovative idea and convert it into reality. Apple Inc which is USA based company is a good example for this because it always comes up with new idea in its product (Rajkovi? Iveta and Geci, 2017).
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Social entrepreneurship: These people are personal achiever as they stand high in both creativity and management aspect. These people have their own social mission which they achieve through their work. For example, China government project One Road One Belt is the good example of it. It is because; this road connectivity will lead to provide ultimate benefit to the citizens of Eurasian only.
There is a difference exists between social entrepreneurship and Lifestyle entrepreneurship which is depicted in below:
Similarities between social and lifestyle entrepreneur
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These both entrepreneurs do not work with an intention to earn high profit.
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They both have passion towards the work which they perform.
TASK 2
Examining the impact of small business on economy
The medium and small businesses are the main source of generating revenue for many economies. Thus, it is correct to say that they tend to cause significant impact upon the economy of nation in an effectual manner. Unlike many countries, economy of Hong Kong is flourishing because of its small and medium enterprises. In accordance with the given context, on the basis of analysis it is identified that it is identified that there are around 330000 SMEs operates in Hong Kong which constitute about 98% of total business unit. In addition to this, 47% of the total employment is generated thorough Hong Kong small and medium enterprise (Small and medium enterprises in Hong Kong-Statistics and trends, 2018). This statistic clearly gives reflection that how much SMEs is giving contribution in the economy of Hong Kong. This is because the effectiveness of any economy totally depends upon the level of employment. For example, an economy will be considered as ineffective if level of unemployment is huge.
Besides this, it has also being examined that majority of SMEs in Hong Kong operates under import, export and wholesale trade. In addition to this, SMEs helps in attracting talent who brings new idea for doing business (Hillary, 2017). Further with this, there are many small firms which attract investment from foreign countries with their new and innovative ideas. For example, there are many foreign firms which outsource their services in Hong Kong with an aim to save their cost. By complying with given type of activity, foreign money can be brought in nation. This leads to cause positive impact on the nation economy. However, with an aim to provide support to SMEs venture, government of Hong Kong is playing very important role. For example, it is running program named as Support and Consultation Center for SME which tend to provide consultation to those individuals who are planning to start new venture. Similarly, with SME funding scheme individuals can take funds for the purpose to set up their business. Likewise, for the purpose to encourage more SMEs government of Hong Kong has shaken its hand with China “One Road One Belt” project which will open new business opportunity for them. These all actions are taken by government because of SMEs immense contribution in Hong Kong economy. Overall, it is very correct to say that the role of SMEs is very crucial in economy as it helps in resolving the major problems of the nation in an effectual manner (Vivek, 2017).
Besides this, small business and business start ups of Hong Kong will tend to play very important role in the growth of the social economy for Belt Road Initiative. One of a role could be bringing expert advice in the respective project. For example, Hong Kong is recognized as major source of top professionals which offers varied type of services such as consulting, accounting, engineering and business management etc. Furthermore, there are many people in Hong Kong who have expertise in asset management and international financing. By taking assistance from these professionals the effectiveness of Belt Road initiative can be enhanced. In addition to this, offering varied services in cost effective prices can be consider as another role which can be played by SMEs of Hong Kong (Ayandibu and Houghton, 2017). With the help of these firms, China government can construct its road with minimum possible investment. In addition to this, with the assistance of SMEs the project of Belt Road can be accomplished within a given specified time frame. In accordance with the given context, it has been seen that any kind of project which is being taken by government will fail if it does not find proper resources to accomplish the same within given specified time frame. Thus, with the help of different SMEs operating in Hong Kong government can accomplish its work within a stipulated time.
TASK 3
Examining factors which foster and hinder entrepreneurship
The entrepreneurship is influenced through different type of factors which foster or hinder their performance. In this context, it can be said that these factors should be consider by all entrepreneurs who are planning to start their business in One Belt One Road project.
Factor which hinders entrepreneurship
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Economic factor: Economic factor such as lack of support from the government will be considered as one of a most significant issue which hinders entrepreneurship. This is because it has been seen that it is with the support of government only entrepreneur can assemble different type of resources such as land, labor and machine. However, absence of government support will have significant impact on individual entrepreneurship. For example, with an aim to start business in Brazil an individual has to make its agreement sign with seven ministries (Fowler, Coffey and Dixon-Fowler, 2017). Further, in the business launching process also huge time required. This hinders an individual motivation to become an entrepreneur in an effectual manner.
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Social factor: In terms of social factor education system plays very important role in the process to foster or hinder the concept of entrepreneurship. For example, education system in Kenya is 100% white collar job oriented. Here, people are not motivated for starting new venture and become self employed. Thus, in the task to become entrepreneur education have very significant role.
Factor which foster entrepreneurship
Besides above mentioned factors, there are some factors which give support to the concept like entrepreneurship in an effectual manner. These are all depicted in below:
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Psychological factor: Psychological factor need of achievement is being one of a most important aspect which fosters entrepreneurship. This factor indicates that people are not afraid in taking risk in their life. For example, such type of attitude is found in the Hong Kong people. Thus, it is due to the presence of given aspect that there is huge number of small and medium enterprise is operating in the city.
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Easy availability of capital: For example, government of Hong Kong has schemes which provide capital support to the new or budding entrepreneurs. This encourages each and every individual of Hong Kong for starting venture of their own (Wong, Holmes and Schaper, 2018). Thus, it can be said that in order to start any new significant support is needed from different people. However, if an individual will not get that support at that time its motivation will be affected in a negative way.
CONCLUSION
It can be concluded from the whole report that there are certain traits require for the purpose to become entrepreneur. Here, with the help of above mentioned traits entrepreneur can accomplish its goals and objectives in an effectual manner. Furthermore, given thing will also give it an opportunity with regard to establish its remarkable presence in market in an effectual manner. Thus, it is correct to say that entrepreneur and SMEs causes positive impact on the economy of country.
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Books, Journals and Online
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Ayandibu, A.O. and Houghton, J., 2017. The role of Small and Medium Scale Enterprise in local economic development (LED). Journal of Business and Retail Management Research (JBRMR), 11(2), pp.133-139.
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Campos, F and et.al., 2017. Teaching personal initiative beats traditional training in boosting small business in West Africa. Science, 357(6357), pp.1287-1290.
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Cera, E. and Furxhiu, N., 2017. Factors which Influence Students Enterpreneurship Intentions: The Role of Education Programs, Subjective Norms and Perceived Behavioral Control. Journal of Educational and Social Research, 7(1), p.173.
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?injarevi?, M. and Veselinovi?, L., 2017. The Interplay of Socioeconomic Development, Enterpreneurship, National Culture and innovation Performance. Management, Enterprise and Benchmarking in the 21st Century, p.42.
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Easin, M.N. and et.al., 2017. Mushroom Cultivation as a Small-Scale Family Enterprise for the Alternative Income Generation in Rural Bangladesh. International Journal of Agriculture, Forestry and Fisheries, 5(1), p.1.
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Fowler, E.A., Coffey, B.S. and Dixon-Fowler, H.R., 2017. Transforming Good Intentions into Social Impact: A Case on the Creation and Evolution of a Social Enterprise. Journal of Business Ethics, pp.1-14.
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Hillary, R. ed., 2017. Small and medium-sized enterprises and the environment: business imperatives. Routledge.
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Iveta, M.R. and Geci, R., 2017. KOSOVAR ALBANIAN GOLDSMITHS AND BAKERS IN ZAGREB: MIGRATION AND ETHNIC ENTERPRENEURSHIP (TRANSLATION). Studia Ethnologica Croatica, 29(1).
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Pisani, M.J. and et.al., 2017. Small business enterprises and Latino entrepreneurship: An enclave or mainstream activity in South Texas?. Journal of International Entrepreneurship, 15(3), pp.295-323.
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Prusty, S.P., 2017. EMPOWERMENT OF WOMEN THROUGH MICRO ENTERPRISE. A STUDY ON WOMEN ENTERPRENEURSHIP IN DHENKANAL DISTRICT (Doctoral dissertation).
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Rajkovi? Iveta, M. and Geci, R., 2017. Kosovar Albanian goldsmiths and bakers in Zagreb: Migration and ethnic enterpreneurship (Translation). Studia ethnologica Croatica, 29(1), pp.305-330.
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Support to Small and Medium Enterprises. 2018. [Online]. Available through: . [Accessed on 23rd February 2018].
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Vivek, S.A., 2017. Relationship Between Entrepreneurs' Biographic Characteristics and Small Enterprise Growth in Kerala. ITIHAS-The Journal of Indian Management, 7(4).
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Vlasenko, V.V., 2017. THE PROBLEM OF CHOOSING THE EXTERNAL ECONOMIC STRATEGY OF ENTERPRENEURSHIP.
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Whatmore, S., Marsden, T. and Lowe, P. eds., 2017. Rural Enterprise: Shifting perspectives on small-scale production. Routledge.
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Wong, A., Holmes, S. and Schaper, M.T., 2018. How do small business owners actually make their financial decisions? Understanding SME financial behaviour using a case-based approach. Small Enterprise Research, pp.1-16.
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