Entrepreneurship and Small Business Management : Wiser Company

Entrepreneurship
and Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P.1 Different types of entrepreneurial ventures and their relation with typology of
entrepreneurship .........................................................................................................................1
P.2 Similarities and differences between various entrepreneur ventures ...................................3
TASK 2............................................................................................................................................1
P3 Impact of both such as small and micro business on economy............................................1
P4 Contribution of start ups and small businesses in economic growth.....................................2
TASK3.............................................................................................................................................3
P5. Characteristic, traits and skills of two successful entrepreneurs which differentiate them
from other business manager......................................................................................................3
P6 Entrepreneurial personality reflects entrepreneurial motivation and mind-set......................4
TASK 4............................................................................................................................................5
P7 Background and experience can hinder and foster entrepreneurship....................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneur is a person who creates various new and distinct ideas so that they can
create good products. Thus as a result they can easily earn more revenues and can enhance
market share in company. This also leads to long term success an growth of the company.
Through this they can easily enhance the satisfaction level of all users. Hence firm can maintain
good image in the market and in minds of all people. Assignment describes about the Wiser
company which is recruitment organization (Abu-Saifan, 2012). It was found in U.K. Report
explains about the range of various ventures which are considered entrepreneurial. It also
explains about the evaluation of impact of small business on economy. It further describes about
the determining and evaluating the various key aspects of an entrepreneurial mindset. It also
explains about the different environments that can foster and hinder entrepreneurship.
TASK 1
P.1 Different types of entrepreneurial ventures and their relation with typology of
entrepreneurship
There are various entrepreneurial ventures who are set so that they can easily accomplish
the business objectives. Their main objective is to earn huge amount of profits and thus they can
easily enhance the market share. These ventures can think of new and distinct ideas so that they
can easily enhance the market share. Through this they can easily maintain good image.
Different types of entrepreneurs are:
Public sector organizations: These are the firm whose objective is to serve the society.
They are managed by the government. Thus they can easily maintain good image in market.
They create all regulations and rules in an appropriate manner so that they can maintain good
image in market. There is an example that audit committee which is a statutory firm in U.K..
Thus they can maintain good image in market and can easily serve the people in society.
Private sector organizations: They are the company whose main motive is to earn more
revenues and they are controlled by a single person (Barringer, 2012). Company can create good
quality of products and hence it can maintain unique image in market. For example Proctor and
gamble is a company which can create long term plans and policies and it is FMCG product.
Through this it can easily enhance the revenues.
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Voluntary entrepreneurs: They are the company whose main motive is to serve to
people living in society and thus they can maintain good image in front of all people and thus
they can directly enhance the standard of living.
Relationship between entrepreneurship and topologies
Serial entrepreneurs: This is the company whose goal is to enhance the profits of the
company. Thus there can be effective cooperation among all members. It can be linked to private
sector organization (Baum, Freseand Baron, 2014).
Female entrepreneurs: These are the business in which all decisions related to creation
of all plans and policies are created and decided by women. There is a famous example that is
BAWE and it the organization that mainly consists of all members.
Ventures of entrepreneurs: There are various ventures which are described below:
Small business entrepreneurship: It includes various factors and this is the company
which runs only for a small scale. Thus they requires small amount of money and thus they can
easily fulfil all needs and wants of all people.
Scalable entrepreneurship: This is the company which runs for larger scale and thus
they can create the ideas and then they can easily invite many people. They think new ideas and
opinion in an different manner.
Social entrepreneurship: These are the entrepreneurship whose main objective is to
enhance the society and thus it performs all activities and operations which can directly give
various benefits of society. They can also take help from the government so that they can receive
funds. Through this they can easily educate many people and can guide the rural people.
Relationship of typology with entrepreneurial ventures
 Survival ventures: They are the company whose aim is to satisfy wants of all people.
They can be easily be connected to the public organization.
 Lifestyle ventures: They create various products according to requirements of all people
(Dacin, Daci and Tracey, 2011). They can be connected to private organization.
 Managed growth venture: They are the company which can easily manage the business
and can enhance revenues. It can be linked to survival and lifestyle venture.
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P.2 Similarities and differences between various entrepreneur ventures
There are various similarities and differences between various entrepreneurial ventures.
They are explained below:
Social entrepreneurship Lifestyle entrepreneurship
Similarities Similarities
 It is the business which can provide
standard services to many people. Thus
as a result they can easily satisfy all
wants of people.
 Main objective is to increase the
satisfaction level of many people.
 In this process company focuses on the
innovative ideas so that they can satisfy
all needs and people. Thus they can
easily enhance satisfaction level of all
people.
 This is company that can satisfy
demand of all people.
Differences Differences
 This only focuses on issues of life of
people.
 It solves problems of unemployment
and poverty.
 This is the firm which mainly focuses
on creating high standard quality of
products.
 They can make changes in plans and
policies with changes in external
environment.
Female and male entrepreneur
Similarities
 They both emphasis on objectives and goals in the company.
 They focus on creating of new and distinct goods and services. Both require and need
good qualities and skills and thus they can grasp opportunities and can remove the threats
(Drucker, 2014).
Differences
Female are thinkers and they take huge amount
of time so that they can take decisions.
They takes less time in taking the decisions.
They focus on creating high standard of With proper utilization of resources it directly
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products and thus it leads to growth and
development of society.
reduce the costs of activities and this leads to
increase of profits.
They do not take huge risks as compared to
male entrepreneurs.
They focuses on more risk as compared to
female entrepreneurs. Thus they can earn
revenues in limited time.
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TASK 2
P3 Impact of both such as small and micro business on economy
In the economy, three kinds of the business are mainly working and functioning including
small, large and micro. All these are highly effects on the development and growth of economy.
Therefore, all these are explained as below:
Micro: These organisations are owned as well as operated by individual with having
purpose of fulfilling requirement of themselves and their family members. Such kind of company
is opened by sole proprietor (Storey, 2016). Minimum fund is financed in these types of ventures
as well as its business structure which is simple and having minimum number of employees.
Small: These kind of business are open in domestic system which are operated in
partnership as well as individuals. Minimum number of persons are occupied in these
organisation in relation to large enterprise.
Medium: These types of firm are established on large level. Its major motive is to
provide higher profit ratios as well as keep strong position in the marketplace. Different number
of persons in these organisations are more like around 500.
There are four economic area which are highly impacts on the SMEs are determined
as below:
International and National Area: Small medium enterprise has highly effects on national area
which support in developing growth and development of economy by establishing maximum
functions of company and therefore rendering certain possibility of jobs to the unemployed
people.
Regional Area: SME's is also impacts on such area which benefited to the company to
make their services and products as per their choice and preferences (Welter, 2011). Beside this,
Wiser interpreted regarding requirements and wants of customers as well as provide quality in its
product and services to satisfy customers easily.
Local Area: In this area SMEs is highly impacted on the business performance and
productivity. Responsibility and roles of small business is to render possibility to the
unemployed person.

P4 Contribution of start ups and small businesses in economic growth
Small organisation and Start-up's are extremely participates in growth and development
of economy. In UK, these organisations are increasing quickly and is good for economic system
as its share is thirty percent in economic improvement. Brexit put unfavourable effects on
working of the entire business (Wiklund and et. al., 2011). More or less 50% enterprise of United
Kingdom brings earnings from start ups.
Contribution of small businesses and start-up's
Small-business Start-up's
 These are a kind of business which are
subsist with an new plan.
 They required sufficient amount of
fund in relation to start-up's but
implanted their functions as well as
activities as a part of small
organisation.
 They principally provides traditions
products to its customers.
 They are chiefly processing via a new
idea or plan.
 It creates innovative idea as well as
opinion which help them to maximise
market share.
 These organisation have unique plans
and effort to give something to
customers.
 They having Scalable and effective
business model.
Importance of small business and start-up's: There are some importance which are determined as
below:
Employment opportunities: Both kind of organisation are play vital role in improvement
of more possibility for the persons or society. They support in the betterment and growth of
economy effectively and efficiently (Wiklund and Karlsson, 2011). In this large number of
benefits are achieved by an individual as well as community also like reduction in poverty, equal
wealth distribution, improvement in living quality and many other advantages.
Enhancement in social security: Newly, legal authority of UK has maximum authority
on business operations and have sole ability to fit their personal rules and norms. This outcomes
in pleading on more to social safety and security as well as local areas and its person who are
living in community. It is also important for the unemployed people in order to enhance security
of society in an effective and efficient manner.
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TASK3
P5. Characteristic, traits and skills of two successful entrepreneurs which differentiate them from
other business manager
Effective business visionary is one who begin their business with only enjoys every one
of the exercises in such way that give gainfulness in entire business condition. Significant three
consider that coming their prosperity i.e. hazard, benefit and trend-setter which they have to
consider with a specific end goal to manage in business condition (George and Bock, 2011).
Here the two well known business person who known in light of their capacity, abilities and
calling and distinction is given underneath:-
Basis Steve jobs Bill gates
Company type He is prime supporter of Apple
consolidation and set up
mainstream versatile brand
having own mac working
framework.
William charge doors
executive of Microsoft running
world driving programming
firm.
Educational difference He is the man who moved on
from secondary school and
enrolled in reed school in
Portland and in 1974 he
composed their own particular
computer game.
He completed his education
from Washington University.
Key success factor He is resolved towards his
work and focus on his educator
to wind up mogul before reach
to the age of 30 years and
guarantee will come in the
shape Apple organization.
He is extremely certainty with
her expertise and capacity and
create world class
programming and having their
own particular working
framework called MS-DOS.
Characteristic/skills of entrepreneur and managers
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Characteristics/
Skills
Entrepreneurs Managers
Innovation/creativity These people are
accompanying their own
thought which are imaginative
so as to fulfil client needs.
Supervisors are by and large
execute their plans in
methodical way as indicated
by organization rules
Risk factor They are chance producer to
gain gigantic returns.
They generally accepted to
direct their undertaking in such
way which lessen all the
segment identified with hazard
Dedication Committed and energetic
towards their targets and
objectives.
Handle all the circumstance
persistently with no
contentions.
Qualities to wind up effective business visionary:-
 Colossal certainty, enthusiasm and determinant towards work which upgrade their
development and improvement. Exceptionally imaginative and inventive in their work which capable them to snatch
openings and expel strings (Grimaldi, Kenney and Wright, 2011).
Not Afraid to Take Risks
Business visionaries are daring individuals, prepared to plunge profound into a fate of
vulnerability. Be that as it may, not all daring individuals are fruitful business people. What
separates an effective business visionary from the rest as far as hazard, Effective business people
will hazard their opportunity and cash on questions, however they likewise keep assets, plans and
transmission capacity for managing "obscure questions" for possible later use.
P6 Entrepreneurial personality reflects entrepreneurial motivation and mind-set
Entrepreneur is the person which is different from other people as they are able to take
risk and this affects their actions too. As future is unpredictable, so it is essential for entrepreneur
to be ready to make changes in roes and responsibilities of association (Kuratko, 2016). There
are various policies which can be performed by entrepreneur, but it depends on their personality.
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There is requirement of various changes through which changes are effective and this helps to
make actions in effective and efficient way. There are possibilities that association has to make
changes in their roles and responsibilities through which goals and responsibilities has to be
changed. While making approaches through which policies can be effective for making changes
in actions. To understand changes in business policies, association has to alter their actions and
work as per environment (Martin, McNally and Kay, 2013). To know positive results,
entrepreneur can able to work according to which they perform business operations and this is
effective for analysing resources which can be understood by various managerial principles.
Big five force model is effective for approaching association through which they can
achieve business targets in effective and efficient way. This helps to know about qualities which
has to be present in entrepreneur. Mainly there are five qualities as per big five model are
discussed as under-
Openness to experience: When person is willing to learn techniques then they are able to
deal with people and this is effective to take changes in roles and responsibilities of company.
While analysing market, there are many new techniques which has to be understood by
entrepreneur so they can work accordingly.
Conscientiousness: There are various situations through which entrepreneur get hurted,
so it is essential to work in conscious mind, through which policies are achievable. This can be
achieved if entrepreneur is serious related to goals and objectives.
Extraversion: Entrepreneur has the idea which is not present in market, so to make aware
people about idea. This helps to raise fund and this helps to accept changes in roles and
responsibilities. With this quality people are aware of new ideas.
Agreeableness: There are many people with whom entrepreneur will be in contact of
various people, so in this case entrepreneur have to agree on various points. This is effective for
analysing market and help to make changes in operations of people (Naudé, 2014).
Emotional stability: Entrepreneur must be stable in sad as well as happy moments. There
is use of various techniques through which they are able to work under various situation. While
running business it is not essential that only positive results will get, so in case of adverse
situation also individual must be calm and cool.
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TASK 4
P7 Background and experience can hinder and foster entrepreneurship
There are various changes which are taking pace in business environment, so
entrepreneur must be able to work accordingly. While starting new business, there are some
positive as well as negative points which has to be considered (Santos, 2012). It is not essential
that every time only positive results can be generated, hence individual must be ready to learn
new ideas. Some positive as well as negative aspect of entrepreneurship are discussed under-
Rewards Drawbacks Control and monitor: In
entrepreneurship business individual
person is liable to make changes and
this affects business operations. While
analysing market, there is effective role
of change in business operations. These
can be applied effectively. Excitement and joy: When activities
are performed as per thoughts, then this
is like dream come true. So this helps to
make person excited for getting
positive results. Flexibility: There is flexibility in
entrepreneurship business, as there is
use of techniques which are effective
for achieving targets. Entrepreneur is
flexible in performing business
operations and hence positive results
can achieved. Exemption: There are various
exemptions which can be availed by
entrepreneur to perform business
 Management: There must be proper
management in actions. There is
requirement of policies which are
effective for growth of business. Due to
lack of management goals can not be
achieved.
 Rivalry: There are various competitors
in the field of entrepreneurship. This
forces entrepreneur to work as per
requirement of society.
 Work Agenda: In entrepreneur there is
no proper agenda to work. Entrepreneur
has to work hard to get positive results.
So this may affect functioning of
entrepreneurship.
 No daily wages: While working as
entrepreneur, there is no wages or good
salary. Sometimes there is loss due to
old stock or lack of funds. While
working there is no surety to get good
returns.
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operations. There is tax rebate for
entrepreneurship when they deal in
some idea which is effective for social
growth.
So many elements are there that impact on thinking and decision making process of individuals
and affect the process of entrepreneurship. Major factors that affect the decision taken by an
entrepreneur can be understood by the following points:
 Education: This is the element which affect the way an individual think and take decision
to achieve set goals and objectives. Education make a person inform how to behave in
public and how to examine various elements before take a decision.
 National culture: This aspect describes the set norms, beliefs, behaviour and customs that
exist within population of a nation. This is the element that make an individual inform or
give him knowledge about various element such as what is acceptable in society and what
is not. Further, this make the entrepreneurs able to make a difference between right and
wrong. All this affect the thinking style of an entrepreneur and affect the decision he take.
 Character traits: It contain the inborn skills and qualities of an individual which makes
him different form the others. Leadership, time management, communication and
interpersonal all these are the major type of skills which largely affect functioning of an
individual and how he manages various resources art workplace to achieve set goals and
objectives. Personal skills of an individual largely affect entrepreneurship.
All these are the elements that affect the decision making style of an entrepreneurs and either
foster or hinder the process of entrepreneurship.
CONCLUSION
It has been finished up from above task that business visionary is one the essential individual
who utilize their aptitudes and capacity with a specific end goal to procure more benefits for
business. Diverse systems and apparatuses has been utilized by association with a specific end
goal to enhance the nature of items so client are fulfilled in ideal way. Different entrepreneurial
endeavours are viewed as entrepreneurial. Positive effect of private company on economy. Key
highlights of entrepreneurialism through which business visionaries can create attitude.
Assessment of different condition which blocks or add to enterprise.
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