Women's Entrepreneurship and Innovation

This assignment examines the crucial role of women in entrepreneurship and innovation, particularly within the context of micro businesses. It delves into the psychological and social factors that shape women's entrepreneurial intentions and behaviors. The analysis emphasizes the innovative approaches adopted by women entrepreneurs and their impact on economic growth and community development.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1Types of entrepreneurial venture:......................................................................................1
P2 Similarities and Differences between Entrepreneurial Ventures:....................................2
TASK 2............................................................................................................................................4
P3: Micro and small business impact on the economy:.........................................................4
P4& D2 Small business and business start-up with contribute to the growth of the social
economy.................................................................................................................................5
TASK 3 ...........................................................................................................................................6
P6 & D1 Aspect of Entrepreneurial Personality Reflect Motivation and Mind Set...............8
TASK 4 ...........................................................................................................................................9
P7&M4 Background and experience can hinder or foster entrepreneurship.........................9
CONCLUSION................................................................................................................................9
REFERENCES .............................................................................................................................10

INTRODUCTION
The new opportunities in business have taken a long way after Brixit. Entrepreneurial ventures
have made huge investment towards the economy people have now emerged with the ideas of starting
their own business. An entrepreneur is a person who have new ideas and he uses those ideas to have a
start-up of his own business activities(West 2011.). Brixit no doubt brings threats, but it also brought
many opportunities for people to start their own business plans . UK government at the initial phase
helps people for small medium enterprise project(SME).An entrepreneur is a person who explores new
ventures and start-up by taking risk because a person never knows his start-up will make him achieve
growth or loss he has the ability to take risk and fight with the situation(Amorós, Basco and Romaní,
2016) . He is always motivated by his work and he does take courage to do his work with motivation
and encourages other people to start-up their own ventures.
TASK 1
P1Types of entrepreneurial venture:
There are different types of entrepreneurship ventures that are related to the activities of the
entrepreneur they are summarised as follows:
 Small Business Entrepreneurship Ventures: Small business ventures have emerged around
the wheels .People in U.K are still having their small business with 500 peoples working under
them. Small business includes grocery,carpenter, travel agent,contractors etc. They are the
people who run their own business and most of the businesses are profitable. Success in true
sense comes into picture when a person is able to fulfil his necessary requirement and he is
ready to feed his family members and most of the new entrepreneurs take funds for their
business from their family members.
 Scalable Start-up Entrepreneurship: Unlike the small businesses scalable start-up are also
known as the silicon valley entrepreneurs and their ventures are done by the investors
(Anantadjaya,, Finardi and Nawangwulan, 2010.).These entrepreneurs start their ventures from
the first day and their vision could change the world. They attract the investment from the
financial investors that is venture capitalist. They search the repeatable and scalable business
models which can be implemented and thus they focuses on the scale required to capture more
capital venture to get rapid business expansion. Scalable start-up are mostly in the innovation
clusters like silicon valley,new york, Israel etc. they make up a small percentage of the
enterprisers and start-up because the outside returns attract almost the risk of capital returns.
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 Large Company Enterprises: Large companies have a finite life cycle. They grew through
sustaining innovations and offering new products to the customers that are different from their
core products (D’Almeida, 2016). Changes in the taste and preferences of the customers,
innovation in the technology, change in laws,competitors position etc. can create a pressure for
more innovation in the product line and thus entry of the new products and the new customers
in the market. Existing company do this by either acquiring the product or by making changes
in the existing product which can attract the customers towards the product(Bratianu, and
Stanciu, 2010) . Ironically large size of companies and culture make it difficult to bring
innovation in the products. Innovation in the product is necessary to sustain the business for the
long run because people demands changes according to their needs and requirements and
changes in the product makes the product modify according top the needs of the customers.
 Social Entrepreneurship Venture: Social entrepreneurs are the innovators who focuses on
creating the product and the services according to the need and demands of the customers and
thus solving their social needs .But unlike the idea of the scalable start-up they main aim is to
make the world a better and comfortable place to work in , not to take any share from the
market focus on how the funds can be generated initially and to create the wealth for the
founders(Sundar, 2016) . They may work for non-profit,profit or hybrid.
P2 Similarities and Differences between Entrepreneurial Ventures:
There are many similarities and differences between different capital ventures which are
summarised as:
Differences between the capital ventures:
Basis Small business Social Good
Enterprise
Scalable start-up(high
growth companies)
Type of firm
Definition
Goal
Small business firm
These are independent
owned business running
for profit maximization
and is not dominant
towards its field
To grow into a long
Social good business
The business is based
on innovation solutions
and their desire to make
the world a better place
Maximising the impact
Scalable start-up
They focused on the
young minds with the
potential to create the
new market or make
innovation in the
products
Company focuses on
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Business Operations
Capital Providers
Outcomes
term business that will
be profitable in the long
run and sustainable with
the possibility of
eventual scale to the
employees
Restaurants,agriculture
firms,contractors and
retail stores
They get finance from
micro loans,bank
loans,revenue,friends,fa
mily and from their
personal fund.
They can generate
payroll taxes and jobs
but they do not have
larger employers. They
only provide the goods
and services that are
larger part of the
infrastructure.
on the environment in a
sustainable way so that
the resources can be
saved for the needs of
the future generations.
Company working to
solve the global health
issues,a company
solving specific
problems in the
developing countries
The finance depends on
the type and the size of
the company that can
run the entire capital for
the business.
It has the ability to
create the significant
social impact on the
society and works on
improving the lives of
people.
the goals of generating
sufficient funds and
wealth both for the
founders and the
investors either through
acquisition.
A company producing
medical devices or
developing machines
which could save life
They posses risk capital
from the
accelerators,venture
capital,angel investors
and from the non dilute
government bodies.
The start-up business
have the potential to
create significant
revenue and jobs and
their impact on the
economy
Similarities between entrepreneurial ventures:
 Self confident: A person becomes entrepreneur if he posses self confidence. He has the ability
and the potential to work well and that he can fight with the obstacles that block his
way(Ghosh and Guha, 2015 ) . Self confidence motivates a person towards work and thus he
can achieve success in his life.
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 Vision: An entrepreneur has a common vision of becoming successful person and thus his
business reaches at a level where he can earn profit and the business can grow for the long
term.
 Change Agent: An entrepreneur posses the ability of change management and thus he can
inculcate change in him according to the place and the type of work he is doing.
 Goal Oriented: An entrepreneur has goal oriented behaviour and mind set and this is the basic
positive behaviour that pulls a person towards success in his life,.
 Problem solving skills : A person who posses the ability to find out the solutions of the
problems is a person who is a real entrepreneur and he thus challenges the risk with full
patience that comes as obstacles in his way.
TASK 2
P3: Micro and small business impact on the economy:
Micro small and medium enterprise(SMEs) plays an important role in the economy particularly
in the developing . They contribute up-to 45% of the total employment and 33% of the national
income in the Gross domestic product of the economy. Their number become high when informal
SMEs are included . Small and medium enterprises will absorb the global market force in the coming
years mainly in Asia and south Africa . In the emerging market place most of the formal jobs are with
the small and medium enterprises. The access to the financial transition is a key issue in the growth of
SMEs. They are able to secure the bank loans than most of the large firms instead they mostly depend
on the internal or the personal fund to launch and initial run their enterprises(Ebbers, Mikkelsen,
Raschke,2016). Most of the small enterprise do not have access to the formal credit . The financial
gaps become larger when micro and the informal enterprises are taken into account. The main factor
that distinguish the small enterprise from others are the head counts of the staff, the balance sheet or
the annual turnover of the company. Overall studies predicted that approx that 70 percent of small
enterprises are emerging market lack access to credit and thus the gap varies for different regions. The
world bank studies says that there are between 365-455 million micro small and business enterprises in
the emerging market from which 5-30 million are formal small enterprises and 285-345 million are the
informal (enterprisesZakaria, 2012.). There is an advantage of moving the informal sector enterprise
into formal sector because they have better access to government and financial services and to the
overall economy in the way that they will provide higher tax revenues and better regulations . It also
improves small medium enterprises access to funding and financing solutions to unlock the sources of
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capital . Sources of capital is cruel to enable the potentially dynamic that is ever changing sector to
grow and provide the needed jobs top the employees.
The manufacturing and service enterprise have been classified according to investment plans:
Basis/class Manufacturing Service
Micro-enterprises Investment up-to Rs25 lakhs Investment upto Rs. 10 lakhs
Small-enterprises Investment above 5 crore up to
10 crore
Investment above Rs. 2 crore
up-to 5 crore
Medium -enterprises Investment above 5 crore up to
10 crore
Investment above 2 crore up to
5 crore.
Small and medium enterprise main aim is to facilitate the promotion and development of the
enterprises and enhancing the competitiveness of micro small and medium enterprises and for the
matters concerned there with. The SMEs act provides a statutory consultative mechanism at the
national level with wide representation of all the stakeholders. The act contains provisions for
notification of schemes / programmes for the small and medium enterprises and mechanism for
mitigating the problems of delayed payment to micro small and medium enterprises.
P4& D2 Small business and business start-up with contribute to the growth of the social economy
A small enterprise is privates owned business and corporates ,partnership and sole
proprietorship that have few employee and the business or corporation of annual revenue. The small
business to apply governance support and tax policy and depend on the country and industry. In this
small scale of business to including into the various types of annual revenues and sales assets and
annual gross rates or net profit also employees most used of the widely ranges(Hanis and Salleh,2015).
A small business grate dealing great i.e. revenues and regulatory authorizing both are use of country
and from country to country. A business require more and heavily requirements of the inception
certificates and various governments authorities. The main goal of the the enterprise programmes to
development of economies growth of the nation country. The entrepreneurship is the understand of the
main objectives to create a new idea to development and implement of the new setup new small
business enterprise. The main object of the business enterprise to development and utilisation to
various external and internal economic environment and development of the economic country. A
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small businesses role of economic development to action connected of policy make to the
communicate and provide various types of economics area and healths issues. To resolve the primary
factors of human capital and infrastructures and economic environment today small business is plying
a leading role in local economic development across the nation. The 28 million small business in uk
account for 54% sales. In this sector Is growing rapidly. Small business trend to be more flexible and
innovation.
 Contributions: A small business is a defined as a business work in the 500 employees or
less99% represent to the business of all employee to create new job providing to non paid 44
percent of the B rexit company.
 Adaptability to changing climates : A small business is the adopt to various factors to working
economic environment to change and respond to the quirky changing and the in the
environment is the due to factors to customer oriented. A small business also cumulative less
venture generates cumulative to customers locative to on strengthened and weakness of
economic environments.
 Economic growth: a small business to role playing in to the business economy to contribute a
innovation tp the community and specific to provide employee opportunities. A attract to the
talent who invent new product or implement of new solution for a specific idea . Many lagers
corporation depends on the business of the completion of various functions.
 Improve economic development: a small business have the GDP growth rate improve and to
the dealing with the investment plans and innovation to start up income inflations .
Difference between small and Start-up Businesses: a small business are start a independent to start
up and to profit and risk to facing and start up business are design to search for the repaid business. It
is temporary organisation and to achieving modern objectives. Business is owned to using the
accounting report to relates down the financial of the company(Wambrauw, 2013). Small business to
create a business situations about the hypothesis based to select a customers targets to distributes a
financial statements of the company .
TASK 3
P5&M1 Characteristics Trait and skill of successful entrepreneurs which differentiate from other
business managers
There are a various types of good ides of successful enterpriser. They come from different
geographic location ,income and social classes as well as education levels.
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 Passion & motivation: The fundamental traits is an entrepreneurs it should be passion is there
something that you can work on over and again, to bored? The continues doings for the again
and again. The demonstration of passion and motives will determine business success entity.
To implement and create new ideas to forwarding into the own business ventures . The
success is based on the determined the passion
 Risk taking: A entrepreneur are risk taking to deeply crate a uncertainty in the business. A
successful entrepreneur from the utilisation same resources and to plan and unknown in
reserve. When are risk time and money unknown keeping all resources(Zakaria, 2012) .
Successful business entrepreneur risk taking to all future of uncertainty.
 Adaptability and flexibility; a adaptability and flexibility is important role of the a successful
businesses entrepreneurs. A entrepreneur to all problems and suggestion to optimization or
customizing the en-ching and to providers officers and to satisfies mangers and client to
fulfilled all needs of markets. A product should be developed to crate own idea to increase a
product quality should be all satisfy markets needs.
 Money management: Entrepreneurial venture ready to take a probability. A successful
entrepreneur realise that money management to require of plan of the present and future
financial, market's obligations. A business to securing the funding or to takes all operational of
the cash flows.
 Hight level of confidences: Entrepreneurs have a hight level of confidences are adopt in the
nature to get the done of the job done to under the most challenging condition and problems .a
successful entrepreneur to adopt big challenges to breed big reward in the organisation .they
allow a spot an opp unities when a possible highly challenges to fulfilling. The most focus on
the facing of the problem and done own work to achieve rewards.
 Expert of networking : A successful entrepreneur a large collecting of the business cards and
hight contract to increase list doesn't makes the an expert at networking. A expert at
networking to building value based on the related down to all business opp unties and adopt
long run and shot run relationship that are mutual of the benefits(Wambrauw, 2013). A
networking people also help to potential help to the future of business. They should be know
can help someone and proving to all valuer of them they about the relationship is how to effect
on the future benefit . A successful business entrepreneur is the relationship to people and
with connect to the networking of expert.
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P6 & D1 Aspect of Entrepreneurial Personality Reflect Motivation and Mind Set
A entrepreneur reflect to the personalty to set a person mind set and motivation to adopt in the
personal life and personalty developing help to entrepreneur to a makes of there identify the personal
groom there self it also help to the developing skills and personality to does not allow the other
personalty of the adopt and using to makes goods. A well personality to developing own self
encourages to facing all problems and challenges with smile.
 Encourages positive attitude in life: a person should be with negatives attitudes and positive
attitude to set in the mind and personality to achieving object and goals and positive way and
facing all challenges to the in own life. The effect in the negative mind set essential effect on
Woking people in to the working environment , the entrepreneur to behave well with the
people talk in politeness with the every because a talk way in the set of personality and the
politeness not only makes people popular but also earn respect(Bratianu and Stanciu, 2010).
Personality not only developing ourself but also developing self in inner way.
The personality traits of ideas is not imperative for enterprises but also a race of captivity. A
suggestion that anyone can gave ant idea but only certain persons have to relational an idea. A
discussing the characteristic of an entrepreneurs to inset based on the work by as well as research on
personality traits(Ebbers, Mikkelsen and Raschke, 2016). The study of motives among to self
employments and personality traits associated to the personality developing to create a confidence in
own personality to the including the help of the knowings the rights to thing to say full confidences to
the other person. If a person faces a problem with the confidences that really effect on the work and to
solve the bast solution on the problem. To lads for the problems. Creditability is the personality to
makes to the having proper dressings and look and presentor to front on the unknown person. A proper
dresses code does not the expensiveness but just careful selection of the dress code of an any
situations . A Proper entrepreneur mind set is no longer executive properly of business
owners(D’Almeida, 2016.). Increasing corporation are seeking and rewarding a entrepreneurship is a
constantly evolving process.
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TASK 4
P7&M4 Background and experience can hinder or foster entrepreneurship
That is specific that the how much experiences anyone should be have while starting a business .they
all know that how to business to start up for a different way to coving into the which can assist. The
things can be developing into the circumstances he had but background and experiences which effects
the business activities .The experiences in that area of the same based top the of industry to chose and
would help to them to to contract. Which will to suppler and other relaters what kind of work of
person who work with you (Ghosh and Guha, 2015. ). The depend on customer what kind strategies
needs and other opp unties growth. Business to subject inst-rest to the qualitative work effect on the
positive way. A confidence and makes to the good work into the business environments. The mean
you have expertise in any one particular field and any other area need to polished them and to need the
various gain experiences is any field. A entrepreneur does not mean that a big businessman who
already to exit in the market there. He is also new to provide a product was fresh(Amorós, Basco and
Romaní, 2016). Founder wants to change living a people there at time that using the relation build up
to the come out and go success that is called background success. A entrepreneurship and business
skills and experiences that will have a positive infuriation and innovation to the entity. A innovation is
also requirements of the management skills and to be ability change. Skill and experiences have to
positive effect on entrepreneurship to provides dynamic capabilities and adopt to the circumstances.
Entrepreneurs fare best in policy and regulated environment to keeping barriers innovation and
protects go success that is called background success.
CONCLUSION
From the above mentioned it can be concluded that entrepreneurs plays a very important role in
the growth and progress of the economy and thus it helps in the overall economic development of the
country. The U.K the small and medium enterprises are exceeding in small business. The innovative
ideas of the entrepreneurs are enabling entry of new product and services all over the U.K. The major
part of the pollution of U.K are effectively and efficiently using the resource of the organisation and
due to the idea of the innovative product and customer satisfaction to U.K. The entrepreneurs are
making profit for the economy as they are focus on the objectives for which they have started their
new venture.
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