Aspects of Entrepreneurship in Newly Created Business Environment

This document discusses the different types of entrepreneurial ventures, the impact of small business on the economy, and key aspects of an entrepreneurial mindset. It also provides insights into the traits, skills, and characteristics of successful entrepreneurs. The subject is entrepreneurship and the document type is a study material.

ASPECTS OF ENTREPRENEURSHIP IN NEWLY CREATED
BUSINESS ENVIRONMENT
1

Table of Contents
Introduction......................................................................................................................................3
Task 1...............................................................................................................................................3
Lo1. Illustrating the range of venture types.....................................................................................3
P1 Examining different types of entrepreneurial ventures and with the concept of how they
related with typology of entrepreneurship.......................................................................................3
P2 Exploring the similarities and differences between entrepreneurial ventures............................5
Task 2...............................................................................................................................................6
Lo2. Impact of small business on economy.....................................................................................6
P3 Illustrating impact of micro and small business on the economy..............................................6
P4 importance of contribution to small business and business start-ups on growth of social
economy...........................................................................................................................................7
Task 3...............................................................................................................................................8
Lo3. Key aspects of an entrepreneurial mindset..............................................................................8
P5 Determining the traits, skills, characteristics of successful entrepreneurs.................................8
P6 Aspects of entrepreneurial personality reflect on entrepreneurial mindset and motivation.....10
Task 4.............................................................................................................................................11
Lo4. Different environments that can hinder or foster entrepreneurship......................................11
P7 Examining how background and experience can hinder entrepreneurship..............................11
Conclusion.....................................................................................................................................12
Reference list.................................................................................................................................13
Appendixes....................................................................................................................................14
2

Introduction
Entrepreneurship is a feature of companies that work on the design, development and
management of a small business. Further, it should be mentioned that entrepreneurship plays an
important function in the development of the 21st century. The introduction of entrepreneurship
aims to discuss the importance and role of entrepreneurs in our society. Many countries have
supported entrepreneurship so that they can reduce sustainable poverty and show the results of
being effectively recipients of economic growth (Autio et al. 2014).
In this context of a discussion, there is all about the brief summary for discussing the scope of
entrepreneurship and also illustrate the obstacles for start-ups. This task will further discuss the
risk/return ratio for starting a new company. It should further be concluded that all discussions
are on the basis of NUJIs (a well known online company related to daily fashion and lifestyle
goods manufacturing) entrepreneur’s thought.
Task 1
Lo1. Illustrating the range of venture types
P1 Examining different types of entrepreneurial ventures and with the concept of how they
related with typology of entrepreneurship
There are mainly four categories of entrepreneurial venture which includes-
Types of
Entrepreneurship
Related various aspects of respective entrepreneurship model
Social
entrepreneurship
This kind of entrepreneurship mainly deals with the thoughts of
providing good services to the people for world's better. In this
entrepreneurship model or respected organization mainly works with
global health organization for a philanthropic mission in countries
development. Basically, in this context of entrepreneurship model,
entrepreneurs make a decision for both public's health and organization
development.
3

Small business
entrepreneurship
Small business entrepreneurship related to the small business
organization mainly looks like an independently owned and
independently conducted for making the earnings. It should always be
remembered that the main objectives of the small business are to make
more money and able to facilitate sustainable business performances
compared to MNC or big companies. As there is a sufficient amount of
members are involved in the small business environment, for expanding
the existing small business the organization may face a lot of trouble for
sustainable business performances. For getting information point of view
it is clear that the capitals or assets of this small business organization are
families, bank balance and friends support and involvement (Autio et al.
2014).
Large company
entrepreneurship
In case of the large business organization, the company must go through
some long time finite process cycles which give additional attachment for
getting the sustainable business environment as well as for increasing in
encouragement in business entrepreneurship decision making (Ibrahim
and Lucky, 2014). As large companies deal with large amounts of
products and related customers, it is always recommended for effective
business entrepreneurship decision.
Scalable startup
entrepreneurship
This kind of entrepreneurship is similar to the small business
entrepreneurship only differences in the concept of that this kind of
entrepreneur mainly invest their money and makes their decision on the
brightest candidate of organization for researching on the scalable and
repeatable business plan (Choi and Majumdar, 2014).
Table 1: Different types of entrepreneurial ventures
(Source: Ibrahim and Lucky, 2014)
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P2 Exploring the similarities and differences between entrepreneurial ventures
Similarities
- Similarities in making profit
- Similarities in giving client satisfaction
- Similarities in giving optimum products
- Similarities in taking busing risks and decisions
Dissimilarities
Different
aspects
Large company
entrepreneurship
Small business
entrepreneurship
Social
entrepreneurship
Scalable startup
entrepreneurship
Operated by Corporation and
well-trained
management team
all over the world
(Karadag, 2015).
Small local groups Global healthcare
organization
Less than three-
person firm
Risk factor Corporate risk Extreme individual
person risks
High personal risk Less personal risk
Involvement Large numbers of
employers are
required for this type
of company (More
than 5000
employees)
Required
comparatively less
number of
employees (less than
2000 employees)
Depends on how
big the social
entrepreneur
platform is.It may
be local or
international
Relatively small
numbers of
employees are
required for this
kind of
entrepreneurship
model
Privacy and
Safety
As there is
involvement of a
large number of an
employee so there is
a high tendency of
secret exposing.
Comparatively lesser
tendency for secret
exposing.
As all steps and
activities are
organized publicly
there are very little
issues of the third
party knowing
Privacy and security
priority
comparatively high.
5

profit (Kuratko et
al. 2015)
Aims and
objectives
Make more profit
and expanding
business assets
For making profit
and actively
sustainable business
environment making
Fulfill philanthropic
mission
Researching on the
scalable and
repeatable business
plan.
Example Wal-Mart Birch box Fazle Hasan Abed Concordia
Table 2: Dissimilarities in between different entrepreneurial ventures
(Source: Blundel et al. 2017)
Task 2
Lo2. Impact of small business on economy
P3 Illustrating impact of micro and small business on the economy
There are several impacts of micro and small business organization in economy of U.K., those
are summarized as-
Impact on Industries: The impact of small and micro business organization takes a very
significant role in U.K.'s industrial growth. It has come to know from research studies that
around 48 percent of total revenue mainly comes from small business organization. Besides from
further studies it has come to know that small and medium-sized organization facilitates around
36 percent of industrial employment (Blundel et al. 2017).
Enhances U.K.’s growth: There is an important feature for small and medium business
organization is that: they are charged with newly innovative ideas for client reliability and
satisfaction. Besides various strategic plans also helps the companies to gain more revenue and
cash flow. It is studied from research paper that U.K. economy is blessed with the birth of 49
percent of start-up companies in between the year of 2010 to 2014.
Impact on Turnover: For economic consideration in U.K. overall business turnover always
matters in terms of saving of economic supports. From research studies, it has come to know that
there is a contribution of around 2.3 trillion after the ending of the financial year 2016.
6

Increasing in employment: From previous discussion it is come to consideration that: there is
around 36 percent contribution of small and medium industries in industrial employment
activity, which helps for employment-friendly business environment making. Besides from
current studies it has come to know that small business offers job over 26 million people in U.K.
moreover from further research studies it has also come to consider that small startup business
organizations provide around 65 percent of people employed in public sectors (Kuratko, 2016). .
P4 importance of contribution to small business and business start-ups on growth of social
economy
There are several contributions of small business and business startup for economic growth of
U.K., such as-
Firstly, Small businesses also try to grow their businesses so they can participate in local and
international markets. Small business organizations are expanded to take on their tasks.
Entrepreneurs plan new models and plans for the company. Employees are planning to work in
their corporate environment. Organizations in small businesses try to use the same city, even if
they do not settle in large companies. Grow in a large commercial company to offer more
opportunities to employers (Siegel, 2015).
Secondly, Small business organizations respond quickly to economic changes. Being a small
company that mainly targets and operates under the responsibility of the customer, it is easy for
them to use economic change. Customers tend to be honest with the newly established company,
even if the company is experiencing a critical economic crisis. Money produced by small
companies does not have a larger organization, consequently, less financially (Autio et al. 2014).
Thirdly, the small business organizations that are right are an integral part of the growth of the
British economy. Companies are small, established organizations that help us grow
economically. It should also be concluded that small organizations offer repetitive continuous
vacancies. Difficult as this competition is the ability to work on the principle: companies to help
the attracted commercial companies from customers who created new products and new ideas to
implement their business plan. Most large companies rely on the start of the business, but not on
their business.
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Task 3
Lo3. Key aspects of an entrepreneurial mindset
P5 Determining the traits, skills, characteristics of successful entrepreneurs
Traits
There are various traits which are required for being a successful entrepreneur, such as-
Types of Traits Related various aspects of respective successful entrepreneurs
A competitive
attitude:
- It is always desirable that a new contractor has a competitive attitude
with much encouragement. In today's world, there is a continuous
growth of commercial competition.
- To make stable and feasible business decisions, there must be
continuous growth in the spirit of the boot (Ibrahim and Lucky,
2014).
- Not only a challenge but also a challenge for the company personally
must have good knowledge and market research for the new large
company of the organization and entrepreneurs who make decisions
that are new people.
The desire to
fail
- It should also be noted that risk managers have effective
businessmen, who have all achieved more than one important goal.
- In short, they are not afraid of failing. In addition to winning
entrepreneurs or entrepreneurs often because they can count on the
best conclusion, even in the most terrible cases.
- On the other hand, with good research and a good market, there may
be some cases, after all the process fails and it is not a state near a
failure.
- So, to be an effective and successful entrepreneur, the newly born
small business organization needs to consider the previous
discussion.
8

Powerful
leadership
quality
- This is an important characteristic of the entrepreneurs. A leader who
gives these honors the goal of all the work they need to get what is
interesting.
- The leader not only has the ability to motivate the team but also has
good communication possibilities, so that employees can also
perform management functions (Mueller and Shepherd, 2016).
- A leader who appreciates trust and respect for his team shows
positive qualities and trust and promotes an environment that is
transmitted by the team.
Serial
innovator
- In order to satisfy customer demand and to be credible for all
employees, the new contractor has an innovative and effective
business with additional considerations.
- On the other hand, it must also remember that successful
entrepreneurs accept changes and often receive a second innovation
initiative for entrepreneurs (Mueller and Shepherd, 2016).
Lots of self-
motivation
- It must be clear: some famous employers in history that managers are
generally rather difficult personalities. Nobody waits for the person
who met.
- People who come from a successful world tour have usually
changed because of their actions. In general, leaders must challenge
and tackle the problems they face untiringly.
- They also turn to different situations without getting rid of them and
are usually used by their teams to turn them into motivations against
opportunities and new goals.
- It is assumed that it is often taught that winning entrepreneurs are
guided by a goal or a dream rather than a task that should be
anything but universal. They are also often very enthusiastic about
the fact that thinking and planning to achieve their ultimate goal is
extremely difficult to control naturally.
Table 3: Traits of successful entrepreneurs
9

(Source: Karadag, 2015)
Skills
There are various entrepreneurs’ skills which are shown in below-
- Able to increase and expands your business
- State capabilities and shortcomings related to the ability to detect new trends in the
business context
- The possibility of closing sales
- The ability to focus on the customer
- In relation to the connectivity of social networks
- To perform basic SEO activities related to the managerial staff related to the training
program and the process is trained new ability to recruit adequate and efficient employees
- The ability to define the concept of excellence and weakness in relation to the concept of
ability to make friends, employers, ability to be highly productive, relieve stress, in favor
of the company to make money and the longest cash flow of the year
- The ability of the aspects of money management (Li and Rama, 2015).
Characteristics
- With practical preparation and related networking opportunities
- The term optimally does not have much of what characterizes the concept of money
management
- Equity agreements, commercial and market characteristics of flexibility and adaptability
- Disciplinary engagement, hard work and trust in themselves,
- Related risks, motivation and passion.
P6 Aspects of entrepreneurial personality reflect on entrepreneurial mindset and
motivation
Flexible behavioral: The above functions of successful entrepreneur suggest the concepts of
open-minded flexible behavior. In addition to networking abilities, a power to relieve stress,
innovative thoughts makes entrepreneurs more professional and flexible (Li and Rama, 2015).
Stress handling capabilities: Successful entrepreneur having excessive stress handling
capability as they know how to meet the solution of a dynamic adverse market situation very
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Customerscanenjoyyourpersonalinformationisnotcertainwhenyousharewiththeauthorityofasmallbusinessorganization.Theythinktheirdataissafe.Becausethesecurityprocessislimited,thedataisworryingordamagedbyotherunauthorizedparties.Therearegreatopportunitiestoloseeverything,soentrepreneursmuststartfromthebeginning.Governmentofficialshavetherighttowithdrawthelicenseincaseofloss,nottofindanyuseoftheproductorserviceofferedbythecompany.That'swhythegovernmentworkswiththebureaucracynightmareforinnovativecompanies.Thegovernmentwillactagainstthecompanyifthecompanydealswiththeissueofillegalfishing.Afteranalyzingthetwoaforementionedtwocases,thefactorsthatreallyhaveasignificantimpactonthecompany'scorporatetrainingandemployeeexperience(Siegel,2015).Employeesofsmallorganizationsdonothaveenoughtomakeastrategicbenefitplan.Becausethecompanyisinbusinessandnocompanyisstuckinthemarket.Duringtherecentperiod,afterthecompetition,morecompaniesexpecttostartinamoreinnovativeway.Otherwise,thecompanyisdividedanditisimpossibleforthecompanytoachievethegoal.Entrepreneurstrytooffermaximumknowledgetosubordinates.Theproblemariseswhensubordinatescannotobtainknowledgefromentrepreneurs.Mostpeoplefinditdifficulttoadapttothesituationortoclimatechange.Employeesmustinherittheknowledgeandskillsofentrepreneurs(Siegel,2015).quickly. It should be mentioned that hard decision comes from hard work and that's why
successful entrepreneur has muscular stress handling capability.
Motivate: This is one of the key impacts of entrepreneur for motivating others entrepreneur
partners. While for effective decision making for investment issues and talking about the critical
market environment motivation is the most for overall organizational growth.
Task 4
Lo4. Different environments that can hinder or foster entrepreneurship
P7 Examining how background and experience can hinder entrepreneurship
11

Figure 1: Different environments that can hinder or foster entrepreneurship
(Source: Siegel, 2015)
Conclusion
It should be concluded that entrepreneurship aims to discuss the importance and role of
entrepreneurs in U.K. Many countries have supported entrepreneurship so that they can reduce
sustainable poverty and show the results of being effectively recipients of economic growth. This
assignment provides concepts of entrepreneurship, the different venture of entrepreneurs,
determination to illustrate the skills, and mindset for business plan designing. In brief startup
companies are very much essential for the economic, physical growth of a nation, no doubt.
12

Reference list
Autio, E., Kenney, M., Mustar, P., Siegel, D. and Wright, M., 2014. Entrepreneurial innovation:
The importance of context. Research Policy, 43(7), pp.1097-1108.
Blundel, R., Lockett, N. and Wang, C., 2017. Exploring entrepreneurship. SAGE.
Choi, N. and Majumdar, S., 2014. Social entrepreneurship as an essentially contested concept:
Opening a new avenue for systematic future research. Journal of Business Venturing, 29(3),
pp.363-376.
Ibrahim, N.A. and Lucky, E.O.I., 2014. Relationship between entrepreneurial orientation,
entrepreneurial skills, environmental factor and entrepreneurial intention among Nigerian
students in UUM. Entrepreneurship and Innovation Management Journal, 2(4), pp.203-213.
Karadag, H., 2015. Financial management challenges in small and medium-sized enterprises: A
strategic management approach. Emerging Markets Journal, 5(1), p.26.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Kuratko, D.F., Morris, M.H. and Schindehutte, M., 2015. Understanding the dynamics of
entrepreneurship through framework approaches. Small Business Economics, 45(1), pp.1-13.
Li, Y. and Rama, M., 2015. Firm Dynamics, Productivity Growth, and Job Creation in
Developing Countries: The Role of Micro-and Small Enterprises. The World Bank Research
Observer, 30(1), pp.3-38.
Mathias, B.D., Williams, D.W. and Smith, A.R., 2015. Entrepreneurial inception: The role of
imprinting in entrepreneurial action. Journal of Business Venturing, 30(1), pp.11-28.
Mueller, B.A. and Shepherd, D.A., 2016. Making the most of failure experiences: Exploring the
relationship between business failure and the identification of business
opportunities. Entrepreneurship Theory and Practice, 40(3), pp.457-487.
Siegel, D., 2015. Leaders in the shadows: the leadership qualities of municipal chief
administrative officers. University of Toronto Press.
Storey, D.J., 2016. Understanding the small business sector. Routledge.
van Werven, R., Bouwmeester, O. and Cornelissen, J.P., 2015. The power of arguments: How
entrepreneurs convince stakeholders of the legitimate distinctiveness of their ventures. Journal of
Business Venturing, 30(4), pp.616-631.
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Appendixes
Appendix 1
(Source: Siegel, 2015)
14

Appendix 2
(Source: Siegel, 2015)
15