INTRODUCTION Entrepreneurship refers to process associated with design, launch as well as execuition of operations of fresh firm.In this,people responsible for creation of new enterprise they are defined as entrepreneur. They are liable to taking risks & are also responsible for transforming them to have fiscal benefits.This has relevant impact on economy of country at thesame time also established their competitive image (Ahlstrom and Ding, 2014). One of the main purpose of entrepreneurship is to keep sustainability of business within the market place. Along with this, it also play crucialrole in development of economy of the country by increasing national income. Current report is going to describe different type of entrepreneurial venture and its related with the typologies of entrepreneurship. Similarities and difference among entrepreneurship venture is also mentioned in this project. Apart from this, impact of small business on economy and its important to the growth of social economy. At last characteristic, traits and skills of successful entrepreneurs is also mentioned in this project that are differentiate from other business manager. TASK 1 P1 Different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship Individuals who possess willingness as well as abilities todevelop, manage,coordinate business by taking risk to generate profits is referred toentrepreneurship. It putaffirmative influenceoncountry'seconomybydevelopingnationalincome.Alongwiththis, entrepreneurship is related with the risk taking and innovation that help in changing as well as increasing the competitive global marketplace. In this context, there are type of ventures along with relation to typology are used, they are shown below: Small business entrepreneurship:It is develop as well as owned by one person with limited sources. Along with this, entrepreneur start their business at small scale in which they develop new products to increase their growth at market. Owner take loanas well as borrow money from friends & family members to successfully established their business (Brown, 2016). In this context, aim is to acquire higher profits for satisfaction of
requirements and needs. Travel agents, grocery storesand many more are the appropriate instanceof ventures. ScalableStart-upentrepreneurship:Itisexecutedbybyanindividualfor implementing innovative ideas to respond the change in market. In this owner of the business is liable for all kind of profits and losses (Choi and Majumdar, 2014). Them primaryintentof scalable business is includes positive changes within the society and also develop awareness towards the vision in the world. In this business, owner take financial risk to implement the innovation to expand their business. In this regards, Facebook and Googleare instances of thisenterprise. Large company entrepreneurship:It aims at generation of higher profits for serving quality services & products.As it includes large number of employees who perform task for attaining growth levelinindustry.With respect to this,large business organisation emphasisisonprovidingqualitygoodstotheirpotentialcustomersforhaving competitive edge. to large number of customers with the aim of attaining success at competitive market. Social entrepreneurship:Theyoperate their activities for determining the social issues and also taking initiative to make appropriate improvement within the society. In this regards, a social entrepreneurs are the one who develop new and innovative ides to resolve the cultural issues.Major aim is tosocial entrepreneurship is to enhancesocietal benefit. Mainly, it includes different organisation such as educational programs, banking services and many more. All these are focus on society development. Typologies of entrepreneurship: Male:Under this, male entrepreneur run the business by taking financial risk. Major motive is forgeneration of enhanced profits through by setting clear vision. Female:As per current scenario, number of female entrepreneurs operate their business as they have more patience and calmness while taking any kind of decision. As they have possess higher eligibility andare able forexecution of business(Elam, 2014). Managed growth:This type of entrepreneurship is mainly managed by both male and female in which both are comes together to established a successful business at market place..
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Serial entrepreneurship:These are one who come up with new ideas and ways as per continuous basis to start a innovative business. But on the other side, their delegate their responsibility to another one. P2 Similarities and differences between entrepreneurial ventures They are elaborated below: BasisSmall businessScalable start UpSocial entrepreneurship ObjectiveThese type of business includestheir objectivesisto generateprofitsfor improvinggrowth (Frederick,O'Connor and Kuratko, 2018). The main objective of scalable start-up is to earnhighprofitand revenue by developing innovation. Mainobjectiveof social entrepreneurship is to bring positive change withinthesocietyto increase welfare. FocusThemainfocusof smallbusinessisto producenewand quality products to its customers. These type of business focusonexpanding theiractivitiesby determining new ways within the market. Focusofsocial entrepreneurship is to provide better solution toresolvesociety issues. Business modelUnderthis, entrepreneur develop a newmodeltostart their new business and activities. In this, an entrepreneur implementexisting business model to run their business. For this, entrepreneur usenewbusiness modeltoimprove socialwelfarewithin the society. Number of employeesEmployees includes in small business are less than 250. This type of business includes less than 100 workers who perform for the company and its objectives as well (Galindo and Méndez, Largebusiness organisationincludes more than 100 workers within their activities.
2014). FundsForrunningsmall business,entrepreneur takeloanfrombank andborrowmoney from friends. By this theyeasilyoperate theirbusinessat market place. Under this, owner of the company take bank loantoexpandtheir businessactivitiesat market place for better succession. Underthis,social entrepreneurstake financial support from theinvestorsto operate their business. On the other side, similarities among entrepreneurship venture are as follows: BasisSmall businessScalable start UpSocial entrepreneurship MotiveMain motive of small business is to increase profitabilityand expand their activities (Henry, Foss and Ahl, 2016). This business includes motiveofdeveloping innovativeideasto expand their business activitiesatwider level. Themainmotiveof this type of business is toimprovesocial welfarebyproviding betterwaystothe society. FocusThe main ficus of this type of business is to satisfycustomers needsbyproviding them quality products andservicesasper their requirements. Scalable start-up focus in developing new an innovativeways developingsociety growth and at the same timealsobring positivechanges within the society. The primary focus of social entrepreneurship is to determineissuesand also provideways to resolvethesamein ordertoimproving social welfare. Growth expectationSmallbusiness includesconservative growthduetoless This type of business organizationseek financial support from Social entrepreneurship includes faster growth
resources and fund.thegovernmentwith theaimofattaining success and growth. inwhichcompany take support from the public and government as well to operate their business. TASK 2 P3 Assess relevant data and statistics to illustrate how micro and small businesses impact on the economy SME'Senterprise play crucial role in contribute to thedevelopingeconomy.Within United Kingdom,there existsmall businesswhich furnish their operations for generation of national income (Hvide and Panos, 2014). As it help in creating employment within the nation that assist in improving the economic condition. Approx 5.4 million of small businessfurnish their operations within UKin 2016 with consisting minimum 9 employees. Every year, number ofenterprises arelaunched in economy which may develop national income of the nation. In this regards,primaryaim is to generating largerprofitablenesslevelforserving qualityservices & productsat market place. Furthermore, small medium business organisation is also contribute around 47% of UK revenue.This leads toboost-up the productivity within the economy.
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(Source: Impact of micro and small business on economy, 2018) As perprecedingdiscussed graph, small and start-ups help UK economy in enhancing their condition.Theycontribute withinentire economy of UK by approx 40%and also support in growing the same (McKeever, Jack and Anderson,2015). It also may aid in providing opportunities to the business organisation to expand their activities at wider scalewith motiveof accomplishinghighprosperity. P4 Importance of small businesses and business start-ups to the growth of the social economy SMEs have crucial partineconomy'sdevelopmentfor supporting government to carry out their operations in market.It also increase revenue of the nation by creating employment. In this regard, afterBrexit help in developingthe economic condition. Brexit was a situation in which British exit from EU as it directly affect the business in negative way and at the same time also reduce their revenue as well. In this condition, it is very difficult for business organisation to overcome from this. This is the reason that both small and start-up provide support to the social economy in developing their condition. In this context there arecontribute within SME'sfor economy after Brexit: Employment generation:Theydevelopfresh&creativewayswithinmarket. As it also provides employment options to people.For attaining success, they required employees with creative mind, critical skills who help business organisationforattainingtheir objectivesat market place. Improvement of domestic business culture:At the time of Brexit, start-up play a crucial role in expanding their activities because Brexit largely affect the large business organisation (Neck, Greene and Brush, 2014). As it reduce the economydevelopment of country. Small &start-upenterpriseoperate their activities at domestic level which support in growing the economic condition by generating more revenue. TASK 3 P5 Characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers It is crucial for enterpriserhas some specifiedability & attributethat will aid to carry out business operations.With the help of this, they also differentiate from other business manager
(Phillips and et. al., 2015). In this context, Bill gates is successful businessmen and has some characteristic are as follows: Creativity:This is essential attribute which will aidhelp individual to develop innovative ways to attain their targets. Bill gates have this type of skill through which he generate fresh & original methodsto run theiroperations. Risk taker: Bill gates is risk taker and also capacity to bearing risk within their business throughwhich they can succeed. Motivation: It is an effective that Bill gates has ability to motivate others within their business organization. He is self motivated and also able in attaining their set goals and objectives. On the other side, there are some appropriate skills of Mark Zuckerberg can be understood by following points: Effective communication skills: Interaction is one of the crucial skills for entrepreneur to attain their set goals. With the help of this skill, Mark Zuckerberg motivate their workers to develop better relation.This improvisethe chances of achieving desired goalsin give period. Leadership skills: Mark Zuckerberg is also a successful leader within the business as he has ability to lead their workers and influence them to execute set target. He is also motivate their team memberswhich enables them to attaindesired goals in stipulate time frame (Rivera-Santos and et. al., 2015). Decision making skills: This type of skill is also important for individual to become successful. As Mark Zuckerberg has ability to think critically and also take right decision. P6 How aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset Personality denotes crucial aspect which help individualat given periodof establishing operationsat market. Thus, it is crucial for person to keep their personality good by developing their critical thinking which may help them in motivating towards the set target (Sarasvathy and et. al., 2014). In context of this, Mark Zuckerberg has a good personality and also have in-depth knowledge about how to start and operate a new business. Along with this, he has strong strategic thinking that help them in developing new and innovative ways to resolving issues arise within the business. The main quality of his is that he able in influencing their workers to
perform their activities. Mark Zuckerberg is also a good decision maker which help them in taking right and appropriate decision while operating their business. On the other hand, Bill Gates is also a famous businessmenpossess higher confidence level thathelp them in runningandmanage theiroperations in required way. He is hard worker and also has ability to develop an effective plan used in business to make it more successful. Along with this,he have communication skills through which they can influence customers.As it reflects their motivation and mind setfor operating activities.Thus, it can be stated that personalitythat influenceinvestorsfor investingto make it more successful. TASK 4 P7 How background and experience can hinder or foster entrepreneurship Great impact is created by what an individual has learnt from their family as well as their journey in life and it alsohave a significant impact on their business activities. As it is related with the family, friends and another aspect that influence their motivation to established their own business. If individual get proper support from their friends and family than they easily get motivated and encouraged towards the goals and objectives within the business (Welter and et. al., 2017). Along with this, financial situation is also consider as a major factors that may aid in making them ablefor taking hazards as well as they are transformed in form of profits. Through this,they will beable toeasily manage and operate businesswithinmarket. For running a new business,positiveexperienceismoreimportant,asthiswillassistthemtoimprovise probabilities for achievingsuccess. As it also define wayfor reducing issues which can take place while business activities are carried out. In this regards,CEO of Facebook,Mark Zuckerberg is a successfulenterpriserand also motivated towards the set vision ad goals. He is self-motivated and also has good experience in their student life. They have started their business with a motive for succeeding within marketplace.Mark Zuckerberg is also able in encouraging to others and also easily influenced them. In this regards, he also failed in establishing the business because of ineffective team and less motivation among them (Zahra, Newey and Li, 2014). Furthermore, Mark Zuckerberg belongs to middle class family in which he face financial issues at the time of establishing their business. All these are directly affect on their business activities.
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On the other side, Bill gates is also a successful entrepreneurwho carry out their operations within Microsoft i.e. software business.He isrenowned fortechnological innovation andbecame affluent person around the globe. Along withthis, he grew up in an upper middle class family with the older sister. Their family atmosphere was warn and close and also encouraged them to attain success within their career. In term of education, Bill was aacquisitive scholar at childhood.He do not like to sit with a class rather enjoys their time within computer laboratory.He also have positive experience in technology aspect which get motivate them to take risk while operating the activities. This is the reason that, Bill is become more successful in the world. As his background is also positive that support in making positive experiencewhile furnishing their services. CONCLUSION It has been analysed from above report thatprocess and ability of an individual to operate their business is referred to entrepreneurship.In this, entrepreneur is open for jeopardy with an aim to attain higher profitability.Different type of entrepreneurial venture are there that includes their specified objectives in market to attain success. Along with this, small businessalso have a crucialpartwithin development of economy thereby leads to creation of employment options for individuals. Itwill improve living standardof people of particular country and also creates affirmative impact on nation's economy.Furthermore,knowledge, abilities as well as traits possessed by entrepreneursalsodifferentiate from otheremployees.It also reflect their motivation and mind set while running their business activities.
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