Entrepreneurship and Business Start-ups

This assignment delves into the multifaceted world of entrepreneurship. It examines the key traits and skills of successful entrepreneurs, analyzing factors that contribute to new business ventures. The importance of government support in fostering entrepreneurial activity is also discussed, highlighting policies and initiatives aimed at nurturing small businesses.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Various type of entrepreneurial ventures and their relation with typology.....................1
P2: Similarities and Difference entrepreneurial ventures.......................................................3
TASK 2............................................................................................................................................4
P3: Interpreting and assessing relevant data statistics to illustrating the impact on UK
economy.................................................................................................................................4
P4: Importance of small business and business start-ups to the growth of the social economy. 5
TASK 3............................................................................................................................................6
P5: Characteristics, traits and skills of Wang Jianlin and Nandan Nilekani..........................6
P6: Characteristics of entrepreneurial reflect entrepreneurial motivation and mind set........7
TASK 4............................................................................................................................................8
Covered in PPT.......................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
There are lots of ventures exist in market which are started by single individuals through
investing capital with an objective of bringing new products and services so as to fulfil the needs
and requirements. An individual who has an ability to take risk and manage all business activities
in an effective and efficient manner is called as entrepreneur. Such business enterprise starting
by entrepreneur is known as entrepreneurship. This will help in developing the economy of the
country through generating huge employment opportunities to the maximum number of people.
The decision of starting new business venture comes in the mind of an individuals when they
have new ideas and concepts which help them in gaining competitive advantage. Generally,
small business is started with limited capital with a hope of fulfilling basic necessities of family,
friends and relatives (Carraher and Paridon, 2015).
TASK 1
P1: Various type of entrepreneurial ventures and their relation with typology
There are different types of ventures established in market by single individual only to
provide something new and different products to people at an affordable prices. Such individual
is known as entrepreneur who are willingness and ability to take all risks and manage business
functions solely in an effective and efficient manner. Having limited capital and workforce, an
entrepreneur should required to have a capability to manage and control all activities in order to
achieve growth and success as soon as possible. In market, there are number of entrepreneurial
ventures which are started with some aims and objectives. Such entrepreneurial ventures are
briefly described under as below:
Small business entrepreneurship: Such kind of entrepreneurs includes grocery stores,
consultants, travel agents, hairdressers etc. which are exist in market in large numbers. In UK
itself, there are approx. 5 million small business ventures are exist which are employed 50% of
all non-government staff workers. In addition with this, such small business ventures mainly
focuses to provide employment opportunities to local people with the purpose of enhancing their
standard of living due to which they contribute more to the economy of country. But due to
limited financial resources, they are restricted within a country to provide products and services
(Chrisman and et. al., 2012).
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Scalable start-up business: Such type of small business ventures comes into market with
new and innovative ideas with an objective to change trends in market. Due to this, such business
venture can easily attract lots of investors as they can easily influence them with their new and
innovative ideas and concepts. Thus, to execute their ideas in an appropriate manner an
entrepreneur recruited more qualified and skilled employees which help them in achieving
desired goals and objectives.
Schumpeterian entrepreneur venture: It is such type of business venture which are
entering into market with the purpose of fulfilling the needs and requirements of their families
and relatives thus exist in market for shorter period of time. Due to this, an entrepreneur have
invested limited capital and therefore capture limited market share (Fassin, Van Rossem and
Buelens, 2011).
Established venture: Such type of business venture who are operated business functions
on large scale and engaged in providing variety of products and services to the customers. The
main objective of such venture is to generate huge profits and sustain in competitive market for
longer duration. Due to operating on large scale, the business operations of such venture are
much affected from different external factors such as political, economical, technological etc.
Such type of venture contribute maximum to the economy of country though creating lots of
employment opportunities which indirectly maximises their standard of living.
Social good enterprise: Such kind of venture comes into market with an objective of
betterment of society through providing quality products and services at reasonable prices.
Through this, they play an important role in improving standard of living of people. For an
illustration, many organisation performed CSR activities for the betterment of society which
increases their reputation in customer's mind due to which they are successfully make loyal
customers for longer period of time (George and Bock, 2011).
Relation of ventures with Entrepreneur Typology:
There are number of typologies which are easily interconnected with different types of
entrepreneurial ventures. For example, scalable entrepreneurship can be connected with lifestyle
ventures or social entrepreneurship can be connected with growth typology. Following are the
some types of typologies which are interconnected with various types of ventures:
Types of Typology:
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Lifestyle Ventures: Such type of venture is geared towards supporting the owner's
income and personal requirements instead of maximising revenue. Their main objective is to
maintain pleasant work/life balance and adopt lifestyle an entrepreneur desires without
sacrificing a personal life.
Survival Ventures: Such type of venture is established with an objective of fulfilling the
basic necessities of life in order to improve the standard of living. Thus, such venture is small in
size whose profits are also limited. For example, Grocery store, internet cafe etc.
Managed Growth Ventures: Such type of venture is established by smart businessmen
who has an ability to generate huge revenues thus can easily attracted lots of investors from
worldwide (Lautenschläger and Haase, 2011).
Lifestyles: It is such type of entrepreneur which created business with an objective of
changing their personal lifestyles instead of earning profits. Their main objective is to focus on
providing life rewards to people that enjoy and have a passion for what they are doing.
Social: The main objective of such type of entrepreneurship is to perform for the
betterment of society. Due to this, they mainly focused on identifying the social problems and
finding out the optimum solutions in order to maximise the standard of living.
Traditional: It is such type of entrepreneur who undertakes to control, coordinate and
assume the risk of a business in a competitive marketplace so as to achieve desired goals and
objectives within limited period of time.
Copycat: It is such type of entrepreneur which focuses on other's successful ideas and
implement them in their business operation with a hope of achieving growth and success within
short period of time. Nandan Nilekani are successful businessmen which are mostly copied by
other businessmen with a hope of getting success for their business.
Techno-Entrepreneur: This is such type of entrepreneur which mainly focuses on
adopting advanced technologies in business operations with the purpose of creating and
capturing value for a firm. Investment in infrastructure make business more capable to compete
with existing rivals in more effective and efficient manner.
P2: Similarities and Difference entrepreneurial ventures
Topic Social business
entrepreneurship
Lifestyle entrepreneurship
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Meaning Such kind of venture comes
into market with an aim of
fulfilling the needs and
requirements of society so as
to maximise their standard of
living.
Such type of venture comes
into market to fulfil the
entrepreneur's requirements
instead of generating huge
revenues. Their main aim is to
maintain work/life balance.
Similarities Such venture is mainly focuses
to enhance standard of living
instead of earning profits
through providing quality
products and services at
reasonable prices. Through
this, the lifestyle of society
may increased.
It is such type of venture
which is also mainly focus on
the improving lifestyle of an
individual instead of
generating profits.
Differences Such type of venture is
operated business activities
after analysing the culture,
belief etc. of society so that
their interest and behaviour
should not be harmed.
They worked for the welfare of
society thus growth and
success totally depends on
society.
Such kind of venture operated
business functions on the basis
of direction given by
entrepreneur thus culture or
belief of customers are not
considered.
They are performed to
maintain balance between
work and life.
The success and growth of
venture is wholly depends on
an entrepreneur thus required
to have effective skills and
abilities.
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TASK 2
P3: Interpreting and assessing relevant data statistics to illustrating the impact on UK economy
Impact of economy on SME's:
Local impact: There are number of small ventures which is engaged in providing quality
products and services at a reasonable prices which contributes maximum to the livelihood of
people residing in United Kingdom.
Regional impact: Small business venture which are operated at regional level. Their
main objective is to fulfil needs and requirements of customers after identifying the changes
required in their existing products and services. Through this, they are successfully achieve
customer strengths for longer period of time.
National impact: Small business venture which is operated at national level thus providing
goods and services in different countries. They also created lots of employment opportunities to
the people through out the world. This will help in developing economy of country (Naudé,
2010).
It can be easily observed from the above graph that there is increment in the number of
Small business enterprises over a period of time which is good sign for the development of
economy of United Kingdom. Therefore, it is important to motivate entrepreneurs to start new
business for the betterment of society as well as country.
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P4: Importance of small business and business start-ups to the growth of the social economy
Small business and new start-up's plays a valuable role in supporting social economy
through fulfilling the needs and requirements of society by selling quality products and services
at an affordable prices. As such small business venture also create lots of employment
opportunities due to which the economy of United Kingdom also increased which directly makes
positive impact on the income of people. It also benefited to government as well in order to get
huge tax amount from such small business venture which will be further utilized by government
for the betterment of society
Economic and social development: There are number of small businesses and start-ups
which gives maximum contribution to the economy of United Kingdom. As per the international
reports, it has been observed that there are 5.7 million private sectors which are exist in UK
market due to which approx. 15.2 million job opportunities are created. Therefore, small venture
makes positive impact on the UK economy (Aspects of Entrepreneurial personality, 2017).
Enhancing social security standards: It is such a factor which develops economy of
country due to which the buying power of people are increases. This will help in maintaining
social security standards and ethical environment within society and nation.
Contribution to taxes and revenues: UK government gets huge amount of revenue from
large number of small business ventures which increases the revenue of country. Many
employment opportunities are created due to which the income of people increases thus they are
more liable to pay taxes to government (Neck and Greene, 2011).
TASK 3
P5: Characteristics, traits and skills of Wang Jianlin and Nandan Nilekani
The difference in an entrepreneur and a successful entrepreneur is based on the skills and
traits attained by them. As becoming entrepreneur is easy but becoming good entrepreneur is too
much difficult. Therefore, it is essential to have an effective skills and abilities so as to operate
business functions in more effective and efficient manner. It has been clearly observed from the
given case study that Wang Jianlin and Nandan Nilekani has acquired some specific skills with
the help of which they have achieved big achievements in their life. Such skills and traits are
determined as below:
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Passion: After carefully examining the given case study, it has been clearly identified
that both such entrepreneurs have more passionate about achieving their goals in near future.
They bot are more focused person as well due to which they always trying to grab competitive
opportunities in order to make their respective business more successful.
Flexibility: It clearly shows after reading about their achievements that they both are well
know for their flexibility. As business environment is changing rapidly thus in order to deal with
such changes which can affect their business operations, they both are always showing their
willingness to make changes in their business structure so that maximum advantage can be
received instead of bring affected (Stokes, Wilson and Wilson, 2010).
Full of determination: Wang Jianlin and Nandan Nilekani both are already decided to
achieve something in future which motivates them to work hard and give main concentration in
achieving pre-determined goals within limited period of time. In context with case study, Wang
Jianlin who earlier worked as a office administrator for the Xigang District now becomes one of
the successful businessmen in China due to his hard work and dedication. On the other hand,
Nandan Nilekani is also one of the successful businessmen whose name is listed on world's
influencing people and get many leadership awards due to his hard-work and dedication.
Risk taker: It has been observed after analysing case study that they both have attained
risk taking skills and not afraid of making decision regarding investment of money in particular
area where risk is more. It will help them in achieving competitive advantage and attained
strong image in competitive market (Welter, 2011).
Team work skills: Both Wang Jianlin and Nandan Nilekani have an ability to grouping
employees together to achieve better possible outcomes. Their companies has given more focus
on providing bonus salary, rewards etc. on the basis of their performance with an objective of
maximising their interest and working behaviour.
P6: Characteristics of entrepreneurial reflect entrepreneurial motivation and mind set
The individuals can become a successful entrepreneur when they are more focused and
dedicated towards achieving their desired aims and goals. As in the given, both Wang Jianlin and
Nandan Nilekani are most scalable small business entrepreneurs through out the world. Due to
their dedications and hard-working skills, they both achieve big achievements in their life. They
both always to take new ideas and concepts into market with an objective of achieving huge
customer strengths. Due to having team working skills, they both support their employees in
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working together in order to bring maximum advantages to company (Zott, Amit and Massa,
2011). There are some elements which plays an important role in influencing the mind set and
personality of Wang Jianlin and Nandan Nilekani which are briefly described as below:
Family and relatives: Family are the one one who help in every step of life thus they
make huge impact on thoughts and views of an individuals. They are the one who provide
support tio start new business therefore their valuable opinions and views are essentially required
to be considered by entrepreneurs. It is the same in the case of Wang Jianlin and Nandan
Nilekani whose decision of starting new business are supported by their families and relatives
which brings motivations among them to work hard and achieve desired aims.
Social factors: This is the factor which also need to considered by an entrepreneurs in
order to make their business more successful and achieve good brand image in market. It can be
achieved through providing benefits for the betterment of society such as Giving donation to
schools, charitable trust etc.
Lifestyle: As both Wang Jianlin and Nandan Nilekani comes from middle class families
thus dreaming to live standard lifestyle. This will motivate them to work hard and give more
dedication towards achieving their personal aims and goals within limited period of time (Micro
and small-business ventures, 2017).
TASK 4
Covered in PPT
CONCLUSION
It has been concluded from the above project report that along with large scale
organisation, small business ventures also contributed maximum support to the economy of
country of United Kingdom. Therefore, the country also gives their valuable efforts in supporting
an individuals to start new business venture through providing financial supports. It is also
important for an entrepreneur to attain good skills and abilities such as risk taking skills, hard-
working, passionate etc. which increases the chances of achieving growth and success.
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REFERENCES
Books and Journals
Carraher, S.M. and Paridon, T.J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2). pp.89-98.
Chrisman, J. J. and et. al., 2012. Family involvement, family influence, and family‐centered non‐
economic goals in small firms. Entrepreneurship theory and practice. 36(2). pp.267-
293.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’
perceptions of business ethics and CSR-related concepts. Journal of Business ethics.
98(3). pp.425-453.
George, G. and Bock, A. J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Lautenschläger, A. and Haase, H., 2011. The myth of entrepreneurship education: seven
arguments against teaching business creation at universities. Journal of
Entrepreneurship Education. 14. p.147.
Naudé, W., 2010. Entrepreneurship, developing countries, and development economics: new
approaches and insights. Small business economics. 34(1). pp.1-12.
Neck, H. M. and Greene, P. G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management. 49(1). pp.55-70.
Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
Cengage Learning EMEA.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship theory and Practice. 35(1). pp.165-184.
Zott, C., Amit, R. and Massa, L., 2011. The business model: recent developments and future
research. Journal of management. 37(4). pp.1019-1042.
Online
Micro and small-business ventures.2017.[Online]. Available
through:<https://www.smallbusinessbank.com/about/micro-vs-small-business/ >.
Aspects of Entrepreneurial personality.2017.[Online].Available
through:<http://smallbusiness.chron.com/important-small-businesses-local-economies-
5251.html>.
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