Entrepreneurship and Small Business

This document discusses the different range of entrepreneurial ventures and their impact on the economy of the UK. It explores the characteristics of a successful entrepreneur and the importance of small businesses in the growth of the country. The document also covers the impact of Brexit on small businesses and the role of entrepreneurship in the public and private sectors.

ENTREPRENEURSHIP AND SMALL BUSINESS

Table of content
Introduction......................................................................................................................................2
LO1: different range of venture type that might be considered entrepreneurial.............................2
P1: research in order to examine different ranges of entrepreneurial venture and how they relate
to typology of entrepreneurial.........................................................................................................2
P2: Similarity and dissimilarity between range of entrepreneurial venture....................................3
M1: entrepenurialship in public and private sector.........................................................................4
D1: along with the scope growth and development of the different entrepreneurial venture
discuss the entrepreneurship............................................................................................................5
P3: impact of small and micro business uyon the economy of UK.................................................5
P4: Importance of small business and start-up organization upon the growth UK.........................6
M2: What is the impact of large, small and medium business of the UK economy.......................6
D2: in context of local, religion nation and international region the impact of small business.....7
Part3: P5: important characteristic that a successful entrepreneur must possess............................7
P6: impact of mindset and motivation upon the entrepreneur.........................................................8
M3: difference in between entrepreneurial characteristic................................................................8
D3: examine the characteristic, motivational derived, traits and skill of the successful
entrepreneur supported with example..............................................................................................9
P7: experience and background of the successful entrepreneur......................................................9
M4: link between entrepreneurial characteristic and and personal experience and background
influence to be a successful entrepreneurs.....................................................................................10
D4: positive and negative impact of the background upon successful entrepreneur.....................10
Conclusion.....................................................................................................................................11
Reference list.................................................................................................................................12
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Introduction
One of the most important engines for the growth of the economy of a country is the
entrepreneurial venture. With the aims to enhance the objective and aims an identical
entrepreneur tackles all the risk in systematic and synchronized manner. Entrepreneur changes
the way of working, it brings innovation and improves living standard as well as play viral roiled
to maximise the economy of the country. In short, it can be said that along with raising the
wealth for the entrepreneurial venture they created job opportunity and condition for the society
prosperity. Brexit started the effective opportunity for the UK small business organization. In
support of this, it can be said that as soon as the Brexit was announced the small business owner
experience the effective opportunity coming towards them. Brexit mainly maximises the export
business, the growth in an export product is experience in the UK. Robert Hattrell said that
small bring are very agile, and have the capability to reconfigure, redevelop and respond the
macro economic challenges effectively and at enormous speed. As a result of Brexit during
going the period when business experience uncertainty business tends to opt for flexibility and it
is the good news for the contractor and freelancers as well? However, disruption of Brexit might
provide the advantage to some of the big business as well those suffered the most (Aziz et al.
2017).
LO1: different range of venture type that might be considered
entrepreneurial
P1: research in order to examine different ranges of entrepreneurial venture
and how they relate to typology of entrepreneurial
An entrepreneur is a person who starts and runs the business with limited planning and resource.
They all take account of the entire reward and risk of their business venture. Rather than the
existing business model the idea usually comprises of new product, service, and innovation. In
short, it can be said that entrepreneurship venture is an individual who attempts to make the
profit from a business. It is important for an entrepreneur to address basic social and personal
benefits of entrepreneurship and also it must involve national and local entrepreneur.
According to Steve Blank, their different range is venture is divided into four categories such as:
scalable start-up entrepreneurship, small business entrepreneurship, social entrepreneurship and
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large company entrepreneurship. The key venture in which the entrepreneur will involve is small
business entrepreneurship. Small business is hairdresser, consultant, internet commerce, grocery
and so on. They either hire employees or family members or are barely profitable (Carter and
Tamayo, 2017).
The name of the venture ate very clear, hence it is the responsibility of the entrepreneur to it the
serial entrepreneur topology to bring innovation to the existing business and establish new open.
Often the entrepreneur buys the small business and implementing the talent and skill turn it into
large business enterprises.
P2: Similarity and dissimilarity between range of entrepreneurial venture
Lifestyle venture is the venture that is set up by the founder of the venture to run with the aims to
enhance the effective income from it. The lifestyle entrepreneur emphasizes more on the life
reward provided to the people those are having passion and enjoy their doings. However, there
is the possibility of the success of this venture as an individual is passionate and enjoy what they
are doing. In addition to it, serial entrepreneurship venture is an entrepreneur who comes up with
the new Indian and runs the business. After the certain point, the serial entrepreneur passes on
the responsibility to someone else and move forward to start something new.
Both ventures belong to small business but opt different approach to run the business. Lifestyle
venture entrepreneur enjoys their venture and continues the venture throughout. However serial
venture starts up the venture set it up effectively and after few days move towards something
new.
There are many successful male and female entrepreneurs that in their business effectively
around the world, however, they are similar to each other in some ascot and different in other
(Dimov and Dimov, 2017).
Both male and female entrepreneur aims to be successful and enhance the effective profit from
their venture.
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Difference
Male entrepreneur Female entrepreneur
Business plan is focused on
cost and economy
Business plans are
focused on making
quality and social
contribution
Easy in making decision Complex in decision
making
Always ready to take financial
risk
Conservative which
taking financial risk
Always task oriented Good relation with the
employees is priority
Construction and
manufacturing business
Business small retail and
service oriented
M1: entrepreneurship in public and private sector
Public sector entrepreneurship: it is controlled, managed and owned by a local authority or
central government. It is well known to provide the service to the public. It is established for the
achievement of the defined set of the public purpose which might be multidimensional in nature.
Private sector entrepreneurship: according to the study it can be said that the term
entrepreneurial; is not the exact phenomenon of the private sector but somehow it is associated
with the private sector business activity. The private sector of UK develops the ample amount of
the job opportunity for the national and local population. This type of business form can either be
of the small scale that might be ruled or controlled by an individual or can be of the large scale
that runs globally effectively. In case of the large business sector, the number of owners might be
grated and the goals are to enhance the effective profit margin.
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D1: along with the scope growth and development of the different
entrepreneurial venture discuss the entrepreneurship
In the expanding comparative market, the entrepreneurship venture promoted the ample amount
of job opportunity for the local and national population. In addition to it, it also plays the
significant role to maximise the economy of the country. The optimum amount opportunity
creates the effective benefits for the society to maximise and improve the living standard. After
the announcement of Brexit, the government of UK experiences the effective opportunity and
growth in the economy for the small-scale business sector. Furthermore, it also plays the
relevant role to keep the secret united and being efficient prosperity for the UK population.
However, at some point it is quite precise to identify the impact of Brexit on the economy of UK.
Still some points clear that the value of the pound has plummeted and the price of a house, might
fall. Someone from the tourism industry said that the vote will have the profession result for
tourism throughout the UK. The weaker value of the pound will make it affordable for the
tourism industry to plan holiday destination for the tourist. Hence it will support the UK to stand
effectively and keratin the core position in the business environment. In addition to it, for getting
the gradual growth the various ranges of business platform, different entrepreneurial; venture
play the effective role (Rawhouser et al. 2017).
Part 2:
P3: impact of small and micro business upon the economy of UK
The SMEs are thriving says in the market of UK, and hence every small and medium business
venture are aware of the fact. It can be said that the large part of the UK needs to internal support
of the small business to raise the economy of the country. In the year 2013-14, the effective
number of small and medium scale business flourished effectively and the effective survey was
carried to track the record. More than 5.1 million of the small business stated in the UK and act
as the key element for the maximisation of the UK economy. 97% of the UK market comprises
of the SMEs and play the significant role to build the healthy economy and for the growth of the
country. A total area of employees that SMEs contain is around the range of 33% and each
business organization comprises of maximum 10 employees. Hence in other terms, it can be said
that SMEs plays the important role to raise the economy and created employment. Furthermore,
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the estimated turnover was around 19% in the year of 2015. Hence the entire process
significantly helps the UK to reduce the rate of employment and bring modification to the
product and service in terms of innovation (Hornsby et al. 2017).
P4: Importance of small business and start-up organization upon the growth
UK
In comparison to a large business organization, it is quite thought for the small business to
enhance the effective profit. In the pathway of regulation and prosperity, the small business
enterprises face the optimum and tough challenges. However, the small business enterprise act
as the backbone for the UK to maximise the economy of the county, it is very significant and
valuable for the UK. In addition to it, it drives the economy of the country, brings innovation,
new ideas, creates job and improves the living standard of the society. The SMEs mainly
focused on the local population to employ and hence it reduces the range of unemployment and
also the risk factor of unemployment. It also helps the UK to enhance reliability, sustainability,
maximise the idea and support to face the challenge and encourage competition. Hence it can be
said that small and medium business of the UK has the significant contributions to reduce
unemployment, raise the standard and economy (McKeown, 2017).
M2: What is the impact of large, small and medium business of the UK
economy
The country of UK gets the identity stability and, maximization in the economy from the rise of
small and medium business venture. Hence it can also be said that it acts as a catalyst to raise the
developed the social and economic condition of the country. Furthermore, the small businesses
are overshadows due to the financial strength of the large business venture in the UK market.
However, the medium scale business venture is classified into three categories and plays the vital
role to bring financial stability to the country. The UK's local resident gets the effective support
to set the financial independence from the flourishing of the small-medium ventures. In other
terms, it can also be said that it also encourages the process of innovation for the product and
service. In the competitive environment of the market, the small business venture plays the
sustainable role to enhance the profit and set position in the market. And being financially strong
the large-scale business can so method support the UK to expand the market and bring standards.
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The financial support can be provided to establish the electronic market to attract the local crowd
can effective and flexible satisfy the wants and needs.
D2: in context of local, religion nation and international region the impact of
small business
It is very clear that the small business venture plays the significant role to bring innovation,
reliability, maximise the job opportunity and raise the economy of the country. In addition to it,
it also benefits the society to raise the standard and reduce the risk of unemployment. At the
regional level of the country, the small business organization initiates the process of innovation
and employs the local people to show their talent and skill for the growth of the country and
business. The innovation of the product and service activities as an effective platform and people
can grow and nourish the talent and flourish prosperity. Furthermore, from the innovation of the
product and service, the country also gets the opportunity to get across the national and
international region to expand the business and belief and satisfy the wants and needs of the
customers. The process of the product plays the more important role to attract the customers’
crowd hence the effective pricing strategy is maintained to meet the needs of the customers.
Hence it can be said that small business plays the significant role to attract a large number of
customer and satisfy the needs of the customer by maintaining the pricing and innovation
strategy.
Part3: P5: important characteristic that a successful entrepreneur must
possess
In terms to have a successful entrepreneur, there are some certain features one must have such
as:
● Motivation: Entrepreneurs is a future-oriented program and motivation plays a vital role
in it. Motivation works in order to overcome the risk and add effectiveness in the
operations so that the organization reaches its aim and objectives.
● Creativeness and innovation: A successful entrepreneur must have good skills of
creativeness and innovative idea in order to make better changes and promote its business
along with finding new ways to provide a good and effective service.
● Risk tolerance: Promoting or establishing the entrepreneurial project is very risky. One
entrepreneur should have a good tolerance for the business.
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● Eyesight: Good eyesight plays a vital role in terms of entrepreneurship in order to
decision making and achieving the aims and objectives of the organization. It also the
business to take it to the higher level when it comes to profit earning motive.
● Flexibility: An entrepreneur should be flexible to run an organization. An entrepreneur
should know where to perform when there is a change in the organization, no matter what
would be the situation the entrepreneur should know how to manage the situation and
work efficiently.
In terms of ‘Brexit', these were some of the features that a successful entrepreneur should possess
(Lundy and White, 2017)
P6: impact of mindset and motivation upon the entrepreneur
The various motivation features play a vital role in terms to be a successful entrepreneur, one
must follow these features to be successful. Motivation helps the entrepreneur to have positive
and an effective mindset so that the person doesn't give up or lose all the hope. Motivation also
helps to encourage the people to work and know what the purpose of the work is. An
entrepreneur should get motivated and also provide motivation to its employees as well. This
will help the organization to lead a good production, effective and efficient employment, time
and cost-effectiveness and so on. On the other hand, it helps the organization to achieve its aims
and objectives by utilizing their resource and have a friendlier work environment. Motivation
and a proper mindset also provide stability in the workforce in order to minimise the defects and
the situation that enhance the problems of the organization. This helps the entrepreneur to build
up a better image in the business and grabs the attention of the qualified people into an
involvement in the work (Chaston, 2017).
M3: difference in between entrepreneurial characteristic
In this survey, the difference in between the different entrepreneurial features and entrepreneurs
is considered to be effective. The chain of having a diligent attitude is the initial stage of being
an effective entrepreneur like Muhammad Yunus. Although, the factors that influenced being a
successful person are the family background, education, and culture of the person. The person
can enhance his/her practical knowledge and learning through its past experience. Muhammad
Yunus and Sir Richard Branson are classified from two dissimilar cultural backgrounds. They
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both have different aspects along with experience. Muhammad Yunus had a realistic nature and
follows the practical observation which helped him to recreate the economy of Bangladesh. In
addition to it, Sir Richard Branson had different aspects and perception which enhance the
economy of Great Britain although; they both had the dissimilar personal skill, experience,
knowledge which helped them to become an effective entrepreneur. In another way, an effective
entrepreneur must have the skills to minimise the risk and maximise the shares in the business.
Through this, they will be able to expand their business effectively. And achieve the aims and the
objective of the organization (Pollack et al. 2017).
D3: examine the characteristic, motivational derived, traits and skill of the
successful entrepreneur supported with example
In the above discussion, it has been noticed that motivation plays a vital role in terms to be a
successful entrepreneur; however, it is the most crucial part of becoming a successful
entrepreneur. Although, motivation is not the only key that will help an entrepreneur to be
effective it also requires skills and a great mindset to perform and become successful in the
business. After failing consecutively of his two ventures Sir Richard Branson introduced his third
enterprise effectively. In the recent time, it has resulted that his enterprise is now giving a tough
competition to the other entrepreneurial ventures. On the other hand, Muhammed Yunus sets
examples of being an effective entrepreneur through enhancing the economy of Bangladesh.
Hence, the motive and work are on the right path and thus, motivation and the skills are well
organized to become an effective entrepreneur (Bhawe and Zahra, 2017).
P7: experience and background of the successful entrepreneur
The practical experience provides many terms and aspects to become an effective entrepreneur.
It involves both the advantages and the disadvantages aspects of an entrepreneur. Underscoring
the life of Muhammad Yunus, he was from a well-respected family background along with it he
was also well educated. He was also known as the successful economist of Bangladesh. He also
discovered the similar loopholes. In addition to it, he rebuilds the loan repayment system which
led the economy of Bangladesh to increase (Blundel et al. 2017).
Therefore, in this entire report, it states that the practical life experience plays a vital role to
become a successful entrepreneur. On the other hand, this situation of Sir Richard Branson is
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also being considered. It is also the gives an applicable proof that after the infirmity of the two
enterprises the third one went with a huge success.
M4: link between entrepreneurial characteristic and personal experience and
background influence to be successful entrepreneurs
The practical experience of an entrepreneur plays a vital role to organize their abilities, talents,
mind, and creativeness. The feature and the behaviour of the entrepreneur are related with the
practical experienced. The entrepreneur must know how to handle the financial factors of the
organization. For instance, if the entrepreneur is from a poor economic background he/she knows
the actual value for the money (McKeown, 2017). This helps the entrepreneur to develop the
knowledge about the finance and also to know where to invest the money in accurate place and
the accurate time. The entrepreneur who belongs from the educated family background is well
disciplined such as Muhammad Yunus. In addition to it, the most significant part is to be self-
motivated along with self-dependent to become an effective entrepreneur. This provides the
entrepreneur to reach the success without any guideline. Sir Richard Branson is the perfect
example as the self-motivated entrepreneur.
D4: positive and negative impact of the background upon successful
entrepreneur
There positive as well as the negative impacts to become a successful entrepreneur such as :
● Positive impacts: The major advantage is to improvise the methods and the operations of
an economy through maximising the competition by using the resources which results
from a minimisation of the cost-effectiveness in order to add value. It also motivates the
employees to make a work effective program in a sincere way. Although, by following
this method the employee can develop many skills and come up with some innovative
ideas and reach its organizational goals (Chaston, 2017). On the other hand, an
entrepreneur also establishes a new market in terms to keep a good and a healthy
competition in the business. This practice is been done in order to make a positive image
in the business and pull up the economy. Hence, the entrepreneur plays a vital role in the
economy.
● Negative impacts: The only and major impact of an entrepreneur in the organization is
the misplacing of the resources, which leads to a downfall effect on the organization. The
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negative impacts of a successful entrepreneur are reduced to some sort in terms of
improving the economy through the frauds in the organization. It also impacts if an
entrepreneur is either struggle failure or is in depression, this affects a lot in the
organization in terms of work effectiveness or motivating their employees, as a result, the
organization or the business faces loss or a downfall.
Conclusion
The entire assignment states that the role that needs to become a successful entrepreneur is
maximising the economy of the country along with the skills of motivating the employees. There
can up and down to become an effective entrepreneur but one should not lose hope of achieving
the organizational goals and overcome the challenge that the organization has faced. An effective
entrepreneur can more be developed if the individual self-motivate them or become self-
dependent. Hence, a successful entrepreneur needs the quality to demonstrate the report of the
organization in a term for long-term goals. Although, the macro scale business gets more
openings whereas, the micro scale business lacks behind.
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Reference
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