Importance of Small Businesses and Start-ups in the Social Economy
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This article discusses the importance of small businesses and start-ups in the growth of the social economy. It explores the impact of SMEs on living standards, innovation, job creation, and more. Discover the characteristics, traits, and skills of successful entrepreneurs.
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Entrepreneurship and Small Business Management
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Table of Contents INTRODUCTION...........................................................................................................................1 P1. Types of entrepreneurial ventures....................................................................................1 P2. Similarities and differences between entrepreneurial ventures........................................3 P3. Micro and small businesses impact on the economy.......................................................4 P4. Explain the importance of small businesses and business start-ups to the growth of the social economy.......................................................................................................................7 P5. Characteristics, traits and skills of successful entrepreneurs...........................................8 P6. Aspects of entrepreneurial personality depict motivation..............................................10 P7: Background and Experience can hinder or foster Entrepreneurship..............................12 CONCLUSION..............................................................................................................................13 REFERENCES..............................................................................................................................14
INTRODUCTION Entrepreneurship defined as setting up of a business while undertaking financial risk in order to create value and profitability from them. In simple terms it is an ability to develop, organise and run a venture while undertaking uncertainties in order to gain prominent advantages. Entrepreneur is an individual who develop the business venture by their own and follow their self interest to serve society and take financial risk in order to achieve maximum success in quick period of time (de Gortari and Santos, 2020). Entrepreneurs are self motivators those who follow their passion in order to fulfil their goals as to bring something unique and innovative in market segment and satisfy customers with high quality services and product in a innovative manner and serve their need in effective way. Entrepreneur not only serves society but also provide significant advantage to a nation by maximizing their overall GDP by offering number of employment opportunity to individual and raising their living standards. Present report includes formative discussion on different type of entrepreneurial ventures in addition to their typologies. Along with this report include differences as well as similarities among entrepreneurial venture alone with influence of small scale and medium scale enterprises upon economy of a nation. Further report include diverse range of entrepreneurial personality with the assistance of ocean model in order define it in descriptive way. This report also includes explanation of two different successful entrepreneurs of United Kingdom in terms of their skill, characteristics and traits. Lastly, in this report discussion upon the extent to which, experience and background of entrepreneur hinder or foster entrepreneurship. P1. Types of entrepreneurial ventures Entrepreneurship refers to excitement to run a business with adopting new changes, situations and risks. Most of the entrepreneurship is carried out with the motive of starting a new business. There are various types of entrepreneurship which are discussed below- Small business entrepreneurship- This type of entrepreneurship mostly renowned small level and main motive is to live in the market with limited profit and sale. For example retailers, bakery shops,cafes are considered to be small business entrepreneurs (Huertas González-Serrano, Jones and Llanos-Contrera, 2020). In this type of business risk associated is quite low and decision making is done in effective manner. 1
Scalable start-up business entrepreneurship- Scalable entrepreneurship business are those in which independence invest in their start up business. They always look for new opportunities and generate new ideas within the business sector. In such type of business, decision making is dependent on venture capitalist or investors. Larger scalable- Then comes the larger scalable entrepreneurship in which shares can be traded and huge amount of capital invested in the business activities and operations. These types of entrepreneurs are motivated towards innovation and invention. For example, Facebook, Oracle, IBM and many more. Social entrepreneurship- So these are considered to be those who you are the individual for the start-up companies who run their business with motive of helping needy people. Moreover, such types of organisations have limited number of employees and volunteers. In this, risk associated with the business is moderate. For example- NHS service UK, Cancer Research UK etc. Typology of entrepreneurship Serial entrepreneur- These are those types of entrepreneurs who you are always ready to take the risk in the business. Moreover they focus on generating new ideas in the existing or new business. For example- Apple, Elon Musk- Pay Pal, Space X. They always run for new ideas and focus on achievements of the objectives. Lifestyle ventures- Lifestyles dangers are those who run the business with motive of acquiring maximum resources and larger share of market growth in the specific industry. For example- blogging, poets, advisors etc. Their main aim is not to earn profit but to explore their lives and enjoy the other stages of life. Socialeconomy-Inthis,itinvolvesfoundations,socialorganisations,democratic governance, etc. This type of entrepreneurship always requires time and manpower who can match up with their decision making. Traits of successful entrepreneurs- A successful entrepreneur is always motivated in the work. There is full availability of knowledge, new innovations, ideas and thoughts A entrepreneur is always ready to take the risk with positive energy Moreover, a successful entrepreneur is flexible and accepts as well as adjusts according to the new changes and trends. 2
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Also, use the capital and resources in most efficient manner. Always present to deal with problems and solve difficult issues After a brief analysis of above matter, it is seenthat it is important to have appropriate knowledge of different typology and entrepreneurship so that decision- making is done in effective way. P2. Similarities and differences between entrepreneurial ventures. Similarities between Small, Large, Scalable and Social Entrepreneurs A number of entrepreneurial ventures function within the bounds of an economy. There are multiple similarities as well as dissimilarities amidst such ventures (Dabić, Sahasranamam and Glinka, 2020). It is important to conduct a study over these similarities as well as differences. Thus, a discussion is presented upon the same in a detailed manner beneath:- Similarities between Small, Large, Scalable and Social Entrepreneurs All these entrepreneurial ventures run with the motive of attaining development and growth so as to enhance their scale of operations. All the ventures intend to maximise the amount of profits so that the growth prospect for the entities can be significantly enhanced. (Wang, Gnan and Flamini, 2020) All of the entrepreneurial ventures capitalise upon innovation as the primary aspect to gain the attention of large number of individuals and significantly attain competitive edge at market place (Mazzarol and Reboud, 2020). All the ventures tend to cater to the needs and demands of market place and fulfil the same to achieve growth. Differencse between small, large, scalable and social entrepreneurs BasisSmall sizeLarge sizeSocialScalable MeaningThesearethe venturesthat function at a small scale. Thesebusiness functionatlarge scalelevelby emphasizingover locationasthe Theseventures functionforthe society welfare at a moderatelevel (Canestrino, Thesearethe ventureswhich functionatscale level. 3
primary aspect.Maglioccaand Pawełek, 2020). ObjectsThesebusinesses intendtoattain maximumprofits and thereby achieve growth(Rosin, Stubnerand Pinkwart, 2020). Themainintentof thisentrepreneurial ventureisto facilitateexpansion ofthebusiness operations. These entities intend toworkforthe welfareand developmentof societyandmeeting their needs. Thesebusinesses intend to increase profitthrough expansionof operating activities. CapitalThesekindof entrepreneurial venturesrequire relativelylower amount in the form ofcapital investmentfor carryingout business practices. These entrepreneurial venturesneed extensive amount of investment as capital tofacilitate expansioninto maximum geographies. Thesetypesof venturesprocure funds from society as theyoperatefor socialwelfare (Cumming, 2020). These ventures do notrequirelarge investmentfor initiatingthe business operations. P3. Micro and small businesses impact on the economy Micro and small business enterprises have significant impact on a nation economy as they provide significant opportunity for improvement and development for economy and individuals. It has been evaluated that from past many years small and medium scale enterprises are rapidly increasing in United Kingdom that also act as major source of revenue generation for country government (Chadwick and Raver, 2020). In addition to this it has been evaluated that, these enterprises provide different type of benefits to both individuals and economy in a great manner. Mentioned below impact of small and medium scale enterprises in terms with United Kingdom is being defined: 4
Figure1:Comparison of SMEs and large businesses in UK As per according to the above graph it has been evaluated of small and medium scale enterprises prevailing in single division in the provinces of United Kingdom. It has been evaluated that country is having estimated number of 4.5 million medium and small scale enterprises that significantly represent 99% of entities of United Kingdom. These entities generate number of employment opportunities for individual that automatically increases country per capita income (Fasinu,2020). This aids United Kingdom to maximize their GDP rate and enhance their International brand image. Further it has been evaluated that these organisation is offering 33% of total employment in addition with 22% of total turnover. These organisations have excellent impact on country development and growth of individual. 5
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Figure2:Share of businesses in UK According to the above mentioned diagram it has been evaluated that small and medium scale enterprises perform their operation comparatively in large quantum than large and medium scale enterprises in United Kingdom provinces (Sahasranamam and Nandakumar, 2020). It has been evaluated that these enterprises combinedly generate 37% of overall turnover in addition with offering 48% of employment to individuals in United Kingdom. These entities are impacting upon domestic individuals in a significant manner by enhancing their living standards. Figure3: Business Type of Micro and Small Businesses in UK 6
Furtherithasbeenevaluatedthatmicroandsmallscaleorganisationsgetfurther categorizedindifferentsectorssuchasnoninnovators(23.9%),nonexporters(33.2%), innovators(12.2%) and exporters (13.6%).Thus, according to the evaluation it has been identified that small and medium scale enterprises have significant contribution in United Kingdom economy and individual growth (Croce, 2020). These entities provide wide range of benefits in number of ways that significantly enhances country economic opportunity growth rate in a well define and effective manner. P4. Explain the importance of small businesses and business start-ups to the growth of the social economy Medium and small scale Enterprises acts as essential aspect for economic growth and further provides wide range of benefits through which a nation can maximize their overall boost of growth and opportunities. In context with United Kingdom it has been evaluated that with the presence of maximum number of SMEs this nation is increasing its growth rate in a constant manner. By seeing this government of United Kingdom is offering different type of opportunities to this industry in order to provide them support. IT has been identified that government offer many infrastructure as well as technological facilities to SMEs through which they can conduct their functions in more effective manner and can boost economy in a remarkable manner. Mentioned below there are some essential growth in economy due to SMEs is being define below: Standard of living: Rise in number of small and medium scale enterprises have direct impact upon individual living standard. This has been determined that these entities are providing diverse range of employment opportunities to individual that automatically enhances individual living standards in an effective manner (Champenois, Lefebvre and Ronteau, 2020). This automatically increases per capita income that facilitates increase in country economy in a well defined and effective manner. Innovation: SMEs organisations operate their functions in effective manner and are mainly emphasize upon satisfying customers and society with unique and innovative product and services. By keeping this in mind entities operating their services is focus upon innovation as to influence 7
individual interest towards organisational offerings. This makes SMEs to create something new in order to enhance quality of their product and services standards in order to attract customers in an attractive manner. It has been identified that in UK there maximum number of SMEs that take advantage of technology in order to develop their services and product as to influence customer interest that automatically towards increasing United Kingdom economy at great extent. Providing jobs: One of the most important contributions of SMEs is that it engages in the process of providing number of job opportunity to domestic individual by offering them desirable job. Further it has been evaluated that SMEs in United Kingdom are offering job opportunity to localised individuals (Thompson, Verduijn and Gartner, 2020). In addition to this it has been evaluated that micro and small scale enterprises also hire semi skilled labour as well as those individual who are having no specific skills. This effectively aid in increasing country per capita income that facilitate economic growth and gross domestic production. In addition to this in has been evaluated that SMEs also provide diverge range of training to their staff in order to make them compatible with their job role. This increases individual skill and knowledge that enhances overall profitability rate of company with job opportunity United Kingdom measures significant increase in their economic performance. P5. Characteristics, traits and skills of successful entrepreneurs Entrepreneurship is defined as an individual who is having significant passion capability in mode to convert an idea into a successful business venture by undertaking risk that are associated with (Si, S, Wei and Cullen, 2020). It has been evaluated that an entrepreneur have specific form of trait, characteristics and skills that further differentiate them from other individuals to perform their operations. With the use of these elements they aim to offer unique services and products in society. In relation to this, two famous entrepreneursRichard Bransonand JK Rowling of United Kingdom are being considered. Mentioned below characteristics and trait of these is being defined below: Characteristics, skills and traits of Richard Branson Characteristics Belief:This is mainly known as essential characteristics that further state entrepreneur confidence in terms with their ability competence and skill. It has been evaluated Richard 8
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Branson is having higher self believe that acts are the most essential element that support him in their entrepreneurial process to have access to rapid success. Traits Creativity:This is the most important traits of an entrepreneur that facilitate them towards conducting their operations in effective manner. It has been identified that in terms with Richard Branson trait of creativity and innovation is being possessed by this entrepreneur that makes him highly creative. This entrepreneur always emphasize upon bringing something new, unique and creative in specific industrial segment that lead him to attain success in limited time period. With the help of an effective creativity approach he attracts mindset of consumers and further influences them in an effective manner. Skills Learning Skills:In order to grow, learning skill plays a crucial role and identify that every entrepreneur have continuous learning skill that enhances the capability and efficiency in a continuous manner. It has been identified that entrepreneur which is having learning skill as their skills improve business performance in effective manner and increases opportunity for future growth (Mazzarol and Reboud, 2020). This is mainly come with experience that Richard Branson has attended from family and other acquaintance. In addition to this it has been evaluated that respective entrepreneur also learn different things from past experiences and further use those experiences in their business practices as to attain success. Characteristics, skills and traits of JK Rowling Characteristics Leadership:This is one of the most effectivean essential characteristicsthat an individual is having that facilitate their capability to influence other individual in a team individually or group to perform their task in effective manner. In context with JK Rowling this has been evaluated that this entrepreneur is having efficient leadership characteristics through whichsheprovidesupportiveleadershiptoteammembersinordertomaximizetheir productivity, this facilitate individual to contribute their contribution in efficient way as to attain success in time effective. 9
Traits Experimental:It is an effective trait that lead entrepreneur to continuously engage in the process of bringing something new and unique in society by experimenting with things. In this with the assistance of this trait JK Rowling one of the famous entrepreneur experiment with her new book series Harry Potter had made herself recognised her presence in all around the world by facilitating interest of individuals of every age group. In addition to this it has been evaluated the Harry Potter is one of the most remarkable contribution of JK Rowling that aid in popularising her image in global scale. Skills Focused:This has been evaluated that concentration is one of the most effective element for an entrepreneur that offer support them in conducting their task and work in effective manner by contributing their complete efforts (Zin and Ibrahim, 2020). With the help of focused approach a person can accomplish their objective with great efficiency. In terms with JK Rowling this has been evaluated that this entrepreneur is having skill of highly focus nature towards her work. This is one of the ultimate influencing factors that increase efficiency of her performance. It further lead her in executing tasks in a hard work in a successful manner in time effective period and influence interest of large number of individuals around the globe. P6. Aspects of entrepreneurial personality depict motivation Entrepreneur is defined as an individual who initiate a business venture while undertaking different type of risk elements into consideration with an aim to offer unique and innovative to society in a well defined and effective manner (Lazzarotti, Gjergji and Visconti, 2020). In context to this is it has been evaluated that and entrepreneurial personality is a combination of wide range of competency, skills and knowledge that facilitate them to perform their objectives in effectiveway. It has been identified that when an entrepreneuris possessing intense motivation and sound knowledge this enhances their self believe and lead them to conduct their activities and accomplish their objectives in efficient manner. Along with this it has been 10
identifiedthatOceanmodelisdefinedasaframeworkthatisacombinationoffive entrepreneurial personality and traits that effectively reflects motivation as well as mind set. Further this has been evaluated that above mentioned two entrepreneurs JK Rowling and Richard Branson are having great form of entrepreneurial personalities and are having traits which is a combination of motivation and attractive mindset, this is further being define with the assistance of ocean model: Openness:This trait of entrepreneurial personality reflects that entrepreneurs are full of energy as well as zeal in relation to attainment of new knowledge base (Liu, Pugh and Adkins, 2020). They are always interested in undergoing new projects and endeavours in order to be practically exposed to situations whereby they can inflate their learning and cognition. In this relation,Richard Branson and JK Rowling were open to entailment of new opportunities to facilitate growth. Conscientiousness:Thisisatraitthatreflectsentrepreneurialpersonalitytohave discipline along with ambition to attain the pre defined goals set by them within due time period. Along these lines, Richard Branson as well as JK Rowling was willing to become entrepreneur and open their ventures so as to reach out to audience and fill the market gap. Extraversion:This trait of entrepreneurial personality obviates that entrepreneurs are prone to emotional response as well as spontaneity. They research their surroundings to identify a market gap, thereby developing a venture circumscribing that concept. JK Rowling as well as Richard Branson have been extravert and thus came up with Harry Potter book series and Virgin Airlines respectively after researching about the market. Agreeableness:Thisisoneoftheefficiententrepreneurialtraitsthatdefinethat entrepreneur while performing their work agrees with others. This has been identified that with having this trait and entrepreneur effectively respect initiative as well as opinions of other individual in order to develop an atmosphere in which there is formative corporation as well as coordination (Ghezzi and Cavallo, 2020). In context to this it has been identified that both of the entrepreneurs JK Rowling and Richard Branson is having agreeable and sympathetic nature towards other individual through which they aim towards facilitating flow of thoughts and innovative ideas as to accomplish success in a more attractive manner. Neuroticism:It is one of the most essential and effective trait of an entrepreneur in which it has been evaluated that entrepreneur is having full control over their emotional state and mid. 11
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In context to this has been evaluated and with the help of this trait both above-mentioned entrepreneur is having full control on their emotional state that further facilitate them to overcome any situation or complex issue in effective manner. In addition to this, with the help of this trait they do not let failure impact upon their goal in any manner and other individual to do the same. P7: Background and Experience can hinder or foster Entrepreneurship The experience and background act as a foundation approach for individual, in relation to this it has been evaluated that entrepreneurs are having great influence by experience and backgrounds from education, parents along with the experience that they have encountered in their life stage (Muhammad Auwal, Sharifuddin and Ali, 2020). Present support includes discussion on to business entrepreneur JK Rowling and Richard Branson. It has been identified that their entrepreneurial life is being affected by the experience and background that they have faced. These factors further facilitate them to become one of the greatest entrepreneurial personalities around the world. Further it has been identified that elements that are prevailing in experience and background of an individual effectively foster an individual to become a visionary business person. Mention below experience and background of JK Rowling and Richard Branson is being depicted. Level of Education: Education level has significant impact upon individual life cycle and facilitates them to experience world in a different way (Boudreaux, 2020). In terms with JK Rowling this has been evaluated that due to her academic knowledge her life is moulded in a better way, as it has been identified that she have experienced a placement test in order to have excess in a prestigious University, however she could not passed in the test and did not get entrance in the university. After sometime prospective entrepreneur undertake BA course in French and experience some work as a scientist that effectively help her to shape characteristics in an effective manner and facility to develop as a business individual. After this she had a thought to have a progression of work that effectively benefit her to attend worldwide acknowledgement in an effective manner. In context which Richard Branson this has been identified that educational foundation of this entrepreneur is poor, however he later transformed himself into a successful entrepreneur 12
and owner of Virgin Atlantic group and further become a motivated and visionary business entrepreneur for other individual in all around the globe. Family background together with experiences: Familyexperiencesandbackgroundcombinedlyhaveasignificantimpactupon entrepreneurial process. In terms with Richard Branson this has been evaluated that his family background effectively encouraged him to be a successful business individual, this can be seen by his upbringing from mother to encourage him to be an extra ordinary business individual. While if it is talk about JK Rowling this has been evaluated that this entrepreneurship used to have discussion of the dream story that was composed by her own to her sister. Further it has been evaluated that this entrepreneur mother was also determined to have different type of sclerosis (Apa, Noni and Ganzaroli, 2020).However it has been denoted that she is not having that much great connection with her dad that impacted her in negative manner. While with having a significant will power and enthusiasm she develops herself as a prestigious writer of Harry Potter which is her prestigious release. CONCLUSION As per the above mentioned report it has been concluded entrepreneurship is a formative process in which an individual; entrepreneur undertake take risk in order to develop and run a business venture while ensuring maximum success and profitability. In addition to this, this process is being undertaken by them in order to offer society and nation with unique and innovative offerings and raise their standard of living by providing different type of employment opportunity. It has been evaluated that there are number of entrepreneurial ventures and typologies in which entrepreneurs perform their operations.Entrepreneur evaluates and takes opportunities from risk factors and conducts their operations in order to develop a business venture that effectively satisfy consumer needs and fulfil their goals. In addition to this it has been evaluated that entrepreneurship provide diverse range of opportunity to individuals bio bring them number of job opportunities. Further it has been evaluated that SME’s significantly impact upon United Kingdom as it aid country to increase its overall GDP that enhances country economy in international market place. Along with this, it has been evaluated that experience and background acts as most essential factor that facilitate entrepreneur performance. 13
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