This report discusses different types of entrepreneurial ventures, their relation to typology of entrepreneurship, similarities and differences between entrepreneurial ventures, impact of small and micro business on economy, characteristics, traits and skills of successful entrepreneurs, and more.
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ENTREPRENEURSHIP ANDSMALLBUSINESS MANAGEMENT
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Contents ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT................................................1 TASK 1.......................................................................................................................................................3 P1. Different types of entrepreneurial ventures and their relation to the typology of entrepreneurship...3 P2. Similarities and differences between entrepreneurial ventures..........................................................4 TASK 2.......................................................................................................................................................5 P3. Impact of small and Micro business on economy..............................................................................5 P4 explain the important of small business and business startups to the growth of the economics..........7 TASK 3.......................................................................................................................................................8 P5.Mini research to determine the characteristics, traits and skills of two successful entrepreneurs:......8 P6.Enterpeneurial motivation and mindset..............................................................................................9 TASK 4.....................................................................................................................................................10 P7. With practical examples obtained through your mini-research, examine how background and experience can hinder or foster entrepreneurship...................................................................................10 CONCLUSION........................................................................................................................................10 REFERENCES........................................................................................................................................11
INTRODUCTION Small and micro business has a huge impact on growth of economy. These business provides knowledge and employment opportunities to the people who are living in geographical areas (Martin and et.al., 2013). This report is carried out in the context of entrepreneurs. Different types of entrepreneurial ventures and their relation with typology are also been discussed under this report. In addition to this, some benefits of small and micro business are also evaluated in this report. TASK 1 P1.Differenttypesofentrepreneurialventuresandtheirrelationtothetypologyof entrepreneurship Entrepreneurship It is the process of designing, launching and setting up of new businesses by taking financial risks in order to create profits (Bae and et. Al., 2014). These type of business are run by and created by individuals which are called entrepreneurs. These businesses are also called small businesses. It is a business method which involves product, services and advanced technology products. Types of Entrepreneurship There are different types of entrepreneurship which are as evaluated under the following heads. Small business entrepreneurship:Small business includes grocery stores, hairdressers, consultants, carpenters, etc which runs their own business. There are approximately 5.7 million of small business in UK. The main motive of these businesses is to make profits and feed their family. Scalablestartupsentrepreneurship:ThesearealsoknownasSiliconValley entrepreneur. It is a small software based business which includes Twitter, Facebook and Instagram. The entrepreneur of this business has an ability to create profits without putting additionalcosts. The entrepreneurof scalablebusiness operatesmainly in Shanghai, New York, etc. Largecompanyentrepreneurship:Thesebusinessesoffersnewproductswith advanced technology to its consumers. These business are focused on long term stay at market place. The main objective of these business is to increase sales by offering superior quality products to its consumers and also the profitability margins. Social entrepreneurship:These business is established by entrepreneur in order to serve its consumers with all social needs and problems. This also helps in bringing positive changes by identifying problems of people. Typology of entrepreneurship:
The skeptical entrepreneur:In this, entrepreneur sees the success of others and ask questions related to the business. They determine the business of other entrepreneurs and wait waits for the breaks. The copycat entrepreneur:These entrepreneurs are called copycat because they copy all the things of other companies. They use the same website like others business and also copies the same business cards. They look after the success of others and copy tem exactly. The research entrepreneur:These entrepreneurs believes in research. They find every possible techniques and strategy to make their business successful at marketplace. They focus on learning different things to grow their business. but without copy from any business (Fayolle., 2013). These types of people like to run their business with their own ideas and techniques. They analyze the needs and demands of its consumer and then produce their products so that they will increase their profitability margins and increase sales. The accomplished entrepreneur:These types of entrepreneurs build their business to make it grow and success at marketplace. They focus on developing their business more. They have gone already with all types of stages of entrepreneurship and now have all typeofknowledgetomaketheirbusinessgrow.Themainobjectiveofthese entrepreneurs is to accomplish their set goals in allotted time frame. P2. Similarities and differences between entrepreneurial ventures Small and large entrepreneurship BasisSmall business entrepreneurshipLarge company entrepreneurship SimilaritiesThesebusinessarerunby entrepreneurs to achieve growth and profitability at marketplace. Theyattracttheirconsumer towards their goods by proving products at affordable rates. The main motive of these entrepreneurs are also to increase revenues and sales and grow their business successfully (Fayolle, and Gailly., 2015). They also allure their consumers towardstheircompanyby providingsuperiorquality products at low costs. DifferencesThesebusinessesrunwitha small investments and with small number of employees. Their leadership trait is patience andmaintaindisciplinein company. Largecompanyentrepreneurs start their company with a large amount of funds. Along with this, workers performing in this type ofcompanyarealsolargein number. Leadership trait of these business arehighlymotivatedand influential.
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Scalable and social entrepreneurship Basi s Scalable entrepreneurshipSocial entrepreneurship SimilaritiesTheserunandpromotetheir business in order to increase sales and profits. They set up and start their business with help of software applications such as, Instagram, Facebook, etc. They also work for generating profits by satisfying consumers with social needs. Theyalsopromotetheir business with the help of social networkingsitessuchas, Instagram, Facebook, etc. DifferencesTheir main objective is to satisfy itsconsumerswithall environmental needs and demands. Theseentrepreneursinvestsin business on the basis of leadership team. Their main motto is to create social changes and satisfy its consumersbyprovidingall social needs and wants. These emphasis on individuals as they raise money and donate in charitable causes. TASK 2 P3. Impact of small and Micro business on economy These businesses has a large impact on growth of economy. They help the economy by providing employment opportunities to lower class people. It helps individuals in developing their skills and knowledge which is beneficial for them in future. They also provide various facilities and training sessions to unskilled and semi-skilled workers (Morris and et. Al., 2013). They also provide economic benefits to the individuals who are residing in small towns and villages. In this context, statistical analyses have been examined which explains impact of small and micro business on economy under the following statement: Source: Impact of small and micro business on economy. From the above statistical data, it has been shown that employment opportunities are increasing from year to year. In above figure, in 2014 4.72 people were employed in micro and small business which are represented in total employment percentage of 4.40. The opportunities
of employment of lower class people are increased at great scale from year 2008 to 2014 which is shown in above statistical data (Rideout and Gray., 2013). Millions of people were employed or opportunities given by small an micro business which impacts the whole economy at a great height. According to the above data, more people were employed in the year 2010-2011. So, in this way these business plays a dominant role in increasing economy growth and employment opportunities. Different types of businesses There are three types of business namely, small, micro and large which impacts economy as a whole. Micro business:This business is smaller in size and operates on a very small scale. In this business employing nine people or fewer than this and sales turnover is less than £2 million. Their ··main motto is to increase sales and profits margins by selling goods and services to its consumers. Micro businesses are started by individually men and women of every age. These have become one of the main growth in UK as there are mostly people are self-employed. An individual can run a micro business with small investments and funds. These are also known as home based businesses as one can run this from home also. Small business:This business is small in size but bigger than micro business. In this, company employs fewer than 500 or not more than few dozens of employees. There are approximately 28.8 million of business are operated in US(Zhang., Duysters and Cloodt ., 2014) The main objective of these business is to maximize sales and growth of their business at market place. They operate their business in order to stay for a long period of time in market. Large business:This business operates at a very large scale and with a large amount of funds and investments. There are greater than or equal to 250 employees which perform their activities under this business. They have net revenue greater than and equal to £22.8 million. The main motto of large business is to increase sales and achieve growth in economy. These are largest in size from micro and small business. These business also provide training sessions to its employees which helps them to assist consumers. Benefits of types of business Small, micro and large business are beneficial for the growth of economy and for lower class people which are as evaluated below: Employment generation:These business has a huge benefit on the economy. It helps the economy in generating employment opportunities. With help of this business, most of the people are employed. This helps individuals in developing their skills and abilities which is good for their future. Standard of living of people:It also helps economy in improving living standard of people. It helps to improve their lifestyle which is good for growth of economy (Sánchez., 2013). These provides all social and economic facilities to people who are living in small towns and villages.
P4 explain the important of small business and business startups to the growth of the economics. Small businessStartup business A private owner business with the small turnover. And own by self and no. of employee are list They play important role in our economy Small business help people for survive and for development of society We can start it in small capital and with list labor Small business is also suitable for the internet marketing Startup business is based on the innovative ideas generated by the youth according the demand of future generation. Its always about future vision and how we can change the ideas with help of the technology Startup have more chance for failure because its all about people perception. Its show that how times are change and what people need in the future and how can they phase it . Innovation: It is all about new ideas device or methods. And can we solve the problem with the new ideas by the example uber solve the taxi problem, pay pal solve the currency problem goggle map solve the mapping or gaps problems (O'Connor ., 2013). Innovation tend s to be produced by outsiders and founders in startups. Innovation is related to, but not the same as, invention, as innovation is more apt to involve the practical implementation of an invention to make a meaningful the impact. Brexit impact fertilization and talent and recession. The impact of Brexit is not necessarily going to be negative all around .for instance while some investors and lenders may turn their backs on what they fear is a sinking Britain, opportunities investors may see U K properties or shares of U K based corporations as undervalued and rush to buy at attractive yields. Employment Employment is a relationship between two parties usually based on a contract one being an employer and another being an employee. The impact of Brexit to employment sector trade reductions focused very much on inner London much more so than is the case with trade as a whole. Enable competition Organizations to formulate strong and confident strategies to ensure they are continuing to get the best from British nationals working abroad and from EU nations employee in the UK.
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TASK 3 P5.Mini research to determine the characteristics, traits and skills of two successful entrepreneurs: 1. Walt Disney Characteristics He is an innovator and a dreamer. He was also an exceptional leader (Duval‐Couetil., 2013). To create memorable animated films and, later on, the first ever theme park he had to emulate his legendry films and be animated in the leadership sense. He have honesty, enthusiasm, confidence, courage and persistence . To his employees he was not just a leader, he was their servant and defender. Traits Walt Disney was a legendry man. Not only he entertain people, he create iconic characters and inspire innumerable artists, he also had a personality that everyone can learn from. Walt Disney was creative and passionate about his work. Walt Disney had ferocious tenacity. His pursuit for something better drove him to all echelons so he could accomplish what he had in mind. Skills He was very optimistic and analyst. He is innovative and create innovation in entertainment (Wong and et. Al.,2005). He would gather everyone together in the studio. To create memorable animated films, and on, the first ever theme park. Steve Jobs : Characteristics Jobs is famous entrepreneur. He dropped out of college because his family could not handle the financial burden of his education (Haase, and Lautenschläge., 2011). Jobs credited the calligraphy class he stopped in on as his inspiration for the Mac’s revolutionary typefaces and font design. Traits He think most important and has unique and unbelievable imagination. It is one thing to envision his company growing and taking market share from another competitor. His ability to develop and design technology products that people are not love other entrepreneur’s. He was passionate and fearless when it came to growing Apple. Skills Stave has the ability to convince people. He convinced his early employer that he could deliver computers with more capabilities (Schumpeter., 2000). He is ruthless, honest and often times excruciatingly direct. He is a great visionary. Being perfect at one thing is the spectacular
achievement one must have in order to bring a true sense of understating to the group he works with. P6.Enterpeneurial motivation and mindset Entrepreneurial mindset The entrepreneur is an actor that has the ability and drive to carry out innovations, characterized as a new source of raw material, a new method of production, a new product, a new market and a new organizational principle (2011Wiklund and et. Al., 2011). To carry and implement ideas the entrepreneur also need collaborators and workers. Entrepreneurial motivation It is the process of activates and motivate entrepreneur for exert higher level of efforts for the achievements of their goals. It is a force or drive in an entrepreneur that affect the direction, intensity and persistence of their voluntary behavior as an entrepreneur. Nature of motivation Self motivation or internal motivation Motivation can not be seen because it is internal in human (Scott., 2006). It is analyzed by behavior. It activate man to achieve his goal. Extraversion It is related to aspects such as being energetic , sociable and seeking a leadership role. Openness to experience Intellectual , imaginative, independent minded all these quality describes a person who is characterized by seeking new experience, exploring ideas, being creative and innovative (Javalgi and Todd., 2011). Motivating factors Internal factors The entrepreneur has desire to do something new. The entrepreneur should be independent. Achieve what one wants to have in life. Be recognized for one’s contribution. The entreprenure educational. Occupational background and experience in the relevant field. External factor Government should assist and support them.
Encouragement from big business houses. Promising demand for the product. TASK 4 P7. With practical examples obtained through your mini-research, examine how background and experience can hinder or foster entrepreneurship. Entrepreneurship has been hailed as an avenue for upward social mobility and a driver of innovation, job creation, and growth. As a result, policies aimed at encouraging successful entrepreneurship have been adopted in many countries. One might suppose that entrepreneurship is god gifted or come by parents. Entrepreneurship is genetic matter it is always influence by peoples domestic or outer environment . some people grow up in very favorable conditions so they have good chance for success they have their parents experience (Smallbone and et. Al., 2012). Modeling appears to be the main driver of the intergenerational association in entrepreneurship (Lindquist et al. 2015). Additionally, exposure to a dense entrepreneurial environment during formative years also increases the likelihood of entry into entrepreneurship (Guise and et al,. 2015) There are two entrepreneur warren buffet and Walt Disney both are one of the best example for that .Walt Disney started off as a farm boy drawing cartoon picture of his neighbors. Horses for fun. When he was older, Walt tried to get a job as news paper cartoonist, but was unable to find one and ended up working in art studio where he created ads for newspaper and magazines. It is best animation company in the world as compare to other animation company. Disney latest project is Aladdin (Duane Ireland . 2006). But some weak point about Disney that it is not more variable in compare to the marvels. Second warren buffet born in Omaha 30 august 1930.He is the best investor in the world he had share in coca Heinz craft and apple. His attribute about investment are non compare to other. we can say he is god father of investment market. His weakness is that now a days his share down due to political issue. He is the bigger donator in the world. After bill gates. he had investment in lot of big company because he can view the future. CONCLUSION From the above report it has been stated that small and micro business plays a dominant role in growth of economy (Perrini and Vurro., 2006). They assist so many people with lots of employment opportunities and also improve their standard of living. In this report, it has also been discussed that these business also gives many benefits and facilities to people who are residing in small towns and villages. Entrepreneurs also plays an important role in running their own business.
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