Table of Contents INTRODUCTION......................................................................................................................3 MAIN BODY.............................................................................................................................3 TASK1.......................................................................................................................................3 P1 Identification of various branches related to entrepreneurship and discussion about their typology..................................................................................................................................3 P2 Identification of differences and similarities between various entrepreneurship ventures. ................................................................................................................................................5 TASK2.......................................................................................................................................6 P3 Identification of statistical data related to contribution of small and micro business and their impact on economy........................................................................................................6 P4 Identification of various aspects related to small and micro business within the economy and their impact on social economy.......................................................................8 TASK3.......................................................................................................................................9 P5 Identification of different characters tricks and skills of various entrepreneurs and manager for successfully managing the business...................................................................9 P6 identification of various aspects related to entrepreneurship personality and how it impact the mind set of individual for entrepreneurship motivation.....................................11 TASK4.....................................................................................................................................12 P7 identification of the data related to the impact of various backgrounds and experience of different opinion on fostering and hindering entrepreneurship............................................12 CONCLUSION........................................................................................................................13 REFERENCES.........................................................................................................................15 Books and journals...............................................................................................................15
INTRODUCTION Entrepreneurship is describe the capability of individual person to grip opportunity at Marketplace and the organisation bring new ideas with minimal risk that must be linked with the organisation and boost the level of profitability for accomplishing goals as well as objective. It is connected to the overall improvement of small scale organisation and that help in a completion of goal by integrating various ability as well as state of an individual person. In present assignment the selected business organisation is small which is located in UK. There is also a discussion regarding various entrepreneurship and also description regarding various typology of entrepreneurship at Marketplace. There is also explanation regarding very similarity as well as differences among entrepreneurship venture. In middle of assignment there is an explanation regarding various aspects of micro as well as small business and their effect on Economy. The significance of small business helps in considering the needed skill of an entrepreneur to grip different opportunity. At last they also explain regarding entrepreneurship personality and there are various factors which provide background as well as culture that Foster or hinder the opportunity for an individual person(Runyan and Covin, 2019). MAIN BODY TASK1 P1 Identification of various branches related to entrepreneurship and discussion about their typology. Entrepreneurshipis a capability of an individual person they focuses on designing, introducing as well as operating the innovative business with some new ideas and also taking risk for increasing profit margin. The various concepts of entrepreneurship Serial entrepreneurshipit has been described as an individual person who bring innovative ideas and operating new organisation. They are considered as a differ from a typical entrepreneur who bring only a single idea to launch a new company but they focuses on bringing innovative ideas for performing day to day functioning of organisation. Intrapreneursare described as behaviour of an individual person who carries out their work within a large business organisation. They focus on taking risk and bring innovative ideas in order to handle reward by adopting various techniques.
Owner-managerOwner are considered as those person who are liable for performing their values and duty in relation to legal issues while monitoring or controlling inventory for achieving goal as well as objective in future period of time. There are different entrepreneurial venture that is going to be mentioned below: Survival ventureis described as a new business venture that focuses on survival and maintenance of organisation and also their main purpose is to satisfy the financial obligation in good way. The basic example of this kind of Survival venture is like to MOMA food which run their business at small level at UK and also arrange fund for its various operations. Lifestyle venturethese are those ventures that focuses on lifestyle which must be duplicated by various followers. They focus on regulation which is built by entrepreneur and there are various examples in relation to Lifestyle ventures such as SGS product UK. Growth venturethese are considered as that organisation that focuses on growth and captured the larger market share for success of organisation(Daniel, 2016). Scope, growth and development of entrepreneur venture There are various venture that main objective is to increase the profit margin in future period of time. There are various kind of venture like survival, lifestyle as well as growth venture and their main motive is to survival as well as maintenance of organisation and the lifestyle venture want to increase the standard of living of individual person within society and the growth venture focuses on increasing the grown in future period of time which will be beneficial for particular organisation. Entrepreneurship typology Small business entrepreneurshipthese are those kind of venture who have a small amount of funds for investment. They recruit local subordinate for conducting different function of organisations such as grocery store, consultant,and travel agents and so on. Scalable start-up entrepreneurshipthese are those kinds of entrepreneurs who operate their organisation by improving a vision and also attract large number of investor who focuses on carry out various activities in good way and also captured larger market share so there are various example such as Amazon, Facebook, Google that is the good example of scalable start-upentrepreneurship. Large companyEnterprises are considered that business organisationthat provide innovative product to its customer. They focus on providing good quality product and also they customise the goods as per the need of customer and also implement innovative
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technologyforgainingcompetitiveedge.Therearevariousexampleofthiskindof organisations such as TESCO, Sainsbury’s and so on. Social enterpriseisthat enterprise that focuses on appropriate utilisation of resources of society and also they fulfil the requirement of society in good way. These are considered as common examples of typology of entrepreneurship that is connected to enhancement of entrepreneurship in present times. P2 Identification of differences and similarities between various entrepreneurship ventures. Similarity and differences between various ventures Similarity Survival venturethe primary purpose of Survival venture is to survive or maintain theirbusinessforalongertimeperiod.Themainpurposeorobjectiveofthe organisation is to survive and maintained within Marketplace for performing different functions in good way. It helped them in increasing profit margin or sales in future period of time. Lifestyle venturefocuses on surviving or maintaining business for a longer time period.They focus on changing lifestyle of an individual person and provide the goods and services as per needs. It help in boosting profit margin in future period of time. Growth Ventureemphasized on improving the growth and profitability level of organisation. Differences Survival venturethey take investment from different friends as well as family in small amount for survival of organisation and also their help in fulfilling various objective. Lifestyle ventureis the kind of venture who takes the loan from banks as well as other financial institution. Growth venturethis is type of venture in which they need large amount of fund for investment for performing different work within business organisation.
TASK2 P3 Identification of statistical data related to contribution of small and micro business and their impact on economy. Categorise organisation into Micro business as well as small business Small and micro organisation imposes direct impact on economy at UK and also they offer various advantages into economic(Mandel and Noyes, 2016). Small scale business organisation focuses on contributing their efforts towards GDP and also offers employment to individual person of society at UK. There are various points that are going to be mentioned below: Online:https://www.merchantsavvy.co.uk/uk-sme-data-stats-charts/ Employmentas per the graph it has been analysed that there is various numbers of people who are unemployed at UK. It is also been analysed that there is a comparison among large and medium scale business organisation and also the contribution provided in micro and small organisation at UK is more than large as well as medium organisation. From the above mentioned graph it has been analysed that micro as well as small business organisation offer more than 130000 job opportunity to individual person in comparison of large business organisation they provide 105000(Chatterjee, Gupta and Upadhyay, 2018).
Online:https://www.merchantsavvy.co.uk/uk-sme-data-stats-charts/ Contribution towards GDP it has been analysed that micro as well as small organisation provides their efforts or contribution in respect of GDP. It helps in boosting the efforts towards GDP of UK that provide support to economy. P4 Identification of various aspects related to small and micro business within the economy and their impact on social economy. Explain social economicis described as a process in which there is a various organisations such as corporate mutual Association as well as Foundation that is connected to the organisation who share the common value such as privacy of an individual person as well as social goals in respect of membership as well so on that is connected to the Social Organisation. ‘WHY’ small business organisations are vital for the growth of the social economy Creation of employmentsmall as well as medium scale organisation imposes direct impact on social economy that offer variety of opportunity in relation to job within business organisation because there is a largest contribution and boosting their small as well as medium organisation are important part of the economy within UK and also offer opportunity for individual person in relation to job and increasing number of functions and activity. Innovationis important for small as well as micro scale organisation because it is necessary for company to offer innovative goods to its user at Marketplace and also focuses
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on improving customer base by providing new goods to its user. They also focus on bringing innovation in social economy in which the organisation operates their business. Engage important number of people involving from disadvantageous groupthere is a number of advantage for small as well as micro scale organisation towards social economy where they engage various number of individual person involving the organisation disadvantageous group that performing various function or activity of organisation by using appropriate utilisation of resources and also the focus on operating or running their business in innovative manner(Chen and Thompson, 2016). Leading the way on diversitythese are that type of organisation which depends upon a small activity and function and also they have different subordinate who focuses on performing functions in good way. The company focuses on performing their business and also employ various work force as well as manager for boosting productivity level. Meetingsocialpurposesmallaswellasmediumscaleororganisationalso contributes their efforts towards society and they fulfil the social obligation by offering various resources to them. The new start-upoffers various facilities to people in society for boosting advantages. This is advantageous for business organisation because it assists in improvement of separate identity by adopting social concept. It has been analysed that this small as well as micro scale organisation imposes direct impact on Economy of UK it imposes direct impact on the GDP as well as employment of UK and also it imposes direct influences on social economy and various factor that is given above. TASK3 P5 Identification of different characters tricks and skills of various entrepreneurs and manager for successfully managing the business. Characteristics traits:Characteristic traits are considered as those aspect that focuses on the individual behaviour with different characteristic which are considered as a good or bad and in favour and against of business organisation which is considered as a descriptive adjective of individual person like patients, jealousy and so on. Characteristics skills:Characteristic skills are the integration of social skill communication skill of an individual person which will bring social intelligence in individual
person and also it help in carry out various function of Organisation in good way(Hashim, Raza, and Minai, 2018). Characteristics of both entrepreneurs named as Sir Richard Branson and Philip Green Sir Richard Branson Motivator:he focuses on encouraging its subordinates in business organisation for accomplishing vision as well as mission in good way. Communication: he always focuses on appropriate communication within business organisation where inflow outflow of information can be done in good way eliminating conflict and grievances(Allen and Truman, 2016). Sir Philip Green Innovation:he is considered as a leader who brings innovative ideas within business organisation. He is a kind of entrepreneurs who focuses on taking effective experiment and success. Focused:He focuses on increasing productivity and efficiency level. They provide effective services or facility to its user in good way. Difference between characteristic traits and skills: SirRichard BransonSir Philip Green Trait s Innovation:Heisconsideredasa well-knowntycoonandhebring innovative ideas at workplace for grab the opportunity and removal of threat. Feedbackapproach:heregularly build trust in taking feedback from its client for presenting Organisation in good way. Innovation:he is considered asaleaderwhobrings innovativeideaswithin business organisation. He is a kindofentrepreneurswho focusesontakingeffective experiment and success.
SkillsMotivator:he focuses on encouraging itssubordinatesinbusiness organisation for accomplishing vision as well as mission in good way. Communication: he always focuses on appropriate communication within business organisation where inflow outflow of information can be done in good way eliminating conflict and grievances(Allen and Truman, 2016). Focused:He always focuses on increasing productivity and efficiency level and also they provideeffectiveservicesor facility to its user in good way. Distinguish between the Entrepreneur and the Business Manager EntrepreneurBusiness Manager Entrepreneur is considered as that individual person who takes all kind of risk within organizationwhile conducting organization functions(Baric, Franic and Polak, 2016). Managerfocusesonmanagingactivityand function of organization but is not responsible for taking risk. The also emphasized on exploring the ideas of business in globalAreawherethemain focusoforganizationisto achieve the objective. The main purpose of manager is to carry out thevariousfunctionsandactivityof Organization in good way. Themainmotiveofentrepreneuristoaccomplishing objective of organization by integrating performance of an individual person. Themanagerfocusesonimplementing innovative ideas and also he has power to give order to its employees for performing task. From the above mentioned analysis it has been assessed that there are different kind of characteristics, skills as well as traits which is necessary for an individual person in handling the various activity of organisation and it is also helpful in bring innovation within business organisation. They focus on fulfilling the vision as well as mission of organisation byassessingvariousneedswithinanorganisation.Therearevariousskillssuchas communication, motivation that build good working environment. It is the only reason of becoming a successful entrepreneur at Marketplace.
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P6 identification of various aspects related to entrepreneurship personality and how it impact the mind set of individual for entrepreneurship motivation. Entrepreneurial Motivation Mind-set:It has been described there are various challenges which is faced by business organisation for improving skills as well as knowledge of an individual person and explain appropriate method by imposing continuous practicesLicha and Brem, 2018). Its importance to successful entrepreneurial ventures It helps in achieving the vision and Mission of organisation. It also helps the entrepreneurs in handling the various situation as well as resources under certain conditions. It also helps the entrepreneurs to improve the approaches by resolving all the problems in better way. Example of motivational drivers include Need for Independencethis is a kind of motivator within an individual person in respect of entrepreneurship skill for becoming successful entrepreneur. It is necessary to have an Independence or freedom for operating their business in good way. Need for power and controlis considered as that kind of motivation with an individual person for becoming successful. There are different kinds of restriction which imposes direct influence on individual person while conducting their work at workplace. Therefore the organisation focuses on removing all these restriction by grabbing opportunity in relation to entrepreneurship. Need for achievementit is a kind of motivation that help in achieving goals as well as objective of organisation by carry out various function in a good way. It assists organisation in carry out their work in good way(Farahani and Alvandi, 2020). Need for wealth creationEntrepreneurship carry out their work in an appropriate manner by facing or handling risk in good way for increasing profit. Wealth generation is a kind of motivation that help individual person in boosting wealth and also carry out various organisation with new ideas. It has been analysed that the motivation is necessary for an individual person for success of Organisation in future period of time. There are different
kinds of motivational driver which boost the encouragement level of an individual person and also involved need of power Independence as well as control and so on. This is considered as a most important factor which focuses on skill as well as ability of an individual person for becoming successful entrepreneur. SundarPichai well known as a CEO of Google he bring innovative ideas within business organisation and he is belong from poor background and his mother is housewife but he have a capability to use the resources in appropriate manner and also grab the golden opportunity for boosting career(Audretsch, Kuratko and Link, 2016) TASK4 P7 identification of the data related to the impact of various backgrounds and experience of different opinion on fostering and hiding entrepreneurship. People’s background and experience can hinder or foster entrepreneurship Unemploymentis the main reason for improving the opportunity of entrepreneurship at Marketplace and also different unemployment individual person believes that they operate their business for earning more and more money and also focuses on bring new ideas within organisation.For example if employment rate is increased then it imposes direct impact on the profit of the company. It decreases the sales as well as opportunity level in future period of time that is must for GDP level of country. Cultureimposes direct impact on the background of entrepreneurship it helps the individual person in learning regarding various skill as well as capability and also improves various Concepts for improving the knowledge.For example it is necessary for entrepreneurs to follow the culture in order to bring the ideas which will be beneficial for the employees and if employees will be happy then it increases the productivity of the company in future period of time which will be beneficial for organisation. Family wealthfocuses on grabbing the opportunity in relation to the entrepreneurship at market place there are a good example of this such as Mukesh Ambani is well known as an Indian Billionaire and he is co-founder of Reliance. He has a skill to increasing wealth as well as reputation of company in front of audience at Marketplace. Their son Akash Ambani is a successful entrepreneur and operates their business in successful manner.
School dropout isconsidered as those heritage or culture of an individual person that bring various opportunities at marketplace. For example Mark Zuckerberg and Bill Gates are college dropouts and they are considered as a co-founder of Microsoft as well as Facebook. That they both are bring innovative ideas that help in boosting profit at Marketplace and accomplishing values in mind set of other person who follow them(Qian and Jung, 2017). From the above given various factor it has been analysed that it is necessary to consider the background as well as experience of an individual person to hinder or foster Entrepreneurship at Marketplace. CONCLUSION On the basis of above given report it has been analysed that entrepreneurship venture as well as a typology of venture imposes direct impact on organisation.Entrepreneurship is describe the capability of individual person to grip opportunity at Marketplace and the organisation bring new ideas with minimal risk that must be linked with the organisation and boost the level of profitability for accomplishing goals as well as objective. It is connected to the overall improvement of small scale organisation and that help in a completion of goal by integrating various ability as well as state of an individual person. In present assignment the selected business organisation is small which is located in UK. There is also explanation regarding very similarity as well as differences among entrepreneurship venture. In middle of assignment there is an explanation regarding various aspects of micro as well as small business and their effect on Economy. The significance of small business helps in considering the needed skill of an entrepreneur to grip different opportunity. At last they also explain regarding entrepreneurship personality and there are various factors which provide background as well as culture that Foster or hinder the opportunity for an individual person.
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REFERENCES Books and journals Runyan, R.C. and Covin, J.G., 2019. Small Business Orientation: A Construct Proposal.Entrepreneurship Theory and Practice,43(3), pp.529-552. Daniel, A.D., 2016. Fostering an entrepreneurial mindset by using a design thinking approach in entrepreneurship education.Industry and Higher Education,30(3), pp.215-223. Mandel, R. and Noyes, E., 2016. Survey of experiential entrepreneurship education offerings among top undergraduate entrepreneurship programs.Education+ training. Chatterjee, S., Gupta, S.D. and Upadhyay, P., 2018. Empowering women and stimulating development at bottom of pyramid through micro-entrepreneurship.Management Decision. Chen, L.W. and Thompson, P., 2016. Skill balance and entrepreneurship evidence from online career histories.Entrepreneurship Theory and Practice,40(2), pp.289-305. Hashim, N.A.B., Raza, S. and Minai, M.S., 2018. Relationship between entrepreneurial competencies and small firm performance: are dynamic capabilities the missing link?.Academy of Strategic Management Journal,17(2), pp.1-10. Baric, M., Franic, J. and Polak, M., 2016.Tackling undeclared entrepreneurship in a transition setting: the case of Croatia.International Journal of Entrepreneurship and Small Business,28(2-3), pp.255-274. Licha, J. and Brem, A., 2018. Entrepreneurship education in Europe-insights from Germany and Denmark.International Journal of Entrepreneurship and Small Business,33(1), pp.1-25. Farahani, H. and Alvandi, M., 2020. Explanation of entrepreneurship small business challenges in rural area, The case of study: Bijar, Iran.Scientific Journals Management System,20(58), pp.105-119. Audretsch, D.B., Kuratko, D.F. and Link, A.N., 2016. Dynamic entrepreneurship and technology-based innovation.Journal of Evolutionary Economics,26(3), pp.603-620. Qian, H. and Jung, H., 2017. Solving the knowledge filter puzzle: Absorptive capacity, entrepreneurship and regional development.Small Business Economics,48(1), pp.99-114. Allen, S. and Truman, C., 2016.Women in business: Perspectives on women entrepreneurs. Routledge.