Table of Contents INTRODUCTION...........................................................................................................................1 TASK 1............................................................................................................................................1 P1 Different types of entrepreneurial venture and its typology.................................................1 P2 Similarities and differences between entrepreneurial ventures...........................................1 TASK 2............................................................................................................................................1 P3 Impact of micro and small business on UK economy..........................................................1 P4 Importance of small business and start up to growth of social economy.............................2 TASK 3............................................................................................................................................4 P5 Characteristics, skill and traits of successful entrepreneurs.................................................4 P6 Entrepreneurial personality reflect their motivation and mindset........................................7 TASK 4............................................................................................................................................8 P7 Examine how background and experience hinder or foster entrepreneurship with suitable examples.....................................................................................................................................8 CONCLUSION...............................................................................................................................9 REFERENCES..............................................................................................................................10
INTRODUCTION The term entrepreneurship is related with those aspect which states that it is a capacity or willingness of an individual to establish a new venture in existing marketplace with an aim of bearing risk and profit. Along with this, the primal function of entrepreneur is to discover novel ideas and implement the same into business function for gaining competitive advantage in an innovative or creative style. Moreover, it is classified into various categories and each of them differ from each other in terms of roles and responsibilities (Baum, Frese and Baron, A., 2014). Furthermore, for accomplishing desired objective, everyentrepreneurial ventures need definite set of skills and traits that lead them to reach their goal in a prescribed time limit. In this study, it involves various kinds of entrepreneurial venture and relates it to typology, influence of small businessonUKeconomy.Finally,identificationofcharacteristics,skillandtraitsof entrepreneurs as well as provide relevant example to explain whether their past experience or background hinder or foster them. Furthermore, effect of social economy on UK economic in terms of accomplishing growth and development in better way. TASK 1 P1 Different types of entrepreneurial venture and its typology Entrepreurial venture is a proprietor or owner of an association who makes an endeavour to earn increased level of profit maximisation by utilising available resources at optimal manner. Moreover, there are different types of entrepreurial venture which varies from each other in terms of size, scope, purpose, profit margin and so on. However, each entrepreur are viewed as innovative driven, and are constantly prepared to adopt all exiting or upcoming challenge of organisation. Therefore, some of the various types of entrepreurial ventures are as follows: The various sorts of pioneering adventure are as per the following: Scalable Start-up Entrepreneurship:This type of entrepreneurship relates with those in which entrepreneur establishes its own business with an aim of changing the world. However, for obtaining the same, it collect funds from venture capitalists as well as recruit highly skilled or talented manpower (Burns and Dewhurst, eds., 2016). This is because, it empower them to attain increased level of sustainable profitability ratio. Moreover, such entrepreur tend to set up scalable business model by implying their best contribution towards an economic enhancement
in terms of employment generation. For example, Facebook, Instagram, online shopping for electronics and etc. Large company:Under this kind ofentrepreneurship make an initiative in acquiring sustainable innovation for which they deliver innovative products or services in order to fulfil the requirements of customers and also to gain competitive advantage among competitors. Hence, for obtaining the same they make use of advanced technology or automation that motive those to enlarge its market share effectively and efficiently. For example, Google, Microsoft, Samsung and many more. Social Entrepreneurship:In such kind of entrepreneurship, an entrepreneur produce or offer certain goods or services for solving social issues or difficulties with an intent of improving living standard of community or society in an impressive way.For example, Safepoint Trust, NHS and etc. Some of them are non- profit, profit or hybrid organisation who works towards to develop wellbeing of community or society (Fayolle, Liñán and Moriano, 2014). Typologies of entrepreurial ventures Innovative entrepreur:In this entrepreneurship, these are the ones who imagine the new thoughts, new items, new generation strategies or procedures, find potential markets and revamp the organization's structure. These are the business chiefs and contributes fundamentally towards the financial improvement of the nation. It involves large entrepreurship and scalable who make use of available resources by grabbing all opportunities and growth platforms in a better way. Lifestyle:A person who makes a business not for earning profit rather enriching the livingconditionofsocietyiscalledlifestyleentrepreneurship.Undersuchtype,social entrepreur are included who also dedicated to serve society by providing better social welfare for the betterment of individual lifestyle in an improved way (Hatten, 2015). P2 Similarities and differences between entrepreneurial ventures Some of the difference between different entrepreurial ventures are as follows: DifferencesScalable entrepreurship Large entrepreurship Social entrepreurship DefinitionScalable business are relatedtothose enterpriseswhichis Largefirmsare mostlyemphasison sustainingwithin Socialentrepreurship areenthusiasticto deliver best quality of
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mainlyemphasise overinnovativeor creative ideas and also pursuitsforscalable andrepeatable businessmodel. Moreover, they adopt best method for hiring personnelthathelp themtoboosttheir businesseffectually and competently. competing marketplace.For gaining the same, they evolvesnovel strategiesor marketing tactics that aidthemtoattain sustainable productivityand profitability ratio. product or services for improvingthe welfare or well- being ofcommunityor society. ObjectiveThe primalintentof scalable entrepreneurship is to involveinvestorsso thattheycanrender supporttodevelop innovativebusiness ideas. Thecrucialprinciple ofthis entrepreneurship is to generatehugeprofit marginandgive improvedlevelof customer satisfaction. Socialentrepreneur primalgoalisto enrichtheliving standardof community or society byfacilitatingbasic survivalneedsand amenities. RiskIn this entrepreurship, the degree of risk is highcomparisonto othertypeof entrepreur.Thisis becausethey capitalisehuge amountoffinancial investmentwhich imposepressureon themtoreturnhigh Theriskoflarge entrepreshipare medium because they areonlyobligedto managetomarket trendandcustomer demandsfor improvingthebrand value. Socialentrepreurship areregardedasthe leastriskyventures becausetheyobtains supportfrom governmentand publicforthe betterment of society lifestyle.
amounttoinvestors for enriching the sales volume. SizeDependsupon organisational structure and size. Thesizeoflarge entrepreurship employeesaremore than 1000. Hingeoncompany’s scope and size. SimilaritiesScalable Entrepreurship Large entrepreurship Social entrepreship Funds sourcingInthis,entrepreur acquirerequired amountofmoney fromventure capitalists. Inthis,theyreceive fundfromby partneringwithor mergingand acquisitionof innovative companies. Theyreceivefund from government. Time durationIt require short period of time to achieve its desiredgoalasitis newlyestablished firmintocurrent marketplace. Itneedslongtime limit as it enlarge its businessfunctionby partnership,merger and acquisition. Socialentrepreship alsoacquiresshort durationfor accomplishingits objectives. TASK 2 P3 Impact of micro and small business on UK economy Micro and small businesses are an important part of economy. They can be regarded as the financial backbone of a country. Small business:These can be referred to as the entities which comprise of lower than 50 staff members and a turnover of not more than £6.5million.For instance: A local bakery having a staff of 10 members is an example of a small business (Julien, 2018).
Micro businesses:These can be deciphered as the enterprises which constitute a staff of less than 10 individuals. For instance: Ma Baker situated in Fulham, London, UK is a renowned example of a micro bakery. Contribution of micro business in UK economy Micro businesses lead to overall growth of national economy of United Kingdom. Low per capita is one of the issues that has been affecting UK recently. Micro businesses provide assistance in dealing with this by creating jobs for local people (Karadag, 2015). Contribution of small businesses in UK economy Small businesses have a significant role to play in the growth as well as development of an economy. They comprise of overall 60-80% of UK's jobs. Small business have substantially given their contribution in resolution of a number of issues such as unemployment. However, they also adversely affect the national economy as their dominance within stock market results in extensive volume fluctuation in the confines of economy. I llustration1: Contribution of Small business in UK Asperabovepicture,ithasbeeninterpretedthatsmallbusinessesgive99.3% contribution to UK's economy as opposed to medium as well as large scale enterprises. In addition to this, it has been analysed that small businesses generate approx. 48% employment opportunities for population within the confines of UK which provides a boost to the national economy.
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P4 Importance of small business and start up to growth of social economy Social economy:This can be referred to as the accumulation of diverse variety of entities such as mutuals, associations, foundations and charities. Apart from private and public sector, this third sector exists with a view to ensure the welfare of people prevailing within society. In this regard, it has been acknowledged that there are mainly 4 pillars of social economy that are briefly explained as follows:- Mutuals: These are proactive part of social economy and one of the most crucial pillar pertaining to it. They tend to provide a number of security schemes such as non-life insurances (Karatas‐ Ozkan and et. al., 2014).Example:Employee Mutual–help Associations, Retirees’ Mutual-help Associations etc. Foundations: These can be referred to as legal organisation which are formed with a view to achieve certain goals for the welfare and advantage of a particular group or public at large. These take into use systematic fund raising or endowment.Example:The Barka Foundation for Mutual Help Charities: Thisisregardedasanimportantpillarofsocialeconomyasthiscomprisesof organisationwhichseektoensureresolutionofsocietalissues.Theirmaingoalisnot maximisation of profits but welfare and empowerment of society.Example:World Wildlife Fund Associations: This can be viewed as the group of individuals who unite with a view to attain a specific purpose. These may be formal, with regulations, by laws and membership needs. This can even take place in the form of integration of informal people without a systematic structure all dependent on the purpose for which they are formed.Example:EKON Association Importance of start-ups on growth of social economy Start-ups enhance the economic conditions of a country by providing job opportunities to local individuals who are seeking for employment. This tends to boost the overall national economy of a country (Mazzarol, 2014). Further, it facilitates better exploitation of technologies
which leads to rise in development level of country. This implies overall growth of social economy. Importance of small businesses on growth of social economy Small business enterprise tend to give significant contribution within the confines of local economy by introducing new technologies and innovations in a rapid manner. As a result of small business, employment opportunities are generated which result in provision of proper guidanceandtrainingtolocalpeoplethroughwhichtheycanenrichtheirprofessional personalities with essential corporate skills and competencies. TASK 3 P5 Characteristics, skill and traits of successful entrepreneurs Each entrepreneurs are different and unique from each others as each of them has their own skills, capabilities, abilities that help them to achieve their pre determined aim in an impressive manner. Moreover, entrepreneur are regarded as different from business managers as they the one who take implement certain actions and managers follows their instructions for maximising profit. In context of this project, Richard Branson (CEO of Virgin Group) and J.K. Rowling (Author of Harry Potter series) has been considered which is explained below: Richard Branson Characteristics Self motivation:This element is concern with those characteristics which pushes an individual to move forward by acquiring improved level of motivation or encouragement. For example, Richard Branson is known for self motivation as he always positive towards grabbing any sort of opportunities in order to attain competitive advantage in competing marketplace (Obeng, Robson and Haugh, 2014). Flexibility:This characteristics define as capability or ability of a personnel to adapt any changes or modification for discovering effective solutions for particular issue or complexities. For example, due to Richard Branson's flexible nature, it lead him to make use of available resources for establishing the Virgin Group in an aggressive position within UK industry. Skills Strategic Thinking: Thisis concern with a capacity of personnel to prepare strategies or tactics for coping up with all current and emerging issues in an innovative manner. In relation to
Richard Branson, he is capable of identifying existing market scenario and also to take corrective course of action which assist him to place Virgin Group in a better position among rivalries in a efficacious mode. Curiosity:This is link with those skill in which it states an ability of manpower to investigate, explore as well as to acquire learning. For example, one of the foremost skill which is unique about Richard Branson is that he takes an effort to discover new problems, reveal potential niche opportunities and refactor current business requirements. With the help of this, Virgin Group acquired increased level of profit margin in an prescribed time duration. Traits Motivation:It is the attribute of a personnel which drive them to put their best attempt towards an obtainment of defined objective in a stipulated time limit. For example, Richard Branson is highly motivated personality that assist him to acquire increased level of profit margin fro Virgin Group in UK industry (Ratten, 2014). Tenacity:This aspect is relate with those quality in which manpower takes a decision to move forward rather than quitting on peculiar difficulties or challenges. For example, Richard Branson gain competitive advantage for Virgin Group because of his never giving up trait and help him to place firm in present marketplace. J.K Rowling Characteristics Risk taking:This element signifies that it is an ability of an individual to bear all possible sort of challenges or threat in a positive manner with an aim of profit maximisation. In relation to J.K. Rowling, she is known for utilising novel ideas or opinion for her professional career that empower her to come up with a series of Harry Potter in UK film industry. Passion:This characteristics is viewed as a powerful factor because it drive a manpower to go behind their interest or aspiration by overcoming every hindrances and obstacles in a better way. For example, J.K. Rowling wanted to be a well known writer from childhood which she achieved due to her passionate characteristic in better manner (Rey-Martí, Porcar and Mas-Tur, 2015). Skill Creativity:This skill is defined as attitude to create or recognise new ideas and render improved level of solution to certain challenges or issues. In regard of J.K. Rowling, she
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imposed novel and creative ideas which aid her to produce Harry Potter series in a successful manner in competing marketplace. Optimism:It is an ability of personnel to stay positive in every aspect of life irrespective of any difficulties or issues. For example, J.K. Rowling is known for optimistic nature which motive her to accomplish her desired aim or interest in an amended manner. Traits Decisiveness:This trait is link with an ability to implement best decisions in order to achieve pre determined objective in an innovative or productive style. IN context of J.K. Rowling, she takes corrective course of action that helped her to accomplish goal in a productive style. Collaboration:It is a potentiality of manpower to work in a group or team for obtain pre determined objective in a collaborative and cooperative manner.For example, J.K. Rowling mainly believed in teamwork that aid her to maintain her brand image in UK competing marketplace in an impressive mode (Sahut and Peris-Ortiz, 2014). Business Manager Business manager is the one who takes an initiative to manage, planning, controlling, directing and organising a group of employees with an aim of accomplishing pre defined objective or aim in an effective and efficient manner. For example, Charlie Mayfield (Chairman of John Lewis) and Paul Polman (CEO of Unilever) any more who make an attempt to execute all managerial and operational function in a better manner. Characteristics, Skills, TraitsSuccessful EntrepreneursBusinesses Manager Risk TakingUnderthis,entrepreneurare mainly known for bearing any sort of risk or challenges for gainingincreasedlevelof proficiency ratio. In such cases, manager does not make effort to acquire risk rather they identify the tactics tomanagethesamein business function. CreativityEntrepreneur makes a initiative indiscoveringnewideasor waystoprovidecurrent problems or challenges in an Whereas, manager acquires the instructionfromthe entrepreneur and executethe sameamongteammembers
impressive and amended way.for reachingdesired objective in a desired time frame. FlexibilityIn this, entrepreneur makes a contributiontoadaptany situation or changes with an enhancing the present state of business among competitors. While, manager does not make initiationinbringing modification or alteration but theyempowerormotivate employees to cope with new workingcultureinorderto enlargecompany's productivity. Strategic ThinkingUnderthis,entrepreneur implements various course of actions and strategies so that they can overcome all existing or upcoming threat or rivalries in an amended way. Onthecontrary,business managerobtaincertain guidelines or instructions from entrepreneur which they carry out in their functional unit by delegatingdifferentroleand responsibilities among various personnel in an equal way. P6 Entrepreneurial personality reflect their motivation and mindset OCEAN model of Personality traits are as follows: OCEAN model is considered as a powerful procedure or technique to evaluate or analyse personnel personality, traits and mindset. It consist of five personality traits which shows that how entrepreneur are different from business manager. Some of its elements are discussed below: Openness:Under this component, it encompass insight and imagination to utilise all available resources in a positive way. Hence, Richard Branson is the one who always open to adopt any modification or changes without any obstacle that help him to be a successful entrepreneur in UK industry (Scarborough, 2016).
Conscientiousness:Underthis,itincludethoseindividualswhoarealwayskeep themselves updated or aware about happenings of surroundings for reaching their defined objective.However,RichardBransonmakewasknownforcontaininghighlevelof Conscientiousness that lead him to implement best decision for the enhancement of Virgin Group profit margin. Extraversion:This category of person are highly social interactive personality who mingle with any individuals and are adaptive in nature. IN regard of this, J.K. Rowlingis regraded as an extrovert attribute which empower her to explore social network of connectivity in an attractive manner (Schaper, ed., 2016). Agreeableness: Such personality of entrepreneur includeskind, affectionate, extremely trustable, generous, considerate and showing empathy to others. Hence, J.K. Rowling makes an attempt to ignore the fact of negative attitudes and always grab optimistic or affirmative response that drive her to obtain success in her career. Neuroticism:In this factor, it involves those personality who areemotional stability, degree of sulkiness and unhappiness. Therefore, J.K. Rowling has high degree of neuroticism nature as it lead her to manage or control team group without nay hindrances. Moreover, it also aid her toface all kind of challenges or threat that benefit her by accomplishing growth in her aim or intent in stipulated time period. TASK 4 P7 Examine how background and experience hinder or foster entrepreneurship with suitable examples Each entrepreneur has their own experienceswhich influenced them positively or negatively in terms of attaining desired goal or aim in an effective and prompt manner. Some of the examples are as follows: Richard Branson: Background:Richard Branson is one of the well reputed entrepreneur in UK industry. He was born in the year of 18, July, 1950 and belong to a famous family background. His father was Edward James Branson a barrister and mother Eve Branson , a former ballet dancer and air hostess. Moreover, he completed his schooling and further education from London (Siegel and Wright, 2015).
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Experience:In his childhood, he was suffered from dyslexia for which he had poor academic performance. However, by having a dream of becoming entrepreneur from young age, it empower him to put their full contribution towards an accomplishment of desired goal. Thus, by having curiosity and motivation attribute, it lead them to establish Virgin Group company in UK marketplace and also Branson is listed in Forbes net worth at US$5.1 billion. J.K. Rowling Background:J.K. Rowling is famous and popularised for publishing a book ofHarry Potter series which become a best movie in film industry. She was born on 31stJuly, 1965 in Gloucestershire in England. Moreover, her father Peter was an aircraft engineer and mother Anne , a science technician in Chemistry department (Solomon and Matthews, 2014). Experience:She had a desire to be a famous writer from her childhood. Hence, because of her optimistic and creative ability she persuade her dream and published first book named as 'Rabbit'. Moreover, she make an effort to make use of available opportunities that encourage her to write a book named as “ Harry Potter” and which become one of the famous movie in UK film industry among competitors. CONCLUSION It has been concluded from the above mentioned report that the role of entrepreneurs has been analysed as an important role in existing scenario of economic growth. This is because, they impose several function like employment generation, innovation, advancement which enable establishment to enhance living standard of community or society. Moreover, small and start up company's influence UK economy in a effective manner. In addition to this, each individual has their own abilities, skills or attributes which empower them to attain its pre defined aim in an impressive manner without any hindrances.,
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