Table of Content INTRODUCTION...........................................................................................................................3 LO1..................................................................................................................................................3 P1 Types of entrepreneurial ventures and typology of entrepreneurship....................................3 P2 Similarities and differences of entrepreneurial ventures.......................................................5 M1 Diverse range of entrepreneurship in both public and corporate sector...............................6 D1 Scope, development and growth of entrepreneurial ventures................................................6 LO2..................................................................................................................................................7 P4 Importance of small business and start ups for growth of social economy..........................8 LO3..................................................................................................................................................9 P5 Characteristic, traits and skills of successful entrepreneurs..................................................9 P6 Aspects of entrepreneurial personality reflect on motivation and mindset..........................11 LO4................................................................................................................................................12 P7 Background hinder or foster entrepreneurship.....................................................................12 CONCLUSION..............................................................................................................................13 REFERENCES..............................................................................................................................15 2
INTRODUCTION Entrepreneurship and small business management can be understood to be widely one of the most widely grown concept among new horizons world for keen active evolving factors of business within world. The report will be analysing various types of entrepreneurial ventures and typology scenarios where there are larger goal formulation diversity, and also study will be widely analysing focus on various impacts of start ups and small business on social UK economy.The report will further bringvarious data and statistics of impact and employment rise within varied scenarios and what are the most profound skills among entrepreneurs. Study will be also analysing discussion of varied aspects of innovative impacts on smart productivity scenarios and overall functional growth among successful entrepreneurs.There will be also determinants analysis developed on how entrepreneurs background hinder or foster business growth objectives which will evolve on new domains of stronger working growth . LO1 P1 Types of entrepreneurial ventures and typology of entrepreneurship There are various types of entrepreneurial ventures which can be divided and segregated based on functional aspects of wide productive services and new innovative products which enablediversityandvariedgoalstobeframedamongbusinessscenarios.Typesof entrepreneurial ventures can be segregated based on varied functional paradigms which are s follows: Public companies:The public companies are wide in working scenarios where capital investment is wide within working scenarios and also shares are open for public to invest in where there are large growth avenues for further expansion.Public companies are open among people to invest shares in where there are varied goodwill measured , capital invested widely and also there is large technical innovation underlined. The public companies have wide expansion on varied domains of stronger working innovation synergy, higher growth scenarios to be actively developed on and larger new technical strength. Example : Tesco is one of the biggest public companywithin UK retail sector whose productive supply factors are stringently wide, and alsoactive targetted growth parameters are analysed (Henrekson and Sanandaji, 2020). 3
ď‚·Private companies:The private companies are firms where shareholders are the capital investors in framing positional service metrics, high keen growth worked on and also wide use of varied capital range can be put in potential utilized domains. In private companies no outsiders can invest within shares as shares are not open for public to invest in and also only internal shareholdershave functional role to take active part among decisions. The private companies are also highly innovative and functionally advanced when it comes to bringing on new skills and parameters of efficacy at roles where there are stronger determinants of new goalformulation within varied services. Aldi is an example of private company in UK having large number of capital structure and goodwill horizons widely worked on varied domains of stronger synergy aspects (Anderson, Wennberg and McMullen, 2019).ď‚·Voluntary companies:The voluntary companies refers to firms whose main purpose is to create social impact within society, rather then profit paradigmswhere the varied parameters of services are based onnewgrowth aspects of larger new functional innovative diversity. The voluntary companies are widely active for bringing on change within society and better living scenarios, where Red Cross is one of the biggest voluntary company at world level. Ventures based on typologyď‚·Survival firms:The survival firms are small in size where they are focused on cutting costs and tightening profit margins where growth mode is limited to be worked on and also company business goals are interrelated with structure factors.ď‚·High tech firms:The high tech are large in size where there are varied large number of innovations and new keenefficacy paradigms for overall growth scenarios and keen working productivity and diversity aspects. The high tech firms have large capital range to be formed on, where there are keen scenarios to be analysed on which will keenlybring on digital functional diversity at stronger range of new functional innovation. ď‚·Lifestyle ventures:The lifestyle ventures are business set up firms where founders run businesses widely with aim of sustaining definite level of income and creative services for better functional diversity scenarioson larger aspects (Audretsch, 4
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Lehmann and Schenkenhofer, 2020). P2 Similarities and differences of entrepreneurial ventures Thereare various factors of similarities and differences among entrepreneurial ventures which can be analysed based on stronger vision formation , reach among target consumers and also to actively work on diversity aspects which further enable to productively function on stronger working reach. Similaritiesofentrepreneurialventurescanbeunderstoodamongpublicandprivate companies which are as follows: Public companies and private companies are widely advanced in bringing on varied advanced services, new synergy of innovation and also to keep up goodwill factor and revenue growth within varied efficacy aspects . Shareholdersof both public and private companies have keen role where decisions of company business growth are widely kept on, and they have fundamental diverse focus on digital scenarios on largeraspectswhichwillalsokeenlyworkongrowthworkproductivity phenomenon’s. Both types of firms are wide in size whichbuilds on new keen functional expertise paradigms, to yield focus on active scenarios where large capital range are used. However differences between public and private companies are based on the fact that public companies shares are open to people for investments which makes goodwill productive and also widely active for larger efficacy scenarios. The public companies do not allow shareholders to take any active part inn decisions, whereas in private companies the shares have wide active working aspects under larger reach where share holders are active decision makers. Public companies are widely focusing on largervision formationscenarios of efficacy aspects, and also to keenly factor on growth scenarios on longer term. Thevoluntarycompaniesonotherhandarelimitedinstructureandcapital investments among varied aspects and services goals wherefunctional diversity is alsolimited to reach high segregated audiences. Voluntary companies as compared to public, private companies have limited reach and new skills which are required among varied functional productivity aspects through which quest horizons are 5
activelyanalysed.Themaingoalofentrepreneursopeningupthevoluntary companies is based on larger target motivation where new skills and potentialities are worked on for technical innovation (Olanrewaju, Hossain, and Mercieca, 2020). M1 Diverse range of entrepreneurship in both public and corporate sector There is range of entrepreneurship ventures within public and corporate sector which are as follows: ď‚·Lifestyle ventures: The lifestyle venturescan be understood as business set up, where founders run business primarilywith aim of sustaining definite level of income and provide new creative services which brings betterment and functional innovation. ď‚·Social entrepreneurial ventures :Thesocialentrepreneurshipcanbe understood as an evocative approach where various innovative services, smart cultural paradigms take varied actions widely for stronger goodwill horizons ď‚·Typology of entrprenuiual venturesare highly correlated with entrepreneurs, managers and owners where they can be analysed based on varied paradigms of newfunctionalinnovation,diversityandupscaledgrowthscenariosfor generating revenue and competitive business. D1 Scope, development and growth of entrepreneurial ventures The size of publicventures are large and development scope is also wide where private companies scope is also wide due to high capital investments, the voluntary companies are small in size as compared to public and private companies. LO2 P3 Data and statistics of small business start ups impact on growth of social economy 6
Small and medium sized business are extremely important for overall productive growth withineconomy where from local to small tech firms majority of companies in UK are SMEs. There are 5.4 millionmicro businesses within UK where there arehigh growth technical expertise worked on and large push given to employment percentage parameters. Smallbusiness,startupshavegivenhugepushtovariouspeopleworkinggrowth opportunities where keen goals and efficacy are worked on for recognised larger growth domains. SMEs account for 99.5% of businesses across every UK industry where it is also recognised as vital aspect on larger technical grounds with wide productivity push to income opportunities. Currently SMEsemploy around 16 million people, contributing to around 60% of mainjobs in UK where start ups growth has given high push to open up widely within all industry aspects.ď‚·Higher employment rates:UK increased levels of employment rates and new working scenarios opportunities have been analysed to be widely actively grown on varied scenarios where various people have been widely employed based on their skills and expertise paradigms. The employment rates within recent time has given active push to coming up of various start ups, new keen scenarios of work growth within varied industry paradigms and also to yield focus on scenarios which are efficiently wide (Apriana, Kristiawan and Wardiah,2019). SME s have also been actively indulged for bringing on keen growth aspects of stronger diversity which has given keen growth in new keen arenas of competitivedomains which will promote larger vision. Talent within varied diversity of ideas have been widely grown within new quest horizons where UK has been widely growing towards larger creativity, keen quest horizons and also functionally be active towards diversity aspects. ď‚·Higher GDP:The small businesses has given high push to new growth opportunities and business scenarios with increased GDP parameters, where there is continuous push to economy parameters of larger vision and targeted growth objectives which will keenly bring on targeted growth objectives. With high GDP growth aspects, UK hasbeenseeingactiveriseamongtargetedworking phenomenonswhichwill potentially also keenly bring on new horizons where new quest horizons are widely stronger.There is also more quick response coming on larger scenarios which will keenly evolve on larger paradigms of productive new synergy determinants where 7
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there are learning opportunities for people ondiverse aspects which gives push to stronger vision and productive image formulation on larger scenarios. The UK economy has been actively gaining large goodwill among world scenarios due to wide number ofstart ups, micro businesses to be wide which has given productive image on varied scenarios of keen strengths (Malerba and McKelvey, 2019). P4 Importance of small business and start ups for growth of social economy There are various factors of small businesses and start-ups for growth of social economy where there are large technical scenarios analysed, competitively wideto be actively impacting larger vision formational aspects to keep motivation aspects widely active on strongerscenarios.Itcanbeunderstoodwithfunctionalinnovationanddiversity determinants in start ups, businesses are actively focusing on keen scenarios which are widely developing on keen goals and expertise goals where active exploration are there.ď‚·Larger employment opportunities:The start ups and small businesses have given huge rise to business working opportunities in growth aspects where larger targetted growth objectives are there, for strong employment enhancement among audiences which keenly brings on new employment synergy. There has been wide rise seen up withinnew working scenarios where varied employment opportunities enhance productivity paradigms to develop keen growthtechnicalstandards and also for targeted growth paradigms on larger domains. SMEs have actively yielded focus on varied new competitive aspects within business scenarios where new leveraged growth objectives can be analysed, keen functionaltargeted growth goalswhich keenly promote new quest horizons widely and also talents are actively explored. Theopening up of start-ups within UK has widely given quickrisen on varied horizons , keen determined horizons where varied new functional scope is large and also social economy is constructed to beactively innovative (Sergi, Popkova and Ragulina, 2019).ď‚·Increased competitive factors within economy:Start ups and new small businesses opening up within economy has given wide rise to competition factor where stronger visionandlargertargetedgrowthaspectsareanalysed.Increasedcompetitive domains have also opened up quick rise to varied quest objectives where varied new 8
keen parameters of innovation is explored. The increasing number of small businesses within UK economy has also brought diverse focus on strongercompetitive factors of new functional diversity andfor productive new work growthsynergy where active focus on quest horizons are productively analysed. UK economy is also one of the most progressiveworldeconomywithin world where social factored on objectives can be keenly analysed. ď‚·High keen growth of talent within social economy:There is also active keen growth in various sections of social economy by coming up of new innovative business start ups and larger formational scenarios onstronger working growth objectives.The push coming from various new start ups and social enterprises, hasbeen recorded growth on diversity aspects within ideas and talents intobusiness. There has been also promotingdiversity growth within varied industry domains which can be analysed widely for researched productive efficiencies, and larger technical business development (Venkataraman, 2019). LO3 P5 Characteristic, traits and skills of successful entrepreneurs Entrepreneur is an individual that decided to start and operate new business by offering innovative, unique products and services to customers so that it can earn large profit margin. There are several skills, characteristic and traits present in successful entrepreneurs which make its differentiate from other individual(Korte, 2018). Therefore, in order to understand key characteristic, traits and skills present in successful entrepreneur we will going to take example of Zuber and Mohsin Issa, two UK billionaire brothers that have made lots of money by establishing petrol station. Such as: Good communication skills: It can bestatedthat most essential traits and skills that is present in entrepreneur is effective communication that helps it to easily share or exchange ideas, view and opinion to others individual that are working in enterprise. So, both Zuber and Mohsin Issa, have effective communication that helps them to easily share new idea of business to employees, stakeholder or investors and customers so that company can easily grow and expand its operation in competitive market. 9
Innovative skills: Another skills, traits or charatertsicks present in successful entrepreneur is highly innovative and creative skills that help them to find unique idea to meet customers expectancy. Like both brothers have initially decided to operates single petrol forecourt that quickly expanded with more than 5200 petrol. Thus there innovative and creative skills helps them to find new – new method to fulfil customers requirements (Shaw and Sørensen, 2019). Decision making skills: Successful entrepreneur have capabilities to take time decision so that enterprise can grow and survive in highly competitive market condition. Such as Zuber and Mohsin Issa have taken decision to invest their capital in one of the most profitable petrol business, then with changes in customers trends it have saw opportunities in supermarket thus decided to establish ASDA. So, entrepreneur have strong vision qualities and analytical, decision making skills that contribute in taking better decision for growth and success of enterprise. Risk taking ability: To start and operate business venture involves huge amount of financial risk thus entrepreneur needs to have capabilities to bear associated risk in order to earn and enjoy large profit margin. For examples: Both brothers named as Zuber and Mohsin Issa have take huge amount of financial risk in order to establish and expand their petrol and supermarket business in retail sectors of United Kingdom. Differences between traits and characteristic of manager and successful entrepreneur Entrepreneurtakefinancialriskwithan motivate to earn huge return or outcome by deliveringservicesasperexpectancyof customers On the other hand, manager take several steps, associated business risk with an main aim to enjoy salary, more incentives etc Growth, diversification and strong brand image , enhancement in profit margin are some of the keymotivatingfactorsthatinfluenced enterprisers Whereas, manage are motivated when they are given more power, authority and promotion in financialtermstoworkforgrowthand expansion of business Thus,itcanbestatedthatmainfocusof successfulentrepreneurisonexpansionof business operation (Oghuvwu, 2018.). Whilemanagerisresponsibleforensuring smoothoperationofbusinesssothatend objectives can be achieved. 10
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P6 Aspects of entrepreneurial personality reflect on motivation and mindset There are various entrepreneurial personality which reflect on motivation and mindset among employees where there are new functional innovation analysed, strong active display of larger vision formation which enables motivation and mindset evolving scenarios widely. Aspects of entrepreneurial personality reflect onvarious aspects, which have beenwidely also understood to be strongly impacting keen specialised working arenas on longer run. Skills of entrepreneurshavestrongemphasisonvarieddevelopedhorizonswheretherearekeen functional paradigms evolving towards innovation, diversityaspects and also for keen active diversification within varied industry domains. Entrepreneurs strong vision and talent management:The entrepreneurs with their skills and personality growth parameters are strongly vision oriented and talent management is potentially reflected,throughwhichthereisactiveworkgrowthobjectiveframed.Entrepreneurs personality are reflectively diverse where new skills such as motivation, active newgrowth paradigms of larger informative aspects of vision and talent growth are worked on for primitive diversity at goal for overall efficiency. The talent management has active role for entrepreneurs where successful businesses are framed by analysing keengrowth aspects, leveraging targeted motivation aspects for overall productivity to be factored on. Strong vision and formation of successful enlarged technical domains:Strong focused vision and overall productivity are also highly important for successful enlarged functional domains expertise, on which there is active display of innovation and larger functional scope segments. It can be also analysed that there is new keenstronger vision perpetuated among larger working horizons where technical domains are actively analysed, and also functional diversity is widely grown. New businesses with strategic planning of resourceutilisation, training to be given among employees are able to competitively produce new metrics ofkeen technical standards ((Wiklund, and Zahra, 2019). Best training motivationandfocused mindset:The best successful entrepreneurs have wide role to provide best training motivation among employees by being active towards new keen strengths andoverall productive display of larger vision formulated scenarios. It can be also analysed that with focusedmindset, overall working horizons growth there is active display of 11
keen quest goals, such as for bringing on new motivation standards among employees and also for stringent vision on longer run. It can be also widely put on varied aspects where efficacy to bring innovative mindset focused motivation is largelystrong. It can be also researched where there are best successful entrepreneurs whose role and new keen scenarios of larger technical strength is wide within targeted frames. ď‚·ISSA brothers are skill minded, vision oriented growth avenues and have been also dynamically growing within working scenarios, for producing new range of larger goals which has successfully build ASDA as one of the fastest growing retail company. LO4 P7 Background hinder or foster entrepreneurship The background of entrepreneurs have strong impact on overall productivity aspects where it can hinder or foster entrepreneurship business domains, which can be in detail analysed for gainingfunctional strength within varied aspects and also to keenly evolve on competitive paradigms.Thereare various examples of entrepreneurs, whose skills and diversity aspects have strong functional standards goals through which there is stringent innovation worked on. ď‚·Zuber and Mohsin Issa,entrepreneurs of Asda are widely diverse in their thought procedures and innovation business horizons where their skills and evolving new quest horizons has given quick push to one of the best company within retail sector. The varied new avenues of their working skills enables us to analyse that their initial period of targeted vision formation has enabled widen productive scenarios for overall growth objectives. Their background have strong impact on bringing on varied horizons skills, largervisiondetermininggoalsandtoactivelyalsoworkonkeycriteria.The entrepreneurhorizons have been activelyenhancingworking vision and stronger focused synergy of creative growth within ideas and business efficacy goals where technical growthhas been also productively wide ((Nambisan, Wright and Feldman, 2019).The issa brothers enable us to analyse that background, factors of education enable us to functionally enhance larger aspects of varied aspects to keep up efficacy goals and build backgrounds which impacts overall strengths. ď‚·Jack Ma , CEO of ALI BABAis one of the world's renownedentrepreneur whose expertise technical vision to form e- commerce company has given quick shift to growth 12
paradigms for gaining functional innovation in business horizons. It can be also analysed that he faced various failures and rejections at business starting where there has been highly critical to keep up with factoredon growth scenarios.Jack MA has inspired millions of people around globe with high focused working synergy and new keen growth scenarios where, there are large new paradigms evolved for gaining stronger customer oriented services. This example enables us to analyse varied growth objectives of motivation, keen targeted growth objectives widely refer to quest enrichment within entrepreneurial vision and new keen strengths of targeted growth. ď‚·J. K. Rowling being one of the best author and writer within world is also one of the highly recognised successful entrepreneur. who had tough childhood within initial period and also she faced various rejections in initial business periods. Her passion and dedication has inspired millions of people around the globe for gaining functional diversity on large scenarios, where her books have been hitting records worldwide. The keen growth objectives have been analysed to be widely active for overall growth connectivity scenarios and overall diversity of thoughts whereit can be analysed that there is stronger visionformulation at larger goals.Her entrepreneurship skills have found to be widely active on varied scenarios where keen growth objectives such new talent enrichment has formed her one of the most successful entrepreneur (Laine and Kibler, 2020).The example enables us to analyse various aspects how background hinders relationships, new working avenues build larger vision oriented growth and also for creating higher end functional scope. CONCLUSION The report can be concluded with analysis that entrepreneurial ventures can be segregated into public, private and voluntary based on size and functional parameters and typology aspects canbe widely analysed where public companies are opened up for investments among shares. Report concluded private firms to be innovatively focusing on diversity paradigms of capital investments by shareholders and also there is active evolving focus on new work growth synergy. Study has also concluded that small business and enterprises have strong impact on UK economy where there are targeted growth avenues, where there are various skills such as goal oriented vision formations which enable delivery growth. Report has also concluded that 13
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dedication, vision and time management have strong diverse roleto play on new business horizons development on longer time run. The report has concluded various examples such as CEO of Asda, Jack Ma who are world best leaders inn working on larger vision formulation for targeted growth paradigms where impact of history and background factors are analysed. 14
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