This assignment focuses on the vital topic of financial management within the context of technology startups. It delves into crucial aspects such as securing funding, developing effective budgets, and navigating the challenges of growth in a dynamic technological landscape.
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
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Table of Contents .........................................................................................................................................................2 INTRODUCTION..........................................................................................................................1 TASK 1............................................................................................................................................1 P1Differenttypesofentrepreneurialventuresandtheyrelatetothetypologyof entrepreneurship..........................................................................................................................1 P2The similarities and differences between each business entrepreneurs. Along with the roles, characteristics and objectives of different types of ventures: private; public; social enterprises - as well as different sized ventures: micro; small and medium.................................................2 P3: Present, interpret and assess relevant data and statistic to illustrate the impact micro and small business have on the economy. Local, regional, national and international economic impacts.......................................................................................................................................5 P4.Building on the information you must explain the importance that small Businesses and business start-ups on the growth of the social economy.............................................................7 TASK 2............................................................................................................................................9 P5:Examples of successful Entrepreneurs and determine the characteristic traits and skills they possess. Similarly, whether entrepreneurs are born or made and whether entrepreneurship skills can be learned over time....................................................................................................9 P6:theentrepreneurialpersonalityreflectentrepreneurialmotivationandmindset. Personality is shaped by family upbringing, lifestyle, cultural differences and personal motivation.................................................................................................................................10 P7: A person’s background and experiences can hinder or foster entrepreneurship...............11 REFERENCES..............................................................................................................................13
INTRODUCTION In this study, we will discuss about the different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship. Also, role, characteristics and objectivesofdifferenttypesofventuresbasedonownership:private,publicandsocial enterprises as well as those based on size: micro, small and medium will be described. We will also have interpretation and assess of relevant data and statistics and impact of micro and small business on the country economy. In addition, we will have the discussion of importance of small and start-ups business in growth of social economy. Further we will consider examples of successful entrepreneur and determine the characteristics, skills and traits process. We will have a look on how personality is shaped by family upbringing, lifestyle culture and different types of personal motivation. This study helps to clear all the questions regarding this concept. TASK 1 P1Different types of entrepreneurial ventures and they relate to the typology of entrepreneurship An entrepreneur is the person who manage, organises and desire of taking risk of a business and enterprise(Storey, 2016).Nowadays entrepreneurship play the most essential role in national economic growth and development of a country(.Robert, Hisrich, and Ramadani., 2017). Entrepreneurship typology is likely same as any other typology, it shows classification scheme. There are various type of enterprises and they are categorised as male, female, serial and social business enterprises. There are different types of small and large business organizations in the corporation and they are using this method, efficiently and effectively. Regarding this, the entrepreneurial venture and their relationship with typologies of enterprises are furnished below:Small Business Entrepreneurial venture:Small business ventures are made up of mini and small criterion organisations which require minimum amount of capital and they have minimum range of target customer (Saleem, 2017).These types of small enterprises includes small groceries store, stationary shops, electronic shops etc. Mini and small business firms are mainly combined of female and male entrepreneur and they work together assiduously in the context to raise their sales with that, they contribute in the national economy of the country effectively and efficiently.Scalable start-up Entrepreneurship Ventures:These types of enterprises consist of newly emerged business in the market. The aim of scalable start-up entrepreneur venture is to satisfy the needs of the targeted customer in the market by providing quality of 1
goods and services effectively (Antoncic, Antoncic and Aaltonen, 2016).The motive of this type of business is to achieve their growth and development by offering different- different types of quality product and services to the targeted customers. These types of enterprises impact on the national economy of the country and there are many new start- ups who are incorporating their businesses effectively and contributing to make strong GDP of the country. Social Entrepreneurial Venture:Social entrepreneurs are innovative businessmen whose aim to make a creative and innovative products to solve social needs and difficulty. Unlikely the scalable start-ups set their goals to make this world a batter place, not to create market share and create wealth for the company owner(Dana, 2016).They could be non profit and hybrid.Same like this, the social entrepreneurs who work hard to make this world better place and all are satisfied with their services. There are many social organizations' entrepreneur and venture in the country and they are working hard to clashing on social and community welfare. They offer and manufacture the product and furnish services according to the social need and also make a big contribution to raising their country's goodwill, value and smash on the national economy of the country. P.2.The similarities and differences between each business entrepreneurs. Along with the roles, characteristics and objectives of different types of ventures: private; public; social enterprises - as well as different sized ventures: micro; small and medium. 2
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Similarities Large scale organisationSmall scale organisations Themotiveoflargescale organisationistoincrease profitability and sales. The aim to this type of enterprise is toraisetheirmarketsharesby providing different type of product andservicestoatargetedand specific section of customer. Themotiveofsmallbusinessis same like the large-scale business. Social and scalable enterprises are same with each other in terms of frequent innovation in their products and services. Male entrepreneurFemale entrepreneur Male enterprises are same to female venture in order to achieve their goals and objectives. Movingon,therearesimilarities between male and female entrepreneur in terms of more revenue generating. Female entrepreneur is same like male entrepreneurintermsofachieving goals and objectives. Hence, it expresses that there are many similaritiesbetweenentrepreneurial venture and entrepreneurial typology. Lifestyle venture of business similaritiesSerial entrepreneur ventures similarities Life style ventures are same like with the small-scale entrepreneurs in order oftheircustomerbase,aimsand objectives. They hardly work in terms of innovate newproductandservicesefficiently and effectively according to customer needs. Serial entrepreneur is alike with male andfemaleentrepreneurinorderto their leadership style. The serial entrepreneur venture is same like to social entrepreneur with respect oftheirinnovativethoughtsand conceptualisationtowardsthesocial welfare. DifferenceDifference Lifestyle venture are assorted from all other ventures in order of their product Serial entrepreneur are assorted from social entrepreneur venture in order of 3
Similarities Large scale organisationSmall scale organisations Themotiveoflargescale organisationistoincrease profitability and sales. The aim to this type of enterprise is toraisetheirmarketsharesby providing different type of product andservicestoatargetedand specific section of customer. Themotiveofsmallbusinessis same like the large-scale business. Social and scalable enterprises are same with each other in terms of frequent innovation in their products and services. Male entrepreneurFemale entrepreneur Male enterprises are same to female venture in order to achieve their goals and objectives. Movingon,therearesimilarities between male and female entrepreneur in terms of more revenue generating. Female entrepreneur is same like male entrepreneurintermsofachieving goals and objectives. Hence, it expresses that there are many similaritiesbetweenentrepreneurial venture and entrepreneurial typology. andserviceswhicharedeliveredto their customers. their purpose and motives. Scalable Entrepreneurial ventureSocial Entrepreneurial venture Thefirstdifferencebetweensmall enterprise and large organisation have limited paid up capital, small number of employee and small infrastructure as compare to large companies. Scalable enterprises create startsups based on their innovative thoughts. Movingon,theyfocusonlimited number of customer and targeted fixed Socialenterpriseisinnovativewho create product and services to solve the social need and problems. Social venture is unique in terms of any other enterprise venture in the market in regard of motive, vision, mission and purpose. Its aim is to furnish product andservicestosocialwelfareand community development. 4
Similarities Large scale organisationSmall scale organisations Themotiveoflargescale organisationistoincrease profitability and sales. The aim to this type of enterprise is toraisetheirmarketsharesby providing different type of product andservicestoatargetedand specific section of customer. Themotiveofsmallbusinessis same like the large-scale business. Social and scalable enterprises are same with each other in terms of frequent innovation in their products and services. Male entrepreneurFemale entrepreneur Male enterprises are same to female venture in order to achieve their goals and objectives. Movingon,therearesimilarities between male and female entrepreneur in terms of more revenue generating. Female entrepreneur is same like male entrepreneurintermsofachieving goals and objectives. Hence, it expresses that there are many similaritiesbetweenentrepreneurial venture and entrepreneurial typology. amount of revenue and profit. Large companies deals with different typeofcustomerandofferseveral types of product and services in the Marketandtheirmarketshareand overagesaremorethansmall entrepreneurventuresexistinthe market economy of the country. Thereisnotonlyentrepreneurial venture but also types of entrepreneur problem and innovation of new product and services in terms of raise their sales ans profitability. 5
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P3: Present, interpret and assess relevant data and statistic to illustrate the impact micro and small business have on the economy. local, regional, national and international economic impacts. Being a senior member of the federation of small businesses I have a responsibility of positively promoting enterprises in the local area. Small, micro and medium entrepreneur could be specified by: Micro Business= less than 10 employees and turnover under 2 million Small Business= less than 50 employees and turnover under 10 million Medium business= less than 250 employees and turnover under 50 million The business organisation have been categorised into two types, which is sole traders and partnership. In sole trader, managing and supervising is done by solo owner of the business corporation. In this business enterprise, the owner is responsible for profit and loss in the firm (Hadjimanolis, 2016). In the other prospect, private partnership governs their organisation who signed the partnership deal. The profits and losses of the business are distributed equally and in proportion as per the terms and condition are mentioned in the deal. Small and micro businesses greatly affect the economy of the country, it not only raises the national capital of the country but also assist to contribute in the gross domestic product of the UK. Further, with the help of collected data and statics, we can measure the impact of micro and small business on the country economy. Below we are going to discuss the list of tables and their representation that assist in analysing the impact of small and micro business on the UK economy. Table 1 : Total Entrepreneur in United Kingdom 2016-2017 CountryTotal Entrepreneur%SME United Kingdom5.7 million94.6 The above tabular array shows that there are 5.7 million entrepreneurial ventures exist in the United Kingdom. Out of them, there are 5.2 million are small and medium criterion organisation. This expresses that most number of the market shares are occupied by the small and medium criterion organisation in the market economy of the country. Based on it, it can be stated that micro and small business plays a very important role in order to exclaim the national economy of UK effectively and efficiently. Table 2 : Total Employment in United Kingdom 6
CountryTotal Individual employed%SME United Kingdom15.962 The above tabular array shows the number of individual employed in several ventures in the country. It was recognised that more than 15.9 million people were employed in different organisations. Out of them, 9.57 million people are working in small and medium sized companies. Hence, it could be concluded that more than half of the total employment generated medium and small criterion companies. Table 3 : Gross Value of UK 2016-2017 CountryGross Value Added%SME United Kingdom654 billion (GVA, 2017)55.6 The above tabular array shows gross value contribution by enterprises incorporating in the United Kingdom. From the above analysis it was recognised that gross value added by all the entrepreneurs in 2017 was 654 billion. Out of them, 350 was contributed by the small and medium enterprise venture. It shows that more than half of gross value added by the medium and small business entrepreneurs venture that encourage and support the national economy of the United Kingdom. Table 4 : Gross Annual Turnover 2017 CountryGross Annual Turnover% SME United Kingdom1.9 trillion48 The above tabular array shows the gross annual turnover contributed by the all the businesses was around 1.9 trillion ponds out of which 89.7 billion pounds was contributed by small and medium business that help the national capital to grow in the United Kingdom. P4.Building on the information you must explain the importance that small Businesses and business start-ups on the growth of the social economy OpportunityThreats 7
United Kingdom will be famous market for developing countries. DecreasingtheeconomyofUnited Kingdom Development in agriculture facilities by minimizing agriculture grant. Impacts on the business incorporating in United Kingdom. Emerging of new start-ups and small scale organization. Negatively impact on the developing countries who have bonded with United Kingdom. Raise in Innovation:Small and medium business scale and with that new start-ups raise the innovation in product and services(Schaper, ed., 2016). They inaugurated with innovative business ideas and thought that assist to reduce the manual efforts and also attract the customer effectively and efficiently. With survive in the competition they apply innovative techniques so that more and more developed product and services could be deliver to the customer.ReduceUnemployment:Fromtheaboveanalysisofstatisticdataand information(Keown, 2017). It was identified that more than 62 % of total workforce are employed in small and medium scale organisation. Due to growing globalisation, many serialenterprisesinauguratetheirownstart-upventuresthatassisttoreducethe employments in the country Contributes towards national economy:Above analysis of relevant data we got the result which is small and medium scale organisation with the new start-ups ventures that contribute in the national economy more than other ventures(Hornsby, Simmons, and Messersmith, 2017). More than half of contribution in gross domestic product was given by small and medium size of organisations.Hence, it shows that small and medium business play a vital role in order to boost up the gross domestic products of United Kingdom. 8
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TASK 2 P5:Examples of successfulEntrepreneurs and determine the characteristic traits and skills they possess. Similarly, whether entrepreneurs are born or made and whether entrepreneurship skills can be learned over time. An entrepreneur is an individual who rather than working as an employee, found and runs a small business, assuming all the risks and rewards of the enterprises (Solomon, and Linton, 2016). A successful entrepreneur is the person who works hard and tireless irrespective of failures and defeat and achieve apex height in the society and community. They have some personality characteristics, skills and traits that made them different from others in the world. With this context, two successful entrepreneurs would be analysed in this section. The skills, characteristics and traits are discussed below: Skills Innovative: Successful entrepreneur could be different from normal person on the basis of their creative and innovative ideas and plans for their businesse(Linton, and Solomon, 2017). These ideas can be change in the way of living and also affect the working culure of community. Bill Gates and Steve Jobs both are innovative and creative in terms of their field and business. Leadership: Successful business entrepreneur are effective and productive leader. With the help of their effective leadership skills they influence and motivate the employee of their business(Mamabolo, and Kele, 2017). Steve jobs and Bill Gates both have effective leadership skills. The evidence could be seen in the organisational empire they have build up in today world. Characteristics Self-Confident:Thistermsconsidersabouttothementalstateofthe person(Ahmetoglu, and et.al., 2017). A successful entrepreneur must be self- confident regarding their business idea implementation and success of the same to grow in the market. Bill Gates and Steve Jobs have faced many difficulties and failures in the business but they never disappointed and demotivated from their works as they have sufficient self-confidence regarding their business, which help to grow and develop their business.Traits 9
Passionate: A successful businessman must be passionate about the work he is doing and pursuing in the life(Norman, and Scarborough., 2011). This quality of person can improve their work and also assist an entrepreneur to achieve their desired goals and targets. Bill Gates and Steve Jobs are extremely passionate about their business. That is the reason to be successful in their business. Risk takers: Successful entrepreneur are a risk takers(Norman, and Scarborough., 2011). They even not afraid in future results and always giving their best efforts to achieve their desired goals and objectives. Steve Jobs and Bill Gates also were not afraid from investing in innovative techniques, hence this traits aid in achieving big success in their business. P6: the entrepreneurial personality reflect entrepreneurial motivation and mindset. personality is shaped by family upbringing, lifestyle, cultural differences and personal motivation. In this context to examine reflection, the big personalities' theory and model would be used to analyses the entrepreneurial personality of Bill Gates and Steve Jobs. The model consist ofverioustypeofpersonalitytraitsthatpossesbyentrepreneurthatassisttosettheir motivational mindset. The model is discussed below:Extroversion: this approach define about to an entrepreneur have the ability of exist ability, sociability, assertiveness and huge amount of emotion expressiveness(Ross, and Lashley, 2010). An entrepreneur who have extroversion, tend to be more social friendly and they generate their energy through social interaction with their living people and another side of it. An entrepreneur who have low extroversion who generate their energy themselves. Bill gates is extrovert and int erect with others about innovative ideas. And Steve jobs are introvert who frequently interact with others.Agreeableness: The personality approach have the factors which includes kindness, warmness and other physical behavior(Bhatnagar, and Budhiraja, 2011). This assist a person who will be able generating kindness and helpfulness nature in others people as well as respect other person's values and feelings. Bill Gates and Steve Jobs are kind and generous with the employee and subordinates. This attributes play an important role to their companies to grow and developing effectively and efficiently. Neuroticism: Nuroticism is a trait categorized by sadness, moodiness and emotional instability(Hatten, 2015). Higher the neuroticism more the person will be emotionally 10
unstable in an organization by their over emotional nature. Lower the neuroticism, more the person will be emotionally stable because they will be able to learn others situations in the company. So for being a successful business entrepreneur a person need to learn how to control their emotions and behavior. Both Bill Gates ans Steve Jobs have neuroticism quality in their personality that assist them to be successful entrepreneur. P7: A person’s background and past experiences can hinder or foster entrepreneurship. A successful entrepreneur faces many types of difficulties, problems, issues in while they are doing the work to accomplish their dreams and goals(Alderson, 2011). They have faced the time in which most of the people give up everything, at this stage they bear all the pain themselves. The success determination of a successful entrepreneur not by their wealth and high position they achieve(Bhimani,2017). It determines by the failures they had faced. Both Bill Gates and Steve Jobs faced many difficulties and issues concerning their background, family and societal support. This is the nature of their personality that they counter front of all the difficulties and problems effectively and efficiently. In the information technology sectors. There were certain factors that foster their growth and development effectively and efficiently. Those factors include their skills, traits, family support, knowledge and education. The family background of both the entrepreneurs partly hinder and partly foster in their growth and development(Barrios, Javier, and Nunez, 2017). The positive impact of them is they were always supported by their families. The negative impact was societal pressure and family both these entrepreneurs major reason to be anxious and furious about their work and ideas. The positive effect of their personality traits that they never give up in any critical and crucial situation in the business and the negative effect were frequently faced failure and defeats while they were taking major decision and implementing changes and transformation their business. These all are reason to helps them success in the business. CONCLUSION: A successful entrepreneur have these all the skills, characteristics, and traits in terms of perform batter in their business effectively and efficiently. We have discussed about many attributes of an entrepreneur that mush have to be success in their sector. We have taken example of Bill Gates and Steve Jobs, how they will be able to become a successful businessman and how they face the problems and failure in the business and we have also analyzed how a small business and entrepreneur a great impact on United Kingdom's national income and how they 11
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contribute to increase the gross domestic product of country. From we have discussion, we conclude that small, micro and medium business play an important role in raise the national economy of the country. And know the characteristic and skill of an entrepreneur and these all components must have a successful entrepreneur to operate their business effectively and efficiently. 12
REFERENCES Books and journals Alderson, K. 2011.Understanding the Family Business.Business Expert Press. Aardt, V. I., 2013.Principles of Entrepreneurship and Small Business Management.Oxford University Press Southern Africa. Ahmetoglu, G. and et.al., 2017.The Wiley Handbook of Entrepreneurship.John Wiley & Sons. Antoncic, B., Antoncic, J. and Aaltonen, H.M., 2016. Marketing self-efficacy and firm creation. Journal of Small Business and Enterprise Development.23.1. pp.90-104. Barrios, S..Javier, L. and Nunez, G., 2017.Evolving Entrepreneurial Strategies for Self- Sustainability in Vulnerable American Communities.IGI Global. Bhatnagar, B. D. and Budhiraja, A., 2012. Entrepreneurship Development & Small Business Management.Vayu Education of India. Bhimani, A. 2017.Financial Management for Technology Start-Ups: A Handbook for Growth. Kogan Page Publishers. Dana, L.P., 2016. ENTREPRENEURSHIP & SMALL BUSINESS. Hadjimanolis,A.,2016.Perceptionsoftheinstitutionalenvironmentandentrepreneurial intentions in a small peripheral country.International Journal of Entrepreneurship and Small Business.28.1. pp.20-35. Hatten, S. T., 2015.Small Business Management: Entrepreneurship and Beyond. 6thed.Cengage Learning. Hornsby, J., Simmons, S. and Messersmith, J., 2017. Entrepreneurship Everywhere... Across campus, Across communities and Across borders. Linton, J.D. and Solomon, G.T., 2017. Technology, Innovation, Entrepreneurship and The Small Business—Technology and Innovation in Small Business.Journal of Small Business Management.55.2. pp.196-199. Mamabolo,M.A.,Kerrin,M.andKele,T.,2017.Entrepreneurshipmanagementskills requirements in an emerging economy: A South African outlook.The Southern African Journal of Entrepreneurship and Small Business Management.9.1. p.10. McKeown, T., 2017. From entrepreneurship to small-to-medium enterprises: Exploring the challenge and the opportunities.Journal of Management and Organization.23.2. p.165. 13