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 hiding entrepreneurship.................................................12 CONCLUSION........................................................................................................................13 REFERENCES.........................................................................................................................15 Books and journals...............................................................................................................15
INTRODUCTION Entrepreneurship can be defined as the ability of the individual to see the opportunity within the market and start business with innovative idea where it can minimise the risk associated with the business and increase the profitability for achieving the future goals and objectives. Entrepreneurship is directly related to the development of small scale businesses within the economy and achieving the objectives by combining different abilities and traits of the individuals(Qureshi, Saeed and Wasti, 2016). In context of this report, the chosen organisation is the small scale organisations which are doing business within the UK. The beginning of the report is consisting of discussion about different entrepreneurship ventures and explanation how they are related to the different typology of entrepreneurship within the marketforfosteringdifferentopportunities.Thereisalsodiscussionaboutdifferent similarities and differences between entrepreneurship ventures. In the middle of this report there is discussion about the different aspects of micro and small businesses and their impact on the economy. There is also a discussion about the importance of small businesses and businessstart-uptogrowthofthesocialeconomyaswellasdeterminationofthe characteristicsandskillsrequiredbyanentrepreneurtofosterdifferentbusiness opportunities.intheendofthisreportthereisdiscussionabouttheentrepreneurship personality by reflecting the motivational mind-set. There is also discussion about the different factors background and experience which can help or hinder the entrepreneurship opportunity to an individual. MAIN BODY TASK1 P1 Identification of various branches related to entrepreneurship and discussion about their typology. Entrepreneurship: Entrepreneurship can be defined as an ability of individual where it described it as a process of designing, launching and running a new business with some innovative ideas, it has a capacity to take the risk as well as increase the chances of profit. The different concepts of entrepreneurship Serialentrepreneurs:Aserialentrepreneurcanbedefinedasapersonwho continuously come up with new ideas and start a new business. They are different from the typical entrepreneur who will often come with a single idea to start the company and then see through it and play an important role in day to day functioning of the company. Serial
entrepreneur come with a new idea and get things started but then taking responsibility to someone else within the organisation and move ahead for new idea and a new venture(Lee and Huang, 2018). Intrapreneurs: Intrapreneurship can define as action of an individual to behave like an entrepreneur while working with a large organisation. These are the people who are known for their corporate management style that integrate the risk taking and innovative approach within the organisation as well as manage the reward and motivation within the firm by use of different techniques. Owner-Managers:Owners are the persons within the organisation who are liable to follow different duties related to handing legal issues managing the office supervising the team monitoring inventory as well as providing the firm towards goals and objective setting them for a longer period of time. Managers are those people within the organisation who are liable to manage resources according to the needs and requirement of the organisation to achieve its goals and objectives within a specific time limit. The various entrepreneurial ventures There are various kinds of branches within the industry where entrepreneurship is going. Some of the branches are discussed below: Survival venture: Survival venture can be defined as those basic ventures which have the substance to the entrepreneurship and allow a little more to head to the mouth type of existence. This organisation of basic goal is to meet their survival where they can easily fulfil their financial obligations and can set up a venture which will engage. Common example of this type of ventures are those small skill ventures like MOMA food who is operating at low level within the economy of UK as well as arrange finance for its different operations. There is some more example of this venture the Amazon seller, baby selling in child minding ventures(DeSantola and Gulati, 2017) Lifestyle ventures: These are those which are micro enterprises and permit their owner to follow the design pattern of living which will support the college cost or taking vacations. This type of venture is based on some specific culture of entrepreneurship where the lifestyle of the entrepreneur will be copied by different followers. These are the venture which is not meant for change in the process and the following continue process which is made by their entrepreneur. Some common example of these ventures is small retailers like SGS products UK.
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Growth venture: These are those which are set up for the intention of the growth by their entrepreneur. Their growth enterprises who always want to increase their business for getting a larger market cover as well as success for long period of time. Entrepreneurship typologies Small business entrepreneurship: These are those entrepreneurship ventures that do not have large number of capital investment. Business venture are dependent on their family and friends for investment in the form of small business loans. These types of ventures hire local employees and most of them probably our family members. the common example of this type of stores are grocery stores, hair dryer, consultants, travel agents, internet commerce store and many more(Neumeyer and Santos, 2018). Scalablestart-upentrepreneurship:Entrepreneurswithstartthecompanyby developing a vision which can change the world. Major intention of the companies to attract the investment where it can perform its different functions at beginner level where it invest more on Jobs as well as searching different businesses to increase the market of the firm. Some common example are Facebook, Amazon, Wal-Mart, twitter and Google, all of these are in the category of scalable start-up enterprises. Largecompanyenterprises: These are those organisations which have a final life cycle and I have the main motive to bring innovation by offering new products in variety of rangers. This company have already exists within the market with some existing product but they customise the product accordingto the changeswithin the test newtechnology legislation competition within the market where the farmers trading. Sometime this company also acquire the product of other company to increase the market share of the organisation. Common example of this type of companies is Tesco, Sainsbury, Unilever and many more (Draebye, 2016). Social enterprises: social entrepreneurs can be defined as that type of organisation which is built for utilising the resources within the society which include people building equipment and finding a proper way to use them for the fulfilment of social needs. These are some common typologies of entrepreneurship which are directly related to development of the concept of entrepreneurship in current times. P2 Identification of differences and similarities between various entrepreneurship ventures. Similarity and differences between various ventures
Similarity Survival venture:The main objective of survival venture is to survive for a longer period of time. Lifestyle ventures:Lifestyle venture also focuses on surviving for a longer period of time where it can run its operations. Growth venture:Growth venture always focus on long period because they want to increase their growth as well as trend toward the profitability(Chipfupa, 2017) Difference Survival venture:Seeks investment from family and friends in small amount, scope of work within survival ventures is slow from each level within the organization where they always try to seek investment for fulfilling different objectives. Lifestyle ventures:Investment in this type of ventures is in form of loans which are taken from commercial banks and other financial institutes. In this kind of venture the flow of work is from the top level management of the entrepreneur of the organization who govern different activities.. Growth venture:This kind of ventures require huge amount of investment and financial resources and forgetting these resources organization issue share as well as other kinds of security to take large amount of investment. In growth ventures the flow works completely in the hand of top level management where they guide all the employees about different works. TASK2 P3 Identification of statistical data related to contribution of small and micro business and their impact on economy. Classification of businesses into Micro Business and small business Small and micro businesses have their great impact within the economy of the UK as well as they are also providing different benefits to the economy. Small scale businesses are contributing towards the GDP of the UK as well as they are also providing the employment to the people live in the society of UK. Some of these points are mentioned below:
Online:https://www.merchantsavvy.co.uk/uk-sme-data-stats-charts/ Employment: according to the graph mentioned below it can be seen that there are a large number of unemployed person within the economy of UK. Can also be seen that it is compared with large organisation and medium scale organisation then the contribution of micro and small enterprises within the employment sectors for journal people of UK is more than both large and medium organisation(Burgess, 2016)It can also see from the above mentioned graph that micro and small scale enterprise are providing more than 130000, 120000 employments in comparison of large-scale organisation which stood at 105000. Online:https://www.merchantsavvy.co.uk/uk-sme-data-stats-charts/
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Contribution towards GDP: can also see that small and micro scale businesses also increasing contribution towards the GDP of UK. This can be seen from the above mentioned graft where is small and micro scale businesses are together going towards development with low rate of shortfall. They are continuously increasing their contribution to GDP of the UK as providing a great support to the economy(Houston and Reuschke, 2017). P4 Identification of various aspects related to small and micro business within the economy and their impact on social economy. Define Social economy:Social economic and be defined as a formation by the rich diversityoftheenterprisesandorganisationlikecooperativemutualassociationsand foundations related to the organisation are shared in a common value and features like privacyoftheindividualandsocialobjectivesoverthecapital,voluntaryandopen membership and many more things related to social economic enterprises. ‘WHY’ small business organisations are vital for the growth of the social economy Creation of employment: Small and medium organisation directly social economy where they provide the opportunity of employment within the organisation because of their large number of contribution and increasing trends. Small and micro enterprises are now becoming an essential part of the economic within the US and UK where they provide large number of opportunities for the individuals who are seeking for employment because of their increasing number and large number of function(Spear, Defourny and Laville, 2018). Innovation: Innovation is the key strength of small and micro enterprises where they are forms to provide innovative product to the customers within the market as well as increase their customer base by offering them innovative ideas and products. They also bring innovation within the social economy of the area where the organisation is trading Engage significant number of people including the firm disadvantaged groups: This is also the benefit of small scale and micro enterprises to the social economy where they engage the sufficient number of the people including the firm disadvantage groups within the different functioning of the firm by using the resources of the area where the organisation is trading in an innovative way. Leading the way on diversity:These kinds of organisation are based on small functions also have diverse work forces because of their hiring system. Company always higher the local resources of the area where it is doing its business so it also employ the diverse workforce and manager it for increasing the productivity(Hübschle, 2017).
Meeting socialpurpose: Small and medium term organisation also help the society by meeting the social purpose is like obligations towards the society for providing different resources to organisation. This start-up always provides facility to different people within the society for increasing their benefits. This is beneficial to organization because is help in development of separate identity in organtional of social concept. It can be evaluated from the above-mentioned mention information that small and micro businesses have a great impact on the business and economy of the UK. This is because it directly impact employment as well as GDP contribution within the UK.it can also see that it also impacted on the social economy where it have direct contribution toward the different factors and is important for all these factors. TASK3 P5 Identification of different characters tricks and skills of various entrepreneurs and manager for successfully managing the business. Characteristics traits:Character traits are the value aspect of the person's behaviour where every person have its different characteristics traits which are both good and bad and are in favour as well as in against of the organisation which can indicated as a label with descriptive adjectives such as patient and faithfulness jealousy and many more(Monzón and Chaves, 2017). Characteristics skills:Character skills or soft skills are the combination of people skills social skills communication skills character and the personality of an individual which will bring the character attributes and social intelligence within the individual to be fair with other as well as perform different functions by a great influence within the organisation. Difference between characteristic traits and skills: SirRichard BransonSir Philip Green Trait s Innovation:SirRichard Bransonis ground-breaking tycoon this is since whenhercompany’spresentation going depressed she transports new and ground-breaking kind of software which assistance secure in improving for threatening times. Innovation:Sir Philip Greenis alsoaground-breakingleader as they he present new and well food idea in its business. Experimentalist: He is that type of entrepreneur who believes in experiments and success.
FeedbackApproach:SirRichard Bransoncontinuously trusts in taking responses from its client where they can recover presentation of firm. SkillsMotivator:Healwaystriesto motivatehisemployeeswithinthe organisation for achievement of goals andobjectivesinanappropriate manner(Costin, O'Brien and Slattery, 2018). Communication: He always prefers a proper communication channel within the organisation where the flow of informationcanbedoneinan effectivemannerforreducingthe conflict. Focused:He is focused men who always focus on his work whereitcanincreasethe productivityoftheworkand ensuretheeffectivequality services to its customers. Distinguish between the Entrepreneur and the Business Manager EntrepreneurBusiness Manager Entrepreneur is listening every individual and bears all financial risk within the organization which is arising during the business. Manager work for the salary within the organization and does not bear any risk. Entrepreneuralwaysfocusonthestartingand expanding the business ideas to the global area where the objectives of the organization can be achieved by fulfillment of different functions. The main focus of the manager is to smoothenthefunctioningforthe business where operations can be done by the entrepreneur. Key motives of every entrepreneur are to achieve thebusinessobjectivesbycombiningthe performance of different individuals(Bux, 2017). Manager motive is to come from the power that comes with their position theyhavenootherauthorityto execute their ideas. This can be seen from the above that there are various characteristics skills and trades within the individual entrepreneur which helped them in managing the business such as
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innovation feedback approach and experimental is that treats of entrepreneurs who help them in managing the business activities by fulfilling the objectives and identifying different requirements within the firm(Werthes, Mauer and Brettel, 2018). Skills like motivator and communication help them in maintaining the working environment. Within the firmware each individual can be motivated and communicated with entrepreneur for managing a successful business operation. 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 can be defined as a certain way of thinking by an individual where it is about the way in which the individual approaches the challenges and mistakes within the business.it can also defined as inherited need to improve the skills of an individual and making them effective by the regular practices. Its importance to successful entrepreneurial ventures It will help the entrepreneur in representing their visions on daily basis by continue follow up. This also help entrepreneur to be itself in a challenging situation as well as handle its resources in that kind of challenging situation. This will also help an entrepreneur should develop its approaches for solving the problem from all sides. Example of motivational drivers include Needforindependence:Theneedofindependenceisamotivatorwithinan individualwhichdrivethemtowardtheentrepreneurshipskills.Foranentrepreneur independence can be termed as free life where there is no time Foundation on an individual for 9 or 10 our jobs. Need for power and control:Need have power and control also driver motivation within the individual for becoming entrepreneur. This is because there are various kinds of restrictions on the power to control to an individual while working within an organisation. All these restrictions will be removed after grabbing the opportunity of entrepreneurship(Kirkley, 2016) Need for achievement:Entrepreneurship also drive and sense of achievement within an individual while performing different business functions as an entrepreneur. This is because It helped them to achieve a plaint in the business where they can become the person they want to.
Need for wealth creation:Entrepreneurship always include a high risk but it is well known that if there is a risk within the situation then profit chances are also higher. Wealth creation is also need which drive the motivation of entrepreneurship within the individual where they increased their wealth by the help of entrepreneurship and performing different business with innovative ideas. It can be evaluated from the above-mentioned information that motivational mind-set alwaysincreasesdifferentaspectsofanindividualaswellasisimportantpartfor entrepreneurship venture and its success. There are various motivational drivers which will increase the chances of motivation within the individual it includes the need of independence power and control and many others. 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 Poverty:Poverty is an important factor which also shapes skills and abilities of individual for being an effective entrepreneur. This can be seen from an example of SUNDAR PICHAI, he is currently serving as and CEO of Google. He is a famous entrepreneur and known for its contribution toward the Google and it’s newly Idea related to development within the Google. he is from a poor background where is father used to do farming jobs and mother is a housewife but this poverty help him to grow at his fuller ability and use the scary sources in effective way to grab the golden opportunities within the career. Unemployment:Unemployment also become a reason for increasing the opportunity of entrepreneurship within the market this is because various unemployed person thinks that they can start a business which will help them in earning their livelihood as well as bringing an innovative idea toward the economy for increasing the concept of entrepreneurship and providing employment to other unemployed persons. Culture:Culture also influences the background and forcing the entrepreneurship within individuals because culture help different entrepreneur to learn about different skills and abilities related to entrepreneurship and developed the new concepts for increasing the knowledge. This also helps in posting different opportunities within the market related to entrepreneurship which can be developed because of the culture where the individual is learning(Hamouda and Ledwith, 2018).
Familywealth/reputation:Familywealthalsoimpactontheentrepreneurship opportunity as well as mind set of the individual to grab the opportunity is related to entrepreneurshipwithinthemarket.Thiscanbeseenfromthesuccessofdifferent entrepreneurs who are trading within the market on their family name. For example, Mukesh Ambani is an Indian billionaire, he is a famous entrepreneur who owns reliance. His son Akash Ambani is also famous for its entrepreneurship skills which he gets from its family wealth and reputation within the market. This all make Akash Ambani a proper entrepreneur where he is running a communication organisation JIO at larger level. School drop outs:This is also background of individual which also helped them and fostering the entrepreneurship opportunities within the market. It can be seen from the example of Mark Zuckerberg and Bill gates they both are the college dropouts but they are now the founders of Microsoft and Facebook which are the two companies of a global brand. Both of these are the college dropouts but now they are the entrepreneurs because they don’t believe in a 9 to 6 job. Always believe in grabbing the opportunities in the market and bring an innovative idea to increase their value within the market as well as make an achievement in front of others to follow them. It can be seen from the above that there are various factors with in the background and experience of individual which will hinder or foster the entrepreneurship within the market as well as who is the motivation of individuals to go toward the marketing concept.These all are the functions which directly increase the chances of entrepreneurship quality development within individual as poverty unemployment culture family wealth and other factors are directly associated with performance of individual and development of the concept related to entrepreneurship in their minds. CONCLUSION It can concluded from the above mentioned before that there are various kinds of entrepreneurship ventures and ventures typologies which will impact the businesses as well as can be helpful for entrepreneurs to develop its perspective about entrepreneurship.it is also identified that the micro and small scale businesses have a great impact on the economy of the UK as well as a global economy where they provide the employment opportunities and contribution towards.it is also identified that small scale businesses are the vital for the growth of social economy also shared this helpful information of employment Innovation and various other factors.in the end it can be concluded that skills and traits of an individual or
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entrepreneur have various impact on the performance of the firm as well as this will also helpful in setting and motivational mind-set for entrepreneur your where the background and experience will also impact their performance.
REFERENCES Books and journals Qureshi, M.S., Saeed, S. and Wasti, S.W.M., 2016. The impact of various entrepreneurial interventions during the business plan competition on the entrepreneur identity aspirations of participants.Journal of global entrepreneurship research,6(1), p.9. Lee, M. and Huang, L., 2018. Gender bias, social impact framing, and evaluation of entrepreneurial ventures.Organization Science,29(1), pp.1-16. DeSantola, A. and Gulati, R., 2017. Scaling: Organizing and growth in entrepreneurial ventures.Academy of Management Annals,11(2), pp.640-668. Neumeyer, X. and Santos, S.C., 2018. Sustainable business models, venture typologies, and entrepreneurialecosystems:Asocialnetworkperspective.JournalofCleaner Production,172, pp.4565-4579. Draebye, M., 2016. Return of the Entrepreneur. Towards a Definition and Taxonomy of Corporate Entrepreneurship.Economia & management: la rivista della Scuola di Direzione Aziendale dell'Università L. Bocconi, (2), pp.77-94. Chipfupa,U.,2017.Entrepreneurialdevelopmentpathwaysforsmallholderirrigation farminginKwaZulu-Natal:typologies,aspirationsandpreferences(Doctoral dissertation). Burgess, S., 2016. Representing small business web presence content: the web presence pyramid model.European Journal of Information Systems,25(2), pp.110-130. Houston, D. and Reuschke, D., 2017. City economies and microbusiness growth.Urban Studies,54(14), pp.3199-3217. Spear, R., Defourny, J. and Laville, J.L. eds., 2018.Tackling social exclusion in Europe: The contribution of the social economy. Routledge. Hübschle, A.M., 2017. The social economy of rhino poaching: Of economic freedom fighters,professionalhuntersandmarginalizedlocalpeople.Current Sociology,65(3), pp.427-447. Monzón, J.L. and Chaves, R., 2017. Recent evolutions of the Social Economy in the European Union.Brussels: European Economic and Social Committee, CIRIEC. DOI,10, p.191345. Costin,Y.,O'Brien,M.P.andSlattery,D.M.,2018.Usingsimulationtodevelop entrepreneurial skills and mind-set: An exploratory case study. Bux, S., 2017.The effect of entrepreneurship education programmes on the mind-set of South African youth(Doctoral dissertation, University of Pretoria). Werthes,D.,Mauer,R.andBrettel,M.,2018.Culturalandcreativeentrepreneurs: understandingtheroleofentrepreneurialidentity.InternationalJournalof Entrepreneurial Behavior & Research. Kirkley, W.W., 2016. Entrepreneurial behaviour: the role of values.International Journal of Entrepreneurial Behavior & Research.
Hamouda, A. and Ledwith, C., 2018, June. Investing in Entrepreneurial Skills Creating an Entrepreneurial Mind-set amongst Engineering Graduates. In2018 3rd International Conference of the Portuguese Society for Engineering Education (CISPEE)(pp. 1- 10). IEEE.