Table of Contents INTRODUCTION...........................................................................................................................3 MAIN BODY...................................................................................................................................3 P1.Differenttypesofentrepreneurialventuresandtheirrelationtotypologyof entrepreneurship...........................................................................................................................3 P2. Similarities and differences between entrepreneurial ventures............................................4 P3. Relevant data and statistics to illustrate how micro and small businesses impact economy5 P4. Importance of small businesses and business start-ups to the growth of social economy. . .6 P5. Characteristic traits and skills of successful entrepreneurs..................................................7 P6. Aspects of entrepreneurial personality which reflects entrepreneurial motivation and mind set...............................................................................................................................................9 P7. Background and experience hinder or foster entrepreneurship with relevant examples.....10 CONCLUSION.............................................................................................................................11 REFERENCES..............................................................................................................................12
INTRODUCTION Entrepreneurship is a process of creating new enterprise by bearing risks with a view of making profit for increasing productivity in business (Diandra and et.al., 2020).Entrepreneurs are individuals who prosper business and reach out new opportunities in market which can be grabbed for purpose of serving customers. The report will consist of different types of entrepreneurial ventures and typologies examining entrepreneurial process. Similarities and differences between entrepreneurial ventures will be analysed. Relevant data and statistics to illustrate how micro and small businesses are impacting economy will be interpreted and assessed in entrepreneurial procedure. Importance of small businesses and business start-ups contributing to growth of social economy will be elaborated. Characteristic traits and skills of successful entrepreneurs' differentiation from other business managers will be explained. Aspects of how entrepreneurial personalities reflect entrepreneurial motivation and mind set will be examined. Relevant examples will be drawn for how background and experience can hinder or foster entrepreneurship. MAIN BODY P1. Different types of entrepreneurial ventures and their relation to typology of entrepreneurship Entrepreneurship is the process in which an individual starts, launches, designs and runs a business by generating new ideas and knowledge (Davari and et.al., 2017).Entrepreneurs lead the business and encourages self towards growth and development of business. There are four main types of entrepreneurial typologies through which entrepreneur generates maximum profit and productivity is increased. This is explained as below — Small Business Entrepreneurship —Small business is a way in which entrepreneur starts business on small scale. These type of entrepreneurship businesses are run, managed and owned by sole — proprietors (Estrin and et.al., 2019).Generally, all businesses expand through initial basiswhichisonsmallscale.Thesesmallbusinessesincludetravelagents,carpenters, electricians, grocery stores etc. Most of small businesses are profitable while other remain at same stage with no innovation and growth. Small businesses are concerned with hiring family members and local employees.
Scalable Start-up Entrepreneurship —Entrepreneurs in this type of business who posses greater skills and knowledge about start — up business which has been formed. Entrepreneurs in the start — up business are aware that their ideas and abilities of running the business changes' perspectiveofworldandthattheyinventsomethingnewforgrowthanddevelopment perspective. In this process entrepreneurs identify scalable business ideas and move along with creating new start — up plans in accordance to it effectively. Large Company Entrepreneurship —Large Company Entrepreneurship ventures have long finite cycle which are controlled and managed by large corporate structures. Entrepreneurs provide products and services to the customers as per their needs and desires. Also, they sustain in the market through innovating and generating new ideas which are made according to trends running in the current scenario (Abou-Moghli and et.al., 2018).This entrepreneurship business progresses with the changes in the technology, change of taste in customer preferences, entry of new competitors in similar business environment. Social Entrepreneurship —Social entrepreneurs are innovators who focus on creating products and services that solve social needs and problems. Entrepreneurs in this business filed work for social cause and innovate ideas which leads to improvement in social structure (Gandhi and et.al., 2018).They work on fields such as human rights, workers rights, health and education rights etc. these entrepreneurs focus on improving economic and social conditions that country faces. Thus, they help in promoting ideas which leads to welfare of members and society as whole. Thus, entrepreneurial ventures relate to typologies of business in forms such as - Corporate entrepreneurship×Large Enterprise —Businesses become difficult for large enterprisestherefore they should adopt corporate entrepreneurship which encouragesnew business opportunities for existing business and helps in growth and development of new procedures and products. Large Entrepreneurship× Small and Medium Enterprise —SME's face difficulties in financial issues which can be recovered by the advanced technology which overweights the cost on the basis of innovation (Ribeiro-Soriano, 2017). Because large entrepreneurship being advanced is main priority in the business structure which will help in producing products and services according to trends for SME's.
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Social Entrepreneurship × Social Enterprise —Social Enterprise and social entrepreneurship focus on common objectives that are fulfilled on social grounds concerning activities which are to be met by social demands from the customers. Both the organizations serve the social missions framed to ensure smooth functioning of economy to be more effective in near future. P2. Similarities and differences between entrepreneurial ventures Similaritieswhich are found between entrepreneurial ventures are - All the ventures are related on same basis which is to maximize the profits and productivity served by them. Small Business Entrepreneurship and Scalable Start — ups focus on growing more with concern to other entrepreneurship companies by adding up with more innovation and techniques running in the current trend (Basole and et.al., 2018). Entrepreneurshipventuresimplyonperspectivethatprofitsaremadealongwith producing quality and quantity of services and products to the customers in the market. These ventures stand on common grounds to serve best of what they incur to customers according to their needs and wants directly and in enhanced way of distribution. Differenceswhich are found between entrepreneurial ventures are - Start — ups and Large Entrepreneurship are way more different in their working and techniques. Large entrepreneurship work on similar ways as the other companies whereas start-ups come with different and unique ideas which have not been used and followed by any organizations or companies before (Morris and et.al., 2018). Mission and vision of different entrepreneurship venture symbolize differently. Their achievement of goals and objectives are different towards attainment of business goals. The products and services which are offered by Large entrepreneurship and Social entrepreneurship differ towards the customers. As social entrepreneurship concerns societal and economic aspects, whereas large and small entrepreneurship vary on difference in opinion scale. P3. Relevant data and statistics to illustrate how micro and small businesses impact economy Relevant data and statisticsof how Micro and Small Businesses impact economy of UK is explained as -
Morethan99%ofbusinessesaresmallandmedium-sizedinUKaccordingto Department of Business, Energy and Industrial Strategy. SME's businesses have fewer than 250 employees which are accounted for 60% of all private sector jobs in UK which makes a total of 16.6 million. SME's contribute extensively to the economy of UK and are contributing towards growth and development every year (Saridakis and et.al., 2019). There has been a rapid increase in number of businesses every year since 2000 which faced small decline between 2017 and 2018 with an average growth rate of +3%. With over 5.85 million private enterprises employing fewer than 250 people, 99.9% of all private sector businesses in UK are SME's which means 0.1% of country's entire business population employs more than 250 people within SME bracket, the vast majority are small businesses too (Iqbal and et.al., 2018). In 2019, there were 5.82 million small businesses, making 99.3% of total business population. There are more than 76% of the single — person enterprises which delve into small business niche market of UK with 4.458 million population. And by adding this to 1.155 million micro — business which turns out more than 95% of businesses employ fewer than 10 people in UK. Statistics which shows micro and small business structure in UK is as follows - 99% of all businesses in UK are classed as SME's having 249 employees. Less than 4% are small businesses (10 – 49) employees. More than 95% are micro businesses (0 – 9) employees. London boosts higher ratio of SME's. And this accounts that London has growth rate with increase of 52%. This has helped UK in achieving average growth rate of 31% since 2010 till 2020. This results in producing high rate of SME companies in London and South West. Thus, this data and statistics has helped UK analyse the business growth which helped in overall growth of economy as there is more expansion of small business and micro enterprises. The expansion has directly impacted the economy of UK which has overall balanced the market structure and the businesses which help in the development through innovation and advancement in technology (Idris and et.al., 2018).Therefore, micro and small businesses have increased processes to run more effectively and efficiently.
P4. Importance of small businesses and business start-ups to the growth of social economy Importance of small businessto the growth of social economy are as follows - Small business are important to economy as it paves way for expansion on the larger scale. They contribute to the economy by competing with the other businesses in competition. The contribution comes to the way that it expands and grows for becoming the most effective on business grounds. The staring of these business tend to profit a little less but eventually as they grow and develop on wider scale (Ribeiro-Soriano, 2017).Small businesses indulge into having more productive employees so that the efficiency and quality of performance of employees is measured. Small business grow on local fonts which gives them strong preference in hiring local people. This aspect becomes strength for small businesses as they do not have to look for people far away from where the business has been set — up. Small business encourage diversity and flexibility on the form, function, culture and potentiality than large corporations. As small businesses denote greater diversity factors thus it becomes easier for the economy to withstand in tough conditions and grow exponentially. Turnover in small businesses do not happen as businesses as it gives community a chance to learn, recover and rebuild in the long run (Julien and et.al., 2018).Small businesses also contribute to GDP and inflation of the country. Importance of Start — upscontribute to growth of social economy is as follows - Start — ups are an important part in business environment to grow on basis that they are likely to increase diverse form of products and services of business. There are different start — up companies which are introduced in market for the perspective of attaining profitability and enhance productivity of products and services which are invented by them in market. Start — ups have now been increasing on scale that individuals are inclined more towards introducing new business ideas and plans which comes into action soon and hold a position while growing and developing more concerning economic conditions alongside (Landqvist and et.al., 2019). Start — ups also boost technology as newer forms of technology is needed to eventually makebusinessprosperontermsbymakingadvancementsintechnologyandnurturing
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entrepreneurshipecosystem.Start—upsalso introducenewmarketopportunitieswhich transforms old markets. P5. Characteristic traits and skills of successful entrepreneurs Entrepreneurs are individuals who create new business and identify various opportunities by bearing risks and along with achieving rewards. Characteristics which successful entrepreneurs imbibe which differentiate them from managersare -Curiosity —Successful entrepreneurs have a sense of curiosity which allows them to seek new opportunities for growing their business.Adaptable —Entrepreneurs are adaptable towards any changes that occur in external business environment and makes them keep moving forward (Sadeghi and et.al., 2019).Decisive —Entrepreneurs are decisive who make difficult decisions and stand by them for betterment of both the business and the company their hold on to.Team Builders —Entrepreneurs are effective team builders who encourage and motivate their employees to collectively work towards achievement of objectives.Risk Tolerant —It is also seen that successful entrepreneurs are risk tolerant as they are ready towards any vulnerability.Comfortable with Failure —Successful entrepreneurs are often seen in the phase that they are comfortable with their failure which makes them come out stronger and efficient in their business.Innovative —Successful entrepreneurs are innovators which denotes their ideas, abilities or capabilities which helps them analyse their capacities (Wu and et.al., 2019). Long — Term Focus —Entrepreneurs who are successful formulate long term goals so that they prosper in business environment which they have formed. Entrepreneurial skills and traits that Issa brothers acquireare - Both the brothers being entrepreneurs have grown and diversified their business on large scales such that they own 5,200 petrol stations which are situated in Europe and US employing more than 33,000 people. Brian Madderson, Chairman of Petrol Retailers Association (PRA) marks the speed of growth of brothers as “Remarkable Entrepreneurs” (Aisyah and et.al., 2017).
The business industry insiders describe both brothers as softly spoken and modest which determines their behaviour and key characteristics as successful entrepreneurs. Theirtrueself-knowledgetowardstheirbusinesshavemadethemachievegood reputation in the industry. People are eager to know more of their talents and skills along with abilities which helps their business grow and develop on a different level altogether. People who know them say that part of their success is in remaining curious about competitors and from where and how well they pick — up new ideas to run their business so effectively and efficiently. Their shy behaviour proves how far they have reached to develop business at this stage. P6. Aspects of entrepreneurial personality which reflects entrepreneurial motivation and mind set Above mentioned entrepreneurs differ variably in terms of their work and their mind set which makes them different from other business individuals (Farrukh and et.al., 2018).These entrepreneurs acquire characteristics which enables them to grow and prosper in their business. Also they are self — motivating individuals which is reflected in their behaviour as they were abletorecognizetheirstrengthofindulgingthemselvesintothebusiness.Theirkey characteristics which keeps them motivated is their personality. Due to such strong personalities, they were able and are able to achieve their desires and aspiration towards their business. It becomes very important for entrepreneurs to identify their key strengths and weaknesses which will lead them to acknowledge their true self in professional career. Mind set of entrepreneurs is referred as what they perceive and evaluate in their thought process which helps them analyse their self.Entrepreneurial personality reflects entrepreneurial motivation and mind set as entrepreneurs are the people who motivate themselves and other people to work collectively and work towards achievement of similar goals and objectives which they desire. Entrepreneurial motivation is directly is related to their min set through which they work towards achievement of goals and objectives in a defined and proper way (Lechner and et.al., 2018).Entrepreneurs incur leadership skills which also encourages their team to perform better towards attainment of the wishes to be fulfilled by their employees, and they concern about their employees along with overall productivity they deliver. Entrepreneurs risk bearing
capacities makes them strong and fills them with motivation resulting in letting them know that they are capable of facing new opportunities along with the market risks. Entrepreneur personalities affect the business industry in which entrepreneurs contribute. Different entrepreneurial business work differently to achieve better market position and brand name in business environment. Entrepreneurs remain motivated towards their business by finding new ways of creativity which keeps them intact towards what they wish to achieve. Small rewards and appreciations from the renowned people encourage them to work more effectively and efficiently. Focus of entrepreneurs reveals their strong personalities which also reflects their mind set towards their work and growing their business by planning strategies and generating marketing plans for expansion in external business structure. Thus, by examining these aspects entrepreneurial personalities are identified which also focuses on how they motivate themselves and their mind set towards their business. P7. Background and experience hinder or foster entrepreneurship with relevant examples Examples which foster entrepreneurial characteristics of successful entrepreneurs are defined as follows - Elon Reeve Musk —Elon Reeve Musk is a business magnate, industrial designer and engineer who is the founder, CEO. CTO and chief designer of SpaaceX, early investor and product architect of Tesla, founder of The Boring Company, co-founder of Neuralink and co-founder and initial co — chairman of OpenAI (Easto and et.al., 2017).He decided to pursue his career in business by co — funding web software company Zip2 with his brother. The company developed and marketed an internet city guide for newspaper publishing industry with maps, directions and yellow pages. He also founded the two companies X.com and PayPal which became an online financial payment company through which people pay their amount oversees. Elon acquired a start — up by Compaq for $307 million. Musk became a successful entrepreneur through his skills and abilities which reflected in his work in the staring days of his career. Musk's entrepreneurial mind set identified new ways and new opportunities through which his business fostered in years and now he is the richest man in world. Along with the positive attributes, he also faced negative measures and difficulties during his business career. BillGates—WilliamHenryGatesisabusinessmagnate,softwaredeveloperand philanthropist. He is a co-founder of Microsoft Corporation. He is known as one of the bests
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entrepreneurs and pioneer of Microcomputer revolution (Bill, 2019).He has outgrown his business such that it is expanded largely on every scale. Being an entrepreneur his focus was on growth and development which was conquered by him and is still in progress. He is determined towards achieving more in the business environment which attributes also to personality he holds. This is on positive side to which business he framed is fostering towards all goals attained by him along with this, there are some negative aspects which made difficulties and problems in his which hindered to his growth. But this did not affect his aspirations rather he came out as one of the biggest entrepreneurial personality of all times. Thus, these two examples focuses on how these two personalities had grown their business and what they have achieved so far. Being an entrepreneur, it is very essential to build such strong characters which help in growth of business on every aspect. CONCLUSION Thus, it is concluded from the above report that types of entrepreneurial ventures consistingofSmallBusinessEntrepreneurship,ScalableStart-ups,LargeCompany Entrepreneurship and Social Entrepreneurship along with their typologies which helped in examining entrepreneurial process. Similarities and differences between entrepreneurial ventures were analysed for effective and efficient business environment. Relevant data and statistics to illustrate how micro and small businesses are impacting the economy were interpreted and assessed in entrepreneurial procedure. Importance of small businesses and business start-ups contributing to the growth of social economy were elaborated. Characteristic traits and skills of successful entrepreneurs' differentiation from other business managers was explained. Aspects of how entrepreneurial personalities reflect entrepreneurial motivation and min set was examined. Relevant examples were drawn for how background and experience can hinder or foster entrepreneurship. Therefore, entrepreneurship process helped in analysing the entrepreneurship personalities and their overall behaviour in formation of their business effectively and efficiently.
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Wu, Y.J. and et.al., 2019. Entrepreneurship in the internet age: internet, entrepreneurs, and capital resources.International Journal on Semantic Web and Information Systems (IJSWIS).15(4).pp.21-30.