Table of Contents Contents INTRODUCTION...........................................................................................................................1 TASK 1............................................................................................................................................1 P1 Examine the different types of entrepreneurial venture and its relation with typology of entrepreneurship.....................................................................................................................1 P2 Explore the similarities and differences between entrepreneurial ventures......................3 TASK 2............................................................................................................................................4 P3 Interpret and assess of relevant statistics and data to demonstrate the impact of small and micro business on local economy...........................................................................................4 P4 Explain the importance of small business and business start-up for growth of social economy.................................................................................................................................6 TASK 3............................................................................................................................................7 P5 Determine the characteristic, trait and skill of entrepreneurs that differentiate them from manager..................................................................................................................................7 P6 Asses how aspect of the entrepreneurial personality reflect motivation and mindset......9 TASK 4..........................................................................................................................................10 P7 Examine how background and experience can foster and hinder entrepreneurship.......10 CONCLUSION..............................................................................................................................12 REFERENCES..............................................................................................................................13
INTRODUCTION The entrepreneurship is the term that get define the business or an activity that get manage and control by an entrepreneur while taking the appropriate risk so as to gain the moderate profit. It is broadly includes the creation and innovation such that better value will get extracted and make the effective positive change within the society and its economy growth as well. The entrepreneur area those that are the individual who has that much ability to get implement the different ideas into the reality with more perfection. In this the different need and demand of the customer will get fulfilled with more perfection that brings the better satisfaction as well(Brush,2019). In addition to this the small business are the start up that are started with the minimum amount of funds and assist with the family and friends goals. These business and entrepreneur are the back bone of the country economy as not only generate the revenue but also provide the job opportunity to large number of people. This report is consist of the type of entrepreneurial venture in relation with the typology of entrepreneurship, similaritiesand difference in between the entrepreneurial venture, statistics and interpretation of impact of small business on economy, characteristic, skills and trait of successful entrepreneur, with relevant example about background that hinder and foster the performance. TASK 1 P1 Examine the different types of entrepreneurial venture and its relation with typology of entrepreneurship The entrepreneurial venture is the one that get managed by an entrepreneur and with that they have achieve their dreams and imagination into the reality. They have create the business entity and with that generate more profit with better sales and profit by making the liable changes as per the requirement and demand of the marketplace(Cole, 2018). Concept of entrepreneurship An entrepreneur is a person that has some imaginative thinking and as per that makes the certain changes and modification by generate more opportunity in the market as well in terms of employmentetc.Whereas,theentrepreneurialactivityisaprocessthroughwhichthe imagination get put into the reality and helps to attain the market share and profit in effective manner. 1
Types of entrepreneur Serial entrepreneur-It is an entrepreneur that get worked on the better ideas and start their business as per the detailing of ideas. In this they have face a challenge on continuous basis with that have manage the different business operation with more perfection by which the better success and development get achieved(Dana, 2018). It aid to get start the business at completely new market and have gain the effective profit by overcoming the challenges. Intrapreneur-It is the one that get recognise as an individual who has worked on the different project by applying the creativeness and uniqueness. They have managed the effective utilisation of resources with that manage the task with more capabilities so that suitable changes get attained that is in favour of business. Owner-manager-It is the one that manage the small business and induce all the changesto drive more successand have worked to satisfy the demand of local customers. Types of entrepreneurial ventures and its typologies Small business-It is the business that get work with the adequate amount of sources and have limited capital and workers that is less than 50 have generate the revenue about €2 million while operating the business in terms of proprietorshiporpartnership. It is the business that gets work with the limited size and scope and tries to gain more profit by selling their goods and services to customer. There are some examples as like electotech limited, Clarasys etc. Enormous organization:It is the businesses that get work with the large size and scope with that have work with more number of employees(Galvão, 2018). These are the business that get worked with a large number of scales and have provided the diverse range of product and services. There are some examples as like Tesco, Tesla, Marks and Spencer, etc. Social enterprise-It is the business in which the individual get work as a voluntary so as to improvise the living standard of the people with their welfare. They have provide the better platform to enhance the likelihood of the society as by providing the education to the poor children etc. 2
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Typology of entrepreneurship The entrepreneurship venture has the various kind of typology by which the effective advancement will get induced by managing the different activities and some of as define below as: Lifestyle typology-In this typology the entrepreneur has worked to standardised the living standard of the society and in addition the demand of the customer will get fulfilled at the local level and also provides the job opportunity as well(Gimmon, 2018). Growth firms-It will include the small and large business and with this have work to provide the different product and services with more innovation by which they have feel more comfort and easy access. These differenttypology as the effective relation with the entrepreneurship with that have raise out the living standard of the society. P2 Explore the similarities and differences between entrepreneurial ventures There are a variety of similarities and differences exist in between the entrepreneurial ventures that are state as follow: Differences BasisSmall businessLarge companySocial entrepreneurship ScaleThis business has work at smalllevelandhas generatedthelimited amountofrevenueand profit. This business has worked at largerlevelandoperates businessatinternational level with better amount of revenue. In this the business have work to fulfil the basic requirement of society. PurposeThey have work with the aimtogetstableinthe market by attaining better profit and sales. Theyhaveworkwiththe aim to grab the attention of thelargercustomerand develop the loyal customer base as provide the product andservices(Guiliani, 2018). They have work with the aimtoinducethe effective development. 3
Character istics Theyhavemanagedthe different operation with the certaininteractionofthe government. Thesebusinesseshave worked at larger scale and at globallevelthusthe governmentintrusionis more. These business need the funds and get collect that by funding and with the governmentsupportto makethepositive change in the society. Similarities BasisSmall businessLarge businessSocial enterprise Meeting the needs Itisthebusinessthat operatesthefunctionto satisfy the demand of the society(Julien, 2018). This is the business that has workedtosatisfythe customer with their product and services at international level. Thesearethebusiness that has worked to make the development as well asimprovementinthe society. Society up- liftment Theyhaveprovidedthe employment opportunity in themarketbywhichthe livingabilityoflocal people gets developed. These are the business that not only provide the job but also fulfil the need of public bysupplyingquality services. These are those that has workedtodevelopthe livelihood of the people by providing the needed services. TASK 2 P3 Interpret and assess of relevant statistics and data to demonstrate the impact of small and micro business on local economy The small and micro business has work to make the positive transformation with that also contributeintheeconomicdevelopmentofthecountrywiththathaveimprovisethe infrastructure and society standard and have further classification that is as define below as: Small business-It is the firm that get work with the maximum 50 number of employee and have generate the turnover about not more than 5 million and manage the operation with limited capital as like the grocery and bakery stores etc. Micro business-It is the business that covers the local market and supply the demand over their only and get work with around 10-15 number of employee as like the ice cream parlour, 4
cafe etc. There are a lot of micro businesses in UK and all have worked with more sufficiency to satisfy the public(Kadir, 2018). (Source: The Role of Start-ups and Small Businesses in Today’s Economy, 2018) Impact of small business on UK economy Impact at local level-The UK government has provide the better support to the small business thus it provide the support to the entrepreneur to get perform the business operation and function with more simplicity(Kunaka, 2019). As they have work over the demand of the customer by which the living standard of society will alsoget more developed as in parallel provide the employment to the local people as well by which contribute in the GDP development as well. Impact at regional level-The small and micro business has the better impact on the regional level as well with that have worked with the develop the better turnover. In this the positive transform get implies with that have work with the limited amount of resources by which the regional level people get employment and have develop the better skills as well. Impact at national level-The SMLE has the large impact on the national level as well and in this the businesses have induce the certain innovation to take the development on different level and also provide the employment to the15.7 million individual of UK. 5 Illustrati on1: Role of Start-ups and Small Businesses
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P4 Explain the importance of small business and business start-up for growth of social economy The social economy will get develop due to the different working of the small business and start ups and they are the most essential aspect in the country development and welfare as they has make the direct and effective contribution towards the economic stability and GDP of the nation(Kuratko, 2018). There is some of importance of the SMEs in the growth of social economy that is as explained below as: Employment creation-The SME has provided the different market opportunity that directly assists the better economic development as much the people get the employment that much literacy rate get developed that has the positive impact on national growth and development. The employment is also being needed for the company as well as the human force will get perform the different operation that helps to get worked done on timely basis. Innovation-In today’s scenario the demand and need of the customer get improvise with that to fulfil that company has make the certain changes and improvisation by keep innovating the product and services. In addition there is more competition as well with that the business has to get provide the better services to gain more profit and market share and for this have induce more innovation for flexible access. To connect more number of individuals-It ismore needed for the business to make the certain relation with the larger number of people and have make the spread better awareness in the market by which it helps to circulate the service at larger scale. In this the UK public is more likely to use the innovation that helps to business to gain more success and development(Laudano, 2018). Leading the means for assortment-It is more vital for the business to promote the diverse nature with that have worked with the people that belongs from different place, religion etc. It make easier for the company while making suitable interaction with the customers. 6
Meeting communal reason-It is the effective way to fulfil the requirement of the society and it helps to gain more success and with this the company has analyse the market trend and make the changes accordingly. Local enhancement-The SME has improvise the local development as well by fulfilling the demand of local areas by which the initial level development willget proceeded that bring more success and development. TASK 3 P5 Determine the characteristic, trait and skill of entrepreneurs that differentiate them from manager The entrepreneur get differentiate themselves from the other in terms of skills, traits, characteristic and that are as describe below as: Characteristic-It basically reflects the different quality and ability that helps to make the easiest path so as to gain success. Trait-It is based on the genetics of an individual as like mindset, learning ability, confidence etc that helps to work with effectiveness(Lumpkin, 2018). Skill-It is referred to the capability of an individual that get develops by taking more experience and get enhance with the increases of knowledge. Difference between an entrepreneur and business manager The entrepreneur and business manager approach of working is more different the business manager have assign the task to other and assist to get complete that on timely basis whereas an entrepreneur control both the profit and loss by themselves and have take the decision by their own whereas the manager have take the decision while taking the permission from the higher authority. Trait and skills of an entrepreneur Traits Brawny self-belief- An entrepreneur has the belief in them and as per that have makes continuous working so as to complete their own task in timely basis. 7
Resolutionorient-Theentrepreneurhasworkedtogainthebettercompetitive advantage and with this have made the different solution as per their own knowledge and try to get over from all the conditions(Mafundu, 2019). Pioneering-The entrepreneur has the collective approach and with as per the need and demand of condition make the adequate changes and innovation that helps to gain the sustained outcomes while making strong market image as well. Estimate risk stealer- It is needed that all the risk must get reduces as it resist the performance and productivity of the business and in this the entrepreneur ensure that all the task and activities get performed with more satisfaction and helps to aid effective profit generation. Skills Leadership-It is the skillsthat is more appropriate as in this an entrepreneur lead all the team member and provide the direction by which the standardised outcome get conceived within the timely basis and with this satisfactorily output has been taken (Østergaard, 2018). Listening- It is more needed so as to make the better understanding of the different people and have collect all the information and then after that the constructive thinking get proceeded that assist to make successful decision making. Communication skill- It is the skill that is more required as it helps to transfer the certain information in the market and to the employee by which transparency and clarity get induces that emphasis the probability of success and growth. Traits and skill that make difference between entrepreneur and manager Trait Strong self-belief- The entrepreneur his the one that takes all the decision by their own and didn’t accept any one interference while the business manager has work with more adequacies and have follows the procedure so as to accomplish the task. Risk taker- The entrepreneur has take more risk as they have taken all the responsibility by themselves thus have responsible for both success and failure. But the business manager is the one that has the responsibility to manage the risk but has no impact on an individual success and failure. Skill 8
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Leadership- The entrepreneur is the one that has perform the different operation by its won and have manage the entire situation while the manager ha uses the leadership styles as per the situation and consequences. Communication- The business manager has provide the target that get achieve by the employee whereas the entrepreneur has make the validate connection with the employee and motivate them by which they have work with more competence(Satar, 2019). P6 Asses how aspect of the entrepreneurial personality reflect motivation and mindset Theentrepreneurialmotivationisbasedontheskills,ability,attribute,behaviour, characteristic and its personality and that all collectively makes the positive change within the workings standard. An entrepreneur has worked with more reliance and has always be more motivated and focused towards the better achievement of goals and objectives. Characteristic trait that reflect entrepreneur mindset Entrepreneur has always work with more clearance and have focused to fulfil the customer satisfaction by implying the better transformation of the ideas in the actuality with that provides the job opportunity, contribution in the economy and GDP enhancement. They have induced needed innovation and creation as from which have fulfil the need of the marketplace as below are some characteristic that are as defined below as: Optimistic approach-An entrepreneur has always work to provide the affordable access of different services that helps to get over with the corporate surround and help to make more changes. Imaginative mindset-The entrepreneur has engage with better creativeness and that is by justifying their ideas into the actual basis and make the better production that improvise the different offered services(Turner, 2018). Example of motivational drivers Need for independence- The entrepreneur has the adequate set of skills and with this have worked alone by making the selective transformation as per the requirement and demand of marketplace. Need to control- There are many business that are already working in the market and with this theentrepreneur hasmake the adequatecontrol of the operationaland functional probability that helps to get suitable control on the management which govern the long term sustainability. 9
Need for achievement- It is more needed that the certain achievement get accomplished within the timely manner as it is the basic motivation if an entrepreneur get success then they further make supportive changes with more confidence and lead efficient outcomes. Need for wealth creation- It is more related to the development of capital and asset that helps to make the suitable investment in easiest manner by which effective success and development get drives on continuous basis. Need for innovation- It is essential so as to stay in the market for longer period of time as with this the effectual innovation get implemented that improvise the standard of the services that are served by an entrepreneur(Welter, 2019). TASK 4 P7 Examine how background and experience can foster and hinder entrepreneurship The entrepreneur has worked to gain the repetitive success and growth in their individual life and that is more based on the background and experience that get both hinder and foster entrepreneurship. JK Rowling Background:JoanneRowlingistheBritishauthor,screenwriter,producer,and philanthropist and was born in 1965 at 31 July and a daughter of a science technician and an aircraft engineer. She has completed her basic education from St Michael’s primary school and from their get the idea about the harry potter story and she is the one that always takes part in all the activities that was conducted by the school and she is the head girl as well. She has completed her graduation in French and from there she learns to always do what is needed and important. Experience: J.K Rowling born has an experience while working as a researcher in Amnesty International and at that time she has think more about the Harry potter while getting late to pick the train from Manchester to London(Avevor, 2016). She is a tough lady as has gone through with more challenges as her mother died as when she is young and after born of child she get divorced after that she has worked on Harry Potter and become a millionaire. Richard Branson Background: He is a British business magnate, investor, author and former philanthropist and was born in 1950. He has worked as the ballet dancer and always been a air hostess too 10
while belong from the lower then middle class background with this he is not much good in academic but have a creative mind thus his teacher acknowledge that and believe that he become a millionaire either a prison. He has an interest towards entrepreneurship as his mother is an entrepreneur and sells the tissue box made of wooden. Experience: He is the founder of Virgin Group and has control the 400 companies under that name with this being a magnate, author etc have huge knowledge and start focusing towards entrepreneurship at the age of 16 and after that have manage the chain services with the name of Virgin Megastores. Richard Branson andJK Rowlingboth gain the better heights in their life and with this have gain more success as well and that all is by facing the continuous barrier and issues in their life but always remain focused about the achievements. 11
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CONCLUSION It has been concluded from the above discussion that the entrepreneurial and small business has the major impact on the improvisation of the different product and services with that satisfy the need of the customer that raises the living standard of the society and make the certain changes with more perfection. In this the entrepreneur business have also provided the employmentto the large number of customer with thatthere are the differenttypes of entrepreneur business that support the betterment of society. In addition there are different kinds of motivation that hinder and foster the mindset of an entrepreneur. 12
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Turner, T. and Gianiodis, P., 2018. Entrepreneurship unleashed: Understanding entrepreneurial education outside of the business school.Journal of Small Business Management,56(1), pp.131-149. Welter, F., Baker, T. and Wirsching, K., 2019. Three waves and counting: the rising tide of contextualization in entrepreneurship research.Small Business Economics,52(2), pp.319- 330. Online The Role of Start-ups and Small Businesses in Today’s Economy.2018.[Online]. Available through:<https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-medium- businesses-in-the-uk>. 14