Table of Contents INTRODUCTION...........................................................................................................................3 TASK 1............................................................................................................................................4 P1:TypesofEntrepreneurialVenturesandtheirrelationwiththetypologyof Entrepreneurship.........................................................................................................................4 P2.Similarities and Differences between entrepreneurial ventures.............................................4 TASK 2............................................................................................................................................6 P3.Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy...............................................................................................................6 P4.Importance of small businesses and business start-ups to the growth of the social economy. .....................................................................................................................................................6 TASK 3............................................................................................................................................6 P5: Characteristic Traits and Skills of Successful Entrepreneurs that differentiate them from business managers.......................................................................................................................6 P6: Aspects Of Entrepreneurial Personality Reflect Entrepreneurial Motivation And Mindset. .....................................................................................................................................................6 TASK 4............................................................................................................................................8 P7: Background and Experience can hinder or foster Entrepreneurship....................................8 CONCLUSION................................................................................................................................9 REFERENCES..............................................................................................................................10
INTRODUCTION Entrepreneurship refers to procedure of creating new business idea and implementing it effectively for developing business that provides value to all. Entrepreneur is the one who owns capability of managing work at their own level and also converts it into successful business. Entrepreneurs often starts work with small scale and later convert it into a good business with the attainment of goals and objectives(Ahmad, 2015). The current project provides knowledge on different types of entrepreneurs along with their respective typologies. At next, it provides brief description about similarities and differences between entrepreneur ventures. Also, impact of small scale businesses on economy will going to be explored. Assessment of key aspects of entrepreneurial mindset will also be addressed in project. At last, several environmental factors which hinders or foster entrepreneurship will going to examined effectively. TASK 1 P1: Types of Entrepreneurial Ventures and their relation with the typology of Entrepreneurship Entrepreneurship refers to activity of establishing a company with the acceptance of all risks and profits associated with it. Entrepreneur basically initiates its business with an effective idea and willing accepts its risks for gaining monetary benefits. There are different types of entrepreneurial ventures completely depends upon scale are described as below:ο·Small Scale Enterprise: These businesses are mainly operated by single proprietor who works for managing their basic expenses. In this type of venture, business is basically operated by two or more workers. Here, entrepreneur often chooses to their family member or relatives in order to execute business work. Some main example of these kind of enterprises are carpenters, grocery stores, street shop owners, brokers etc.ο·Large Scale Enterprise: This type of entrepreneurial venture includes those business enterprises in which numerous of business activities are operated at single time. These ventures have developed various kind of job opportunities for people. In this, main aid of enterprises is to bring more innovations in their products andservices for motive of
has been analysed that there are some similarities along with differences within them(Belz and Binder, 2017). Some of these includes small scale, large scale, scalable, social, researcher enterprises and many more. Difference:- Small scale enterpriseScalable enterprise ο·It has been define that start up business is introduced by using someone else idea which is generally stolen by some other person business method. ο·Itisthetypeofbusinesswhichis established with the motive of earning money and to fulfil the requirements of their family members. ο·In case of scalable business, it has been define that the idea of such business are totally new which is introduced for the first time at marketplace. ο·Main reason behind establishing such typeofbusinessentityistobring innovativeproductswithinthe marketplace. LargescaleenterpriseSocialenterprise ο·Thesearethebusinessorganisation mainlyworkingonalargescale platformwitharound250staff members.Their primary purpose is to earnprofitabilityatthemarketplace withoutcontributinginthe development of the country as well as of the society. ο·On the other hand, it has been identified that social enterprises are established for the purpose to contribute their share themarketplace.Theirmainmotive behind this is to generate employment opportunities so that they can improve thelivingstandardofindividual (Bryson and Daniels, 2015). Start-upsenterpriseLargescaleenterprise
ο·Itisdefineassmallbusiness organisation with less than 10 people working in it. There motive is to earn money and to bring innovation at the marketplace. In case of large scale business, there are more employeesthanstartupbusiness.Itsmain purpose is to generate more revenue by selling there goods and services.
Similarities-: Apart from differences there are various similarities available in the above mentioned entrepreneurial venture which includes large scale, small scale as well as social enterprises which are as follows:- ο·All these three organisation exist for the main motive of earning money. It is the basic reason behind their existence and to contribute there sharein order to raise the living standard of individuals(Burrows, 2015). ο·Apart from this, another similarities is that they all generate employment opportunities at the marketplace so that they can enhance the economic system of the country. ο·In addition to this, all the three organisations exist with the motive to satisfy the requirements and demands of customers by providing them high quality products. TASK 2 P3.Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy The classification of organisations have been done in different types basically the discussion in this part will be made about micro, small, medium enterprises. The SMEs in UK has contributed an important part in developing the economy and has also covered 60% percent of total private sector employment. In the innovation and development, the contribution of these organisation is also crucial as not only they had improved the innovation processes but also has contributed in driving job opportunities for people to a different level. Importanceofmicro,smallandmediumorganisationsinaspectofUnited Kingdom's economy : These small, medium and micro organisations are too crucial in the aspect of UK economy. It is on the grounds that, these associations are approximately 99 % of all out firms in UK just as around 60 % of work is given by these firms in private area. In the thought of job of these business substances independently, it very well may be discover that 48 % of work is given by private venture undertakings while 12 % of work is offered by medium association. Including this, it is said that about 99.3 % business units are led by these substances in UK. Subsequently, it tends to be discover that job of these associations is fundamental with regards to economy of United Kingdom. 7
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However,theimpactofBrexithasalsobeencreatedontheworkingofthese organisations in a negative way but with the passing of time, the condition and economy is also stabilising(Cumming and Zahra, 2016). The businesses which are covered here are private, sole proprietorship, partnership that are commonly found in SMEs. Additionally, the two third of SMEs has scaled back plans for their future capital investment and growth in the year 2020, on the other hand, there are also some companies which are making their focus on the exporting their sales over the same period of time. The impact of Brexit was severe on the working of Small and Medium Organisations and some of the organisations has also received help from the Scottish Government for an amount of Β£4,000. Further, support has also been provided by the Barclays Bank so that it could become possible for them to cope with the uncertainty situations. P4.Importance of small businesses and business start-ups to the growth of the social economy. Brexit is being considered as a deal, which consists with an agreement of withdrawal of United Kingdom from European Union, where UK got evicted considering the votes 52% (Won) to 48%. Basically, this referendum which took place was effectively high in nature around 72% and around 17.4 million individuals has opted Brexit and voted out UK. This has impacted in both negative and positive manner on both SMEs and start-ups as well(Fayolle, Verzat and Wapshott,2016). In present context, there are a range of factors that has affected and these are mentioned underneath: ο·Employmentgeneration- If it is talked about opportunities for both SMEs and Start-Ups of United Kingdom has raised employment opportunities, because this nation's economy turned out to become open where, any individual could come and perform job. This has helped in enhancing the profit margins of small, micro enterprises and start ups as well through providing them with ample number of opportunities to staff members. ο·Developingpersonalrelationship- Due to Brexit, relationship between employees that belongs to another nation and staff members that were belongs to the same country have gone disturbed. Therefore, this could be considered as one of the major threat that came in front due to Brexit. Basically, both SMEs and Start-ups were dealing with this issue, where conflict among both the individuals impacted negatively upon objectives and goals as well. 8
TASK 3 P5: Characteristic Traits and Skills of Successful Entrepreneurs that differentiate them from business managers In present time, it has been analysed that a successful entrepreneur can be considered as an individual, who takes different types of risks like financial, resources and more in order to build a business idea realistic and profitable as well, that could help him or her in earning rightful profit margins(Ahmad, 2015). Including this, it can also be said that successful leader mainly do not limit upon different range of earnings, that are linked with profits as he or she already knows that the earned money will only help him or her in making double of it. On the other hand, there are a range of activities like motivating employees, effective decision making, risk management, developing and taking in use of innovative approach and so on, which may aid successful entrepreneurs and it also differentiate an individual with other person. In present context, there are two entrepreneurs that are successful in nature and these are JeffBezos and Mark Zuckerberg as well. If it is talked about Jeff Bezos, then he is one of the famous and successful entrepreneur of America, as he is the founder of Amazon and dealing among different range of services as well, which has found an all new level of merchandising products and services. Before Amazon, Jeff Bezos was leading a successful job, earning a hefty amount but his passion has made him start with a successful business idea. On the other hand, Mark Zuckerberg is also one of successful American entrepreneur who has found Facebook and since then, he manages the company as an owner and as chief executive officer as well. Along with this, Facebook has been one of the crucial website or being considered as an effective online social media and social networking site ranking among the world's best four sites all over world(Audretsch and Caiazza, 2016). New approach of connectivity and innovation are the two factors that led Mark Zuckerberg in making his business much more successful in nature at international market. The key traits and skills observed in Mark Zuckerberg and Jeff Bezos are: Mark ZuckerbergJeff Bezos TraitsInnovation:The thoughts executed by Mark Zuckerberg were very inventive Innovation:The normal attribute between both the pioneers is their innovativeness. 9
andnoteverutilizedwhich grandstands his imagination. FeedbackApproach:Ifitistalked about,MarkZuckerberghas consideredfaithwhiletakinginputs and work as per the proposal given so as to develop more. The items and administrations offered by them is very extraordinary and inventive. Experimentalist: Jeff Bezos has faith in trialsasopposedtomakingsomething whichasofnowexists.Hegenerally centre around trying different things with new things. SkillsMotivator:MarkZuckerberghas consideredmotivationasit'sbest approach which helps him in meeting all the requirements of staff members. Communication:MarkZuckerberg feelthekeytosuccessiseffective communication only. Focused:JeffBezosinpresenttime considered focuses on every single detail among and try to create the best out of it. Mindfulness: Jeff Bezos knows how to handle criticism as he feels it is a stepping stone for success. Characteris tics Team-Player:Basically,Markin present time and over the years focuses and has a particular characteristic i.e. team playing and this is because, Mark has believed in taking the particular team much more forward rather then attaining specific goals that could help him in raising profit margins of the company. Problem Solving:Including this, this canalsobeconsideredasa characteristic of Mark where he takes decisions after considering thoughts of others. Risk-taker:JeffBezoshasneverever changed his mind and keep on believing in taking risks(Galloway, Kapasi and Sang, 2015). Leadership: Basically, Jeff has been one ofthesuccessfulleaderandhere,the reason i.e. he has been a goal achiever over the years. 10
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Along with this, if it is talked about differences among successful entrepreneurs along with the managers of businesses then these are presented underneath: BasisSuccessful EntrepreneursBusiness Managers FocusBasically,successfulentrepreneurs looksforwardtobuildsustainability among the new start up that they have taken into consideration. In other hand, business managers are said to be the operators who manages the overall work. StatusOwner of business organisation.BusinessManagercarriesa designation within a company. MotivationMotivatesindividualtomakethe organisation much more successful in natureandtogaincompetitive advantages as well. Manages the work through, offering differentrangeofcompensationto employees as motivational approach. P6: Aspects Of Entrepreneurial Personality Reflect Entrepreneurial Motivation And Mindset. In this report, two entrepreneurs have been chosen in order to complete the whole project in an effective manner. The aspects of entrepreneurial personality help in reflecting mindset as well as motivation of these two successful entrepreneurs. OCEAN model is used in this, to understand the personality of Jeff Bezos Mark and Zuckerberg(Hoogendoorn, 2016). OCEAN Model It refers to the model which consider majorly fivekinds of personality traits which mainly assist in examining the responsibilities which is allotted to the individuals. All these five areas are going to be discussed as follows: 11
(Source- Ocean Model, 2019) Openness:It refers to the firstelement which basically states the level of creativity which is in build within the individual. It has been suggested that there are large number of goods and services which is established by both the entrepreneurs by developing in the form of art as well as curiosity. In this aspect both Mark Zuckerberg and Jeff Bezos ranked high. Conscientiousness:In the second element which has been suggested that there must be organized skills with the help of which entrepreneurs organise all the work which is allotted by them to there staff members(Kassean and et. al., 2015). In the present context, it has been identified that both Mark Zuckerberg as well asJeff Bezos are very well organizedand well managed and they both expect the same thing from their staff. Extraversion:It is the element which defines as the vitality of entrepreneurs in order to connect with others. According to this, it can be analysed that whether the person is introvert or extrovert in nature. In the context of Mark Zuckerberg and Jeff Bezos both the entrepreneurs termed as introvert as both take time in order to connect with others. Agreeableness:It refers to the person's ability totrust an individual easily.It define as the time taken by individual in order to trust or connect with the people in a stipulated time frame. Both Jeff Bezos and Mark Zuckerberg are introvert in nature and ranked high in this element. 12 Illustration1: ocean model, 2019
Neuroticism:It includes the emotional stability of an individual person in the context of anxiety and depression. In this case, Jeff Bezos ranked very low as he is helpful by nature and they easily communicate with this employees(Petkovska, 2015). Same things goes with Mark Zuckerberg. TASK 4 P7: Background and Experience can hinder or foster Entrepreneurship There are ample number of instances which can assist in identifying the importance of experience and background of an individual in order to hinder or foster the career or future. Various incidence occur in a life of an individual which can either help in making a person successful or can destroy their future. In the present context, it has been identified that bothJeff Bezos and Mark Zuckerberghave positive impact which will help them in their future. Some of these elements are as follows:ο·Education level:It has been analysed that education plays very essential role in order to enhance the person's capabilities and knowledge. It is said that with the help of enough knowledge on a specific topic assist in performthe work effectively(Ramadaniand e. al., 2017). In the present context of Jeff Bezos, he is a student in the field of IT sector which helped him in order to develop an effective business on a large scale. This is the factor which help them in order to foster their life and become a successful entrepreneur. ο·Nationality as well as Culture:It is analysed that nation as well culture bothplays very crucial as well asessential role in order to develop the mindset of an individual. In the present context of Mark Zuckerberg, he is the person who was born up in America. Along with this, he is very well known and is famous for their activities and support within the region wherethey lived. He is very well aware about the available resources and use it for the right purpose and produce positive outcome(Rauch and Hulsink, 2015). All the above mentioned elements plays very important role in order to establish the style, behaviour as well as influence there personalitiesto get successful entrepreneurs. CONCLUSION On the basis of above described report, it is concluded that entrepreneurial ventures are many types but their common business motive is to gain monetary benefit by making their business successful. They also supports 8in the economic development of nation. They also 13
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bringsnumerousofinnovationinthesocietyformaintaining5tehircustomerbaseat marketplace. Risk taking and patience are identified as two main skills of entrepreneur that ultimatelymakesthemsuccessfulandalsodifferentiatethemselvesfromotherbusiness managers. These skills and traits also leads to business growth. Apart from this, it has also been identified that background and past experience of individuals also influences them to become an entrepreneur so that they can bring change in the society and also grow economic condition of their nation. 14
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