Entrepreneurship: Business Types, Skills and Strategies Report

This report delves into the multifaceted world of entrepreneurship, examining various business types like lifestyle firms, growth firms, micro, small, and medium-sized organizations, and social enterprises. It explores the origins of entrepreneurial ideas, emphasizing creativity and innovation, and o...Read More

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Table of contents
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
Scoping and defining Entrepreneurship.......................................................................................3
The typology of entrepreneurship................................................................................................3
Social enterprise...........................................................................................................................4
LO2..................................................................................................................................................5
Where entrepreneurial ideas come from......................................................................................5
Importance and role of small firms..............................................................................................5
interpersonal aspect of entrepreneurship.....................................................................................6
LO3..................................................................................................................................................7
Entrepreneurial characteristics and mind-set...............................................................................7
Skill set of entrepreneurs.............................................................................................................8
Personal entrepreneurial tendency...............................................................................................9
LO4..................................................................................................................................................9
Factors that influence the decision to start a business with example of successful entrepreneur
.....................................................................................................................................................9
The Risk can reward of business start-up..................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
An entrepreneur is an person who create their own business, they take most of the risk within the
business an injury all the rewards. the process run by the entrepreneur to set up their own
businesses known as entrepreneurship where they put on capital in the business to make it
successful.
This report will examine the different type of entrepreneurial venture and explain how they are
related to the typology of entrepreneurship. it will explore the similarities and differences
between the independent adventure. This report will interpret an assist the statistics and relevant
data to the micro and small business impact on the economy and explain the importance of font
businesses start off Cindy growth of social economy. it will also determine the characteristics
and skills of this accessible entrepreneurs and how they are different from the managers an
access the aspect of entrepreneurial personality reflect entrepreneurial motivation and mind-set.
in the end of this report will provide a comparison of two successful entrepreneurs from the
United Kingdom and explain their experiences can Haier or foster entrepreneurship.
LO1
Scoping and defining Entrepreneurship
 Entrepreneurship is the ability and the reediness to develop , Organise and run the
business enterprise along with any of its uncertainties in order to make profits. The most
promised an example of the entrepreneurship is the setting on business by voting on
capital. a person always start with their own business by putting their own capital to earn
maximum profits so they can be a successful entrepreneur and they can achieve high
level in the business world. and opinions take risk and put their money on different
product and services that can help to satisfy the customer needs and demand and they can
be a successful entrepreneur (Obschonka. and Audretsch., 2019).
 A entrepreneur is the person who continuously come up with the innovative new ideas.
as opposed to a typical entrepreneur who will often came up with the new single idea to
start a their own company than see it through play an important role in the day today
functional offset company. on the other side serial entrepreneurs come up with regular
new innovative ideas to start their business an oppose the typical entrepreneur. While
managers are totally different from both entrepreneur and serial entrepreneurs. Managers
work for the company that is owned by entrepreneur and Serial entrepreneur. They are
totally different than they get paid for their work.
The typology of entrepreneurship
Lifestyle firms & growth firms
Lifestyle forms are the businesses that provide with their own owners our owner about unity to
pursue a particular lifestyle and earn through their lifestyle. There are various things that can
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include within the lifestyle businesses like tour guides, loggers an golf pros are best example of
lifestyle firms. What did I say growth forms are considered at the we allowed arties adapted track
record of growth. they are often the subject of active debate between bulls and bears who
disagree with the sustainability of the performance of company. Their growth typically refers to
the financial metrics such as valuable share and revenue.
Roles and characteristics of Micro small and medium sized organisations.
Microbusinesses
Micro businesses are typically a microbusiness that can have employees fewer than the 10. They
have very important role in the economy to provide employment in local level and often function
as sole proprietorship an earned less than $250000 Annually. The characteristics of this kind of
business areas that it is helpful for the society to provide product and services nearby their area
so people don't need to move so long (Kraus., and et.al., 2018).
Small businesses
Small businesses are also a privately owned partnership, individual ownership or the
corporations that can have more than 10 employees with less annual revenue. Small businesses
had huge contribution in the economy of United Kingdom where they provide huge employment
and taxes paid by them are benefited to the general public. people who are without skills can
also get job in this kind of small businesses and they can get employed. there are very less capital
required to start the small businesses for the entrepreneurs an it can have higher scopes and
benefited the employer.
Medium businesses
Medium sized businesses can be defined as the Companies Act 2006 as the business with 250
implies or less or less than that. they can be a family owned and managed by the whole family
business. they operate their business on the state level where they sell their product and services
all over the state. and satisfy customers needs and demand. the characteristics of medium
businesses are that they can grow effectively and there are higher chances to convert into large
business and they can also globalise their business effectively and take competitive advantages.
Social enterprise
I social enterprise can be defined as the business that has particular objective that the serve on its
primary purpose. social enterprise seek to maximise the companies profits while maximising
benefits to the society and the environment. their profits are principally used to find the social
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programmes and there they are more focused toward the helping society. All the NGOs and
small social enterprises are covered within it. the entrepreneurs who start the business have em
too spread welfare within the society and help people to overcome their problems.
Social entrepreneur
Social entrepreneur are the people who but you are novel application that has the potential to
solve the problems of the society. Those people are willing to take on the risk and efforts to
create positive changes within the society and help people who are suffering from any kind of
issue, poverty, or health problem (Richter., and etc.al, 2017). This kind of entrepreneurs Are
willing to help people an ending beginning of their business they started helping people with
their own money and with the time they get support and funds from the financial institutions,
NGOs and general public so they can continuously help people in their area and provide them
care for their well being.
LO2
Where entrepreneurial ideas come from
Creativity is the ability of the person that helps to define the tendency and generate or recognise
the new ideas, possibilities an alternative that may be useful to solve any particular question,
communicating with others an entertaining themselves and others. on the other side innovation Is
the creation, implementation and development of new product, services and process with the aim
of improving companies efficiency and company can take competitive advantages within the
market where they are operating their business.
Sources of generating business idea
There are various ways to generate a better ideas for the business and some of them are think like
an artist to think out of the box. it can be a effective idea that can help them entrepreneur to get
new ideas and innovation. trust all the others can also be a good source of getting new ideas.
sometimes people who are daily with us can also give us a good ideas for the our business and it
can be a useful an effective (Ibidunni, Peter, and Ogbari., 2017). Relations, it is necessary for
the enter pin or to create a good relation with their employees and communicate with them
regularly about their mind-set an ideas so they can openly give new ideas and opinions.
Strategies to protect intellectual property rights
There are some strategies that can be helpful for the businesses to protect their intellectual
property rights. Patent, copyright’s, logo and many more are legal strategies a lot that can help
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too protect businesses to protect their intellectual property rights another cannot adopted there
business ideas without their permission. it is necessary for the interpreters to have intellectual
property rights so they can save their idea to steal by someone else
Importance and role of small firms
Type of small firms and their contribution to economy at the national regional and local
level
There are various type of small business that can covered partnership where two or more than
two partners can low business legally and they all together share prophets an also put capital in
the business. Corporation which is an illegal entity that is separated from its owner. Corporate
owns and enjoy most of the responsibilities and rights that individual process. they can enter into
the contracts, loan an borrow money, hire employees and pay taxes as well. Sole proprietorship
in which individual Person open their own business by putting their own capital. A person who
take sold property ship legal rights can responsible all the risk within the business and they will
also enjoy all profit.
Small business have contribution on the UK economy Anne according to the data 99% of the
business population are small businesses and 3/5 of the employment an around half of the
turnover in UK private sector is covered by the small businesses. on the national level they are
providing huge employment that is covered around 16.8 million which is huge number for the
UK on the national level on the regional level they are paying taxes which is used by the state
government for the improvement of infrastructure for the general public (Nyadu-Addo and
Mensah., 2018). Local small businesses provide product and services in their local areas so
customers do not have to go to the city areas and they can get easily product and services in their
local areas.
Factors that may consider
In the year 2019 total employment by the small businesses was around 16.6 million was their
turnover was estimated around 2.2 trillion which is 52%. employment in the small business was
around 13.2 million which is 48% of all UK and turn over 1.5 trillion. it is rapidly growing and
small businesses can cover employs around less than 250. small businesses always come up with
the new innovative ideas an sustainability help companies to take competitive advantages within
the market where their operating their business.
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interpersonal aspect of entrepreneurship
International differences has huge impact on the business Start ups. It’s hard for the new
business setups too attract customers effectively but international brands are easily attract
customers because they are already having a good reputation within the market and customers
can't rest on them. On the other side new businesses are considered according to the customers
needs when people need something cheap then they go for the small businesses and when they
are looking for something good material or internationally then they go to the big brands. 10
employees with less annual revenue. Small businesses had huge contribution in the economy of
United Kingdom where they provide huge employment and taxes paid by them are benefited to
the general public. people who are without skills can also get job in this kind of small businesses
and they can get employed. there are very less capital required to start the small businesses for
the entrepreneurs an it can have higher scopes and benefited the employer.
LO3
Entrepreneurial characteristics and mind-set
Personal characteristics and threats of the small business owners and entrepreneurs
There are some characteristics why didn’t they entrepreneurs and small business owners that
helped them too be creative in their business and they are able to come up with the new ideas
that can help to satisfy customers needs. The CEO of EG solutions Elizabeth Gooch Which is 7th
most successful female in Dominion UK Anne come under the 25% of the top entrepreneurs list
of woman entertain us also have some characteristics and skills that are mentioned below (Si.,
Ahlstrom, Wei and Cullen, 2020).
Creativity
Reactivity Indian terminals is necessary becausr without having a creative ideas and business
ideas they cannot achieve success in their business. It is necessary for entrepreneurs to be
successful in their business they have do things something different and out of the box so they
can create something unique that can help to add value in customers life.
Motivate
It is necessary for the small business owners and entrepreneurs to have motivational skills so
they can motivate them self also an other as well who are working with them. if entrepreneur
having a motivational skills then they can easily motivate the employees and it is also necessary
for them to motivate themselves as well.
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Vision
Elizabeth started This company with a vision and it is also necessary for the both small and big
entrepreneurs to have a vision for their business so they can make their call employees
understand what they need to achieve and how they are going to achieve (Bock, A.J. and George,
G., 2017). Vision creates a future picture where company want to see themselves and according
to them they create objectives.
Argument related to the characteristics of in terminals such are entrepreneurs born or
mad
Some of people believe that entrepreneur are born naturally or some of them believe that they are
mad by themselves. Both the argument are equally contributed in the success of an entertainer,
some of the people who are having a good money are the family belong to the business can
naturally become entrepreneur and they have something to do in their life. they are observing
from the childhood about business so they know how business works. on the other side most of
the businesses man are mad by themselves because they come up with the idea they find a source
who can finance on them and they can achieve success in their life by using their own skills and
abilities.
Characteristics do we learn an adopted by anyone
All the characteristics like creativity motivational skills, innovative ideas need to be adopted by
the other entrepreneurs who want to be successful. they need to adopt how the other
entrepreneurs use their skills to come up with the new creative ideas to be successful within their
business and they can achieve success in their business.
Skill set of entrepreneurs
Interveners have some interpersonal skills that help them to be effective leader and they use
those skills too create a new ideas and no vision within their product and services so they can be
successful. Here are some of the skills within the entrepreneur that need to be adopted by people
who want to be entrepreneur in their life.
Communication skills
Communication skills are important for the entrepreneurs because it helps to make them
professional in their work and they can effectively guide employees through their
communication skills and provide them a right way to do the work for the company (Fairlie, and
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Fossen., 2018). In the initial day communication is helpful to get the funds from the market
because it's a skill to get confidence of the others.
Critical thinking
It is necessary for the people to have critical thinking skills to become a successful entrepreneur
so they can solve the issues they are facing by thinking critically. It also provides a clear view of
problem they are facing and they can take competitive advantages and their business can be
successful. It also make them do something different from the others my critical thinking.
Decision-making skills
Decision-making skills are also important for the people to become a successful entrepreneur
becausr without having ability to take risk related decision entrepreneur cannot be successful.
Risk taker
It is necessary for the entrance to take risk in their business so and most of the enter pronounce
like Elizabeth also take risking their life an early age she was able to become a successful
entrepreneur in their life and sure the presence effectively
Personal entrepreneurial tendency
There are some personal characteristics like interpersonal skills that helps entrepreneurs to miss
successful in there work similarly Elizabeth was also having some creative skills that help them
to be successful in their work and She was able to Open her own business (Shadibekova., 2020).
Some of the situation factor like family support, investors it is he can also help the and opinions
to be successful similarly and the situation of Elizabeth she get support from her family in just 18
years of age. some of the cultural differences and personal motivation drivers also help enable
love entrepreneurship in a person By using them they can motivate themselves and cultural
differences also make them understand to make something different for the culture so people can
use it and they can have some benefits of it.
LO4
Factors that influence the decision to start a business with example of successful entrepreneur
There are some factors that influence on the business start ups it can cover a business model, it
can be a imperative to gain the attention of investors who want to invest their money in a idea
that have something new (Al Omoush and et.al., 2018). The business model of top performing
start-up’s clearly reflect their idea and vision within the business to generate value for the
customers while ensuring the profits. Capita- l capital base important role In start up of new
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businesses. You start a new business it is necessary for the businessman to have enough capital
that they can expand to start their own business. Marketing- Marketing and play essential role
in the growth of new business start ups it can provide a good growth by making people aware
about the product and services provided by the new business venture.
Example of to successful entrepreneur
Elizabeth Gooch
There are various entrepreneurs in United Kingdom who have provided huge employment and
take huge growth in the market and they come in the list of top 30 entrepreneur in the United
Kingdom. Elizabeth is one of damn who is the CEO of eg solutions. According to the reports of
2006 she’s the seventh most successful female integra in the UK an come in the 25% top
entrepreneurs list. in the early days in the age of 18 she started working and after the 12 month
she left her job and start their own business. she borrowed the £1000 from family friends and
credit card. In just one years their company easy solutions reach £600,000 of turnover. strategies
help this organisation to effectively.
Sir Richard Branson
Richard Branson is UK based investor and taxes were entrepreneur who have founded the Virgin
group that control over 400 companies in different fields. Richard is top successful entrepreneur
and United Kingdom. Richard was self made billionaire food drop out from the school when he
was just a 16 year old. He was having interesting studies Anne branson’s first exposure to the
business world was a Mail order catalogue the magazine helps grandsons to make a quick Buck.
Branson would sell adds to the local business and meal records to student who purchase the
magazine. this serves as the perfect launching pad of branch and to make name of himself in the
business world. He started with the Virgin record business that was for recording labels and
studio. some of the top artist sign with the label and in the age of 23 he become billionaire. The
time we have also open the new businesses like Virgin airlines who are helping the entrepreneur
to grow more effectively they also have travelling companies and various things that make the
Virgin group effective.
The Risk can reward of business start-up
potential reward of business start ups
taking a risk in the new business start ups can have the potential reward for the businessman. if
the new idea get successful in the market than businessmen can earn a huge profit and they can
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also expand their business effectively within the market. It is necessary for the businessman to
have a good idea and skill knowledge so they can gain those potential rewards and their new
business start-up can be successful and add value in customers life (Jena., 2020).
Risk and uncertainty
In the new business there are various risk announcer ditty that can be happened and affect the
motivation of entertainer. one of the potential risk that affect the new business start ups is
business failure. there are various reason that can impact the business and business can be failed
and it is a risk of losing all the capital within the new business. to mitigate the risk it is necessary
for the business owner too take help of investment or they can also take insurance to save
themselves.
CONCLUSION
As per the report has been examined the different type of entrepreneurial venture and explain
how they are related to the typology of entrepreneurship. it has been explored the similarities
and differences between the independent adventure. This report has been interpreted an assist
the statistics and relevant data to the micro and small business impact on the economy and
explain the importance of font businesses start off Cindy growth of social economy. it also has
been determined the characteristics and skills of this accessible entrepreneurs and how they are
different from the managers an access the aspect of entrepreneurial personality reflect
entrepreneurial motivation and mind-set. in the end of this report has been provided a
comparison of two successful entrepreneurs from the United Kingdom and explain their
experiences can Haier or foster entrepreneurship.
REFERENCES
Books and journals
Obschonka, M. and Audretsch, D. B., 2019. Artificial intelligence and big data in
entrepreneurship: a new era has begun. Small Business Economics. pp.1-11.
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Kraus, S., and et.al., 2018. Digital entrepreneurship: a research agenda on new business models
for the twenty-first century. International Journal of Entrepreneurial Behavior & Research.
Richter, C., and etc.al, 2017. Digital entrepreneurship: Innovative business models for the
sharing economy. Creativity and Innovation .(3). pp.300-310.
Ibidunni, A.S., Peter, F. and Ogbari, M., 2017. ENTREPRENEURSHIP EDUCATOR'S
COMPETENCEON UNIVERSITY STUDENTS’COMMITMENT TO LEARNING AND
BUSINESS PLAN WRITING. Academy of Strategic Management Journal. 16(2). pp.1-10.
Nyadu-Addo, R. and Mensah, M. S. B., 2018. Entrepreneurship education in Ghana–the case of
the KNUST entrepreneurship clinic. Journal of small business and enterprise development.
Si, S., Ahlstrom, D., Wei, J. and Cullen, J., 2020. Business, entrepreneurship and innovation
toward poverty reduction.
Bock, A.J. and George, G., 2017. The Business Model Book: Design, build and adapt business
ideas that drive business growth. Pearson UK.
Fairlie, R. W. and Fossen, F. M., 2018. Opportunity versus necessity entrepreneurship: Two
components of business creation.
Shadibekova, D., 2020. Shadibekova Dildor, Nosirova Na Prospective Development Analysis of
Small Business and Entrepreneurship of Uzbekistan. Архив научных исследований. (16).
Al Omoush, K.S., and et.al., 2018. The degree of e-business entrepreneurship and long-term
sustainability: an institutional perspective. Information Systems and e-Business Management.
16(1). pp.29-56.
Jena, R. K., 2020. Measuring the impact of business management Student's attitude towards
entrepreneurship education on entrepreneurial intention: A case study. Computers in Human
Behavior. 107. p.106275.
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