Entrepreneur is the person who is possessing all the qualities which of entrepreneurship. Most is the risk-taking, whether it is financial or related to decision making . Report will further tell about different types of ventures. It will also discuss the impact of small business on the economy. Furthermore, it will explain the traits of the entrepreneur and that traits differ from the business manager. Both are different from their working and applicability of the principles.
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P1. Different types of the entrepreneur and their typology of entrepreneurship ventures
There are different types of ventures. Some of them are:
- Small entrepreneur- These businesses start with the small amount of investment. There are many businesses which are opened in the house, rented shop, etc. There are more businesses which can be open like grocery store, hairdressers, selling beauty products, carpenters, plumbers and many more(Hornsby and et.al.2018.). These businesses generate higher profit than others.
- Scalable entrepreneur- This type of business is determined to change the world. They attract investors to invest in the firm. For that, they are appointing the staff of skilled persons who can handle any situation. They want more capital to grow their business.
- Large business– This type of business requires huge capital. Only that person can do business that is already engaged in these types of ventures and have more funds available to open the business.
- Social entrepreneur- These types of entrepreneurs make new products and sell in the market. They can be non-profit organisation. These types of organisations focus on serving the people.
- Life style entrepreneurship- These types of persons enjoy their working and do work for the rewards. Work is their passion.
P2. Similarities and dissimilarities between social and lifestyle entrepreneurs with two examples
These type of people who had just made interest in making the product. Their journey is like the road trip. In journey itself, lifelong experiences are learnt. These types of people are more passionate about their work who are making product for sake of passion.
These types of entrepreneurs are working for development for social, cultural and environment issues. This type of the organisation are working for giving returns to society. They serve people and listen to their problems.
These types of the persons are making products for passion and getting rewards. They learn from their experiences. Working life is highly struggling.
These types of the people are working for solving issues like cultural, social and environment. They are doing work for development of society. Working life is for the sake of the people.
M1. Diverse range of entrepreneurs from which the entrepreneurship is understood
There are various types of entrepreneurs who are working with passion of doing the work. They are small, medium and large entrepreneurs. In all these type of the entrepreneur range of the investment can be different. Their focus is also on change. In small entrepreneur, the investment is nominal and returns are good. Mostly, ladies do these type of business by taking rented shop, house or any place in which the business can be done. These can be electrician, plumbers, selling of the beauty products. Medium sized enterprises are great source of the employment. All these are involved in the manufacturing purpose. The growth of gross domestic product is more through this only. The large entrepreneurs are companies which require a huge amount of capital. Only this person can do business which has that much fund available with them. If these two things are there then no one can stop them from opening the large business. In all this enterprise are working for the growth of people. These enterprise resources is more diverse. There are more persons who are doing business and setting example in front of the world.
D1. Growth, scope and development of entrepreneur in UK
In UK the entrepreneur are more in its growing stage. According to the imperial report, UK has reached to the fifth place and has become the Europe's most entrepreneur economy. This is because of loan scheme which is started by government to motivate entrepreneur. Though the rules are strict but the companies are performing very well. The complexity are more in the work but chances of being successful are also more(Shelton, and et.al. 2018). Country is developed enough with all the facilities which can help the new businesses to enter in market. There are many more countries in which companies ,who are operating their work successfully. There are many scopes in doing business in the UK. Rules are made flexible by the government. There are more firms who are making profit while doing business. All amenities are available in the place where the firm is doing business.
P3 impact of the micro and small business on UK economy
The impact of micro and small business on UK economy is very good because it helps in the growth of the GDP. In particular SME sector is providing the more jobs from any other sector. It provides 15.2 million jobs to the people. The governments also made relaxation in taxes to motivate in the new venture. It is also helping the in providing the jobs, offering the advice and many more. The economy is booming by the contribution of the sector. This is helping the society as well because it has no age limit. Any person can start his business. In micro sector also the company are making their full efforts to work on successful note. Both these sectors are engaged in manufacturing business. In this business the company is employing the persons who are of the backward class and trying to uplift them. Both sectors are operating the business of something new like traditional business which are easily done by those people. In backward areas this can be boon to the economy. Earlier basis the company is just appointing the only 10 employees. But now the company is more and more employing the persons.
P4 importance of small business and business start ups which affect the growth of the social economy
Importance of the small business are :Competition – in small business the competition is more and it motivates to grow them. There are more firms which are facing serious issues. The companies are more effective which helps in the growth of the business. It is making the great impact on social economy(Saleem, 2017.). Local hiring – the hiring of the people is more from the local area which are affecting the productivity of the firm. It gives the opportunity to the employees who are from the backward class. After getting the employment the people are more motivated and the economy is growing on regular basis. These are making their life better than earlier. It is the solving the social clause as well. New learning are more in this which help them to grow. Two problems are solved from the small enterprises. One is the education which are taught to their children. The small enterprise is making more effective impact on the social economy.
M2 difference in large, medium and small enterprises in the context to UK economy.
In large enterprise – the more money is required to open the large companies. The person who has the good idea to implement in the business can do work in the that situation. For opening also the numerous documents are needed and without it no company can start its business. Person who has knowledge, skill and money can do the business on regular note.
Medium – it involves the manufacturing sector which generates employment. There are more medium enterprises which are encouraged by the government. It increases the GDP. The chances of the getting successful is not a big deal. It is helpful in making the upliftment of society(Irene, B. N. 2017.). These include firms like manufacturing unit which are making items like sugar, candies, yogurt and many more.
Small – it requires nominal fund. Firms are doing the business which are not on large scale. These includes like carpets and jewellery making in traditional way. It helps in the encouragement of the people mostly women who are becoming independent. Firm is doing the work with motivating the society.
D2 small business has impact on the different levels of UK economy.
Small business has impact on local, regional and national level. On local level there are many things which are made like generation of employment. The people are more concious about the work because of this work only their children are eating the food. That money are consumed in the education of the children(Dees 2017). It will increase the education level of the country. Like in Ghana economy is not stable there. So there is the problem of the employment as well as education. In regional level small business is doing the great job like in certain region or place generation of the employment. Resultant will be people will become more independent. In national level economy will grow in all the perspectives. It will increase the certain percentages of GDP. It can be more helpful for the poor people. in the perspective of the nation small enterprise are working on the note for the financial contribution towards to the society. It is supporting the business which are fulfilling the dreams of the people. There are businesses like store or grocery shop, shops selling the food items and many more. These business are serving the people with the motive of earning the profit.
P5 explaining the characteristics , skills and traits of the Fraser Doherty and HamdiUlukaya and which are differentiated from the business manager.
Entrepreneur on primary basis includes the skills that are working with the full determination and clear goals. The controlling and decision making is good enough to handle all the situations. Fraser Doherty and Hamdiulukaya are the persons who launch their products like super jam and yogurt. At that time when nobody can think of making the new products. They work on the innovation and became successful. Before making the product market research is done by the both of them(Edelman and et.al.2018) . They researched about which age group will be targeted by their product. Entrepreneur must have the knowledge about the market as well the overall. The overall decision are taken by the owner so decision power must be good. Innovation or improve in the existing product. But something new must be added in that. He must be determined about his work . His work is passion. The skill having by the person are knowledge about his field and the work must be different from the others. He must be hard-working, creative. Person who can maintain the long term relationship with the customers. He must be concious about the every detail of the work. He must have the ability of doing the work in creative way. He must be confident and every thing related to his business. Entrepreneur is different from the business manager. Entrepreneur is risk taker and do his work with future planning but manager can't do the future plan because he has to face the situation in present only. Manager does the same work with applying various management principles but the entrepreneur has to do various work at one time.
P6 the personality of the Fraser Doherty and HamdiUlukaya has motivated the entrepreneur and their mindset.
Personality includes not only the body language but the attitude of the person as well. It can be confidence, attitude, feelings, thoughts, responses and many more. Both the persons were having such qualities which are enough to motivate the person. The person can has ability to make the person motivated, it can be the working style of the person and knowledge of making things in proper manner. On e who has made the jam from the Granny recipes and made little innovative and launch that product in the market. He just make improvements in the recipe with planning and now that item is more famous in the world. Other person has made the yogurt and for that he has gone through many struggles. When his opened his business he made the total observation of the product. His hard work is shown in their business. Their attitude after seeing the failure also never changed. It was their attitude and firm belief in the hard work which encourage the people to start the venture.
M3 different arguments which are related to the entrepreneur characteristics
There are different types of the entrepreneur skills which are needed by the entrepreneur are technical skills. It must be known by the entrepreneur that how operate on the computer. It makes the works easier. It motivates the people and encourages them to make more good work. More skills are being confident, and hard-working which are more important in this. It is the basic traits posses by the owner. He motivates the people by his smart working habits. It is the work of the which has to be done by the owners. There are many more skills are innovation which is done by the entrepreneur(Edelman and et.al.2018. ). These are different from the business manager are because of his foresightedness. Manager is doing the work looking at the current situation. He can't plan the future . His applicability of management principles are needed by the organisation. Entrepreneur is known for the work of the planning. His plan works everywhere. His decisions are taken on the basis of the future only. There are many,more things like positive attitude of the person makes him different from the others. Both do hard work in same sense. It is their duty to work in that environment. In this work load is also different. Entrepreneur has to look after the whole work of each and every employee working in the organisation. But the manager has to just manage the things. Manager is just doing the planning without looking at the future. But the entrepreneur future planning makes him differentiated from the others. Foresightedness is the main work which makes him separate for others. It is the duty of the manager to look after the things but not the whole.
D3 Analysing the features of the two persons who are entrepreneur and very successful
Features of the two persons who are successful in the eyes of the world. Both are named as Fraser Doherty andHamdiUlukaya. These persons have same qualities which are: hard working. Both face struggle in their life and after that only they got the taste of success. There struggle made them so strong so that they can handle all the situations in the best manner. There innovation about the product which made their product the popularity. One is the super jam in which he made little changes in the product after that only they improvement in the results. Another one made the yogurt which is something new for the people. Without taking any negative attitude of people he started focussing its product. Both made innovation and got successful. Their journey shows the encouragement path to others. There are the one working on betterment of the product. There are more of the people who are encouraged by their journey. It is the attitude only through which they become successful. Their self discipline, dedication towards work make their work easier.
P7 explaining that personal background will not become the obstacle in the journey of the entrepreneur.
Personal background of any person will not become obstacle from the career point of view. Both belongs from the middle class family and faced many struggles in the life but never made opinion about the people(Shelton and et.al. 2018). Both has the talent which makes them appropriate for this. There are innovation and decision making are the skills they are possessed and made possible to do the things. Personal background does not matter, what matters is the talent person have. Person's knowledge made his worth. Abilities of the people emphasis him to reach at the top. These persons have all qualities which must be have by the person. When their business become successful, it was dream come true. Hamidulukaya is the person, earlier he was studying political science from the Ankara University. One day he was made questioned by the police after that he realised that life isn't easy in turkey. He shifted to America. It was the worst experience faced by him. But he did not let that incident affect his career. There personality, decision making only affects the firm. Both of them faced many failures in the life but it doesn't make impact on their career. This positive attitude towards life makes his growth faster.
M4 showing the link between the features of entrepreneur, influence of personal background and experience to Fraser Doherty and Hamdiulukaya.
There are more characteristics which must the entrepreneur posses. His hard working and self discipline which can grow his career(Hornsby, and et.al.2018.). There are most of the person whose traits are more likely influencing the behaviour of the entrepreneur. Motivating through his journey. Like Fraser and Hamdiulukaya. Both has learnt from his struggle. Some life long lessons are learnt here only. Their personal background will not affect to become the best entrepreneur. They have talent and knowledge which increase their worth. Fraser has two options at that to open his own business or continue his family cheese business. Making that decision correct change his life. If he has taken wrong decision at that time then life would be something else.
D4 evaluating the positive as well the negative attitude which makes impact on the personal background
Positive attitude of the person which are affecting the mindset of the people. There are the persons by this type of attitude made success. Fraser and Hamdiulukaya are the person doing the business in that criteria. He is the person who are after facing the struggle made instant improvement in the product and himself. There background never matters. The skill and the dedication make him more successful(Kuratko and Morris.2018). For becoming successful regular hard work is needed. In this nothing matters without the passion of doing the work.
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From this above report it can be concluded that the features of the entrepreneur which are different from the business manager. Personal background of the person is not hindering his growth. Impact of small business affect the economy of UK. It has been discussed in this report that difference between large, medium and small business which affects the economy. There are different aspects of the entrepreneur mindset. There are various venture s explained above.
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- Edelman, andet.al.2018. The labyrinth of women’s entrepreneurship. InTime for Solutions!(pp. 115-134). Routledge.
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