Entrepreneurship can be defined as the process of identifying growth opportunities that are available in the market. There are various types of ventures such as small, scalable, large and social that are established by individuals for the purpose of attaining higher profits. Most of the small entities are operated with the help of limited resources that contributes towards their development. In this project report various topics are discussed such as illustration of the range of entrepreneurial ventures, their typologies and impact of small businesses on the economy. Determination and assessment of the key aspects of entrepreneurial mindset and different environments that foster and hinder businesses have also been covered under this report.
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P1 & D1 Different types of entrepreneurial ventures and the way in which they relates to typology of entrepreneurship
Entrepreneurial ventures:These are the businesses that are established for the purpose of achieving higher growth and profits. There are different types of entrepreneurial ventures all of them are as follows:
Small business entrepreneurship:It is a business which is operated and executed with limited resources by an individual. All the risks are faced and decisions are formulated by a single person. Usually such type of ventures offer new products or services to the customers (Brush and Greene, 2015).
Scalable start up entrepreneurship:Such type of businesses are based on an innovative idea and search for a scalable business model that may help to achieve success and growth in future. Main objective of these ventures is to become large and capture ample market share.
Large company entrepreneurship:These are the new businesses that are launched in a large market with huge resources. Such ventures offer appealing products and services to the customers in order to gain their trust and retain them.
Social entrepreneurship: This type of business is introduced in the market for the purpose of satisfying social needs and aspirations by offering such products and services that society is willing to buy. Main objective of such ventures is to develop the economy and nation.
Typology of entrepreneurship:The entrepreneurial businesses that are discussed above are related to different type of typologies. These are as follows:
Male:Such types of business that are only operated by man as they believe that they are more powerful as compare to female. If there is a women in the company then men does not consider their opinion. Earlier most of the social and small ventures are operated by male (Burns and Dewhurst, 2016).
Female:Currently such type of businesses are establishing in the market that are controlled and operated by women as they are considered more emotionally strong and stable as compare to men. Now large scale, small ventures, social entrepreneurship are executed by female.
Managed growth:The businesses that are operated by male and female both are considered as managed growth. Such type of ventures have higher growth because the decisions and strategies are formulated women and men equally. Most of the large companies follow the concept of this typology of entrepreneurship (Drucker, 2014).
P2 Similarities and differences between entrepreneurial ventures
There are various types of entrepreneurial ventures and all of them different from each other but there are some similarities also. Both of them are as follows:
Scalable start up
These are the small business that are operated with limited monetary resources.
Such types of businesses are established to attain strategic objectives with the help of appropriate planning.
It is a entrepreneurial venture which is established with higher investment in a large market area in order to attain good profits.
Such enterprises are also known as innovators as they introduce a innovative products for the development of society.
Main objective of such businesses is to achieve sustainability for the organisation.
Objective of these ventures is to successfully establish the business in selected market area.
Large companies are established with the objective of achieve higher profits.
Social enterprises are introduced for the betterment of the society and economic development.
It does not require higher funding.
These businesses provide new products and services to the society which may fulfil their requirements.
Such ventures make changes in their processes according to the demands of customers in order to make good profits.
These are mainly concerned with social welfare and national development.
Similarities:All the entrepreneurial ventures have various similarities and these are as follows:
- Business idea of all the ventures is based on market needs and preferences.
- All of the follow the concept of modification and innovation so that satisfaction level of customers can be enhanced.
- Main aim of the ventures is to successfully establish their business in the market (Goss, 2015).
M1 Investigation of diverse range of entrepreneurial ventures
There are various types of business ventures these are small, large, scalable and social. Some of them are related to corporate sector and rest are related to public sector. All the organisations which are operating business to achieve growth and maximise profits are considered as the part of corporate industry. It includes large companies, small and scalable businesses and social enterprises are considered as the part of public sector.
P3 Interpretation and assessment of relevant data and statics to illustrate how micro and small businesses impact on the economy
Micro and small business enterprises helps to develop the economy by reducing negative impacts of external factors such as Brexit and other governmental policies. When overall national income and GDP of UK was continuously decreasing due to Brexit at the same time large organisations are loosing their market share (Julien, 2018). These ventures get highly affected due to this situation but small and micro entities were not highly smitten by it. With limited resources and less human resource such companies started to grow and helped the country to overcome the consequences (Impact of micro and small business on economy, 2018).
Economic changes such as fluctuation in inflation or deflation rates leaves high impact on big organisation but the micro businesses does not get affected. In negative situation they help to maintain the growth by providing development opportunities such as employment generation, enhanced flow of cash, infrastructure improvement etc. to the nation. These companies are not able to achieve higher profitability as large enterprises does but they are more stable from them. The impacts of them are described below in detail:
Infrastructure improvement:Micro and small businesses helps to develop the economy by contributing a good amount in the national income of the country (Karadag, 2015). It can be used by the government for the betterment of the society by developing schools, hospital, roads etc.
Employment generation:When large organisations stuck in to problems then they prefer to terminate employees in order to save monetary resources it create employment related problems for the country. When a micro and small businesses are established the they provide job opportunities to individuals which helps to deal with unemployment and also contribute in the economic growth.
Enhanced flow of cash:When problem of unemployment is resolved then flow of cash is also enhanced because when people get jobs then government may get appropriate tax. The collected amount can be used to develop the economy (Mariotti and Glackin, 2015).
The below chart may reflect the impact of small and micro businesses on the economy:
From the above chart it has been assessed that micro and small business entities contributes toward the development of the country. The percentage of its contribution is 40% in the economic development of UK.
P4 Importance of small businesses and start up to the growth of economy
Small businesses and start up businesses are very important for the development and growth of the economy. When some certain changes such as fluctuations in the growth rates take place then it most of the entities get affected due to this except them. It is essential for the legal parties to support such type of ventures as they may contribute to deal with challenges that are faced by the country. These issues are decreasing job opportunities, reduced awareness regarding development etc. When large companies get highly affected due to changes and bear losses then start up and small businesses help to deal with them as they provide employment to skilled and educated individuals. Another importance of such ventures for the country is that they require few resources that are appropriately utilised by them (Mugler, 2017). Some of the major a values of these businesses are as follows:
- Creating job opportunities:Start up businesses create job opportunities as they are new to the market and require work force to operate business effectively. They look for creative minds that may provide new and innovative ideas for growth. It helps to develop the economy as it resolves the issue of unemployment.
- Increasing awareness regarding economic development: In the situation of economic challenges start ups create awareness regarding their businesses that attracts large number of individuals. In this situation the economy may grow faster as the profitability and liquidity of an enterprise that helps to develop grow the economy faster.
- Motivate new and innovative business ideas:Start ups are mainly based on innovative business ideas that helps to grab attention of market. It is very important for the government to support small businesses so that they can grow and help to develop the economy and deal with growth related challenges such as Brexit. It has started to affect the development of UK but at the same time start up and other micro enterprises helped to overcome all the problematic situations in appropriate manner (Rey-Martí, Porcar and Mas-Tur, 2015).
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M2 Evaluation of differences that small, medium and large businesses make to the economy
All type of business entities make contribution in the development of the economy by creating job opportunities, developing the economy and making higher contribution in the national income. Small, medium and large business entities generate revenues and then helps the nation to overcome economic challenges. When any serious issue takes place then large organisations get affected but small and medium doesn't get highly impacted and help to deal with critical consequences that stops growth of a nation.
D2 Critical examination of impacts of small business on different level of economy
Small businesses requires limited resources and human resource. They are highly stable and generate profits when economy of the country is not in a good situation. Firstly it provides solution for the challenges such as unemployment and secondly it contribute a high amount in the nation income as they profitability is good whether the economy is not in a fair condition.
P5 Characteristics, traits, skills of successful entrepreneurs
Entrepreneur is one who innovates and exercises new ideas in market and make successful business. A person who bear risks and make innovation to introduce a new product or sets up business deals is known as businessperson. For instance, Mark Zuckerberg and Bill gates are most prosperous businessman all over the world. They follows some characteristics, traits,and skills as on-
Believe in themselves: This is the most important thing for any successful businessman that they should have believes in their work. This contains overcoming doubt, fear, respect issue etc. Bill gates and Mark Zuckerberg are co-founders of Microsoft corporation and Facebook. In present both are the man of affairs because they believes in own self (Sahut and Peris-Ortiz, 2014).
Make new innovation and technology: Both businessman are prosperous because they believes in new technology and adapt new challenges in the market. This point makes a different between them and other businessman. They are open mined and always try to bring some new changes and technology.
Passion: Businessman who are well-heeled make sure that they should have passions, such as both businessperson have. They works and keep warmth to get results either positive or negative so this quality creates a difference between them and others.
Competitiveness: Competition is one big thing to be sustain in any market. Instead of other businessman Mark Zuckerberg and Bill gates understands client's demands and brings changes in preference of people and crack the competition hence, it makes different from others.
Skills of successful entrepreneurs:
Leadership and motivation: To be a good entrepreneur these skills are needed. It helps to guidance, work together and delegate work to others. Both businessman have such skills and also they motivates people to work collectively, whereas other does not work as a team and no one motivates them.
Ethical behaviour: These are the set of moral principles which includes behaviour of person. Both man of affairs deals with all in good manner and gives freedom to work. In case of other they treat as employees and does not allow to work according to them as they want.
P6 entrepreneurial aspects which reflects on motivation and mindset
Mostly businessman believe that they have personality traits and follow trait theory which affect people mindset and helps to motivate. Trait theory includes-
Openness:This means imagination, insight, and broad range of interests. People get highly motivated by using this. Such as Mark Zuckerberg and Bill gates are peculiar about world and people minds and anxious to learn new things and experiences. They struggle with traditional and abstract thinking as well as open to trying new creativeness.
Conscientiousness:This means attend to be organised, mindful of details and thought process. Both co-founder plans ahead for new innovation and thinks about how their activity reflect on others. They always try to bring some new alteration or technology , fulfil client's needs, hence it help to sets people mind and motivate them (Schaper and et.al., 2014).
Extraversion:This contains emotional expressiveness, self-assertiveness, sociality and talkativeness which may reflect on people mindset. Both businessman used this traits in their business and make successful business through meeting new people, start conversation and handle situations.
Agreeableness:It involves attributes like as trust, fondness, kindness, and social behaviours. Mark Zuckerberg and Bill gates are high in Temperament so they are more cooperative, feels sympathy, helping and contributing to the happiness of other people. This theory helps to cope up with critical problems, mindset and motivate people.
Neuroticism:This means moodiness, emotional instability and mood swings and anxiety. There should be passions during work, deals well with stress and emotionally stable. Bill gates and Mark Zuckerberg both follow this and accept the challenges . They feels very relaxed and emotionally stable in every situations weather positive or negative, hence this theory reflects entrepreneurial mindset and motivation.
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M3 Explore and examine different lines of arguments relating to entrepreneurial characteristics
Mark Zuckerberg and Bill Gates are the most successful entrepreneurs of current era both of them have different characteristics that has helped them to establish their business appropriately. Passion, competitiveness, leadership, motivation, ethics etc. traits and skills provide them proper guidance so that they can achieve massive success.
D3 Analysis of characteristics, traits, skills and motivational drivers of successful entrepreneurs
There are various types of motivational drivers, traits, skills and characteristics such as openness, extraversion, agreeableness, neuroticism, conscientiousness, motivation, good leadership etc. that helps Mark Zuckerberg and Bill Gates to appropriately operate business. Both of them has overcome all the critical situations of their life with the help of these elements.
P 7 The way in which background and experience can foster entrepreneur
Experience and background helps in growth of any organisation, economic and technological development, business education as well as research methodology. There is no need to more struggle if you have good background and work experience. We have considered two successful businessman's background-
Background:He was born on May 14, 1984 in White Plains, New york. His parents are Karen, a medical specialist, and Edward Zuckerberg, a dentist. He has completed his graduation from Mercy college near by his home and started his business in 2004 as a technology entrepreneur (Zaridis and Mousiolis, 2014).
Experience:He established his own business by using his knowledge and education and made many effort to cope up with problems.
Background: He was born on October 28, 1955 in Washington. He is the co-founder of Microsoft corporation. His parents are William H. gates Sr. and Mary Maxwell gates. In 1975, Gates and Paul Allen launched Microsoft, which became largest PC software company.
Experience:He faced lots of problems during running his business but he never gave up. Bill gates brought new invention and applications as according to people demands.
Positive impact: After facing problems and new challenges he made new innovations. He always brings new changes,never give up, and learn new things. He sacrifices his all needs to get success.
Negative impact:To be a successful businessman there is first need to be arrange funds and should have proper knowledge of market. Although its a big issue for any entrepreneur to arrange this , believe in themselves and sacrifices.
M4 Link between entrepreneurial characteristics that influence personal background and experience
Mark Zuckerberg and Bill Gates have developed different characteristic from their background. It has helped them to response all the problems in appropriate manner. For example Mark Zuckerberg have faced various issues regarding less funding but all the problems are dealt appropriately by this businessman and in result a large business of Facebook is being established. Currently each and every person is addicted to it. All the characteristics such as self believe as has provided guidance to the businessman through out the way of success.
D4 Critical evaluation of back ground and experience of entrepreneurs
Both the entrepreneurs have faced critical situation in their life but they never loose hope and always tried to deal with effectively. It has resulted in their huge success. As Bill Gates was from a poor family which has affected the education life of the businessman but the entrepreneur has responded to all the problems in appropriate manner and achieve success in life.
From the above project report it has been concluded that entrepreneurship is a tool that helps to find solutions for the economic challenges such as continuous decrement in the economy, unemployment, reduction in national income etc. Different types of entrepreneurial ventures are operated by individuals and a group of them. These are small, large, scalable and social. Some of them are related to corporate sector and rest of them relates to public. Both have their own objectives such as profit maximisation and they work for the attainment of these goals.
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Books and Journals:
- Bennett, R. J., 2014.Entrepreneurship, small business and public policy: Evolution and revolution. Routledge.
- Brush, C. G. and Greene, P. G., 2015. Women's entrepreneurship.Wiley Encyclopedia of Management, pp.1-5.
- Burns, P. and Dewhurst, J. eds., 2016.Small business and entrepreneurship. Macmillan International Higher Education.
- Drucker, P., 2014.Innovation and entrepreneurship. Routledge.
- Goss, D., 2015.Small Business and Society (Routledge Revivals). Routledge.
- Julien, P. A., 2018.The state of the art in small business and entrepreneurship. Routledge.
- Karadag, H., 2015. Financial management challenges in small and medium-sized enterprises: A strategic management approach.EMAJ: Emerging Markets Journal. 5(1). pp.26-40.
- Mariotti, S. and Glackin, C., 2015.Entrepreneurship & small business management. Pearson.
- Mugler, J., 2017. The climate for entrepreneurship in European countries in transition.The blackwell handbook of entrepreneurship, pp.150-175.
- Rey-Martí, A., Porcar, A. T. and Mas-Tur, A., 2015. Linking female entrepreneurs' motivation to business survival.Journal of business research,68(4), pp.810-814.
- Sahut, J. M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship.Small Business Economics. 42(4). pp.663-668.
- Schaper, M. T. and et.al., 2014.Entrepreneurship and small business.
- Zaridis, A. D. and Mousiolis, D. T., 2014. Entrepreneurship and SME's organizational structure. Elements of a successful business.Procedia-Social and Behavioral Sciences,148, pp.463-467.