In order to make effective functions and operations, entrepreneurship assists to improve standard of living person. It creates wealth from different entrepreneurial venture and jobs for prospectus society (Onetti, Zucchella and McDougall-Covin, 2012). In today's time entrepreneurial development is very significant aspect which assist to make successful venture. It creates way for doing innovations and creativity which related to operations. In this context, present report is based on small venture entrepreneurship which generate profits and revenue through operating various activities. For ascertain focus on this report, it covers different types of entrepreneurial venture which relate to typology of entrepreneurship. Furthermore, it includes relevant data and that assists to assess aspects which demonstrate entrepreneurial personality reflect on motivation and mind set. Moreover, it includes examples which obtained through mini research to analysis hinder performances.
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P1 examination of different type of entrepreneurial venture and relation to the typology of entrepreneurship
Entrepreneurial venture generally known as the start-up entity developed with the intention of generating profit, fill the loop hole in the society, and these ventures may also be considered as small business. Entrepreneural ventures are created on the basis of demand of the market or lack in the supply of the market. Basically what entrepreneural ventures do is, they tap on the need of the customer for a product or a service and then entrepreneurs develop the idea, promote the idea and sell the the developed product or service (Onetti, Zucchella and McDougall-Covin, 2012).
Small business entrepreneurship, Today the increasing number of entrepreneurs and start-ups around the globe are small business. In the context of entrepreneurship small businesses can be grocery stores, consultancy services, travel agents, carpenter, plumber, electrician etc. (McGowan, Redeker and Greenan, 2012).Small businesses mostly deal with already known and established products and services and mostly known market risks. Small businesses are prefer to remain confined in their own domain and group. The targets which set by the small businesses are limited growth and continuous profitability (Blenker, Frederiksen and Thrane, 2012).
Scalable start-up entrepreneurship, Scalable start-up are different from small businesses. Scalable start-ups are concerned with the entrepreneur who start the venture have robust knoowledge about the area of the expertise. The vision which scalable start-up entrepreneurs carry is that they could change the world. They generate funds from the venture capitalists and hire the best talent to carry forward the job. Scalable start up consist with some of the unique characteristics which make them different from small business such as, innovative value proposition, repeatable business model, high growth, high margin, great potential of distribution and high rewards or return for the taken risk (Onetti, Zucchella and McDougall-Covin, 2012).
Large company entrepreneurship, The concept of large business entrepreneurship is generally considered as the development of new ideas and opportunities in already established business. It works towards increasing the business profitability and enhanced the competitiveness of an existing business. In these format of entrepreneurship companies try to expand their business through innovation, launching new products and services, bring changes in the customer taste, offer new technologies, new competitors etc. (Blenker, Frederiksen and Thrane, 2012).
Social entrepreneurship, The combination of resourcefullness, opportunity and innovation for addressing the challenges occured at social and enviourmental level cosidered as social entrepreneurship. Social entrepreneurship is also comes under the catagory of innovation and focus on developing products and services that solve social needs and fulfil the requirement of the society (Carland, Carland and Stewart, 2015). The primary goal of social entrepreneurship is to make a world a better palce not unlike other ventures which have focus on generating profits. Organization in social entrepreneurship can be for profit, non for profit and hybrid.
P2 Similarities and differences between entrepreneurial ventures
The variety in the entrepreneurial venture make it distinctly similar and different from each other at various level. The techniques and tools which are use in entrepreneurship in totally based upon the type of the ventures and some of the tools are interchangeable. For the better understanding of the similarities and differences in entrepreneurial ventures we can distribute the venture according to following different catagories (Onetti, Zucchella and McDougall-Covin, 2012).
In the goal setting process small business entrepreneurs are revaluating the old process and assemble it with new ideas which generate more productivity and profit for the enterprise. Small business entrepreneurs start focusing on their employee, communicate with their customer, and planning on financial elements more (Blenker, Frederiksen and Thrane, 2012). Whereas scalable startup and large companies have all the similarities as small business but the business level is more high in both so they also have a wide entrepreneur vision, Founders have their own personal goals, expand the size of the target market, agile development, world class team with passionate beliefs. Scalable start up are trying to tap into new market whereas large companies use innovative ideas to increase the productivity in the existing market. Social entrepreneurship works for systematic and sustainable social change through new innovations (Onetti, Zucchella and McDougall-Covin, 2012).
The similarities between small business, scalable start-up and large company entrepreneurship are all of these willing to generate profit and increase the level of productivity, whereas social entrepreneurship works with the bring change in the society and enviorment mindset and generate profit in return (Blenker, Frederiksen and Thrane, 2012). Small business entity are at the ground level so they want to expand their business in the relative market and generate profit as they want to confined in their own domain. Scalable start-ups wants to fill the loop hole in the market and tap as many opportunities as they can such as generating funding, making innovation strategies are on the priority list. Large companies works as they want to eliminate the competition from the market and increase in profitability. Social entrepreneurship work with the mindset of solving the socital and enviourmental issues (Onetti, Zucchella and McDougall-Covin, 2012).
Similarities in the context of value creation is can be found as small businesses, scalable start-ups, large companies and social entrepreneurs wants to create relavent value, value to customer, profit generation, innovation etc. Small business entrepreneurship ceating values through attract more sales, create value for potential customer, developing new sources for raw material (Carland, Carland and Stewart, 2015). Scalable start-ups are slightly interested in developing scalable idea for attracting the investors, Building strong team, outsourcing, considering possibilities for franchising and licensing where as large companies creating value by increasing shareholders value, getting innovation right, delievering more than before. Social entrepreneurs are creating values by using element such as designing to implement the vision, co-creation, address social issues, transformation and developing the infrastructure (Berglund, Johannisson and Schwartz 2012).
Entrepreneurship is determines as the successful process which includes creativity and innovation to running business operations. In this aspect, in small business enterprise has capacity and willingness to deal with various products and services. There are 4 types of entrepreneurship venture which assists to promote the business and operations in systematic way (Blenker, Frederiksen and Thrane, 2012). It includes local entrepreneurship, global entrepreneurship, social entrepreneurship and scalable start-up entrepreneurship programs. It assists to grow operations and performances in successful manner to bring different types of innovations. Global entrepreneurship are working with higher capital that focusses on innovations and creativity. Local entrepreneurship are working with small business such as grocery, consultant and many more enterprises
As per the view of Onetti, Zucchella and McDougall-Covin, (2012), there is wide scope is to deal with entrepreneurial venture. This is because, it makes successful operations and performance for ascertain positive outcomes and results. It determines high scope for enhance profitability at workplace. Thus, it assists to grow operations and functions in successful manner (Onetti, Zucchella and McDougall-Covin, 2012).
P3 Micro and the small businesses impact on the economy
As small businesses are considered as the pillar of any economy, small businesses are the backbone of the UK economy. Small businesses are initiating a lot in creating jobs, opening new markets and driving growth. It encorages competition among the market and helps in accessing fresh ideas which creates the status quo. The economic enviorment in the seems favorable for the start -ups and country also feels the requirement of small businesses for the healthy economy. 99% of businesses in UK is considered and classified as small and medium (Onetti, Zucchella and McDougall-Covin, 2012).
A business group named the forum of private business representator of SME's commented that small business in UK are responsible for 15.2 million jobs. Small and medium sized enterprises have combined turnover of pound 1.6 trillion at the beginning of 2014. If we look at the employement details the majority of small businesses are not employers they are sole traders who works independently. Small medium enterprises are making disproportionately large part in as the job creation factor. 24.3 million people are employeed in small businesses, which presenting 60% of all private sector employement (Blenker, Frederiksen and Thrane, 2012).
Small businesses are growing with the higher pace in UK. Innovation is playing key role in the growth of small businesses as it keep market fresh. A report said 37% of small businesses are engage in innovative activities. Small businesses are work as a key driver of innovation, competition and growth (McGowan, Redeker and Greenan, 2012).
Between the year 2009 to 2013 small businesses are increase 47%. Small business has also plays a major role in UK by keeping it safe from the recession. 46% of all business revenue is generated from retail, manufacturing and repair of motor vechicle industry and these three industries are considered as largest industries in UK (Carland, Carland and Stewart, 2015). The small and medium size businesses in uk in beneficial for the economy of the country. Small businesses contributes in health of the economy, employement generation, GDP formulation and the present financial enviourment in UK facilitates the start-up and small businesses growth at huge level. In the year 2016 there was 1.3 million employing businesses and 4.2 million non employing businesses so it makes the statistics that 76% of business does not drop anyone aside from the owner (Onetti, Zucchella and McDougall-Covin, 2012).
If we have a look upon the legal form of business population in UK then it is contributed in three catagory there were 3.3 million sole proprietorship, 1.8 million companies and 421000 ordinary partnerships. The business population in southern england is way larger comapare to residence population than elsewhere in the UK. Just under the one of the fifth small business enterprises operates in construction sector, compared to 1% in the mining area.
P4 Contribution of small businesses and business start-up to the growth of the social economy after brexit
After the UK voted for the leave the europian countries investors, businesses are rigouresly try to make sense out of it that what will be result of brexit and what will be the impact of this on the businesses. The impact face by small businesses by GDP is quite wide because small businesses are the lifeblood of the UK economy (Carland, Carland and Stewart, 2015). Decresing GDP shows a large impact on the small businesses because it affect businesses and those consumer who buying their products. Falling GDP resulted arise the struggle for the small businesses paerticularly if they import from overseas as sterling now buy less then prior brexit (Blenker, Frederiksen and Thrane, 2012).
Such uncertain event as brexit is unlikely open the doors of the opportunity for the small businesses owners and entrepreneurs. According to the chairman of the federation of small businesses nearly a quarter of their member exports, with the majority in exporting in the single market and it will be resulted as access to 500 million potential consumers, more than 26m businesses and is worth 11 trillion pounds (McGowan, Redeker and Greenan, 2012).
Brexit also triggers ample number of opportunities as if immigration is decerease then there will be a golden chance for those who have required skillset. During the event of uncertainty businesses have more flexibility in the operations so it is the good news for the contracters and freelancers.Some business owners face advers effect of brexit also as they encountered with employee shrink in their system. Manufacturers that expot to europion countries also affected because they are losing access to single market as the single market give access over 500 million customers to manufacture sector. Entrepreneurs in tech world seems very positive about europe is enjoying the international perspective, great access to talent and market, and common rules (Carland, Carland and Stewart, 2015).
A weak pound is also pushing the inflation which couls increase in price of goods and services in UK. This will also have a greater impact on the small businesses as it resulted there customer will feeling the pinch and the potentiality in the future. Many larger industries and corporations and industries have fixed their currency on the note of forward contract which is helpful in planning of the future event (Berglund, Johannisson and Schwartz 2012).
The present economic outlook and scenerio looks brighter, small businesses are ready and want to make the most out of it. UK goods and services became more competitive as small market has the opportunities to explore and go out to find new markets and connect with new customers.
Britain finish the year and come out as the strongest economy. Ample number of people are currently in work and companies all over the world have continue making the major investments into the UK since the brexit (Ruskovaara and Pihkala, 2013).
In order to make growth and profitability, there are various elements in which business need to make focus for attain good results and performance. In this aspect, small business significantly start-up their operations which determines in developing industry. There are various aspects in which it can be measure such as income, employment, innovation and potential for expansion (Mwobobia, 2012).
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P5 Determining the characteristics, traits and skills of two successful entrepreneurs, which differentiate them from other business managers.
Some of Elon musk characteristic are as being an immigrant from the africa and his parents divorced at the time when he was nine or having a poor family which cant even afford his education so in all these negative aspects Elon musk grow his characteristics which helps him in become the one of the greatest entrepreneur in the world (Onetti, Zucchella and McDougall-Covin, 2012).
So the question arised that what are the traits and skills which helps e lon musk to develop and provide him a keen mindset to go beyond that which any person can imagine. After researching the Elon musk journey we can understand various characteristics which make him different from other business manager (McGowan, Redeker and Greenan, 2012).
Imagination,Elon musk just imagine to visit to USA in his childhood after looking it in the comic book. Elon musk convinced a long ago that there are only three areas which count a change in the world the internet, sustainable energy, and the possibility to live outside the palnet earth (Kitching and Smallbone, 2012).
Persistence, Elon musk exercise the theory of persistence in a very well manner as when he started the tesla motors people criticize him by saying that it is not possible to run a car without the fuel like petrol or diesel but it is the result of his persistency that tesla have world fastest fuel less car (Blenker, Frederiksen and Thrane, 2012).
System disruption,Initial business of musk are most like other businesses but after that he targeting system disruption he started getting more positive result (Sluyterman, 2013).
Commitment, was a key success factor for Elon musk entrepreneural journey. He always intend to take action for the upgrading and innovating the brand which he representing.
Walt disney have an image of dreamer and innovator across the globe. He is an exceptional leader. Walt disney have many traits and skills which help in becoming the star of his sector (McGowan, Redeker and Greenan, 2012).
Visionary, Walt disney was a mere visionary as he always making sure that his dream should consistent with everything he stood for.
Animated leadership, to create worls class animated movies and the first ever theme park walt acquire and emulate leadership skills in animated way (Vanevenhoven, 2013).
Persistency, Walt succeeded because he was a person with the combination of persistency and determination, He never take criticism in a way which affects the level of his persistency.
Serve others, Walt served in a countless way throughout his life. He was like a father figure for the employee with whom he works (Phelan and Sharpley, 2012).
Different types of skills and characteristic assists to make differentiate various outcomes and performance. People possess innovative ideas and skills through they are dealing with results and performances. It brings revolutionary changes for ascertain successful results with information technology (Pepin, 2012). As results, it stated that successful entrepreneur has effective quality to deal with different elements. There are different types of developing strategies take place that make relations.
According to Durkin, McGowan and McKeown, (2013), it has been examined that small scale business working at three level such as top management, middle management and lower level management. In this aspect, goals and objectives are ascertained to create results and performances high within the company. As results, targets can be achieve easily.
P6 How entrepreneurial personality can reflect to motivate people and ascertain their mind set
Entrepreneur is innovative person that make results on the basis of certain capabilities and skills. In this aspect, they are frames rules and regulations to make creativity at workplace. There are certain characteristics through the company will deal to take risk at workplace with entrepreneur (Berglund, Johannisson and Schwartz 2012). This is because, they are set ideas and opinion for create innovations and promotion within the business environment. Thus, it makes successful results to motivate employee of the company. For example, Bill Gates, Mark Zukerberg make their successful innovation to get more profitability at workplace (Kerlin, 2013). They are introduced Facebook application which assists to attract many customers through providing certain information related to the successful products and services (Berglund, Johannisson and Schwartz 2012).
They are connected through sharing photos, videos, posts and many more elements. In this way, social network create impact on the person to use their product with effective marketing tool (Piperopoulos and Dimov, 2015). It will assist to share ideas and opinion to make effective results and performances. On the other hand, Bill gates launch Microsoft which leading in software organisation at workplace. As per the successful entrepreneur, the company can perform functions and operations with passion.
It creates positive attitude to motivate employee and stakeholders. With the help of proper discipline, they can work with entrepreneurship skills. It assists to grow operations and outcomes in systematic way (Carland, Carland and Stewart, 2015).
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P7 How background and experience hinder anf foster entrepreneurship
As there is very famous saying 'Entrepreneurs are made not born', the risk taking ability, adopting the enviornment, strategies development, flexible at the time of adverse events all these characteristics are taken place with the knowledge which an entreprenuer gain throughout their life. The family enviornment at the childhood of the entrepreneur affect them a lot for example having an independent employeed father will definately impact on his child learning process (Fayolle and Gailly, 2015).
Education has its own importance in the up-bringing of an entrepreneur as its plays a major role in coping with problems. Entrepreneur experience is one of the best factor to predict the success of venture and experience grow with the age. Research says most succesful entrepreneurs are fall under the age of 22-55. Generally male entrepreneurs start in the age of their early 30's whereas female entrepreneurs generally start with their own venture in the middle of their 30's (Chaston and Scott, 2012)
With the help of effective entrepreneurial characteristic background and experience assists to meet with goals and objectives. This is because, it presents innovative ideas and creativity that make successful leaders. Hence, skills and knowledge assists to make successful leader at workplace (Blenker, Frederiksen and Thrane, 2012).
Work history of an entrepreneur is helpful in depicting the competency of management and handling the venture. Work history provide experience and as the venture is growing experience and skills become more important. Motivation is a must requirement is the journey of entrepreneurship as there are hurdles in throughout the process of developing the venture into a successful one (Williams and Martinez, 2014).
From the above report, it can be concluded that entrepreneurship program is very helpful technique to make successful operations and outcomes at workplace. It assists to grow profits of the company through making innovative products and include creativity. Small business enterprise highly use innovation which assists to make long term growth and operations at workplace. It makes results and performance in positive way. Communication channel assists to manage skills and it reflects to personality support at workplace.
Books and Journals
- Berglund, K., Johannisson, B. and Schwartz, B. eds., 2012. Societal entrepreneurship: positioning, penetrating, promoting. Edward Elgar Publishing.
- Blenker, P., Frederiksen, S. H. and Thrane, C., 2012. Entrepreneurship as everyday practice: towards a personalized pedagogy of enterprise education. Industry and Higher Education.26(6). pp.417-430.
- Carland, J. C., Carland, J. W. and Stewart, W. H., 2015. Seeing what's not there: The enigma of entrepreneurship. Journal of small business strategy.7(1). pp.1-20.
- Chaston, I. and Scott, G. J., 2012. Entrepreneurship and open innovation in an emerging economy. Management Decision. 50(7). pp.1161-1177.
- Durkin, M., McGowan, P. and McKeown, N., 2013. Exploring social media adoption in small to medium-sized enterprises in Ireland. Journal of Small Business and Enterprise Development. 20(4). pp.716-734.
- Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial attitudes and intention: Hysteresis and persistence. Journal of Small Business Management.53(1). pp.75-93.
- Kerlin, J. A., 2013. Defining social enterprise across different contexts: A conceptual framework based on institutional factors. Nonprofit and Voluntary Sector Quarterly.42(1). pp.84-108.
- Kitching, J. and Smallbone, D., 2012. Are freelancers a neglected form of small business?. Journal of Small Business and Enterprise Development.19(1). pp.74-91.
- McGowan, P., Redeker, C. L. and Greenan, K., 2012. Female entrepreneurship and the management of business and domestic roles: Motivations, expectations and realities. Entrepreneurship & Regional Development. 24(1-2). pp.53-72.
- Mwobobia, F. M., 2012. The challenges facing small-scale women entrepreneurs: A case of Kenya. International Journal of Business Administration.3(2). p.112.