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TOP10499 Unit 9 ESB

University: REGENT COLLEGE LONDON

  • Unit No: 9
  • Level: High school
  • Pages: 20 / Words 5119
  • Paper Type: Assignment
  • Course Code:

    NA

  • Downloads: 34
Organization Selected : NA
Question :
There are following questions which meet the requirement of the project are given below:
  • Explore the range of venture types that are considered in entrepreneurial.
  • Analyse the impact of small businesses on the economy.
  • Determine the key aspects of an entrepreneurial mind-set.
  • Explore the various environments that foster or hinder entrepreneurship.
Answer :

INTRODUCTION

Entrepreneurship means starting a new company with fresh and innovative ideas. Entrepreneurs are known for taking risk and they have the strong ability to bear those risks. Their main motive is to earn good amount of profit by coming up with the thoughts and ideas which do not exist until now. The entrepreneurs have many skills and qualities and that is what make them successful into their businesses. Even most of the developing as well as developed nations have seen a huge growth in their GDP due to the small start-ups. (Scarborough and Cornwall, 2011)

The report talks about various kind of ventures created by entrepreneurs, what is common and what is different between them and how they are linked to the typologies. The discussion is also on the impact created by the small companies on the overall UK economy. Further, the report consists of mindset of entrepreneurs and factors that boost or restrict entrepreneurship.

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TASK 1

P1 Different types of entrepreneurial ventures and how they relate to the typology of entrepreneurship.

There are various kinds of ventures created by entrepreneurs and each venture has some different motive. As the motive or aim of opening every venture is different like some may want to convert it into a big organization, or some just have opened it just to fulfil their basic requirements. Here, four kind of ventures are discussed:

a) Small Ventures: The main reason of starting a small venture is the lack of scalability. These businesses are not much profitable and only a person can earn that much which fulfils the wants of his family. They bring capital either from close ones or take small amount of loans. Example: Spruce Springclean which is into cleaning services.

b) Large Ventures: These ventures offer large number of services and goods to the consumers and do continuous innovation, bring new technologies and keeps on bringing creative ideas. Example: Bannatyne Group, UK started by Duncan Bannatyne (Burns and Dewhurst, 2016).

c) Scalable Ventures: These ventures are funded by venture capitalists and they have some vision which they think can bring some change in the living standards of people. The business idea or model they adopt can be expanded and can give outstanding returns in future. Example: Simba, UK which sells bedroom materials and mattresses online, Facebook, etc.

d) Social Ventures: These ventures are created with the motive of bringing societal change in the world. They make goods which solves social issues. They are not started with the aim of earning profits. Example: Gravity Light, founded by Martin and Jim

Relation to the Entrepreneurship Typologies: Typologies basically means classification done on the basis of certain factors. In entrepreneurship terms, there can be different typologies like based on gender there can be male and female typologies, lifestyle and survival typologies (Burns, 2016). Start-ups differ in terms of their investment, the owners who have started the organization and the motive behind starting the company.

Male: The start-ups which are created by men are generally risk taking start-ups as men have the ability to bear more risk as they have the vision of earning more returns. They are less emotional as compared to women. They can deal the worst situations in a better manner as they are competent, risk dealers and fast decision makers.

Female: Females are more emotional then men and hence end up taking less risk when compared to men. They usually go for social start-ups and works for betterment of the nation. Today also, many ventures started by female faces difficulty in getting capital from the venture capitalists as the question of sustainability arises as per some research (Nakara, Benmoussa and Jaouen, 2012).

Survival: The sole motive of this kind of start-up is survival in this competitive era. They are less profitable and hence earn that much profit with which they can live and sustain well. They just want to sustain in the market by either reducing the costs or increasing the prices.&

Lifestyle: There are some start-ups which have started to improve the living standards of people in the society. They usually include social as well as scalable ventures as both of them improve people's lives in some way or other.

P2 Explore the similarities and differences between entrepreneurial ventures.

Similarities between small vs large entrepreneurial ventures:

Both small and large size start-ups are created by the entrepreneurs who have fresh, innovative and creative ideas which do not exist in the market till now. The entrepreneurs who creates these ventures identifies the problem or might be facing the problem on their own and bring ideas to solve that problem to satisfy the demands of the society (Dunn and Liang, 2011). They convert their ideas into businesses and invest capital either by bringing it from their relatives or closed ones or go to venture capitalists to raise money. Both these firms have the main motive of earning sufficient profits.

Differences between small vs large entrepreneurial ventures:

Basis

Small Businesses

Large Businesses

Meaning

The small venture is the one which don't have any intention of expanding and increasing the scalability. They just start business for satisfying their basic family demands.

These are established businesses and brings fresh and innovative goods to the market to earn optimum profits& and capture larger market share.

Motive

Their main objective is to sustain and earn for their living. They have no motive of taking the business to the next level.

They want to take the businesses to the new heights and do not want to stop in the process. They want to earn huge amount of revenues and income with new technology and innovative goods (Akehurst, Simarro and Mas‐Tur, 2012).

Management Strategy

These are low risk companies and are flexible in terms of strategies.

These are businesses which are risky and usually make long term strategies.

Capital/ Investment

They don't need much capital to start their firms and usually take small loans or directly take money from their family members.

They need huge amount of capital to invest in the company and usually go to venture capitalists or take huge business loans to start the company.

&

Similarities between scalable vs social entrepreneurial ventures:

The similarities between scalable as well as social ventures is that both work for the betterment of the nation and brings upliftment in the society. While scalable ventures improve the lifestyle of people by bringing very innovative models which solves the issues the society is facing, social ventures also resolves the societal issues by providing more sustainable goods that have a least impact on the environment and in turn improves the life of people (Dennis Jr, 2011).& Example: Guildford Bike Project which takes the unwanted bikes and involves in recycling and reusing them.

Differences between scalable vs social entrepreneurial ventures:

Basis

Scalable businesses

Social Businesses

Meaning

Scalable start-ups have a great business model and these can be expanded very fast to solve the issues as the ideas are extremely creative.

Social start-ups are started to bring a change in the society and well being of people. They& bring products to solve the social issues like sustainable products.

Motive

Their main motive is expansion and increasing the scale of the business with the good business ideas or models. They want to improve the lifestyle of people (Preuss, 2011).

Social start-ups can have a motive of both – profits and not for profits. Their main motive is to bring a social change in the nation and resolving social issues.

Management Strategy

They make strategies for the growth of the business and are also taking huge risks. They do a lot of planning to increase the scale of the business.&

They make strategies through which they can minimize the cost of products and can make it more sustainable. Their main strategies include how they can reduce the negative impact on the environment.

Capital/ Investment

These businesses have a great business models and so their main source of acquiring capital are venture capitalists.

Government support these enterprises a lot and they get loans at less rates. They can also go to different sponsors who want to contribute for a good cause.

TASK 2

P3 Impact of small and micro businesses on the economy of UK with relevant data and statistics

Micro Business: Micro business is the one in which less than ten employees work including the owner. The turnover on an annual basis is less than €2million

Small Business: Small business is the one in which around 10-50 people work. Their turnover is between €2million to €10million (Ratten, 2014).

Contribution of micro and small business in UK economy:

  • Share of micro and small companies to UK businesses: SMEs has significantly contributed to improve the overall economy of UK. From the below table and graph, it can be said that almost 99.9% are the small and medium sized enterprises among all the business. Out of which 96% are the micro businesses and 4% are the small businesses as per the data of 2018.&

  • Employment: SMEs gives 60% jobs in whole UK which means a positive impact on the economic growth of UK. Micro Businesses contributes 33% to the employment and small businesses contribute 15% to the employment. With the emergence of micro and small size enterprises, employment opportunities has increased a lot (Obeng, Robson and Haugh, 2014)
  • GDP and Turnover: SMEs has improvised a lot upon the productivity and output level of the economy. Due to rise in SMEs, the turnover has been on the increasing rate. The turnover rate in small enterprises is 15% and in micro enterprises it is 21%. Overall, turnover has increased by 52% by the SMEs in UK. All this has contributed positively to the GDP as well (Dugguh, 2013). 
  • Women Empowerment: In 2017, almost 19% of the micro and small companies were owned by women. As per FTSE 100, 25% of women were on board by 2015 only. This has a positive impact on the economic growth of UK. 

P4 Importance of small businesses and business start-ups to the growth of the social economy

Social Economy:

Social economy is the one in which the well-being of society is improved. The organisations which form the part of social economy are the not for profit organizations, foundations, cooperatives and some social enterprises (Blackburn, Hart and Wainwright, 2013). The main motive is to bring in innovative products, sustainable products or resolving the issues of the society like unemployment, poverty, etc.

Four pillars of Social economy:

  • Mutuals: A mutual is the one which collects money or funds from its own members and then provide the services to those members who are part of the society. It works on the basis of mutual relationship and for members benefits. Example: AIM (International Association of Mutual Benefit Societies)
  • Foundations: Foundation is a kind of trust and works on not for profit basis. They offer grants to various companies, individuals, institutes, etc. Example: Ford Foundation
  • Charities: These trusts are made for the purpose of charity only and enjoys various tax benefits. Example: The Wellcome Trust, UK
  • Associations: Associations are the ones with the same aim, motive, job and interests Example: CEDAG (Comite Europeen Des Assoociations)

Importance of small businesses and start-ups on growth of social economy with examples:

Social economy has grown and revamped in recent years in UK due to rise in small companies and start-ups. It has contributed a lot in the growth of the society as a whole. Below are some of the points which has contributed to UK's social economy growth:

  • Innovation: As the start-ups and small companies are coming up with great ideas as well as business models, so it has contributed a lot towards the new and innovative goods as well as services. Innovation is the key for the growth of the economy and SMEs has largest contribution in that. Example: Uber and Airbnb are well known and innovative start-ups and has make things easier for people (Gorgievsk, Ascalon and Stephan, 2011).
  • Generation of competition: With the emergence of start-ups and small companies, even competition is enhanced and has become more healthy. Due top this competition, businesses are now coming up with more creative business models to sustain and grow in the market. Example: Companies like Deliveroo AND Feedr
  • Employment Creation and enhanced purchasing power: Job opportunities has increased drastically due to these companies and in 2018, SMEs alone employed 60% of the UK economy. This will reduce the poverty, will increase the purchasing power of people and will enhance the living standards.
  • Environmental Sustainability: Small businesses and some start-ups solely based on providing sustainable products has created a lot of positive impact on the environment and has encouraged people to move towards sustainable goods and to become responsible towards environment. Example: Bulb founded by Hayden Wood (Shaw, 2014).

TASK 3

P5 Characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers.

Entrepreneurs come up with their own business ideas and come up with unique solutions to fulfil the demands of people which are changing with time. They identify the problems and take a lot of risks to start their own firm (Preuss, 2011). Managers on the other hand are the ones who lead in the company, assign various jobs to the subordinates and takes many decisions for the company.

Below three entrepreneurs are taken and their characteristics, skills and traits are discussed:

UK Entrepreneur

Characteristics of Benjamin Shalom

1. Creative: Benjamin Shalom has started with company called Ultimate Boxxer and he is a pioneer is this field in whole UK. He has a creative mind and is a serial entrepreneur.

2. Optimistic: Benjamin is a positive thinker and has been successful in various businesses. He has been into entertainment sector from years with his new businesses. Optimistic attitude make him a serial entrepreneur (Ratten, 2014).

Skills of Christian Benjamin Shalom

1. Decision Making Skills: He possess extra ordinary decision making skills at just the age of 24. At such a small age, he is doing his business very well and the strategies he adopt for his businesses are well set.

2. Networking Skills: He has huge connections in the field of boxing with the fighters and all this is due to the networking skills he possess and this is making his business successful.

Traits of Christian Benjamin Shalom

1. Perseverance: He keeps on trying new businesses and never quit. He is a serial entrepreneur and the person who keeps on trying can only be a serial entrepreneur.

2. Self-motivated: He is himself very motivated and is very innovative in his business ideas. With the inner motivation, he has been successful in the start-ups he started.

Global Entrepreneur

Characteristics of Jeff Bezos:

1. Passionate: He is the world's richest person with his business Amazon.com, Inc. Passion towards his business is what every businessman should learn from him. He had took Amazon to new heights in such a short period of time.

2. Positive Thinker: With his positivity, he has expanded Amazon and has been successful in making Amazon the biggest online retail website.

Skills of Jeff Bezos

1. Strategic Thinking: He makes brilliant strategies to market Amazon, bring customers to the website of Amazon and personalizing the products for the customers even on the website.

2. Branding: Amazon is itself a brand now and the it carries a great brand image in whole world. The products are of great quality and with new features like Amazon Prime, it has become one of the fastest in terms of delivery as well (Dugguh, 2013).&

Traits of Jeff Bezos

1. Risk Taker: Jeff Bezos is a big risk taker and he does all the diversification of Amazon with great enthusiasm. His risk taking ability is one of the best in the world and that is what made him the richest person of the world.

2. Patient: He deals with the competition very patiently and tackles each and every situation which Amazon faces. Jeff takes complete time to make good strategies.

Social Entrepreneur

Characteristics of Martin Riddiford

1. Commitment: Martin is the founder of Gravity light and he always wanted to do something which will bring sustainable change in the environment. With the strong commitment towards his idea, he started Gravity light (Bakeman and Hanson 2012).

2. Zeal: Enthusiasm and zeal is what make him a great social entrepreneur. He has a zeal for the start-up he created and have a complete social outlook towards what he do.&

Skills of Martin Riddiford

1. Public Speaking: Social entrepreneurs should have a great public speaking skills to sell his idea and convince people about this new technology and Martin has all of them.&

2. Creativity: His idea make him very creative. He has made a lamp which make use of gravity to produce light. He is very innovative and has a creative mindset.&

Traits of Martin Riddiford

1. Determination: Martin is very focussed and determined and he has came up with this innovation to target developing countries which face lot of issues in getting electricity.

2. Self-Confident: With his self-confident, he has successfully managed to start the company which have a positive impact on the environment.

Difference between Entrepreneurs and Managers

Basis

Entrepreneurs

Managers

Characteristics

They possess risk taking capacity, have innovative ideas and start their own firm with motive of growth (Blackburn, Hart and Wainwright, 2013).

They don't have the risk taking capacity and usually works within the company to manage its operations.

Skills

They have the vision in mind with great strategic thinking ability.

They try to follow the company's vision and have efficiency to manage the company.

Traits

They have great leadership skills and are passionate.

They are leaders of a company and manages team.

Example

Jeff Bezos

CEO of Google – Matt Brittin


P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset.

A successful entrepreneur is the one with great skills and innovative mind. Entrepreneur with a positive mind can make far better decisions then with a negative mindset. Mindset is what makes an entrepreneur different from others (Shaw, 2014). Each entrepreneur has a different and unique personality and it can be analysed using OCEAN model:

1. Openness to experience: It shows the willingness of an entrepreneur to experiment and try unique things. It reflects the mindset which is broad and the individual is very open to different changes in the environment. With this quality a person can become more successful as he/she is ready to make products as per the needs of consumers. Martin Riddiford's personality is like this, he has come up with a product which will make sustainable change in the environment and the society.

2. Conscientiousness: This is the kind of personality who are very organized, try to keep realistic targets and are very independent. They are much reliable and follows a proper methodology. Benjamin Shalom fit very well here as he is very independent and organized at this young age (Scarborough and Cornwall, 2011).

3. Extraversion: This kind of personality is very social and love to interact with new people. They try to build their network and possess great networking skills, are energetic and very assertive in the way they talk. Jeff Bezos is an extrovert personality and has great networking skills as well.

4. Agreeableness: These kind of people are cooperative, humble and easily lovable by everybody. They have sympathy for everyone and have a kind nature. People get very motivated from the work environment when they get this kind of personality working with them.

5. Neuroticism: These people are very negative in looking things and due to this negativity they face a lot of issues in facing new challenges. They score very less on emotional stability.

TASK 4

P7 Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship.

Background of an entrepreneur matters a lot in the success of a start-up as this impacts the overall functioning of a start-up. Background includes financial background, to the country which he/ she belongs and the struggle he faced in starting a firm. It also includes the aid from family in starting the business (Burns, 2016) . Risk taking ability and decision making skills are very much dependent on the way the person has born and brought up.

Background and experience of Entrepreneurs

1. Benjamin Shalom: Benjamin has studied from University of Nottinghamand has done bachelors in law. He has done a lot of internships in the companies like Compass Minerals, Go Greena, Davis Blank Furniss, JMW Solicitors LLP, DLA Piper, etc. He is the founder of Twisted Events, Munchies Nottingham, Kool Catering Ltd., Professional Boxing Entertainment and currently Ultimate Boxxer. He had a strong background in terms of education and experience and this made him a successful entrepreneur.

2. Jeff Bezos: Jeff was born in New Mexico in 1964. He has done his graduation from Princeton University in computer science as well as electrical engineering. He was interested in work from very early age and tried to turn the garage of his house into a lab. He even worked in Wall Street and was a VP of D.E. Shaw's. After this, he decided to take risk and start his own e-commerce firm Amazon (Burns and Dewhurst, 2016).

3. Martin Riddiford: Martin Riddiford has started Gravity light and is based out of London. He was very keen to bring something new and his family also supported him for this. He kept on trying new things in the field of engineering also. His parents were also in business background and wanted him to do something for the well being of society as a whole and this made him motivated to start something like Gravity Light.

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CONCLUSION

To conclude, entrepreneurs and their mindset have changed the economy of the world. It has significantly contributed in the way the businesses work and even helped in improving the GDP and social economy of the world (Scarborough and Cornwall, 2011). There are differences in the way managers and entrepreneurs work and also they have different skills, qualities and characteristics. Even the mindset, background and experience of entrepreneurs make each of them unique and successful. It may hinder or boost the start-ups they created. 

You may also like to read:

REFERENCES

Scarborough, N. M. and Cornwall, J. R., 2011.&Essentials of entrepreneurship and small business management. London: Pearson.

Burns, P. and Dewhurst, J. eds., 2016.&Small business and entrepreneurship. Macmillan International Higher Education.

Burns, P., 2016.&Entrepreneurship and small business. Palgrave Macmillan Limited.

Nakara, W. A., Benmoussa, F. Z. and Jaouen, A., 2012. Entrepreneurship and social media marketing: evidence from French small business.&International Journal of Entrepreneurship and Small Business. 16(4). pp.386-405.

Dunn, P. and Liang, K., 2011. A COMPARISON OF ENTREPRENEURSHIP/SMALL BUSINESS AND FINANCE PROFESSORS'REACTION TO SELECTED ENTREPRENEURIAL AND SMALL BUSINESS FINANCIAL PLANNING AND MANAGEMENT ISSUES.&Journal of Entrepreneurship Education. 14. p.93.

Dennis Jr, W. J., 2011. Entrepreneurship, small business and public policy levers.&Journal of Small Business Management. 49(1). pp.92-106.

Akehurst, G., Simarro, E. and Mas‐Tur, A., 2012. Women entrepreneurship in small service firms: motivations, barriers and performance.&The Service Industries Journal. 32(15). pp.2489-2505.

Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and small business policy.&Entrepreneurship & Regional Development. 23(9-10). pp.787-814.

Ratten, V., 2014. Future research directions for collective entrepreneurship in developing countries: a small and medium-sized enterprise perspective.&International Journal of Entrepreneurship and Small Business. 22(2). pp.266-274.

Obeng, B. A., Robson, P. and Haugh, H., 2014. Strategic entrepreneurship and small firm growth in Ghana.&International Small Business Journal. 32(5). pp.501-524.

Dugguh, S. I., 2013. Entrepreneurship and small business: Strategic approach to alleviating poverty and corruption in Nigeria.&GSTF Business Review. 3(1). pp.57-66.

Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business, strategy and owner-manager characteristics.&Journal of small business and enterprise development. 20(1). pp.8-27.

Gorgievski, M. J., Ascalon, M.E. and Stephan, U., 2011. Small business owners' success criteria, a values approach to personal differences.&Journal of Small Business Management. 49(2). pp.207-232.

Shaw, G., 2014. Entrepreneurial cultures and small business enterprises in tourism. The Wiley Blackwell companion to tourism. pp.120-131.

Bakeman, M. M. and Hanson, L., 2012. Bringing social media to small business: A role for employees and students in technology diffusion.&Business Education Innovation Journal. 4(2). pp.106-111.

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