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TOP10529 UNIT 9 Entrepreneurship and Small Business Management

University: ICON COLLEGE OF TECHNOLOGY AND MANAGEMENT

  • Unit No: 9
  • Level: High school
  • Pages: 21 / Words 5267
  • Paper Type: Assignment
  • Course Code:

    NA

  • Downloads: 30
Organization Selected : NA
Question :

This assessment will cover certain requirements which are like:

  • What are the effective range and types of ventures required in entrepreneurial.
  • Explain the adverse impact of small business on economy.
  • Give the elaborative and effective key mindset of entrepreneurial.
  • What are the elements and the ways to foster or hinder various Entrepreneurship. 
Answer :

INTRODUCTION

Entrepreneurship can be defined as the capacity and willingness to develop, organize and manage venture with taking any risk to make more profits. It is important as it considered the ability to improve living standards and wealth for entrepreneurs and businesses as well (Bogdanova, Kozel and Litvinova, 2016). They also help to make drive change with more innovation with new products that are enabled to develop significant advantages. In this regard, the present study is based on the establishment and run business enterprise in London.

In this regard, the present report includes different kinds of entrepreneurial ventures which is related to typology of entrepreneurship. Furthermore, there are several similarities and differences between entrepreneurial ventures. Moreover, it consists of interpretation and assesses relevant data that include in the micro and small business that impact the economy. In addition to this, it includes the importance and small businesses that make the growth of the social economy. Along with this, it demonstrates characteristics and traits that make it different from other managers.

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LO 1

Examine different kinds of entrepreneurial ventures and relate it with typology of entrepreneurship

Entrepreneurship consists of a successful process in which entrepreneurs run their business by considering financial risks. With this consideration, entrepreneurs willingly take participation in the economic development of the organization and run operations in a systematic manner. In order to expand a small business, it is one of the essential requirements to increase the effectiveness in the country (Albort-Morant and Ribeiro-Soriano, 2016). Mainly two sectors of entrepreneurial ventures are present which are mentioned below :

  • Public sector entrepreneurial venture : These ventures are generally led by the government of the country and the policies and strategies are also formed by the government. These ventures basically aim at providing welfare services to the society and are not concerned with making huge profits. Also the profits earned are reinvested in the business so that the quality of their service can be improved.
  • Private sector entrepreneurial venture : These ventures are held by individual or group of individuals who formulate their policies so that the goods and services provided by them can help in dealing with customer needs and wants. These are customer oriented and there main aim is to generate huge profits by their activities.

Different kinds of entrepreneurship

  • Entrepreneurship of small business: In different areas of the market, organizations work as small business entrepreneurship. Hence, all companies that are small have involvement in several sectors such as grocery, electricians, carpenters, plumbers, etc.
  • Entrepreneurship of start-up scalable: In this regard, entrepreneurship enterprises also started to accomplish the vision that helps to make changes in the economy of the world. Along with this, capitalists of business ventures generally hire staff members those are best and helps to accomplish objective as well. Funding from the capitalists is generally needed to increase profitability. For instance, Facebook, Instagram, etc.
  • Entrepreneurship of large organization: Furthermore, large companies successfully operate their operations and function with innovation and offer new products as well. With this regard, different businesses working with partnering with innovative products and services in companies. For instance, Google, LG, Microsoft, etc. (Zacca, Dayan and Ahrens, 2015).
  • Social entrepreneurship: In this kind of entrepreneurship, successful entrepreneurs work in the business where they creates services and products to deal with issues and problems. Therefore, the main aim of this enterprise is to provide better services that are not related to profitability but considering in hybrid and successful business operations.

Entrepreneurship typology

  • Lifestyle entrepreneurship: According to this, entrepreneurs set up their targets to enhance the level of income. Therefore, they are considering successful functions with different kinds of operations. For instance, professional blogging, journalists, etc.
  • Profit venture entrepreneurship: In this aspect, entrepreneurs perceive the motive of earning more profits and revenue. Therefore, majorly they invest money to bring more significant advantages with financial profits.
  • Corporate sector entrepreneurship: In this aspect entrepreneurs develop functions with pursuing an economic activity for several members. For example, Tesco is one of the successful business that deals with entrepreneurship in different areas of the world.
  • Male entrepreneurship : These enterprises are owned and controlled majorly by males who are more competent and risk taking which can help the organizations to expand and become large in size.
  • Female entrepreneurship : these enterprises are managed and started by the females of the society who are generally risk avoider and are more concerned with social issues and providing welfare to the society.

Explore similarities and differences between entrepreneurial ventures

Differences between different entrepreneurial ventures

Basis

Small entrepreneurial venture

Scalable start-up entrepreneurial venture

Large entrepreneurial venture

Social entrepreneurial venture

Objectives

Small business considered structured objectives which helps to earn more profitability.

In this aspect, ventures pursue aim to deal in innovative products that are developed to attain more profits and revenue from different investors.

Businesses required to sustaining with selling several new products so that services provided with using more marketing strategies.

Social entrepreneurs work for accomplish their aim with demonstrate positive product quality to make more services better (Zacca, Dayan and Ahrens, 2015).

Issues and risks

In small businesses investment is very low so that there are less issues and low risks exists.

With high risks in financial investment, there is more pressure so that people will earn more from this enterprise (Bogdanova, Kozel and Litvinova, 2016).

In this aspect of the organisation, risks is medium because large enterprises easily manage sales with more high volume. It is also create brand value which need to be take important part in the organisation.

Risks is not large but this business easily get support from government. Along with this, public support also exists that is more important for the enterprise (Albort-Morant and Ribeiro-Soriano, 2016).

Staff members

In this kind of business maximum 50 employees work.

Staff members in this business generally work on requirement of the whole business.

There are more than 1000 staff members working in entrepreneurial venture.

Requirement of staff members is generally depends on enterprise size (Albort-Morant and Ribeiro-Soriano, 2016).

Similarities among different entrepreneurial ventures

Business type

This entrepreneurship business working for different products and services that are sold to customers.

Furthermore, this business also work to deal with innovative products and services that are provided to public (Albort-Morant and Ribeiro-Soriano, 2016).

This entrepreneurship venture working for new products and services which helps to enhance more profits and revenue in the organisation.

They worked to solve issues and problems with dealing more effective products among different areas of the world.

All the entrepreneurs are generally established so that they can earn huge profits by providing the customers with the goods and services they want. Also all the businesses work on the principles of perpetuity which means that they exist in the market for a long-period of time. Also all the companies aim at being successful so that they can expand in other markets which can help them in earning large profits and also help in increasing the market share. Innovation is another similarity in all the organisations so that they are able to provide better goods and services to the customers which gives them a competitive advantage in the market.

Investigate diverse range of entrepreneurial ventures in public and corporate sector

Generally, public sector organization is under in government so that their high investment exists as compare to other organizations. In this kind of enterprise, in this aspect, business emphasis the development of social effectiveness and welfare of people as well. Therefore, the quality of products and services in the most important element that fulfils customers’ needs and requirements (Zacca, Dayan and Ahrens, 2015). Along with this, the corporate sector of the organization owned with more effective products and services which is profitable to enhance profits only. It helps to earn sustainable development in the country. Critically examine scope, development and growth of entrepreneurial ventures

As per the views of Katz, Hanke and Alpi, (2016), each enterprise consists different scope, objectives, etc. It develops a significant advantage that also affects its scope and growth as well. When businesses easily deal with products, they are meet with the demand of customers successfully. In addition to this, longer-term profitability exists that generates more flexibility. On the other hand, Rezaei, Dana and Ramadani, (2017) critically stated that communication is the way that helps to lead with fulfil customers’ needs and requirements. With this aspect, communication assists to make more growth in business.

LO 2

Interpret and assess relevant data and statistics to illustrate how micro and small business impact on economy

In the economy of the UK, micro and small enterprise consist important role that helps to earn more profits. With this regard, turnover helps to take part in economic contribution. From the research, it has been identified that in 2018 there is massive 99.9% in which 5.7 million enterprises in the UK are small and medium-sized. SME are generally defined as the business in which up to 250 employees working together. 

In the present chart, it has been shown that many of the people are working as self-employed, contractors, etc. From 2001 micro-business contain a number of employees more than 120. Furthermore, small business consists of more than 130. 25% of UK companies deal between 2000-2018.

In London, the highest ratio of SME is generally calculating that can be compared with several numbers of organizations in each region of the country. In the country, 1563 organizations working for 10,000 adult residents that are above the national average.  

SME is the fastest industry in the UK which consist of 74% organizations in the UK. They provide different services in different areas of the world. It is also determined marketing to architecture, veterinary practices that are a total of 15% of all businesses.

Explain importance of small businesses and start-ups in growth of social economy

Start-up and small enterprises consist most important and major participation that helps to make positive results in the social economy. With consideration of small enterprises, in different areas such as rural areas and large cities. It will assist to develop economic benefits that continuously increase effectiveness at the workplace. In the village, small businesses survive with serving more profits and reduced population (Bogdanova, Kozel and Litvinova, 2016). It assists to develop unique contribution in small businesses that helps to earn more employment within the country.

Increase employment of local workers: With the help of small and micro business, local workers of the country get employment facilities. It assists to increase the standard of living of people that is the most important consideration nowadays. Furthermore, employment also aids in managing economy balance which considered positive outcomes at the workplace. On the basis of this, local workers will easily take participation to make innovative products. Moreover, local workers will take participation in economic development which assists to lead successfully in the country. It is also important to manage a program that ascertained significant advantages (Rezaei, Dana and Ramadani, 2017).

Adapting with deal change the climate: Furthermore, another important consideration is dealing with a changing climate that is important for small and micro-businesses. In the economy of the country, this activity takes a more important role in a systematic manner. Therefore, it is essential to adapt more effective results at the workplace. When a small businesses run in the country, they can easily know about climate change. As a result, it is important to set unique outcomes to earn more profitability (Brush, and Greene, 2015).

Contribution within local government: Moreover, small businesses highly contribute their participation within local government. This is because it assists to make innovative products with more creative functioning in the organization. In addition to this, the government will easily take their consideration with local people who support to earn more with more investment (Katz, Hanke and Alpi, 2016). Local government will also invest money when a small business provides more profitability with their business. As a result, it is important to attain more effective results with economic development. On the basis of different levels of requirements, the government will easily contribute their participation in the business (Richter, Kraus and Syrjä, 2015).

Increment in small businesses to make it large enterprise: Another important consideration of small and micro businesses is that they can easily take participation to make it large. In this regard, several kinds of opportunities grab by small businesses which is important for the organization. Furthermore, employment facilities also develop successfully that provides effectiveness in the business. When the organization being a large part, they will easily lead successful business operations and functions (DeTienne and Wennberg, 2016).

Innovation : SMEs in order to become successful in the market try to bring innovations in their products and services so that they can reach to a large number of customers. With the aim of expanding their market share they introduce various creative and innovative ideas in the market which can help the companies to survive in the competitive market for a longer period of time.

Evaluate differences small, medium and large businesses that make to the economy with applying relevant data and statistics

Within the UK, small, medium and large organisation consist important role and participation to work in the business operations and functions. Therefore, larger part in each industry contribute positive part in the UK. Furthermore, business also earning more revenue and dealing with quality of products and services. It helps to create positive brand in whole world. In order to take desired results, it can be stated that foreign currency also earned by the organisation which helps to take important place in the different areas of the world (Bogdanova, Kozel and Litvinova, 2016). In addition to this, every business promote CSR activities which helps to make innovative products and services easily.

Critically examine how small businesses have an impact on different levels of economy such as local, regional and national

Within the UK, small and micro organisations continuously focuses to make stability in the nation. In this aspect, at regional level they are continuously dealing with different products and services with competing several members (Albort-Morant and Ribeiro-Soriano, 2016). As a result, customers’ demand easily fulfilled by members. In addition to this, hiring staff members with less amount of salary so that they can easily manage their finance. It helps to diminish unemployment. Beside this, at national level operations are also expanded easily in different areas to enhance revenue to develop profitability. At global level different kinds of products and services easily sold to contribute major part in the country (Zacca, Dayan and Ahrens, 2015).

LO 3

Determine the characteristics traits and skills of successful entrepreneurs which make different from other managers of business

In order to meet with successful entrepreneurship businesses, it can be stated that several organisations will get growth to operate business operations. In this consideration, process is undertaken that helps in maintaining need of finance. With this aspect, it can be stated that entrepreneurial mind set is also useful which is referred as different opportunities to set innovation functions (Wang and Liu, 2016). In this consideration, Duncan Bannatyne is one of the perfect example of successful entrepreneur. He started his business with selling ice cream from a van which is second hand. He also entered in breakfast and bed in nursing home industry which is subsequently developing with 30 such kind of properties. After this, he had taken 36 million to enter into fitness club. Many of the organisations are also formed because successful entrepreneurs can easily do better job. Creativity is also important which that helps to make connection among different entrepreneurs. It helps to make solution towards different issues and problems easily (Piperopoulos and Dimov, 2015).

Furthermore, J.K. Rowling is one of the famous for authoring Harry Potter series of books which is also later launch in movie series. She was first author of this book and wealthiest private citizens in the UK. In order to become successful entrepreneur there is one of the important trait that is disciplined in which individual focused to make their own business work. In this regard, distraction must be removed from the goals so that tactics can be successfully helps to accomplish desired results at workplace. The entrepreneur also get success in their business with open minded skill (Walsh and Cunningham, 2016). Ideas are constantly generated that is important for people and potential for new business. They are also possess ability to look everything around to focus towards goals. Flexibility is certain degree which need to be manage and run successful business goals. Passion towards products and services helps to accomplish mission to motivate that drive with success in systematic manner (Anggadwita, Luturlean and Ratten, 2017).

Difference between entrepreneurs and business manager:

Basis

Entrepreneurs

Managers

Meaning

They are the owners of a company and they are responsible for making their company successful by their efficient decision making power.

They are the employees of the company and they are responsible for managing the activities and operations of the company.

Features

Entrepreneurs are the risk takers and they have clear vision which helps them to grow and succeed and establish a successful business.

Managers are the risk avoiders they works for salary and they do not take any decisions without consulting the business owners.

Emphasised

They focus on establishing a business start-up as they have higher aims. They do this through innovative and creative thoughts, ideas and concepts.

Managers focus on the ongoing business operations and handling the day to day functions and operations so that smooth functioning can be established.

Motivational key

The achievements of an entrepreneur are due to their motivations which help them in taking effective decisions.

Managers motivate the employees of the company so that they can work efficiently and also maintain good culture at workplace.

Examples

Joanne Rowling is an example of successful entrepreneur.

Charles (chad) Holiday of Royal Dutch Shell plc is an example of good manager.

In how aspects of entrepreneurial personality reflect on entrepreneurial motivation and mind-set

Entrepreneurial personality of each individual is most important element that assists to deal with organisation successfully. It also helps to motivate staff members with issues. Therefore, less risks associated in this which is more effective for the organisation. Entrepreneurial personality perceive characteristics which assists to individual which generate new ideas and implementing it to enhance revenue (Walsh and Cunningham, 2016). Furthermore, ideas are also required to meet with work that is demanded constantly to make sustainability. J.K. Rowling and Duncan both successful entrepreneurs who takes different kinds of risks to deal with profitability and assess opportunities as well. It generate effective results with helps to manage risks that included within the organisation. Transparency is also exists that assists to accomplish desired goals at workplace (Carraher and Steinberg, 2016).

In addition to this, Rowling takes risks and possess capabilities as well so that they need to be focused to attain targets in systematic manner. She also faced different issues and problems to become successful entrepreneurs but focus is needed to attain targets in systematic way. In this regard, changes are also made with taking marketing strategies to get perfect accomplishment in goals and targets (Nikolopoulos and Dana, 2016).

Explore and examine different lines of argument that are related with entrepreneurial characteristics

Successful entrepreneurs have several characteristics and traits that help them to earn more profits. With this regard, successful entrepreneurs have different risks which assists to accomplish desired goals. Rowling is very energetic and passionate about their work which helps to deal successful growth. In addition to this, in different areas of the world nowadays harry potter movie is more famous. She is also working that create strategy which is successful to learn attitude (Ibidunni, Peter and Ogbari, 2017). Furthermore, Duncan is also looking towards taking feedback with innovative products. These kind of products and services assists in maintaining feasibility among different people.

Analysis characteristics traits, skills and motivational drivers of successful entrepreneurs supported with example

Duncan and Rowling successfully deal to set up their business which run very fast and contribute major part in the country. With different skills and traits, more growth achieve within the whole world. Moreover, she is also develop certain strategies that are related marketing in different areas of the whole world. In addition to this, different people give feedback for the business and its products and services. As a result, feedback is one of the important consideration for successful entrepreneurs (Galloway, Kapasi and Sang, 2015).

LO 4

Examine with example with background and experience can hinder and foster entrepreneurship

Bannatyne spent a lot time to move from one job to another. He had continuously trying to return Clydebank in which he trained for agriculture in all over the world. From 1974, when he got licence of HGV and it helps to earned standard of living with taking several jobs such as deckchair attendant, hospital porter, ice cream seller, etc. In addition to this, he had also worked for charity works in recognition for their work with charities in meals. In Romania, also invested more amount for people who are suffered from HIV and AIDS. Currently he is living in Portugal with his wife and children. When he had expanded his health clubs, he had moved towards different areas. In this consideration, business career began with moving from ice cream van. It is main business which is expanded continuously that is sold after founding nursing home (Achtenhagen and Brundin, 2016).

Rowling was born in July, 1965 in England. She also adopted her name with incorporate grandmother’s name with taking latter initial. While struggling support from her daughter encouraged her become successful entrepreneur. Therefore, social welfare is also important so that she was travelling on a train from London in 1990. Main idea for the Rowling has to become successful entrepreneur came after her divorce (About J.K. Rowling, 2019). The book was started with several series in chronicling the life of young Harry. Collection of five fables mentioned in this book series released on November 4, 2008.

Analyse the link between entrepreneurship characteristics and influence of personal background with specific successful entrepreneurs

Bannatyne is successful entrepreneur with passionate about his work. He accomplished his objective and goals to attain positive results. With taking different solutions for business, personal background help him to being successful person. He also looking for different kinds of new business. In this respect, it is essential that development support which helps to attain significant advantages. Furthermore, Rowling also moved towards successful story of Harry Potter so that she get more success and positive outcomes with development support personal interest with successful program increase effectiveness that is useful to deal in different areas of the world. On the basis of her personal interest in this story, she get more effective results (Cumming, Hou and Firth, 2016).

Critically evaluate how background and experience influence positive and negative way

Every entrepreneur possess skills and traits that make him successful. Therefore, background and experience of each individual mainly impact on entrepreneurship program which need to be implemented to solve issues and problems. They are involving different activities that increase more profits and revenue. They are efficient and effective so that business will run easily with different kinds of goals. In addition to this, from the age group of early, Bannatyne and Rowling successfully lead to their business which will helps them to attain positive results (Gast, Kallmünzer and Arnold, 2017).

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CONCLUSION

From the above report, it can be stated that entrepreneurial ventures considered in different kinds of businesses which determined more revenue and growth in systematic manner. In order to lead successfully, it can be stated that successful entrepreneurs will take part in small businesses so that they will easily take part to make economy growth of the country. In addition to this, report summarised about micro, medium and large businesses that are continuously focused towards accomplishment of business goals in systematic manner. In this way, they are continuously grow up from 2000 with providing more revenue. With the help of taking participation of local workers, small and start-up businesses will easily grow. Moreover, it articulated that government also take participation that make more contribution in country’s development. In this way, it is important to lead and getting successful positive advantages at workplace.

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REFERENCES

Books and Journals

Ács, Z.J., Szerb, L. and Autio, E., 2016.Global entrepreneurship and development index 2015(p. 1). Springer.

Audretsch, D.B., Heger, D. and Veith, T., 2015. Infrastructure and entrepreneurship.Small Business Economics,44(2), pp.219-230.

Blackburn, R.A., 2016.Government, SMEs and entrepreneurship development: Policy, practice and challenges. Routledge.

Cueto, B., Mayor, M. and Suárez, P., 2015. Entrepreneurship and unemployment in Spain: a regional analysis.Applied Economics Letters,22(15), pp.1230-1235.

Gërguri‐Rashiti, S., Ramadani, V. and Ratten, V., 2017. ICT, innovation and firm performance: the transition economies context.Thunderbird International Business Review,59(1), pp.93-102.

Jones, P. and et.al., 2018. Entrepreneurship in Africa, part 2: entrepreneurial education and eco-systems.Journal of Small Business and Enterprise Development,25(4), pp.550-553.

Kuratko, D.F. and Morris, M.H., 2018. Examining the future trajectory of entrepreneurship.Journal of Small Business Management,56(1), pp.11-23.

Kuzmina, I., 2017. Entrepreneurship and small business development in Latvia. InSmall Firms and Economic Development in Developed and Transition Economies: A Reader(pp. 153-163). Routledge.

Laukkanen, M. and Tornikoski, E.T., 2018. Causal mapping small business advisors’ belief systems: a case of entrepreneurship policy research.International Journal of Entrepreneurial Behavior & Research,24(2), pp.499-520.

Rae, D. and Wang, C.L. eds., 2015.Entrepreneurial learning: New perspectives in research, education and practice. Routledge.

Ramadani, V., Gerguri-Rashiti, S. and Fayolle, A. eds., 2015.Female entrepreneurship in transition economies: Trends and challenges. Springer.

Read, S., Sarasvathy, S. and Wiltbank, R., 2016.Effectual entrepreneurship. Routledge.

Rusu, S. and Lucian, I.F., 2015. Entrepreneurship and Small Business in Tourism.Ovidius University Annals, Economic Sciences Series,15(1), pp.616-620.

Thorgren, S. and Wincent, J., 2015. Passion and habitual entrepreneurship.International Small Business Journal,33(2), pp.216-227.

Walsh, G.S. and Cunningham, J.A., 2016. Business failure and entrepreneurship: Emergence, evolution and future research.Foundations and Trends® in Entrepreneurship,12(3), pp.163-285.

Wang, H. and Liu, Y. eds., 2016.Entrepreneurship and talent management from a global perspective: Global returnees. Edward Elgar Publishing.

Yadav, V. and Unni, J., 2016. Women entrepreneurship: research review and future directions.Journal of Global Entrepreneurship Research,6(1), p.12.

Online

The role of small businesses in the UK economy. 2019. [Online] Available through: < https://www.makeitcheaper.com/blog/the-role-of-small-businesses-in-the-uk-economy>

What is entrepreneurship? Types and importance. 2019. [Online] Available through: <https://www.feedough.com/what-is-entrepreneurship-types-importance/>.

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