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Entrepreneurship and Small Business Management

7123Downloads1 I Published: 16 Jan ,2020

Introduction

Entrepreneurship is very important for every business because every big started their business as a small business. An entrepreneur plays an essential role in leading small business and take a necessary action to meet the customer desires with the help of required staffs. Entrepreneurship means that an owner of business will majorly focus on developing a great market for their products and services according to business plan. This report will include the various types of entrepreneurial ventures and their connection with the typology of entrepreneurship. This report will also highlight the similarities and differences between the entrepreneurial ventures and also highlight the discussion about the relevant data and statistic to define the impact of micro and small business on the economy. This report will also stats about the benefits of small business and startups business for the growth of social economy and also highlight the numerous skills and characteristic of successful entrepreneurs that differentiate them from the managers of other business. This report will explain the entrepreneurial aspects that will reflect the entrepreneurial mindset and motivation.

Main Body

P1 Different types of entrepreneurial ventures and their connection with the typology of entrepreneurship

Small business entrepreneurship

Small business entrepreneurship is a special type of businesses that can only be led by the individual and single owner. This business can also be run by the employees but they are in very fewer numbers. This type of businesses is not majorly focus on the revenue generation. They will give their full concern on increasing more clients and enhancing their productivity by development of its services and products. Small business entrepreneurship can also be operated with friends and family members as partners (Welter and Gartner, 2016). They accept funds from the friends, family members and also from the small business loans. Thus, many small business and entrepreneurship are there that offers great innovative products and services. Various Small businesses are also providing unique products or services and expand their business in a very exceptional way. Various examples of small business entrepreneurship are grocery stores, consultants, carpenters, hairdressers, plumbers and electricians.

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Scalable startup entrepreneurship

Scalable startup businesses establish their business for the purpose of providing innovative and extraordinary products or services with the great innovative ideas and thoughts. They decide their business aim from the beginning and wants to develop a huge platform to enhance their business in whole market (Mugler, 2017). From the starting, the entrepreneur of the business has believed that their innovative ideas and thoughts can change and develop the world and also they have big faith on their vision. For achieving their goals and growth of the business, they take necessary actions to search the potential investors for investment in venture capital. The scalable startup businesses have a high risk of outside returns and capital risk. These types of businesses want the brightest mind to run the business activities and make effective strategies to set up an ascendable business model. Several examples of Scalable startup businesses such as Instagram, online shopping for electronic, Facebook etc.

Large company entrepreneurship

These type of businesses approaches effective life cycle to operate their functions and operations. Large company entrepreneurship has a major goal to provide a new and fresh products or services to the consumers, by which they will improve the business longevity and sustainability for a huge period (Ramadani and et.al., 2015). So, they are very focusing about providing many variants of their products to capture huge customers. Today, the customer's trends and demands are changing in time along with diverse advance technology, legislation or competition and that can force the big company to create new and innovative products or services to sustain in new market. So, the large company entrepreneurship should have to adopt a several types of innovation in their production to build their business. Examples of large company entrepreneurship contain Microsoft, Google, Samsung etc.

Social entrepreneurship

These type of businesses focus on finding solutions of various social problems and issues by delivering their products and services. The social entrepreneurship are wholly concern about creating healthier world for the population and it is not necessarily for the company to made  this activity only for profit, Because social entrepreneur has no focus on acquire wealth and generation of profit. Social entrepreneurship has an example such as Safe point trust.

P2 Similarities and differences between the entrepreneurial ventures

Differences and similarities between the various entrepreneurial ventures such as:

Topic

Small business entrepreneurship

Scalable startup entrepreneurship

Large company entrepreneurship

Social entrepreneurship

Objectives and purposes

These type of businesses might not have any organized business goals and objectives. Entrepreneur works on gaining lesser growth and profitability.

These type of businesses have major goal to offer great innovative products or services constantly to the customers (Dana, 2018). They also mainly focus on achieving high profit and revenue for investors and organization's growth.

These type of organizations majorly focus on maintain their business sustainability in the market. They also have main purpose to develop marketing strategies for new and innovative products or services.

These type of organizations have major aim to solve various social issues and problems by providing quality products or services and also they focus on creating a superior world for the people.

Number of employee

Small business entrepreneurship holds not more than 50 employees.

In these organizations, the number of employees are depending on the size and structure of the business.

In the Large company entrepreneurship can includes more than 1000 employees.

In the Social entrepreneurship, the number of employees will dependent on the business size.

Risks

The risks in that type of organizations might be lower. Small businesses have high competition with the same sized companies.

In these organizations the risks are very high and complex because of the large amount of financial investment. They have high force to return interest and large amount to the investors.  

Large company entrepreneurship has medium risks because they take effective actions to manage high volume of sell for effectively maintaining their brand value.

In these type of organizations risks is not so high because the social businesses are fully supported by the public and government due to their stable vision and objective.

Structure 

Small business entrepreneurship has no proper structure of their organization. They run their business with the partnership or sole proprietorship.

Scalable startups businesses are mainly limited partnerships and corporations.

Large company's structure is very complex and they can be private limited and public limited company.

These organizations are totally trustee based (Yan and Yan, 2016).

Investment 

Small businesses do not want more investors.  

Scalable startups business does not seek huge investors.

The organizations seek more investors because it has big objectives and goals.

Social entrepreneurship requires many investors because they have a major goal to expand their globally.  

Location

Small business entrepreneurs are restricted in locations (Birkner and et.al., 2018).

Startups companies are not restricted with location.

Large company entrepreneurs are not limited with their positions.

They are limited in locations.

P3. Small Business and Micro Impacts On Economy

Small business refers a small enterprise which open independently own and operates it. This is limited in size with small number of employee and modest flow rate of finance while micro business is similar to small business but technically difference in employees and economy. For example, if a company has less than six employees that case also known as micro business or if owner is self-trader, employ in own company or number of employee is zero that case also k/a micro business. Both micro and small business gives positive impact on economy. Small business and micro business keep away important to enhance economy country and assists to growth of country. In 2014 there were approx. 5.2 million business was operating in UK means 99.9 percent. On the basis of 2016 statically data approx. 240,000 business was operated in a year and 6.04 million peoples got opportunity for employment in business. 5.7 million small business was operated according to 2018 while micro business was approx 5.4 million in the UK where number of employees less than 9.

STRIP8

Small and micro business affect economic growth by offering employment chance to those people who might be employable in large industry. For example, 16.6 million (approx 60 %) means half turnover employment is found in UK. On the basis of 2017 statistical data there was 16.1 million people were self-employed, and they give contribution in UK economy approx. 1.9 trillion (Ayandibu and Houghton, 2017). While Approx 5.8 million small and micro business is operated according to 2019 data. On the basis of previous data 3.5 % private business sector has increased. There are 672,890 company is operating in UK according to 2018 to 2019 and 8.4 % estimate growth of small business in UK per year. On the basis of 2014 to 2019 UK achieves large scale growth in economy and employment where number of small business and micro business elevates economic scale. Approx 99% small and medium-sized enterprise operates in UK. They play vital role in political economy and assist to influence economy growth and reducing unemployment of people.

P4. Importance of small business

Small business drives growth and introducing new market and offering job opportunity to people thus they contribute vital role in country growth. Small business is specially designed for innovation and stimulates competition in market and introduces new ideas that leads challenges for market and other business. Such kind businesses known as home accounting business. Entrepreneur too much energetic and innovative type. They offer opportunity to those people who are skilled but doesn't get platform to show their skills. Entrepreneur introduces platform and leads vast change in country economy. Small and medium-sized business raises UK productivity which contributes 47% in UK economy (Julien, 2018). This type business is away of innovation which provides opportunity to entrepreneur for entrepreneurship.

Entrepreneur provides appropriate job to those people who need source to do innovative at workplace and leads growth in company. Such kind business meets job satisfaction rather to position. Thus type business promotes local economies by offering growth and innovation to the market. It also assists to keep money at home and helps neighbor and community by bringing employment opportunity to people. Small business also provides beneficial benefits to customers. For example, small and medium-sized businesses are basically bringing only one type of product which is unique for customers and provides best services to customer so that economy scale of company elevates out from customer satisfaction. Thus, small business offers good experience to customer by providing innovative product.

Micro business and small businesses access to expert for gaining profit in market. They are crucial for social economy because they raise financial prosperity. Main goal of small business to fulfill customer demand by offering good quality product in appropriate price with good services, so-that customer experience becomes good and enhance economical ration. Entrepreneur also takes competitive advantage by offering innovative product in market. Innovation leads higher productivity and productivity enhance products and services which offers to customer. Small business leads profit motivation in country (Saleem, 2017). Local government assist small businesses by offering low interest loan so that entrepreneur can easily open his businesses, thus government enhance trader energy and efficiency in business market. Entrepreneur enables to establish good relationship with their employees where entrepreneur motive them to give the best performance at workplace. Small business elevates economic growth which is measured by GDP (gross domestic product) rate of country. Thus, small business leads growth in social economy.

P5 Determination of skills and characteristic traits of successful entrepreneurs that differentiate them from managers of other business

For the successfully development of business and enhancement in their growth, the skilled and talented entrepreneur is must. The various skills and characteristic traits are very necessary for the entrepreneurs to achieve their business goals and objective in a very efficient manner. For the high expansion of business, various procedures and strategies are need to be considered so, the entrepreneur should be capable for it. An entrepreneur should have a great understating of all the marketing strategies and procedures to promote their business in international market as well. There are various characteristics and skills are required in the entrepreneurs such as:

  • The entrepreneur has an ability to create new ideas and thoughts that can helps the organization in producing unique and quality products or services.
  • The business also seeks that entrepreneur who has a great talent to take may risks in same time. It can assist the organization to develop their productivity without any error and barriers. The risk taking ability of Richard Branson helps their organizations to expand their business in various market without the fear of competitors.  
  • The entrepreneur must have a quality to create effective vision and goals for the success of an organization. It helps the organization and employees by building a great path to gain company's success. The entrepreneur should also have anappropriate vision of the organization.
  • Peter Jones very excited and motivated towards the achievement of organization's goals and objectives. Their motivational activities create a positive work environment in the company and it can also inspire the other employees for the efficient working.
  • The entrepreneur must a good management skills to properly organize the resources of the company.They should also have skills of human resource's management and financial management. By the human resource management, entrepreneur will help the organization to manage all the activities and operations of the employees. By the finance management skill, an entrepreneur can control over all the budget activities to proper management of finance in the company (Amato and et.al., 2017).
  • Communication skills are very essential to interact with many people such as clients, suppliers, customers, employees and distributors inside and outside of the company. In the business process entrepreneur will interact with several people and represent the whole organization on behalf of themselves so, it is necessary for the entrepreneur to enhance their communication skill in a very next level.
  • Leadership skill is must for the entrepreneur by which they guide employees towards the achieving organization's goals. With the effective leadership skill, entrepreneur will show the exact and smooth path to the employees.
  • Richard Branson'sfinance management skill helps the finance and budget department in their organization. This skill helps the organization to effectively organize financial management in the company.
  • Negotiation skill is important to deal with various suppliers and clients. With that skill, entrepreneur will help the organization to remove any internal problems and issues that can create their huge impact on the whole organization's activities and operations. It can also help the organization to save cost and additional expenditures.  
  • With the time management skills, an entrepreneur will assist the organization and its employees to complete their work on time. It can also help the company to capture the market on effective time and also encourage the employees to conduct the operations on time to gain success and development.
  • An entrepreneur has anability to solve any problems and queries on the proper time management and also have a required knowledge and understating to solve
  • Peter Joneshas a high passion towards the organization's growth and development and has an ability to take necessary actions to conduct this.
  • Nowadays, Innovation is focal point in any organization so, entrepreneur should be an innovative person and that quality of an entrepreneur will differentiate them with other persons and managers.
  • Persuasive characteristic also needed in the entrepreneur by which they can inspire and encourage the employees towards the grant achievement of company's objectives, mission and vision.
  • Entrepreneur should have a flexible nature to conduct their business in any difficult and variable situation. They also have adaptable quality to effectively manage the task inworkload period.

P6 Entrepreneurial aspects and its personality reflection towards the entrepreneurial motivation and mind-set

The five personality traits create their major impacts on entrepreneurial motivation and mindset. The big five personality traits include: openness, conscientiousness, Extraversion, Agreeableness and Neuroticism.

Openness

This trait include many characteristic and features such as insight and imagination. If the person is high in this type of traits that means that they have a high range of interests. They are open for any challenges and risks. They are very concern about the better world and people and also very curious to learn and understand new things. They take new experiences in a very enjoyable way (Lechner and Pervaiz, 2017). Richard Branson are very creative and accept all the challenges. They love to learn new things and enjoy the new experiences. All that qualities and personality of Richard Branson, makes them a successful entrepreneur. This type of entrepreneur is focused on capturing new challenges and are very creative.

Conscientiousness

This trait include the several features such as great level of thoughtfulness, effective behaviors towards the goal and great impulse control. Highly conscientious entrepreneur takes an essential action to organize the important details. They made their plans to achieve the organizational goals and develop their behavior towards them. Richard Branson is one of the great entrepreneur and they spend their huge time on preparing company's process and strategies (Burns and Dewhurst, 2016). He is majorly focus about completing the important tasks without wasting any time. Richard Branson is give their full attention to gather details and effectively analysis it. He is very careful about the defined schedule and not take any unnecessary move for altering it. But the entrepreneurs are low in that traits they dislike the schedule and structure and also fails to conduct assigned tasks.

Extraversion

Extraversion includes many characteristics such as excitability, assertiveness, sociability, emotional expressiveness, assertiveness and talkativeness. If people are high in extraversion that means they are highly capable to achieve energy from social situations. They also are outgoing and get excited and energized by other people. Richard Branson are very developed person as an entrepreneur because he is very high in extraversion. He captures the full attention of all and wants to be become a center of attention. He likes to begin conversations and enjoy making connections with the other people (Volery and Mazzarol, 2015). Richard Branson has a huge social circle of acquaintances and friends. He grabs the energy from the people who are surrounded him. The high extraversion people are very excited to make new friends and expand their social circle to advertise and expand their business constantly. If the people are low in extraversion that they prefer solitude. They feel exhausted when people are around them. They are also unable to start conversations and ignore making talks.

STRIP8

Agreeableness

The agreeableness includes various characteristics such as altruism, affection, trust, pro-social behaviors and kindness. If the people are high in agreeable, than they are more cooperative in nature. Richard Branson has a grand entrepreneurship and a very successful entrepreneur because he is very cooperative and take necessary concern about the care of other people. He is very interested towards the other people and helps them in their troubles and issues and that quality of Richard Branson makes them very most likable entrepreneur. He also takes essential efforts to helping people and contribute happiness among them. People who are high in agreeableness assist the other people in their needs and requirements. They are also concern and feels empathy for others (Hatten, 2015). That all are characteristics are needed in an entrepreneur to become successful.

Neuroticism

It characterized by emotional instability, sadness and moodiness. People who are high in Neuroticism faces mood swing, irritability, sadness and anxiety. And people are low in this trait are emotionally stable and deals stably in stress. This type of people gets upset about various small things and gets worries easily. They majorly experienced mood swings and feel anxious. Richard Branson is also a that type of person but he does many struggles to return after high stressful situations.

All these above characteristics and skills are very essential to become successful entrepreneur.

P7 Background and experience can hinder or foster entrepreneurship

The experience and background of an individual can create its huge impacts on the entrepreneurship also in positive and negative ways. Richard Branson is a great motivational and inspiring legend because he has set up and grown his business in a very difficult situation. We can easily say that in absence of great experience and knowledge, Richard Branson can't reach at the position that he is present today. The exceptional quality of person will foster him to go beyond. This quality helps the person to take huge risks and challenges expanding their business globally.

The struggle-full background and experience will teach a great lesson to the person and increase their capability to grow constantly (Burns, 2016). Richard Branson struggled a lot and that difficulty gives a big strength to him. Richard Branson also has many kinds of business skill by which he has achieved his goals and become a great entrepreneur. The struggling background and real life experiences helps the person to stand alone at the beginning of their business. The active team members support the entrepreneur to run the business. Effective team members play a crucial role in long term growth and efficient work in the company.

The bad past experience of organization's failure can create a negative impact on the entrepreneurship. The past experience of success and strong background can help the entrepreneur to build a developed organization and run its functions effectively.

Conclusion

From the above study, it is concluded that various types of entrepreneurship have their different roles and objectives. We can say that entrepreneurs play an important role in creating a various big opportunities for the people.  All the entrepreneurship weather they are medium or small have similar goal and objective to provide innovative products to the customers. Small and medium enterprises create a huge impact on the UK economy by providing high employment, greater profit, community enhancement and create passion towards the country's development. Many entrepreneurships also have several negative impacts such as it generates risks and uncertainty, create workload and emerges financial risks in the market. Big five personality traits are plays very crucial to become a great and successful entrepreneur.0. 

References

  • Amato, C and et.al., 2017. Regulatory modes and entrepreneurship: the mediational role of alertness in small business success. Journal of Small Business Management. 55. pp.27-42.
  • Ayandibu, A.O. and Houghton, J., 2017. The role of Small and Medium Scale Enterprise in local economic development (LED). Journal of Business and Retail Management Research. 11(2).
  • Birkner, S and et.al., 2018. Women's entrepreneurship in Europe: Multidimensional research and case study insights. Springer.
  • 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.
  • Dana, L.P., 2018. ENTREPRENEURSHIP & SMALL BUSINESS.
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