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Unit 1.4 Entrepreneurship and Small Business Management UKCBC Level 3

2686Downloads1 I Published: 11 May ,2020

INTRODUCTION

Entrepreneurship is one of the fundamental components for the economical and cultural development. It brings forth not only national development but also regional as well as local too. In this report, concept of entrepreneurship seems simple, the entire working of it is complex and dynamic (Schjoedt, 2017). This report is based on NPW GIFT LTD. Small sector organisation. The company basically located in Untied Kingdom and provide different kind of services in gifting, offering beauty and party solution. Further, it covered the entrepreneurial ability in one-on-one differs from one another in respect of the life education and knowledge they acquired. The written report aims to talk about the aspect of the businessperson and entrepreneurship in extended manner.

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LO 1

P.1 Different types of entrepreneurial ventures and their relations to typology.

Entrepreneur are analysed as those individuals who establish their business by generating new ideas and invest their own capital within an aim to achieve profitability (Sahut and Peris-Ortiz, 2014). These entrepreneurs are mainly responsible towards development employment opportunities and growth of countries. In this context, there are various kinds venture have been analysed which are established by entrepreneur for different purposes. These important business ventures are mentioned above:

  • Small scale ventures: it implies to a small business ventures which is started by one single person at own risk and investment (Blackburn, Hart and Wainwright, 2013). It is also considered as sole proprietorship business which is established by single person or entrepreneur with an aim of maximum. These ventures are mainly established with new ideas and concept towards regulation of business operations at small scale. It deals with the which has been an effective business operations that needs to be accomplished by managed with an aim of earning profits. Grocery stores, consultants, travel agents and plumbers etc.
  • Large scale ventures: Business ventures established by Entrepreneurs at international level and ventures that needs to be accomplished by management and working in organisation. This organisation achieve growth in market through continuous innovation, offering new products which are considered as variants around their core products (Bridge and O'Neill, 2012). These business ventures operate at international level and established by individuals and organisation with an aim to earn profitability. As have broad range of doing business, they always dominate the industry. Huge amount of capital has been invested by shareholders in large scale business entreprises.
  • Social ventures: These are established by individual or entrepreneur who desires to make some changes and resolving the problems of individuals living in community. These are also established by people with an aim of providing support towards development of society and resolving problems such as employment, diseases and social issues rather than earning profitability. Their major aims is to create better society and provide financial support for development of people in countries. These are also considered voluntary organisations, non profit organisation, or hybrid etc.
  • Scalable ventures: Scalable entrepreneur starts their venture by knowing that their vision will create change in world. They also tend to attract financial resources from equally crucial investors or venture capitalist. Silicon valley. Shanghai, new York, bang lore and Israel etc. are identified as major example of scalable entrepreneur. Their focus on scale requires more venture capital to accelerate continuous business expansion.

Further, there are various entrepreneurship typologies which are mentioned below:

Intrapreneur: These are considered as individuals that working within an organisation and having charge of implementation continuous innovation in products and services. They are usually dependent upon the resources of business enterprise.

Serial entrepreneur: These are individual which always carry out new business ideas and concept for established of business operations. Until and unless they have developed another brand new idea, he stays in con tact with the previous one (Kirzner, 2015). Serial entrepreneur establish business and achieve growth but does not carry out business operations continuously. They provide roles and responsibilities of business to other people and start working on establishment of new venture.

Social entrepreneurs; Finding states that social entrepreneur are those who establish their business with by having new idea for resolving social issues and development of people rather than maximising profits. These entrepreneur gets financial resource in the form of donation and grants etc. For example: There are various health care organisation who are providing medical treatment and service for people are established social entrepreneurs.

Growth entrepreneur: These entrepreneurs are closely related with large scale business enterprise which aims at achievement of business objectives (Leitch, Hill and Neergaard, 2010). These individuals aims at achievement of high profitability in market by providing new and innovative products for providing satisfaction to consumers.

Lifestyle entrepreneur: Those individuals or entrepreneur establish their business operation in different parts of countries at small scale with an aim of changing lifestyle of people in societies. These are also considered as female entrepreneurs which establish their business to attracts people having distinctive life style. It is also considered as major scale of business operations which needs to be accomplished by organisation.

P.2 Similarities and difference between different entrepreneur ventures.

There are various major difference between these kinds of business enterprise which are established individual on the basis of new and unique concept. In this context, major differences between ventures are also mentioned above:

Small scale venture

Large scale

Scalable ventures

Small venture are mainly established with an aim of maximising profitability and their basic objectives is strived and sustain in market for generating revenues in order to accomplish the esteem needs of their family members.

There are business ventures which are established with an aim objective of minimax profitability and gaining market share as compared to competitors. Business operations of these enterprises usually operates on large scale.

These start up ventures have the basic objectives of meeting the requirements the requirement of market place through development of an innovative product.

These are considered as business ventures which are highly exposed to risk in order to maintain their financial position in market and they usually focus on earning profits.

These ventures are established by taking financial resources from shareholders and investors, therefore risk is exposed to all individuals rather than one single entrepreneur.

These a business ventures contains low risk because they are established at very low investments. These ventures are established collectively various individuals together with an aim of maximising profits.

These business are established by individual entrepreneur by making investment of their own capital or borrowing from market at own risks.

These ventures usually get financial resources from shareholders, financial institutional, venture capitalist and securities.

Scalable business ventures get financial resources from venture capitalist and other financial institutions . They are also not able issues their share in market.

Similarities between entrepreneurial ventures

Small scale ventures

Large scale business

Scalable ventures

It is also established on the basis of new business ideas and concepts.

Large scale ventures are established with an objective of earning profits and developing new products to satisfy the requirement of people (Defourny and Nyssens, 2010).

These venture are established by entrepreneur with an aim of making changes across the world and maximising profits.

Small ventures are established by private individuals and there is no involvement of government in business operations.

Ventures are usually established at large scale by enterprise by two or more private individuals and earning profitability.

These social entrepreneur aims to maximize profitability which is identified major profitability and earning high market share.

Flow of operations and authorities regulates from top level to low level.

These business ventures mainly operates at international level but they always operate flow from top to lower.

Structure of Scalable business venture is also analysed as similar and flow from top to lower level.

Difference between public and private ventures

Public ventures

Private ventures

Those business enterprises which are established by issue of share to public and aims to maximise profitability.

These are established by individual or private business entrepreneur by investing their own capital and getting financial resources from other institutions.

P.3 Relevant data and statistics to illustrate how micro and small business impact on the economy

Micro business enterprise are termed as ventures which are started by single owner and hire less number of employees. These are considered as micro enterprise because they create business ventures at low level.

Small business enterprise are considered as ventures which regulated their business at small level to achieve profits and market share in particular industry. These enterprises are mainly considered source of growth in UK as they are able to implement continuous innovation and creativity in business operations (Herrington and et. al., 2010). Private organisation are those which are established by private individual at their own risk and investments. They regulate business operation at every level in industry and aims at maximising profits along with market share.

A sole proprietorship is a business that has a single owner who is responsible for making decisions of company and also invests his owner capital at own risk.

A partnership is a business that consists of two or more individuals who share the responsibility of regulating the business operations.

There are various influence have been provided by small and micro business enterprise on business operation such as:

Economic growth: Finding of research provide information that 99% private sector companies recognised as small business enterprise (Welter, 2011). As per statistical data, micro business enterprise have achieved high growth in economy as compared small business. They also have important in generating profitability and have major contribution in providing growth to economy of UK. They are providing annual turnover of 1.8 trillion which is 47% of private sector contribution.

Employment opportunities: Along with this, Micro and small business enterprise have also increased employment opportunities or people. They are responsible for development of source of income for people living in society. Small business or private has also achieved a significant growth as 22 million of small business exists in UK and they are responsible for creating 64% of new jobs in last 20 years and also providing the most new jobs in small communities.

LO 2

P.4 Small business importance and growth of social economy

Small sector organisation is play most important in economic development of the nation. There are large population in UK work in small sector or act as an employee. In addition, entrepreneur is to be concentration on improve economical condition with the help of innovation. This is help to generate employment industry in economic development and some changes is made as per the need of local government (Caputo, 2017). Small sector organisation start with rising opportunity form local and different regional population in United Kingdom. In such kind of business is help each and every person is focus on data or information. At the end future economic development and improvement for increase productivity and profit in organisation.

There is the complete focus on increase new jobs and venture for remove unemployment or foster development of economic growth (Bhagavatula, 2017). With the help of innovation improves the productivity and profit of the small sector organisation. There is one of the most important part is UK is focus on modernisation of financial sector of organisation. This is to be improve the level of condition of production in small sector business. The growth level id develop with the help of following factors :

  • Development of personal relationship :- In small business is are focus on development the personal relationship with co- worker, customer and suppliers etc. On the other hand, person to person relationship as ever important to build relationship with other.
  • Low overheads :- In this context, small sector organisation has low income as well as overheads in regular business activity (Laffranchini, 2017). In small business operation management small premises with low heating system and light costs, and controlled rent and rates to pay. Low costs give the best result in lower price. This factors are important part and increase productivity and profit.
  • Innovation :-Innovation has introduced the new idea are helping to improve the current market share and increase the productivity and profit of the organisation. With the help of invention increase new customer in market. It can be also rich a fast decision about any kind of problem in

For example : Small businesses contribute to local economies by bringing growth and innovation to the community in which the business is established. Small businesses also help stimulate economic growth by providing employment opportunities to people who may not be employable by larger corporations. Small businesses tend to attract talent who invent new products or implement new solutions for existing ideas.

LO 3

P.5 Traits and characteristics of successful entrepreneur

In this context, entrepreneur and entrepreneurship is a confinement of the overall business management. Motivation and passion are the ability of entrepreneur or used in small sector organisation. It is also crucial for an entrepreneur to develop ideas as per the change in need to change in business environment and apply such kind of business ideas for improve profitably and productivity (Ramadani, 2017). There are different type of characteristics and trait of successful entrepreneur are as follows :-

Characteristics of successful entrepreneur : The entrepreneur is successful in each and every activity, because of passion to do the right things, at the right time and the right place. It is help to every person in a small business and motivate them to do something new in regular activity. Entrepreneur is the person who take risk and always to ready to solve future problem and reduce it. It is person who focus on time and money or improve level of work inside organisation.

In addition, most of the entrepreneur is successful in market because they try to do something new in small sector. Add one more, money management is proper and solve any of the problem relate to money management. To link with internal activity and remove any difficulty. Even after guaranteed funding or going fully functional, a booming businessperson keeps an absolute handle on cash flow, as it is the least essential aspect of any small sector organisation.

Traits of successful entrepreneur :-Vision is the most important trait of successful entrepreneurs. They can see the future before the future activity is happing (Carter, 2017). The entrepreneur is having self confidence is more than comparable to normal manager in the organisation. The full work is to be depended on the successful imagination of the businessperson. In then same way, entrepreneur is honest with self and other employees inside the organisation. It is will to take the risk, but be conservative in internal working environment. It is also crucial for a businessperson to germinate content in accordance with the dynamic business concern state of affairs and utilize those enterprise ideas in the form of plan of action towards the business. Hence, a mere knowledge or a skill is not comfortable in an entrepreneur. Entrepreneur requires passion and desire is much more important in every changing environment.

P.6 Entrepreneur personality is reflected the motivation and mind set

There are different elements of successful entrepreneurial is help to motivate other manager in organisation. In addition, motivate, innovation, risk taking and development are the ability of entrepreneur. This is help to motivate other and greater collaboration between entrepreneurial motivation and mind set. There are all such kinds of factor is learn in the age of 3 to 10 years. The actual development was in childhood stage and bought up in strict childhood situation ( Hamid, 2017). It is also essential that these single who feature these positive attribute traits acquire more than skills in perceptive their fellow men or the person, which in turn testimonial to the general mentality and above all towards businessperson psychological feature. Entrepreneur is person of new skills and innovation is to be used to promote something new and increase productivity and profit. Some factors are help to motivate with the help of following factors are as follows :-

Passion :- In this context, passion is not learned, its buy born for every entrepreneur. They are ability to do such kind of activity in business environment is help to improve profit and productivity in organisation. It includes the cognition to introduce, risk taking, devolution and enforcement of new commercial enterprise opinion and even exploit ever-changing leading and governing body skills. Apprehension these view, it becomes clear that entrepreneur is an individual who reinvents from time to time in order to become competitors.

There is a lesser correlation between the businessperson attribute towards businessperson psychological feature and mentality (Bhagavatula, 2017). This is to be focal point on some improvement in market share and increase overall development of organisation. There are some changes will be made in regular base and improve the current market of increase level of profit in organisation. There are something change will be made in improve internal as well as external working environment. The man-to-man who are bought up in a surrounding of creative thinking and unsusceptibility have shown outstanding traits of leading and direction, then that of the single who are given birth and bought up in hard-and-fast time of life state of affairs.

It is also of import that these single who possess these affirmative attribute traits get more accomplishment in perceptive their fellow men or the person, which in turn testimonial to the general mentality and preceding all towards businessperson psychological feature. This is assistance to increase creativity and compatibility inside organisation. To be manage work or improve current market share and increase the level of change will be made for future time period. In the same way, each and every entrepreneur is look into future and improve current market share (Laffranchini, 2017). This is to be change the level of same destination and there are different entrepreneurs give different mind set for help to such kind of change in work place. On the other hand, some flexibility is help to improve productivity and time to be improve the number of employees will be improve.

LO 4

P.7 Background and experience can hinder or foster entrepreneurship

There are some change will be made in future time period is to be focus on each and every entrepreneurial personality is reflected in hinder and foster of organisation growth. There is some different way to improve to make some kind of decision or action must be taken in internal working environment (Ramadani, 2017). This is help to motivate each and every factor or long term, goal will be achieve for increase the profit margin. The conceptualization of each businessperson is contrary when it comes to business organization and determination making cognitive process. These quality are chiefly because of the attribute traits they non inheritable through time and life experiences. Instruction and the life education is a lesser catalyst in the arrangement of an single attribute, and the same applies to an enterpriser too.

On the other hand, some new process must be focus on improve quality of working condition and increase overall future development of small sector organisation. It is also essential that this endangerment attractive ingredient in an enterpriser have formed through time with the factors such as cognition and the life education in which that cognition is acquired.

Hence, for an enterpriser who is initiating a business start-up, risk is one cardinal factor that he or she essential realize in all its facet, because hazard does not mean unsighted taking a leaping of religious belief, instead represent the thought through the computation of challenges bald-faced in the past, makes the entire cognitive process hard-hitting and economic. This is help to improve productivity and profit will be change for increase the overall development of organisation. To be improve current as well as future market condition is to be improve the condition of internal as well as external factor. With the help of entrepreneur motivation and mind set will be change for increase productivity and profit in structure.

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CONCLUSION

Form the above report is focus on NPW GIFT LTD. Small sector organisation. The company basically located in Untied Kingdom and provide different kind of services in gifting, offering beauty and party solution. As per the above report is focus on entrepreneurship is a confinement of the overall business management. Motivation and passion are the ability of entrepreneur or used in small sector organisation. In this report is focus on trait of successful entrepreneurs. They can see the future before the future activity is happing. The entrepreneur is having self confidence is more than comparable to normal manager in the organisation. Form the above report is focus on reflected in hinder and foster of organisation growth. There is some different way to improve to make some kind of decision or action must be taken in internal working environment.

REFERENCES

  • Powell, G.N 2017. Family Involvement in the Firm, Family‐to‐Business Support, and Entrepreneurial Outcomes: An Exploration.Journal of Small Business Management,55(4), pp.614-631.
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  • Ramadani, V 2017.Entrepreneurship and Management in an Islamic Context. Springer International Publishing.
  • Ribeiro-Soriano, D., 2017. Small business and entrepreneurship: their role in economic and social development.
  • Ramadani, 2017. Alex Maritz is an Associate Professor of Entrepreneurship and Innovation at Swinburne University of Technology, Melbourne, Australia. Alina M. Zapalska is the Professor of Economics and Director of the Honors Program at the US Coast Guard Academy, where she teaches Economics since 2005. Her extensive and varied teaching experience spans 30 years in the US and.Entrepreneurship and Management in an Islamic Context, p.243.
  • Laffranchini, G 2017. THE PRICE TAG OF FAMILY BUSINESS INVESTMENTS: TRADING ENTREPRENEURSHIP FOR SOCIOEMOTIONAL WEALTH. InUnited States Association for Small Business and Entrepreneurship. Conference Proceedings(p. 138). United States Association for Small Business and Entrepreneurship.
  • Bhagavatula, S 2017. Management and Organization Review Special Issue ‘The Innovation and Entrepreneurship Ecosystem in India’.Management and Organization Review,13(1), pp.209-212.
  • Hamid, A.B.A 2017. Comparative analysis of managerial practices in small medium enterprises in Malaysia.Jurnal Kemanusiaan,4(2).
  • Carter, M 2017. Entrepreneurial and Intrapreneurial Skills of Managers as Determinant of Organizational Performance of Small and Medium Enterprises in Davao Region, Philippines.
  • Ramadani, V., 2017. Alex Maritz is an Associate Professor of Entrepreneurship and Innovation at Swinburne University of Technology, Melbourne, Australia. Alina M. Zapalska is the Professor of Economics and Director of the Honors Program at the US Coast Guard Academy, where she teaches Economics since 2005. Her extensive and varied teaching experience spans 30 years in the US and.Entrepreneurship and Management in an Islamic Context, p.243.
  • Laffranchini, G 2017. THE PRICE TAG OF FAMILY BUSINESS INVESTMENTS: TRADING ENTREPRENEURSHIP FOR SOCIOEMOTIONAL WEALTH. InUnited States Association for Small Business and Entrepreneurship. Conference Proceedings(p. 138). United States Association for Small Business and Entrepreneurship.
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  • Caputo, A and et.al 2017. Female entrepreneurship in developing contexts: characteristics, challenges and dynamics.
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  • Sahut, J.M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship.Small Business Economics.42(4). pp.663-668.
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  • Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
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  • Defourny, J. and Nyssens, M., 2010. Conceptions of social enterprise and social entrepreneurship in Europe and the United States: Convergences and divergences. Journal of social entrepreneurship. 1(1). pp.32-53.
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