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Unit 3 Entrepreneurship and Small Business Management HND

3332Downloads1 I Published: 01 May ,2020

Introduction

Entrepreneurship is the fast forward business activities which influence many other individuals to take start-up and new activities. It is the process of designing, launching and running a new business which is often initially a small business activities and the people who created new business and star-up with their own ideas its called Entrepreneur. It is defines the particular single person who established their business at their own level. Besides, present report based on Entrepreneurship in the context of Eddison's GE group. Further apart it will discuss about the different types of entrepreneurial ventures and relate to the typology of entrepreneurship. It will also explain the similarities and differences between entrepreneurial ventures. It will further describe about the importance of small business and business start-ups for the growth of social economy and social development. Characteristics traits and skills of successful entrepreneur which makes them differ from the other business managers. How entrepreneur background and experience helps them to make its career more fruitful and effective.

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Task 1

P1 Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship.

The impact that small business sector has on the economy is well known which is very essential and required for the economic development. It will require holding that position in terms of necessary things. It is very required to enhance the role of entrepreneurship ion the country in order to introduce new market growth. Eddison's GE group adopts is the another major high group entrepreneur which is an American multinational conglomerate incorporated in New York. Moreover, different types of entrepreneur are work in their own level (Mariotti and Glackin, 2014). It makes huge changes and impactful decision making approach. Moreover, entrepreneur has gives positive impact on the growth of national economy, which gives positive impact on the behaviour. Here are giving some different types of entrepreneur

Small business entrepreneurship: This entrepreneur sees the success of others and immediately starts to question it. Small entrepreneur are generally started their business at small investment. They enhance opportunity growth and label in the market growth. In UK there are number of departments are their to work for the development. Small entrepreneur always having limited resources and capital to invest in the business activities. Besides, the objective of the business is to earn customer faith full fill business target and objectives. Small entrepreneur are like grocery stores, hairdressers, consultants, travel agents, internet commerce store fronts, carpenters, plumbers, electricians etc. his running its business is just for earning money to live their life and full fill their basis needs of their families.

Scalable Startup entrepreneur: these are the entrepreneurs who change the world from his one idea. It enables the opportunity and growth for the economy. They are good at to attract number of investors towards more development (Schaper and et.al., 2014). They hired the best talent and skill full environment growth. It is the growth of more development opportunity. It is the profit loss income growth. The focus of the business is on the scalable requires even more venture capital fuel rapid expansion.

Large company Entrepreneurship: large company entrepreneur is based on large scale it provides great opportunity for the company. Its focus on the customer needs and wants. For that, They always enhance the customer service and quality management in the organisation. These types of entrepreneurship venture they always adopt best for them or for its business services. Ironically large company size and culture gives high performance level for big expansion.

Social entrepreneurship: Social entrepreneurship is the non profit organisation which aiming is to protect the interest of people are not much able to protect its own basic life. Moreover, another major fact of social entrepreneurship is that they always provide free services for poor peoples.

Female entrepreneurship: Female entrepreneur are established for the purpose of women empowerment. Female also very much interested in the development of business growth and earn profit revenue and market share growth.

Entrepreneur typology has defines into many forms. There are number of different definition of entrepreneurship and entrepreneur. Different business owner adopt their own learning strategy in the business. Moreover, entrepreneur also effect from other activities such as different hierarchy channel and position they affect company policies. Different typology enhance the individual for better development and achieve their target goals for their business growth.

Typology is the leading application and growth in order to meet the objectives of the entrepreneurs objectives and growth. Along with that, it helps to take care the organisation goals and activity performance level. On the other hand it also helps to take care the organisation challenges and better growth. Typologies are defining the better growth and making good advantageous growth channel.

P2 Explore the similarities and difference between entrepreneur ventures.

One and foremost similarities between different entrepreneur is that Each and every entrepreneur having one objective that is to earn profit maximization, for which they run their business activities and development plans. It gives new scenario for the organisation to promote business activities. Another similarity is that, every individual or business owner require adopting corporate social responsibility to enhance the social growth. Through which they keep the company image in the market and stability in long term (Hatten, 2015). All entrepreneur organisation adopts employees to full fill the business objectives in productive manner. It gives positive impact on the business nature towards the development.

Differences between types of entrepreneurs.

Basis

Small ventures

Scalable ventures

Large ventures

Social

ventures

Female ventures

Objectives

Small venture has one objective to run their business to just full fill their family needs.

Its main objective is that to enhance business growth and objectives

Large organisation main goal is to provide the best quality services and earn profit revenue.

Its main aim is to provide social welfare and remove poverty in nation.

Its main aim is that to earn women empowerment and different opportunity.

Purpose

Its main purpose is to feed their family needs.

Its main purpose is grab more opportunity.

Its main purpose to make profit.

Purpose of social ventures to protect social economic cause which impact on the poor people.

Female entrepreneur has main aim is to earn profit revenue and market image.

Capital

Small ventures invest capital by their own saving.

Small ventures arrange their capital from their friends and family or take loan from bank.

Large organisation always take loan from bank or liquidate their bonds and shares for the capital requirement.

Social ventures or non profit organisation arrange their capital from charity and donation.

Female entrepreneur organise their capital from taking loan from banks.

Risk

It involves no risk

It involves risk lesser than large ventures.

It involves huge risk.

It involves no risk no profit.

It also involves risk factor.

Customer oriented

It's not customer oriented they only run their business for some profit making interest.

Its value oriented and creative to make customer satisfied and happy.

Its customer oriented who provides great quality services to their customers.

Social ventures always thinks for betterment in the organisation.

Female entrepreneur aiming is that to make customer happy and satisfied.

M1

Entrepreneurship is the essential part of the organisation and make essential part in the economy. In both corporate and public sector it makes good impact on the business activities. Moreover, another major impact of the company is that to promote business economy. Along with that, it will also require making good presence in the market in terms of making good profit and earn market share.

Task 2

P3 Interpret relevant data and statistics to illustrate data how micro and small businesses impact on the economy.

Being a small scale owner is very challenging these days, small business owner are belongs from different new owners each with their self issues. Moreover, it will also beneficial for the organisation is that to maintained better environment life for the organisation. Small organisation operates its business activities in small level and try to grow in expand level. Moreover, small business organisation is the another important factor to make economy more strong and effective. Small image organisation are having long lasting image in the market by giving high opportunity. Moreover, small business gives large impact on the behaviour of population. Small business enterprises are the backbone of the UK economy which driving growth, opening new markets and creating job therefore for contributing is vital. This is the process of vital economy which creating national economic growth to the country (Burns, 2016). Small business enterprises, which makes different sources of funds and opportunity for the UK economy. SME creating competition and challenging growth factor of the economy. It will moreover collecting growth factor and impacting on the behaviour of creating more skills and potential environment. Along with that, SME contribution in the UK economy is that 99.9 percent. Moreover, it was the another factor to take care of the small needs of the consumers. Small scale business and new start-up grow up the market and introducing many more services and expansion level. It creates new dealing process of making towards the ongoing process. In 2014 there were 5.2 million businesses in the UK according to figures published by the department for innovation business and skills. On the basis of author Mahadea and Kaseeram, 2018. Over 99% small scale enterprises take care the need of people and organise great opportunity and growth for unemployed people. It grows the economy and give the best opportunity to the people to make possible things. In according to the economic power house, In the UK the vast majority of business employ out of which 33 of employment and 19 % of turnover. Moreover, it will also take the part of the organisation which makes easier task for the organisation to take care the needs of organisation. Small scale organisation take care the needs of organisation profit. Small scale gives heavy impact on the overall development of the economy in terms of every scenes. Moreover, another major part of the organisation take care the needs of organisation. Moreover, another major part of the organisation is that to take care the needs of customers. On the basis of Mamabolo, Kerrin and Kele, 2017. There were a record 5.7 million private sector business a t the start of 2017. Moreover, this is the increase of 197000 since 2016 million more than in 2000. Since, 2016 in UK economy 41000 employing businesses increased in more rapid manner. Besides, number of non employing bushiness by 155,000.

SME and the economy: in terms of economy of the UK has also expanded and increase with number of companies. In terms of total employment in SME sector was 16. 1 million out of which 60% of them are from private sector employment in the UK market. Moreover, another major issues are majorly linked to the organisation process.

Composition of the business population:

In 2017 there were 1.3 million employing business and 4.3 million on employing businesses. On the other side, it will more impressive and effect full process to making environment more productive and impressive (Mahadea and Kaseeram, 2018). Location is the another major changes and effective process making task. UK economy 5.7 million business, 45% were registered for VAT or PAYE. From the past so many years it has been changed and growing economy of UK.

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

Small business enterprises are the backbone of the economy through generate economic growth for the society and their quality of development. Small businesses has increasing high growth factor for organisations and for the society as well. Besides, they generate different forms of product and services for their quality maintenance and offering new technology products to buyers as well. It will more impactful for the society upliftment. Entrepreneur is the only leaders who drive small scale businesses in the UK economy. They contribute innovation, technology, variety of product and services, employment and standard of living. This process of development provides huge opportunity for the organisation development. It also makes new powerful impact for the future development process. Small scale organisation is the great economy for the organisation. For example Thomas Edison he is known for overcoming a myriad of life challenges including debilitating illness at childhood after so many years they never give up and earn good amount of money and share in the market. He is the example of good entrepreneur in the challenging market. He started their career as an investor in New Jersey with automatic repeater and his other improved telegraphic devices (Schermerhorn and et.al., 2014). These types of entrepreneur influence social economy growth. It makes environment positive and influencing towards success. Small scale has an opportunity to grow its business at large level in terms of good presenting task. Without start-ups small scale business have not grown more due to which company fails to reach innovation and creativity.

Importance of SME in Social economy

Being innovative: SME offering innovation and creative product and services. It provides great impact on the innovation world. Entrepreneur is known for its creativity and skills which creates positive scenario in the market. Because of improper suggestions and implication process.

Job Creation: Small scale sector has increasingly providing great impact on the social economy by providing employment opportunity to the unemployed people. It gives new opportunity to live the life in standard form (Mamabolo, Kerrin and Kele, 2017). Moreover, another major impact of the SME is that they provide equal opportunity to people in order to get the best effective process making task.

Standard of living: Small Scale businesses offering new jobs to those persons who having enough capabilities and skills to get the job. SME provides job through people get enough income to live their life. Through which they full fill their family needs and requirements. This process reduce unemployment ratio in terms of removing social cause. Moreover, another process of income is that to full fill their basic needs through which people enhance their standard of living process.

Efficiency: it also helps to enhance the efficiency level of employees in terms of productive work. Small Scale enterprises are much beneficial as compare to medium size businesses. Small business enterprises are provided more flexibility and innovation the consumers. Moreover, another part of the organisation is that to promote small scale business in terms of better performance.

Wages and Benefits: small scale enterprises provides good amount of wages and salaries to workers according to their skills and wants. Small scale enterprises has huge scope for development. Through they provide better services to consumers.

M4

Small and large organisation are totally different from each other. Small scale business has based on small scale with limited profit margin. Besides, large organisation based on large scale in terms of impressive number of objectives. Big organisation also give large economic growth in order to enhance the effective management tool. Moreover, it will also give positive impact on the behaviour of economy growth. In UK economy 99% share contributed by small scale enterprises rather than large organization.

D2

Small Scale enhance the national economy by increasing the standard of living and by job creation. Besides, it also introducing innovation (Solomon and Linton, 2016). Moreover, in order to provide more opportunity and growth level. In order to more specific creation

Task 3

P5 Determine the characteristics traits and skills of successful entrepreneurs that differences them from other business managers.

Small entrepreneur are the most challenging and innovative, it creates so many opportunities for itself and for customers as well. Entrepreneur requires much more than just big ideas (Mamabolo, Kerrin and Kele, 2017). New entrepreneur has unique idea and creativity which the implement in the business function. With the help of skills and entrepreneur characteristics they enable the things and create new opportunity. Thomas Edison is the successful entrepreneur who overcome from their different life challenges. Thomas Edison suffering from many health issues such as debilitating illness at childhood. He is the multi millionaire who started their business from through very struggler part. They struggled their idea till they achieve that one into productive manner. They invent new ideas such as light bulb, phonograph now which they become telephones. They revolutionise the small idea into big one. He is the last 7 child in his family who suffering from many disease like fever, ear infection leading to his deafness. His mother inspires Edison to take its own initiatives and achieve something great in their life. Entrepreneur has borne with some skills and talent to become a successful business man. With the help of skills and leadership characteristics single person become successful entrepreneur person (Fayolle and Gailly, 2015). It gives lots of opportunity and growth in order to meet the final goals and objectives. There are some characteristics and traits of successful entrepreneur.

Motivation

Motivation is the tool or technique which acquire motivation skills and higher opportunity level for an individual. Motivation is the comes from hard-working and motived to succeed. A successful entrepreneur always motivated and give motivation to others. Such as Thomas Edison said that “I am Proud of the fact that I never invented weapons to kill”. They motivate others that never create wrong things which harms to others (Mamabolo, Kerrin and Kele, 2017). They motivate others to not get success from wrong activities get success from positive manner. Motivated entrepreneur always offer new information and technique to other for their growth.

Creativity

Thomas Edison is the individual who itself is very creative and innovation person. They investment so many electrical in order to provides opportunity and great things. Moreover, it is the foremost quality of a successful entrepreneur which only looking for the new opportunity and growth in order to get the higher success (Dees, 2017). Creativity is the most essential tool for the entrepreneurs. With the creativity of electrical items today people use telephone and bulbs.

They are goal oriented

Successful leaders are always goal oriented towards their ideas and innovation. They explore the things and thinks too much to invent something new and different for customers or for the country development. They always inspire their employees and impacting group of nature. Moreover, successful leaders are always dedicated to his work or always maintained quality of work in the business organisation. They always tend to be strategic management skills and never give the process into negative manner. Every successful leader are the goals oriented and impacting good nature on the behaviour of their subordinates.

They are committed to their business

Successful entrepreneur always committed after suffering from many health issues they still focused on their innovative idea and give their best efforts to built telephone and bulb. Successful entrepreneur are not easily defeated. They view failure as an opportunity for future success. Moreover, another major issues those facing by the entrepreneur like certain changes, risk factor and influencing factors etc. Moreover, after career or health failure Thomas Edison never give up from his vision and give the best efforts towards their goal and objectives.

They are willing to take risk

It is the another trait or characteristics of successful entrepreneur to take risk at any point to grab new opportunity growth. It gives new opportunity and threat to make certain task full fill and get achieve in perfect manner (Piperopoulos and Dimov, 2015). A true entrepreneur always looking for new exploration. For that they take risk factor to improve its opportunity and growth. They give new opportunity and strength to make the certain task in positive manner. They having new opportunity growth in terms of new bringing opportunity growth.

P6 How aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset

Entrepreneurial personality makes his confidence and increase motivation level. All these features' comes from the great success and great success comes from hard work. It creates new opportunity and growth in terms of better performance. Moreover, successful influencing factor enhance the opportunity growth for the success of the organisation. Entrepreneur is the single person who hold all functions of the organisation. They overcome from the challenges and making good environment in the organisation. This motivation and confidence level uplift the changes and effective process of working (Schaper, 2016). Moreover, entrepreneur is the another factor which influence organisation goals and objectives. Moreover, another process of working which creates big organisation threat and opportunity. Opportunity growth for the organisation are given by the skills or confidence from a good entrepreneur.

Edison's is the great entrepreneur and overcome from many challenges including health illness and major other issues. This makes the long lasting effects and coverall, it believes on the low level of generating the task oriented goals and objectives. He is always motivated and challenging towards his goals. This makes the good presence in front of their employees always motivated and positive.

M3

Entrepreneur is the single person who suffers from many roles and opportunities. It makes things imperfect and ineffective. Due to some negative influences they reduce their potential skills and knowledge.

D3

Thomas Edison is the person who always inspires from positive activity. Through different skills and knowledge they make positive attitude towards the organisation purpose. Moreover, successful entrepreneur always motivated and influencing from positive manner. With the helps of leadership skill and characteristics they easily get their target in positive manner.

Task 4

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

Business entrepreneurship skills and experience affect company potentiality and individual level. Successful entrepreneur always get some good opportunity in order to get the best opportunity growth for their employees (Sahut and Peris-Ortiz, 2014). Entrepreneur background gives them confidence and different new skills to perform any task in the organisation. They adopt any type of challenges which provides another great chance for the organisation development. Skills refers to the abilities which can perform by the individual. Skills can either be generic or referring to general transferable skills. Entrepreneur get experience from his work and his creativity. Its experience helps him to take any decision for the development of organisation. Besides, entrepreneur education refers to individual ability to turn idea into productive innovation. Education helps to understand or to convert into theoretical knowledge. Education learn and help to make difference from so many theories and methods to take in some certain level of time. It gives new opportunity and growth for the organisation. To become successfully entrepreneur each individual needs to go through from many challenges and stages. Such as Thomas Edison, after so many failures they become a successful entrepreneur of America. He is known as American best inventor and businessman. The main quality of Thomas is that great confidence and learning skills. Good education can help to make base strong and productive. It helps to grow interpersonal skills and effective management tools in terms of effective management tools. Along with that, Entrepreneur experience also help him to foster new opportunity and growth for better development process (Castrogiovanni, 2018). Entrepreneur influence by many factors such as social, economic, legal, technological which gives so many challenges and opportunity to growth business. It makes process more fruitful and impressive for the development of new innovation.

M4

Personal influencing factors and educational experience gives new way to develop into positive manner (Volery and Mazzarol, 2015). It provides great opportunity for the company to make opportunity and growth. Entrepreneur skills and knowledge moreover, another social behaviour impact on the educational background. Positive skills and characteristics can give better skills and knowledge for the new development. Entrepreneur skills or characteristics are motivated, confident, risk taker, goal oriented etc. moreover, these skills and characteristics influence entrepreneur experience and growth.

D4

Education and having good personal background plays a very essential role for the future success. It makes base strong and effective. Due to less education qualification it gives negative impact on the development process or it may gives lack of failure as well. For examples due to improper situation and having poor background of Thomas Edison may create some ineffective growth. Besides, its skills and knowledge provides the best opportunity for his career (Burrows, 2015).

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Conclusion

From the above section it can be concluded that entrepreneur play a very essential role in the development of economy. They create new opportunity and growth for the social economy and for national economy. It also influences innovation and creativity for the organisation. Present study based on entrepreneur and small scale business. In present section Thomas Edison has discussed in this present study about successful entrepreneur. Likewise, it overall discussed about characteristics and traits of entrepreneur. Moreover, another effective process making is very much fruitful for the small scale organisation. Furthermore, it also issued about entrepreneur personal and educational background which is very essential for having good experience level. Apart from that, to become successful entrepreneur individual needs to having skills and characteristics of a good leader. Visit our website for more sample: https://www.instantassignmenthelp.com.au/

References

  • Burns, P., 2016.Entrepreneurship and small business. Palgrave Macmillan Limited.
  • Burrows, R. ed., 2015.Deciphering the Enterprise Culture (Routledge Revivals): Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
  • Castrogiovanni, G. J., 2018. Guest editor’s introduction: so what is entrepreneurship research?.International Entrepreneurship and Management Journal. pp.1-3.
  • Dees, J. G., 2017. 1 The Meaning of Social Entrepreneurship. InCase Studies in Social Entrepreneurship and Sustainability(pp. 34-42). Routledge.
  • Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial attitudes and intention: Hysteresis and persistence.Journal of Small Business Management.53(1). pp.75-93.
  • Hatten, T. S., 2015.Small business management: Entrepreneurship and beyond. Nelson Education.
  • Mahadea, D. and Kaseeram, I., 2018. Impact of unemployment and income on entrepreneurship in post-apartheid South Africa: 1994–2015.The Southern African Journal of Entrepreneurship and Small Business Management.10(1). p.9.
  • Mamabolo, M. A., Kerrin, M. and Kele, T., 2017. Entrepreneurship management skills requirements in an emerging economy: A South African outlook.The Southern African Journal of Entrepreneurship and Small Business Management.9(1). pp.1-10.
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