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Entrepreneurial Venture and their Connection with Typology

University: Regent college

  • Unit No: 9
  • Level: High school
  • Pages: 17 / Words 4248
  • Paper Type: Assignment
  • Course Code:
  • Downloads: 24
Question :
some of the questions which are needed to be answered are:
  1. Give appropriate entrepreneurial venture.
  2. Elaborate on the differences between the ventures.
  3. Explain impact of small businesses
Answer :

INTRODUCTION

Entrepreneurship is the ability of an individual that makes them capable to manage, organise and develop business organisation (What is entrepreneurship, 2017) . In today's era, it is very important for company to have a skilled, well knowledge and powerful entrepreneur, so that productivity and performance can be improved. They are the one that are responsible to make effective decision which will be beneficial for company to generate profit considering all related risk. To have an entrepreneurial role in an individual, it is basic to consider three contexts such as, entrepreneur task, activity and promotion.

In this report, various types of venture are explained and their relation with typology of entrepreneurship. Similarities and differences between various venture and importance of small companies to the growth of social economy.  A mini research is done to determine the features, traits and skills of two business person and the example related to micro and small businesses impact on the economy. Report also shows the practical example that can hinder or foster entrepreneurship.

TASK 1

P1 Various kind of entrepreneurial Venture and their connection with typology.

Every company whether small or large, have an equal significance to the performance and development of economy. So, it is important to understand the entrepreneurial venture as they serve different economic function and capabilities for innovation and growth of nation. In business world, entrepreneurial venture can be describe as a firm that places innovation and opportunities in the main centre. So, it is observed that having a powerful business or independent venture is totally dependent on the risk taking capabilities of a person that are working within venture. It can be said that entrepreneurial venture helps in creating a substantial profit more for themselves and economy that a regular businesses. They generate income in more faster and effective manner. Thus, it support them in capturing more market share and improving market position. As a research executive the important type of entrepreneurial venture are discussed below that develop understanding among people

Small business entrepreneurship: There are number of entrepreneur and start-ups in different part of UK that are consider or are actually small business (Baum, Frese and Baron, 2014). Entrepreneur always think of good thought that ass comfort in everyday life of individuals The main category of these small businesses are stores for common people, travel agents, consultant, plumber,, electricians or carpenter etc. These people additionally don't face advanced risk and danger by operating at mercantile level.

Scalable start-ups : These are basically formed for the purpose of research for a quotable and scalable business model. The main purpose of this organisation is to determine new innovation and instruments for making life of individual easy. They apply a scalable business model that help in growing revenue significantly without increasing the actual cost base. For example, an online business, particular coffee shops etc.

Large entrepreneurship: It is considered that large companies are the main lifeline for growth and development of economy. The manager of company focus on fresh innovation, offering and delivering of new products that are prepared for customer according to their taste and demands. It is basically updating new ideas and deciding to innovate old product or develop new ones (Nga and Shamuganathan, 2010). Some of the basic example are, large food and beverage companies like pizza Hut, domino's etc.

Social entrepreneurship:Companies create various projects to bring constructive modification in existing goods and services that will be helpful in solving social needs and problem of people.

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Types of typology of Entrepreneurship

Serial entrepreneur: This is related to those individual bring new and creative thoughts and ideas with the main motive to achieve company goal. The main objective of serial entrepreneurship is to create high productive venture in few times and distribute duties and responsibilities to different people depending upon their skill set of education. In companies serial entrepreneur comes with the fresh method preform a task and than gives responsibilities to other member and move to new ideas and new venture.

Lifestyle entrepreneur:  It is related to the n individual that develop a business in order to increase the lifestyle of community of other personnel, but not with the purpose of generating huge profit (Bruton, Ahlstrom and Li 2010). They mainly focus to give prize to people that help in motivating individual. start-up venture need to use resources effectively for the intention of spending their enterprise and earnings. Whereas, large venture have resources in adequate sum which specify that company can have big market range and customer base.

Male and female entrepreneur: A male and female entrepreneur are the one that takes decision in the favour of company growth. They have the perception to make effective decision to perform a certain task in company. A male entrepreneur are liable to make decision in difficult situation that will decrease the performance of company. Both kind of venture refer to bringing various goods and work in agreement to supply and need of people. Business person make changes and utilize advanced application in scheme to present creative goods and service to the clients.

P2 Similarities and difference between entrepreneurial Ventures.

In UK market there are large number of small business firm that use to work to satisfy basic needs of customer with the main motive to attain their predefined goals. So these entrepreneurial Ventures have some difference and sameness on the basic of some criteria. As a research executive, it has been suggested that business people must know about the similarities and deviation that is discussed below:

Basic

Similarities.

Differences.

Small and large scale entrepreneur.

The both kind of entrepreneur have a common Goal to capture huge market share by offering different kind of better quality of goods and services. They want a huge customer base that will help in earning more profit.

The main difference is that small business wants to earn a huge profit in few times whereas the large business focuses to remain sustainable in market for longer period.

Social and scalable entrepreneur.

They both are developed with the same aim of modifying scenario of entire world by developing and applying new techniques and tool. That is the main factor that will satisfy customer most and increase the living standard (Bosma and Levie, 2010).

Entrepreneur has main focus of earning profit by taking risk in their business activities. On the other hand, social scalable entrepreneur are more focused on maximising the benefits to customer that will satisfy them most.

Male and Female entrepreneur.

The main objective of this kind of entrepreneur is that of earning more and more profit and also enlarging the customer base. That further helps in maximising market share.

It is observed that many companies believe that male entrepreneur are best to make effective decision and are more confidence to the female. But it is not as true as female entrepreneur are highly qualified and also take important decision at various situation.

Lifestyle and Serial entrepreneur.

They both have a common similarity that they want to target large customer base at a same time, this is possible only by applying different ideas of promotion. As more customers are attracted towards company there is a chance of more profit generation.  

The main difference between lifestyle and serial entrepreneur is on the basis of their objective for which they are operating. Such as Lifestyle entrepreneur has aims to increase the lifestyle of the community and on the other hand serial entrepreneur are mainly focused to make people fit for long run (Barringer, 2012).

Differences and similarities between venture.

Venture

Similarities

Difference

Small and social entrepreneurial venture.

Both small and social venture, concern individual utilize advanced ideas and imaginative business thought in entity.

Small venture purpose to create and keep their effectual point in the market and develop brand image. Whereas as social ventures are focused to provide social care services to people (Burns and Dewhurst, 2016).

Lifestyle and survival entrepreneurial venture.

Both venture need to generate appropriate amount of profits for maintaining their market share and position in near future time.

Lifestyle venture are run by single for carrying through their passion and market currency for their support.

TASK 2

P3 Interpret data to define the impact of small businesses on economy.

Being an owner of small business is challenging for an economy to work with variety of backgrounds by pursuing self-employment. In this, an owner is independently working with few of its employees. It plays a vital for future success. There are three sorts of associations small, medium and substantial. These businesses are classified on the basis of size and scope  such as in large companies there are huge workforce, large area of business etc. where as in small and medium companies, there are limited number of employees and small market share.  Each and every business is reaching to an extent by leading with an economy of UK. This business work is helpful in growth for small firms and production in society. It plays an important role for government in achieving highest promotion in import and gross domestic product. In this, it works autonomously in developing nations. UK government reinforce firms by diminishing their duties (Dacin, Dacin and Matear, 2010).

From this understanding activities provided to unemployed peoples. As per developing nations, government has proceeded with a greater part in opening for work with individuals. Private companies are concern with conditions of a country. In this, it is enable to work with small ventures. An organisation is dealing with the best way by vanquishing effects made on little scale of businesses. The respect to government methodologies as well as its system it helps in improvement and progression of works. As it gives broad to an economy with new business openings and increasing stream of exchange out of an economy.

 Micro as well as Small businesses and their Contribution within the growth of UK

Particular

Number of Employees

Assets Total

Annual Sales

Micro-Enterprises

<10

≤ £2 m

≤ £2 m

Small Enterprises

<50

≤ £10 m

≤ £10 m

Medium sized

Enterprises.

<250

≤ £50 m

≤ £43 m

Employment Creations: In UK, regarding with their population half amount of peoples are employee working in private organisation. There are 30% more than individuals who are giving their administrations in linked with private venture which are small. In regarding with increasing expectations every day individuals are provided comfort in raising level of their income and creates their strength related with money.

(Source: Local impact, 2016)

Interpretation: According to this diagram, it shows rates of employees of UK working from 2009 to 2015, increases job in small business from 30 to 60 Lacs.

Infrastructural Development: in creating framework, country contributing maturely in underdeveloped regions. This is based on satisfying social obligations, tendency in dealing by increasing zone.

Decrease in unemployment: economy of UK is confronted jobless where exercises are presenting by government in regarding with making expulsions on unemployment. Government of UK supports an individual person autonomously. It creates local society and networks.

 (Source: Impact of SME's on economy of UK, 2017)

Analysis: From this above graphs, it is analysed that small firm of rate is examined by analysing small, medium and large firm employment rates. In this, employment has 48% than turns to 12% and at the end it turns 40%. As per this company starts with increasing then turns to reduce and again reach highly. Same situation is made with medium size company.

P4 Importance of small business and start-up's for the growth of economy.

This term is an abbreviation of British exit form the European union, it result in British pound to fall to its lowest level from the last 30 year against other currencies such as dollar. In 2016, the government of UK has attempted a term under which it has withdrawn them from European Union. It was observed on 23rd June, that large number of people had voted for UK instead of Europe.

Threats of Brexit on UK: It was one of the main factor due to which the economic growth and business of many firm of UK has been affected. Because of it there is a negative impact on the nation economy and trade of nation also effected and operate at very slow rate (Defourny and Nyssens, 2010). There was a deflection in European economic confidence and that might have effect on the condition of other developing countries. But at the same it this was consider a good condition for small business as there is a chance of development and growth because of expanding opening for work, reduction in poverty level, unemployment rate, sudden improvement in export and import services. There are basic significance of private companies that are discussed below:

Monetary help: When UK withdraw for Europe, many businesses faces a situation of lack of monetary resources that will reduce the productivity. To help out government organise different plans and arranged various programs and strategies that will booster business people to expand their business in country. 

Improvement of UK universal exchanging:  In UK, the trade area was one of the strongest factor that increase the economy as export and import is totally depended on European Union. But after Brexit, there is a chance of reduction in trade that will have an effect on the economy of UK. To overcome this government bodies have organise specific strategies, that will be help in increasing trade activities and support the financial strength of UK. This will attract more number of investor to put resources within the program of country. The small and start ups businesses are helpful in removing the different issuer that are explained below:

Reduction in poverty and unemployment : These business are helpful in creating different job opportunities to the common people that help in reducing the unemployment level in UK. The government also form various schemes that will support in solving the poverty level among common people of UK.

Wealth distribution: Ad more number of people are getting job in various small and large business according to their skills and abilities. They will be provided with the best wealth in economy that further helps them to fulfil their basic needs.

Difference Between small and start-up.

Basis

Small businesses

Start-up's

Definition

This type of firms an individual are incorporated to generate revenue from the certain business activities. So they make sure that people are delivered with the kind of goods customer needs and that will increase their standard of living (Delgado, Porter and Stern, 2010).

In This type of firm entrepreneur set up new business by implementing new thoughts and innovative standard according to the current market situation.

Growth.

There is a slow growth rate in small businesses just because there is lot of competition in market.

As compared to small business growth rate of start-up's are generally higher as business activities are conducted in creative and unique manner.

TASK 3

P5 Characteristic, traits as well as skills of successful entrepreneurs.

An entrepreneur is an individual who start and manage, run their own business with the actual resources present with them. They take account of all the risk and rewards in their business venture. They work on an effective business plan, an innovative idea, goods and services etc. instead of associate existing business model. In today, world there are many famous entrepreneur because of their capabilities, creative thinking, unique characters etc. such as Bills Gates  and Mark Zuckerberg they both are famous and most successful entrepreneur of their generation. They inspire other to bring effectiveness in their thought and way of dealing with business situations. They help other to by motivating them to toward risk taking by increasing their potential. Some of the major characteristics, skills and traits of Bills Gates  and Mark Zuckerberg are discussed below:

Hard working and dedicated:  An entrepreneur must be hard working and dedicated towards his work that helps him to be more effective in running business successfully. Such as Both Joe woods and Mark Zuckerberg are hard-working and dedicated towards their work that helps them to become the most successful business person of their generation. They always wants to been involved in activities and determine any opportunity that will give a chance to increase their business (Fassin, Van Rossem and Buelens, 2011).

Flexible: Many business people do not really flexible enough to manage business operation at any time and that led to failure at many situations. So it is very important for an entrepreneur to be flexible in their working style. Such as Bills Gates and Mark Zuckerberg never leave a chance to work with their manager and at any time

Skills :  The have different set of skills that help in making the effective decision so that organisation goal are achieved. Mark Zuckerberg, is skilled enough to guide other employees of company in order to perform with their entire potential to attain the business objective of Facebook.

Traits: It is related to the personnel behaviour of individual that are assumed to describe the features and characteristic of them. Such as both entrepreneur have interpersonal skill and strong behaviour that support them to deal with uncertainties arising within company. They with their trait able to develop faithful culture in company so that other worker work with full potential.

P6 How entrepreneurial personality reflects their motivation as well as mind-set.

Both are having very unique qualities which shows their personality and motivate others towards becoming successful entrepreneurs. In fact, both of them believe in enforcing other members to come up with creativity for putting forward their legs in marketplace. As a result, competition can increase and enforce every person to polish their talent by getting more attentive towards their development (Ligthelm, 2010). Therefore, some of the skills and abilities which reflect personality of successful entrepreneurs as motivation for others such as

  • Openness: Zuckerberg both are very much passionate towards their work and always believes in completing the project in a minimum time period without any disturbance. In fact their minds are always surrounded with kind of creativity for setting examples which encourage others to become passionate towards their assigned job or activity.
  • Critical thinker- An entrepreneurs are critical thinkers because they have to deal with various types of cross questions which are put up by whole society, shareholders, competitors and various other members on their creativity. Therefore, this personality also shows that critical opinions are useful for answering each kind of questions.
  • Sociability: Vision is really indispensable for every person for running their life in correct direction. In fact, this will help an individual to understand their goals and life motive and work on it in better manner.
  • Creativity: It is related to make creative decision that will increase the profitability and productivity of company.
  • Risk taker:  This function is related to take the risk in making decision related to various business operation. 

TASK 4

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

It is observed that Entrepreneur are totally affected by their Background of their family and experience they acquired through various situation faced in life. As family member are consider to be the first teacher in everyone life and they make their children to be strong in any situation. Similarly an entrepreneur learns many useful things from their first teacher that help them to make effective decision in business situation. For instance, children of doctor and professors are focused to do become a doctor or professor just like there parent as they are inspired and motivated by their family member. Therefore, it has been understood that background and family member are responsible for increasing performance and making a better person such as, Joe woods is totally influenced by his parents as his parent timely guide him to become a good business person and run his own company (George and Bock, 2011).

But at the same time experience are also responsible to influence an individual attitude in positive and negative manner. For example, if an individual has faces different kind of challenging situation in life in his past, than he would be more mature to handle thing and difficult situation in future. That experience makes them understand the meaning of effort in future and make them so conformable that they put their all potential or effort to overcome those situations. Through this there is positive impact on their life and that helps them to become an intelligent person. On the other side if an individual has not come across any negative situation than he would be not able to deal with future uncertainty. They lack the actual experience required to overcome negative situation of life or business. For example an individual in his life had only come through positive situation or condition that is in control. But if in future they faces a situation that is beyond their reach and they also do not have the experience to cop up with those uncertainties, which may be the reason of failure.

Actually there is a connection between entrepreneurial features and background of an individual. It is observed that sometime background of an individual has also become the reason or factor of hinder. Suppose the family status of Bills Gates is so weak that he has to borrow and take credit help for starting his new business. So he always has a worry to remove the burden of borrowing as soon as possible by earning more profit through his business activities. That may become a reason for failure as he was not able to focus on his business activity. But he have successfully recover the issue and pulled in a way that was re mark able one in and was able to run one of the most successful IT business company in UK and was the most famous entrepreneur of his generation (Hall, Daneke. and Lenox, 2010).

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CONCLUSION

From the above report, it have been discussed that entrepreneurship is an important activity that help in development and advancement of company. Ventures are divided upon their size and kind of business operation they operate such as scalable start-ups, small businesses, large entrepreneurship etc. The importance of small-businesses that have its impact on economy. Report focus on five model of entrepreneurship influence on personal identity such as openness, Conscientiousness, Extraversion, Agreeableness, Neuroticism. Different Ventures, for instance, social enterprise group, marketable new organisation and so forth. Self-oriented companies have huge outcome on monetary position of the nation as far as creating incomes and decrease poverty also. 

You may also like to read :

Important Role in the Growth of Entrepreneurship Business

Characteristics and Skill of the Successful Entrepreneur

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