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Understanding Entrepreneurship

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Understanding Entrepreneurship

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Introduction to Entrepreneur

Entrepreneur means a person who wants to start his business on his own. He is the person who manages his business and is a risk taker. He brings innovative ideas for his concern and creates something different. It means a person create new idea for development of his business and create profits. An enterpriser must be motivated as well as confident so that he does his business effectively and efficiently manner (Webb, Ireland and Ketchen, 2014). Business person must be passionate and he will also give advice to other people and motivate them. There are many types of venture and types of the entrepreneurship. The purpose of this report is to identify the roles of small, micro and medium enterprises and they also affect the economy growth. There are various types of culture and motivational tools which also can affect the entrepreneur.

PART 1

P1: Different types of entrepreneurial ventures.

Entrepreneur is a person who takes risk and produce new products by innovation and new creation. He is the person with full determination as well as self – motivated. Along with this, he is an innovative thinker who generates new idea for his enterprise (Seelos and et. al., 2011). There are various types of typology of entrepreneurship which are described as below:

Small business entrepreneurship: There are many types of tiny organisations which develop and generate more profits. It cater growth to the economy and provides more jobs to persons. In micro associations, it consists plumbers, electricians and so on.. They are an individuals who takes all the profits and if there is loss in the concern then it is also bear by them only. It assists to reduce unemployment as well as poverty line in the country.

Large company entrepreneurship: Company who works on large scale has long life and if they want to survive for long term then they have to produce their products and services creatively. They need to introduce new merchandise to their clients and accomplish their demand timely. They sell their products in new markets to create more buyers (Venkataraman and et. al., 2012).

Scalable start up entrepreneurship: This kind of enterprise implies the general population or person who begin adaptable start up, begin doing their business when they become more acquainted with about their vision that can change the world. These sort of enterprise draw in more financial specialists for their business. The general population who are working with these sort of business enterprise are ideal and brightest. They extraordinarily concentrate on the investments and need fastly development moreover. They are by and large more imaginative and more unsafe contrast with all kind of business enterprise.

P2: Different types of entrepreneurial ventures.

There are many sort of entrepreneur businesses in the world. Small as well as large company entrepreneurship are most important from all of them. But there are various differences and similarities between them.

There are many similarities between them which are described as below:

Both type of entrepreneurship need innovation and creativity in their businesses which will aid them to survive in competitive world. They both generate employment opportunities for general public which assists them to reduce unemployment as well as poverty line.

P3: Impact micro and small business have on the economy.

There are various sorts of enterprises which provide growth to the economy. Micro and small types of concern are one of them. They can make positive impact to the nation as well as create job opportunities for people of the country (Sommer and Haug, 2011). They cater impact on economy and it can understand by following:

  • They provide growth and development to the state by provideing better goods and services to people or society.
  • They aid to create more occupational opportunities so that rate of unemployment can be reduced.Micro organisations produce their merchandise and administration more creatively and differently.

In United Kingdom, there are around 4.9 million people who are included in these sorts of associations. They give advancement and development to nation and in addition openings for work to individuals. It is basic for them to work all the more inventively and creatively with the goal that they can draw in more clients towards them. They can create new merchandise for their clients and roll out fundamental improvements in existing items. There are not more than 250 staff members who are utilized in private companies. In the event that association needs to fulfil their buyers then it is basic for them to fulfil their requirements and needs in a suitable way. Turnover of little ventures is constantly expanding from last a few years.

Small scale organizations are much adaptable in nature so they can without much of a stretch adjust changes and apply in their business. These type of endeavours are client arranged and therefore, it is fundamental for them to fulfil their requirements and needs in a proper way. A significant number of general customers will remain faithful to their favoured little worry at the season of emergency. Small affiliations won't generally remain tiny, they develop broadly and also universally. Case: Microsoft. There are numerous contenders accessible in the market so it is basic for organization to rival them which helps in upgrading their benefits and in this manner the capacities to develop and wind up plainly effective with contributing in the improvement of country.

P4: Importance of small businesses and business start-ups

Small businesses and business start – ups provide development to the social economy. They play an important role in growth of the economy. They both are growing very vastly in the world as well as cater different types of goods and services at a reasonable price to persons of the country. There are various importance of the small business and business start – ups which are mentioned as below:

Job creation: It is main significance of the tiny enterprise and start – ups. They generate more occupations for people of the nation. They need to be more creative and innovative also for the job. Along with this, they reduce unemployment as well as poverty line of the economy by providing job to citizens (Ormiston and Seymour, 2011).

Innovation: Both sort of association need innovation as well as creation in their concerns. They produce merchandise and administration for their purchaser by using advanced procedures. It makes their product different from others and aids to retain customers.

M1: Diverse range of entrepreneurial

There are many sorts of entrepreneurship that can influence the economy. There is description of small and large form of business that can make impact to the nation. They both have their own characteristics that make them different from others. Both provide employment and produce products with innovation and creation. There are public and private entrepreneurship, they both give growth to the country (Morris, Webb and Franklin, 2011).

M2: Small, medium and large businesses make to the economy. These sorts of enterprises can make positive impact to the economy. They all create occupational opportunities and do their work with innovative manner. They produce various type of goods and services that will helpful for them to compete their competitors in the marketplace. It will also assists them to develop more revenues as well as reputation (Acs, Boardman and McNeely, 2013

D1: Examining the scope, development and growth of entrepreneurship ventures.

Entrepreneurship undertaking plays an important role in growth of the economy. They aid in the development of business as well as generate more profits. Scope of enterpriser venture is very wide that will helpful in success. They all are doing their work with more creative and innovative manner. They develop new products to create more buyers and additionally provide them satisfaction by accomplish their needs and wants (Karataş-Özkan, 2011).

D2: Small businesses have an impact on different levels of the economy. Tiny associations provide development and growth to the economy by introducing new products as well as services to people. They do their work on national and international level (Anderson, Drakopoulou Dodd and Jack, 2012). They develop job opportunities for local persons and export their merchandise to other countries to generate more clients. They solve their existing issues of the concern by provide innovative solutions to them. Large organisations also depend on small companies for their business activities because they outsourcing some items from them.

PART 2

P5: Characteristics and traits of successful entrepreneur.

Every Business person has their own skills as well as knowledge. Along with this, they have some special qualities that make them different from others. There are various qualities of an enterpriser which makes them successful. These are mentioned as below:

An unwavering person: An entrepreneur must be so passionate toward his work so that he cannot shake from what he is doing. He needs to be so dedicate towards his job or work which will assist him to produce new products and services by using some innovative terms. He has to be self – motivated, thus, he will do his job effectively and efficiently without waving.

Open – mindness: This is the foremost quality that has to be in every business person. A broad mind always make successful to them. It is not necessary that he will teach others, in fact he can also learn something from different people which will develop their learning. They can ask to other citizen for advice as well as they are very flexible, thus, they can adapt changes easily (Korsgaard, 2011).

A forward looking approach: An entrepreneur always thinks something big; they think for their future. They have their strategies that they follow to achieve their desired targets and objectives but also take some alternatives with them so that if any one of the best alternative is available then they will go for that.

It is known that every enterpriser do not use bluprints for their association. They do their business according to needs, wants, skills as well as education. For this they can also face some traits that are described as below:

Full of determination: To be an entrepreneure people need to be determinant towards their goals and objectives. They need proper way to achieve them effectively as well as efficiently. For better outcomes, they can hire some people for their job. So it is essential when person start their concern they have to be determinant towards their enterprise.

Not afraid to take risk: A successful Business visionary never being afraid while taking hazard, in fact, he is a risk taker. He takes danger when he introduces new items and services as well as starts new venture. If there is high risk then there will be high revenues also (Tracey and Phillips, 2011).

P6: Entrepreneurial personality reflect entrepreneurial motivation and mindsetBusiness person has many forms of personality and he will motivate people with the help of those attributes. He is risk taker as well as has an innovative mind for doing their concern. There are various aspects which are defined as below of the personality traits of enterpriser:

The improver: Entrepreneur is like an helper because he always focuses on business so that he can improve the world. Additionally he improves his skills and abilities which will aid him to conduct business more effectively as well as efficiently.

Personality alert: They need to aware from tendency of them and it can be critical to their workers also (Welter, 2011).

The advisor: Entrepreneur is also an consultant, he provide an advice to people. They give proposal to their customers so that they will aid them regarding choice of merchandises and administrations. Main motto for giving an advice is too aware the clients or buyers.

Personality alert: They cater advice to persons which will help them to focus on their needs and wants and fulfil them.

The artist: Personality of an entrepreneur also reflects in terms of a creator. They are more innovative regarding their concern. Business visionaries have some unique talent as well as produce new products or services uniquely and artistically.

Personality alert: If manager get feedback from their purchaser and it is so constructive then it can influence organisation negatively.

The hero: Entrepreneur will also in term of leader because he is the one who leads the world, additionally able to deal with each and every problem which can generate in association (Hattab, 2012).

Personality alert: If entrepreneur wants to do his job for long term then he cannot make false promises and never use wrong tactics for their business. If they want to be successful then they need to be able like a leader.

P7: Person’s background and past experiences can hinder or foster entrepreneurship.

Entrepreneur is the person who takes risk and starts his business by his own. He is the person with full of passion as well as self – motivated. Along with this, provides advice to other people and does his work with more innovative manner. Business person is one who thinks something different compare to other persons. Every enterpriser has their own skills and knowledge that assists in their concern very much.

Every people do their studies according to their choices. Some can study more hard but many cannot. It is not only essential, in fact, smartness also matters to be and successful entrepreneur. Along with this, if they take degree of management then they can apply it in their business very smart fully. Every person has their own culture which can affect their business. They have their own beliefs, values, norms etc. that can reflect their concern. Similar to that entrepreneur also has their culture and they do their work according to it. It can influence business either positively or negatively (Bacq, Hartog and Hoogendoorn, 2013).

If Business visionary has their family background very effective means their family member has proper knowledge, then they can also motivate him. They knows that what difficulties can arise so that they can aware him regarding that. If their background is not much impressive then it can be negative to him. Members of their family can demotivate him.

Past happening of enterpriser also make positive affect in his occupation. If he has more experience then he will do his job more perfectly. The more knowledge as well as achievement can make him enlightened. If he does not have skills then he can face more difficulties to be an entrepreneur.

M3: Different lines of argument relating to entrepreneurial characteristics.

A Business person is one who takes risk. Along with this, he do his work more innovatively and creative manner. He is also an advisor who gives advice to their customers regarding products and services (Chan and et. al., 2012). Additionally, he is a hero and improver who continuously improve his skills and knowledge by experience. He never afraid of taking risk and also he do his job with full determination. An entrepreneur has also an open mind which can aid him to be flexible.

M4: Link between entrepreneurial characteristics and personal background and experience.

An entrepreneur’s background and happening provide positive impact in his career. If he has more experience then he will do his work with more passion as well as motivation. A business person never fears to taking risk or can say that he is a risk taker. If his background is also of related with business then it will helpful for him because he has proper knowledge about concern (Shane, 2012).

D3: Characteristic traits, skills and motivational drivers of successful entrepreneurs.

A successful business person is always self – motivated as well as risk taker. He is the person who takes hazard and produce new products by using new creativity. Additionally, he has more skills such as a good advisor, hero, improver and so on. He is always being positive regarding his work that will helpful in his career. Entrepreneur always looks forward and makes strategies that will helpful for him to achieve desired goals and objectives effectively and efficiently (Webb and et. al., 2013).

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D4: Background and experiences influences entrepreneurs, positively and negatively.It can affect career of an entrepreneur either positively or negatively. It can motivate him for their occupation, but also it can demotivate him. If person has solid background then he has full knowledge about business and risk but if he has not then there is more danger. Similarly, more experience makes an entrepreneur more perfect. If a person doesn’t have experience then he is only the age of 20 to 22 years so that he does not have proper knowledge (Kuratko, Morris and Schindehutte, 2015).

Conclusion

As per the above mentioned report it has been concluded that Entrepreneurs advice their customers as well as self – motivated. They are very passionate towards their work and make some strategies for their business to achieve desired goals and objectives. Additionally, they are creative and innovative thinker. In this report it is described that there are various types of entrepreneurship that can affect the economy. They all are develop more job opportunities and provide growth and development to the nation. There are micro, small and large enterprises that do their work more innovatively. In this report it has been also concluded that an business person's experience and background make positive impact to their business. They have characteristics like they are risk taker, innovator, improver and so on, that can make them different from other people.

References

  • Acs, Z. J., Boardman, M. C. and McNeely, C. L., 2013. The social value of productive entrepreneurship. Small Business Economics. 40(3). pp.785-796.
  • Anderson, A. R., Drakopoulou Dodd, S. and Jack, S. L., 2012. Entrepreneurship as connecting: some implications for theorising and practice. Management Decision. 50(5). pp.958-971.
  • Bacq, S., Hartog, C. and Hoogendoorn, B., 2013. A quantitative comparison of social and commercial entrepreneurship: Toward a more nuanced understanding of social entrepreneurship organizations in context. Journal of Social Entrepreneurship. 4(1). pp.40-68.
  • Chan, K. Y and et. al., 2012. Entrepreneurship, professionalism, leadership: A framework and measure for understanding boundaryless careers. Journal of Vocational Behavior. 81(1). pp.73-88.
  • Hattab, H., 2012. Towards understanding female entrepreneurship in Middle Eastern and North African countries: A cross-country comparison of female entrepreneurship. Education, Business and Society: Contemporary Middle Eastern Issues. 5(3). pp.171-186.
  • Jones, C. and Matlay, H., 2011. Understanding the heterogeneity of entrepreneurship education: going beyond Gartner. Education+ Training. 53(8/9). pp.692-703.
  • Karataş-Özkan, M., 2011. Understanding relational qualities of entrepreneurial learning: towards a multi-layered approach. Entrepreneurship & Regional Development. 23(9-10). pp.877-906.
  • Korsgaard, S., 2011. Entrepreneurship as translation: Understanding entrepreneurial opportunities through actor-network theory. Entrepreneurship & Regional Development. 23(7-8). pp.661-680.
  • Kuratko, D. F., Morris, M. H. and Schindehutte, M., 2015. Understanding the dynamics of entrepreneurship through framework approaches. Small Business Economics. 45(1). pp.1-13.
  • Morris, M. H., Webb, J. W. and Franklin, R. J., 2011. Understanding the manifestation of entrepreneurial orientation in the nonprofit context. Entrepreneurship Theory and Practice. 35(5). pp.947-971.
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