Entrepreneurship & Business Management

INTRODUCTION

Entrepreneurship is the way in which a business is setup and run. This introduces new ideas that helps in growing of business. It is done with sheer motive of earning profit and making best out of a business (Akehurst, Simarro and MasTur, 2012).The person who bring this ideas into action for the purpose of introducing a new and unique business is called as entrepreneur. These strategies and ideas also gives an important contribution in uplifting economy of a country. As these business enterprises helps in generation of job and tax payment to the government which is used for the welfare of society. The given project is based upon importance and support provided to a start-ups that is further explained in the report with advantages and disadvantages. Impact of small business in the growth of an economy is also covered after Brexit.

Types of entrepreneurial ventures and relation of it with typology

Entrepreneur are those types of individual which opens a business of new nature. They provide goods and services to people in exchange of money. An entrepreneur venture is that kind of business that is formed in order to earn money and profit which improves their living standards. Purpose of forming these kind of business is to fulfil entrepreneurs own motive. These are divided on the basis of there size, scope and services. Over these only various entrepreneurs are formed (Audretsch and Caiazza, 2016).Get Assignment Examples.Talk to our Experts!

Entrepreneurial Activity: These are those activities that helps a business to create its value in the market and generate economic worth of themselves. These ideas are there for the enhancement of development and growth of an business. This is to be achieved by formation of new and unique type of ideas. The ideas create and is applied in an business to provides goods and services. Ideas of these types helps in generation of employment in local market in which the business is running.

Various Types of Venture: There are three types of venture and are explained below:

Serial Entrepreneur: In these kind of venture there are various employees, amount of capital is more, operations and size of the business is large. The formation of these ventures leads towards profit earning which is done in return of products and services provided by an company.

These ventures are very narrow in its scope and size. As they operate only in the local market and by one person. The organisation under small scale is formed by using either sole proprietor ship or by partner ship. Organisation of these kinds consist of 50 members. They help in of gaining profit and livelihood for a person or public at large. Net worth of these organisations is two million euros . people like Pierre Omidya is an example of such entrepreneur ship (Bennett, 2014).

Social entrepreneurship: They are those types of organisation which are formed for fulfilling of development and enhancement of society. The ideas of these companies is used by society for the purpose of its growth and development. Companies of these kinds has a very wider scope which creates opportunity towards increasing of living standards. Their main motive is not earning profit. Operation of these business is at local level and gives a very important contribute towards economic development. Examples of this are JC Denim and Korchet kids.

Female entrepreneurship: These are those women that run a particular business and organisations. They have increased at very high rate in UK. In these kinds of enterprise the business is started and run by a women. It is there for earning profit and establishing business at global level. These organisations are formed for providing employment and business is managed by a women independently. Example of this are Gabriel Hersham (Burrows, 2015). Get Best Management Assignment Help from our management experts!

Various typologies are used in an entrepreneurship venture that is related to business and its development. Theses are there to increase efficiency in a business. Some of the typologies are explained below:

Enterprises life style: Enterprises of these kinds is formed in order of improvement towards the lifestyle of people of the country and area in which a company is doing its business.

They impacts the lifestyle of people by helping them in job generation and giving employment to them. There product and services makes it easy and enhance the living. It come under social enterprise.

Growth in businesses: A companies growth depends upon the maximum earning of profit and generating of revenue. The entrepreneur in these kind of organisations introduce new types of ideas which are unique in nature and helps in increasing of productivity in an business. They are brought into existence in order to satisfy the customer and fulfil the demands made by him. The main objectives of these kinds of organisations are to settle themselves in market. Organisation of this kind comes under serial enterprises.

The above mentioned typologies and venture of entrepreneur is connected with each other. Objectives of it is to reduce complicity of living and improve the standards of the persons living. Both of them marks there contribution in increasing economy and payment of taxes for the welfare of society (Carsrud and Brännback, 2011).

Similarities and differences in entrepreneurial ventures

There are various differences and similarities in an entrepreneurial ventures and they are given as follows:

Differences

Similarities

Statistic and its impact in micro and small business over economy

Business is an important part of economy and is an very effective element of a countries economy. They contribute towards economy at very large level. It helps a country in development of its infrastructure, quality of education and many more. These organisation creates an drastic effect over an economy of a country. There are three types of business organisation (Impact of micro and small business on economy, 2018).

Typologies in entrepreneurship

Small Businesses: Businesses of these kind are very small in size and consist of less employees than 50. revenue is also less than five million euro. The companies of there kind only works at lower scale. Employment and revenue is also generated at lower scale only.

Medium Businesses: In these organisation strength of employees is more than 50 but is under 250. Revenue is five million euro and is less than twenty two million euro. Its impact over economy is that increase employment rate and needs of the customers are fulfilled in order to earn high profit.

Large Businesses: Operations of these business are done at high level and strength of employees is more than 250. Revenue generated is more than twenty two million. Contribution of it in economic development is job generated for a public at large. As it operates at national and global level (Epifanova and et. al., 2015).

SME and Its effect on economy: this effect is explained as follows:

Impact At Local Level:Businesses of small and micro level is that, it directly effects economy of local level. This is done through products and services which are being given to people living in a country. It identifies about what a customer wants. Businesses of this kind is there for determination of power to purchase. More money is earned lifestyle changes whichb eventually help the economy to develop.

(Source: The Role of Startups and Small Businesses in Today’s Economy, 2018)

Impact upon Region: An start-up creates an impact over the economy of region because they also helps in generating employment for people living in a region. It has a positive impact over economy as rate of employment generated is higher which leads to expanding of workforce. Improvement of regional income also helps in development of economy.

Impact on national Level:A start-up impacts an economy of national market by preforming operation of a business and utilisation of money is also less. It focuses on the unique ideas that enhances profitability and productivity in a company. Revenue of government increases. In UK 15.7 million employment is generated (Galloway, Kapasi and Sang, 2015).

Importance of small business and start-up over growth of social economy

All the businesses of small nature and start-ups is considered as one of important source of economy of a country. As it generates employment and revenue. Form development point of view it improves standard of living. Various companies of small nature are there in UK. They have contributed towards development of peace in UK. Entrepreneur launches these companies by the new and unique ideas for meeting customer demands. Businesses of these kinds are getting full support from UK. There various reasons for the growth of economy which are discussed further:

Job Creation:Role played by these business and startup is creating of job opportunities and enhancement in performance and productivity is also done by these companies. Local people also gets job for the improvement of there skills and capabilities. From these an individual is able to generate ideas of opening there own business. Unemployment in a country is removed and condition of economy improves.Want to get Assignment help? Talk Our Expert Now!

Enhancement in Living standards: The standards are improved because of improving conditions of people. This achieved through providing better products and services to its customer within its power to purchase. It eventually fulfill needs of people that improves standard of living.

Growth of Economy: Star-up plays an important role towards the up liftment of economy and creates growth opportunities by taking out creativity and improving growth. They are useful as it enhances innovative ideas which improves rate of economy. This increases productivity and leads to enhancement of products and services. Paying of tax by these business improves the condition and strengthen economy. Also these provides quality products to the customer and makes him spend more in order to gain profit out of the situation (Islam and et. al., 2011).

From the above mentioned points it can be make out that small firms and start-ups is a very important factor of a countries development because it identifies ideas of unique nature which improves the life of people living in a society. It generates employment and makes earnings in order to be spend by them.

Skills, Traits and characteristics of successful enterprisers

There are various characteristics, skills and traits which are there fro making an successful entrepreneur. Due to which they stand apart from other mangers of a business. It helps in bringing out the innovation and increase in profit takes place. Two entrepreneurs that is taken for the formation of report is Philip Green CEO of Arcadia Groups and Richard Branson CEO of virgin groups. There characteristic, skill and traits are mentioned below.

Characteristics:

Passion: This is an very important characteristics as it increases there capacity to work with consistency. Due to this both the entrepreneur Philip Green and Richard Branson is able to work with regularity. This made them achieve there goals. It differentiated it from manger because they loses their patience which effect in their decision making (Petkovska, 2015).

Skills

Innovative Thinking: This has helped both the entrepreneur to make them successful by resolving the problems that raised while gaining success and made them smoothly achieve there success.

Traits

Confidence: It is a necessary trait in which the improvement over decision making. Both entrepreneurs Phillips Green and Richard Branson is benefited out of this because as a positive output and good brand image is build in a market.

Aspect of an entrepreneurial and personality motivation

There are different characteristics and skills that differentiate entrepreneur from managers. It also represent motivation and mindset.

Openness:In this aspect there is reflection of creativity which has helped entrepreneurs in taking better decision. This is also useful in learning various thing and accepting challenges.

Conscientiousness:It is related to flexibility and reliability. It helps in maintaining focus towards the goals with more efficiency.

Extroversion: In this stage their maintenance of good relationship and has to become more social. This helps in maintaining good relationship (Aspects of Entrepreneurial personality, 2017).

Agreeableness:This is there to help entrepreneur to become more cooperative and in creases trustworthiness which important to coordinate with employees.

Neuroticism: It is related to anxiety, fear, worry and jealousy in this entrepreneur has to act in a negative manner for randomizing the situation. This done to maintain order and discipline in a company. After this healthy environment at workplace is maintained (Zahra and Wright, 2016).

Background and experience that can hider or foster entrepreneurship

Business is run for the purpose of earning profit from the products and services that is given to customers. Background and experiences helps an entrepreneur in attaining more involved and efficient working of a business which leads it towards success. Philip Green and Richard Branson is able to become an successful entrepreneur their experience and background is explained below.

Phillip Green

Background: Phillip Green started working as a banker in Lylods when he was 18 year old and after two year he left the bank and started to work in an company. After this the company is able to gather small amount of money and then left the company. He has ten thousand euros with him. At the age of 21 he is able to setup his very first business of importing of jeans in retail market of London. After the death of his father he has taken over the family business (Ramadani, 2013).

Experience: He started his own business and faced lot of problems such as proper funding is not there, support from family member is also not there. He handled all the problems because hi main main aim was to grow business. His family member told him to go for job bust he chose run business. This resulted in making him worlds largest entrepreneur of all time. He developed idea of cloth selling. In the year 2011 and 2012 his potential made him faced loss also but with sheer motivation he come back and regained profit (Walsh and Cunningham, 2016).

Richard Bronson

Background: He is an graduate from the university and has experiences of working as an manager in a company. His new ideas made him realized to do business. When he use to go to work he noticed that people in a society has several options of mobile but their option is only limited because of network. He got an idea from this that made him launch the virgin mobiles. his business gained speed slowly and made him an successful entrepreneur. He has faced lot of difficulties but managed to come out of them (Rauch and Hulsink, 2015).

Experience: He has experienced lot of hard ships in his business and has also worked as a city worker and knows about the struggle one has to face . He has always focused over gaining more and more profit and has faced losses at time but because of his sheer motivation bounce back and become bigger entrepreneur.

CONCLUSION

It can be concluded from the above analysis that small and medium sized organisations makes huge impact on overall social economy of UK in terms of generating employment opportunities, making of tax payments etc. There are different types of ventures contributing maximum to the growth of GDP which includes small, medium and large sized organisations. Apart from this, an individual can become a successful entrepreneur if some appropriate skills, characteristics and traits are present which includes communication, team work, leadership skills etc.

Read More - Management and Operations of Business

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