Development of small business management is the more important aspect through which country seeks its own growth along with generation of employment and social development. However, personality trait of entrepreneur play important role in the growth of the business. The present report is based on Hawksmoor Group restaurants which is based on London and deals in several kind of spicy and sweet eatables. This entrepreneur is operation with the association of 623 employees . It covers the mini research done over the different types of entrepreneurial ventures and similarities as well as differences exist between them. Furthermore, assessment is done on interpreting the statistical data that how economic contribution is made through small and micro businesses. In addition to this, aspects of the entrepreneurial personality reflecting the entrepreneurial mindset and motivation has been assessed. Apart from this, characteristic, skills and traits of two successful entrepreneurs has also been identified along with differentiation with other business managers.
P1 Carrying out mini-research to examine different types of entrepreneurial ventures and explaining their relation to the typology of entrepreneurship
There are different different types of entrepreneurship which work differently in order to meet the specific objectives of firm in an effectual manner. These are explained as follows-
- Small business entrepreneurship-It consists of small businesses such as consultants, travel agents and internet commence as well as grocery stores. They operate at lower scale in order to meet the short as well as long term business. Such kind of businesses access sources from bank loan, friends and relatives. It enables corporation to carry out all business activities effectively in order to create competitive edge of the business in the marketplace. Generally, employment of such kind of business is done on local business through which it becomes easy to ensure the growth of the business in low cost of production. In this manner, small business entrepreneurship starts at very small scale on the basis of specific risk. Here, entrepreneur start the venture on the basis of available information and research so as to determine its success in the marketplace.
- Scalable startup entrepreneurship-Such kind of businesses attract crazy financial investors so as to start the venture effectively. It proves to be effective to generate the employment and accordingly firm can cope up with the changing scenario. Furthermore, entrepreneurs starting such kind of corporation get to know about its operation from day one so as to implement the concept effectively and determine long term growth in the marketplace. However, scalable entrepreneurship is applied for making profit and meeting the expectations of common citizen. The vision of such kind of firms can change the entire world with the help of offering excellent services.
- Large company entrepreneurship-The large organizations operate their business in accordance with innovation, offering new products and sustainable development. They like to extend the product range or variety effectively. Apart from this, large companies shed light on changing perspective of customers, legislation and new competitors etc sop as to bring innovation in the product and retain customers for longer time span. Moreover, large company entrepreneurship is the effective aspect for generating employment and contributing towards the economy.
- Social entrepreneurship-It is different entrepreneurship under which management focuses on uniqueness of the business and focuses on changing the world by performing good. It can be critically evaluated that business do not work for the purpose of increasing market share but to meet the expectations of all related stakeholders. Such kind of corporations may be for profit or not for profit or hybrid. This support the society by resolving its issues and offer better life for common citizen living in the country.
In addition, they are related to typology of entrepreneurship it means various types of entrepreneurship are connected with typologies. Local business which is run by local people to earn profit while global entrepreneurship is focused on offering their services at international level and require more capital to run business. It main aim is to earn wealth maximization along with long term growth. They mainly aim to get higher returns on the products and services that has been offered by them to public.
P2 Explore the similarities and differences between entrepreneurial ventures.
A entrepreneurship is a process of creating and developing a idea and transforming in to large business organization. These business ventures are also support the national economy and maintain consistent growth and development. In general, there are two types of venture first one is profit generating and another one is non profit organization. Both having different purpose and objectives according to its size and structure. These business and non business units can be local ventures, global business entities, social ventures and scalable start ups. In all these institutions having various similarities and differences. Scalable business venture is small business which is focused on the innovation and technological developments. The objectives of such organization are differ according to its type. If such business is not profit than its work for the social well being.
There are few differences in the local ventures which are focused on the profits and earnings in order to sustain their business. Apart from that they arrange their funds from other sources such as banks, financial institutions and large corporate houses so that they can make competitive in the market. On the other hand, social and non profit firm's can take fund from government authorities and large business units as a charity or member fee and provide social well being to the community.
Apart from that, both forms of entities are support the community and public interest. A business unit
Along with this, there are some distinction in between both business ventures that is their contribution in country's economy. Social ventures are engaged for creating social values through delivering its services to society and fulfil their demand. On the other hand global ventures is developing international brand and focuses on only earn profits. Social ventures is focuses on using traditional marketing approach but global ventures use modern way for promoting its business.
P3 Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro and small businesses impact on the economy.
A SME may not generate the revenue as compare to the large business corporations. But they are the critical element in the contribution of the local and national economies. They generate revenue and provide employment opportunities in the United Kingdom. As the UK is one of the leading economy and financial hub of EU with approx. $2.5 trillion economy. The role of SME in the nation economy is approx 90 percent which is quite good. It also contributes approx. 5% employment growth to the nation. Apart from that, there are various other impact on the UK economy as given below:
Employment: A micro small business is helps to create new jobs in the variety of fields. In the 1990s the United Kingdom was the industrial based which can transform in to the knowledge based economic model due tom its SME capabilities and education. Today there are large number of new business open day by day which are related with the innovation, Information technology, business research, and other service based sector. They required qualified workforce to implement their ideas in a effective manner which can leads to increase the employment rate in the country.
Economic Growth: SME having a large contribution in the local economy by brining growth and development and innovation in the society. It can help to create jobs which can leads to increase demand. They also helps to increase in the export activities which can leads to increase in the foreign currency. They also maintain the supply in the economy and which can also help to overcome the dependability of another nation for the imported products. They provide revenue in terms of tax to the government which can support he social and infrastructure development in the country.
Adaptability: There are large number of small business which are ready to respond and adapt change according to the economic environment. These business organisation are related with the innovation and technology and worked on the customer centric approach. For example, in the internet era, the e-business are growing which can helps to make them successful in the near future.
Future growth: After BREXIT UK economy going to slow which having a large impact on their future growth and development. Therefore, the government of UK is more focused on the SME sector which can support their economic activities and helps to maintain its growth rate in the today's competitive world. It can also helps in the sustain the country among leading economies which is too important for them.
P4 Contribution of small businesses and business start ups to growth and social economy after Brexit
The small business and start-ups indicates the growth of nation due to generation of employment and increasing the risk taking behaviour of people. It has direct impact on the employment rate and growth rate of the nation due to appropriate contribution towards the economy. The small business and start up scenario of UK is increasing at rapid speed due to opportunities available for them. It can be critically evaluated that Brexit as contemporary issue of UK separate nation from EU. This has direct impact on the growth as well as development of the nation due to issue related to trade barriers, currency value and others. It is because earlier businesses of UK were getting advantages of EU. It was very easy for businesses to expand in member countries and export import goods effectively without any kind of barriers. However, businesses were promoted with the help of EU funding and several other favourable aspect. It can be critically evaluated that small media size businesses of UK can have upward direction because the regulation will be formed in the nation and accordingly the typical laws related to employment etc will not create issue in the growth and development of the business. For this purpose, flexibility is considered as the positive aspect for the small business and start ups of the UK. On the other hand, export procedure of EU used to be very easy for the businesses in operating in UK but after Brexit it would become complex. The main reason behind the same is reintroduction of customer clearance procedures etc. On the other hand, present scenario reflects that small businesses of UK are continuously.
However, future situation might be little uncertain but possible changes in the regulatory framework and funding facilities can support the start ups of the UK. In this manner, the thriving entrepreneurial culture of UK reflecting the positive aspect of newly formed business and other small ones. It shows that Brexit will not have significant growth of the small business in case government handle the another related responsibilities effectively. On the other hand, having own regulation, flexible approach and funding facilities of country as UK would be more beneficial for small business and entrepreneur will start their own venture. It would be effective to cater requirement of all related parties and also determine the social development effective with the help of generation of employment. Thus, short term negative impact of Brexit might be seen on performance of small businesses and start ups of UK.
P5 Determine the characteristics, traits and skills of successful entrepreneurs, which differentiate them from other business managers.
There are various skills and characteristic required as an entrepreneur which can make its successful. As a businessman there are few things such as managerial and administrative things can make a business more effective. So that he can make their decisions quickly and try to develop its won competencies in order to influence its members and subordinates (Mason, 2015). There are following traits and characteristic which can help to make them successful entrepreneur in the near future:
- As a entrepreneur having a clear vision and mission regarding their business unit which can provide a right direction to its business entities.
- Businessperson can also optimistic for their decision and their future opportunities avail in the market.
- Businessman also take initiative in order to solving a problem and issues which can help to improve its problem-solving skills in the future.
- A start up runner also motivated which can motivate its subordinates towards the organizational goals and objectives.
- As a entrepreneur leadership qualities played a significant role in order to lead a team and deliver their vision in to the reality.
- Communication skills one of the important ingredient which can make a leader more attractive and impressive.
- A businessperson is able to see the situation in a different way and generate a different idea to solve complex issues.
- There are various opportunities are avail in the market which required to careful identification and recognize more effective.
- Planning and organizing skills and capabilities are necessary to attain the desired goals and objectives.
- Business information and knowledge also essential as a entrepreneur in order to compete in the market and to provide competitive advantages over its rival companies.
A person who develop a business and take economic risk in order to earn profit is called entrepreneur (Crane and Matten, 2016).
The main purpose of the entrepreneur is to start a business and make profit in through selling goods and services.
An entrepreneur is the owner of the business and having full control of business (Autio and et. al., 2014).
It is not required any specific qualification but few things are essentials such as effective management and entrepreneurial skills.
A manager is an individual who played a role of controlling and managing business activities within the business unit.
The main motive of is to provide services in a existing established business entity.
On the other hand, a manager is a servant which manage the operations and businesses.
As a manager there are certain educational qualification required in order to perform its role effectively (Brooks and et. al., 2014).
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mind-set.
Entrepreneur is that person who has capabilities and skills to start and operate his own business. He has the ability to influence other people through innovation and use of advanced technology. They have many types of characteristics which make them a successful entrepreneur. The most important characteristic which makes them successful is taking risk for running business operations in a smooth way. They are set as ideas for the next generation entrepreneurs and motivated to them through their skills and innovation (Brooks, and et. al., 2014). As stated above, Sergey Brin and Jeff Bezos; both are famous entrepreneurs in the present era. They have qualities to influence people and motivate them. For example: Sergey Brin is considered as the youth icon who launched the application named as Google. Through this application, people around world can search anything and enhance their knowledge and information. Discipline, determination and innovative skills are the major characteristics of Sergey Brin which make him successful and inspire the world to change. At young age, he started his business and became a successful entrepreneur. . Passion, determination and taking high risk are the major characteristics of founder of Amazon.com (Autio, and et. al., 201.). They motivated people to work with passion and develop their own skills. People get inspired with their abilities and became more passionate towards their work.
According to the world best entrepreneurs that a person must apply its idea in to reality and make efforts in order to make this most successful. It also requires a sense of discipline and commitment which can help to attain their pre-set goals and objectives effectually. As an entrepreneur, a clear vision and mission are also required which help to set the future direction of their business (Crane and Matten, 2016). It also have high motivation and effective communication skills which can motivate their subordinates so that they will feel confident and free to work according to the guidelines of their entrepreneur. They develop effective communication channels and managing skills which assist them for ensuring long term growth.
P7 Examine , using relevant examples obtained through your mini-research, how background and experience can hinder or foster entrepreneurship.
Background is having a huge impact on the entrepreneurship. Most of the entrepreneurs are influenced by their backgrounds and history. Each entrepreneur is having his own background and family as well as education and standard of living. These are backgrounds are making influence in their business activities. Backgrounds determine the level of thinking as well as the point of views to consider different aspects. It sets the status of mind to take things in a positive or negative manner (Kierzenkowski and et. al., 2016). So, it is essential for the entrepreneur to think beyond their background. There are various challenges faced by an entrepreneur such as financial crisis which can affect its economic consideration. Therefore, they are required to think positively towards their business and its future growth and development. Entrepreneur also influenced its education and qualification history in order to start their business. Most of the people are using their skills and expertise which were learned in their education and implement the same in business and operational activities.
Experience and knowledge are also playing an important role in the decision making process to operate their business activities (Islam, Khan, Obaidullah and Alam, 2011). If a person is having good knowledge about their respective area such as marketing, finance or any other fields, it can help to make their decision making in an effective manner. On the other hand, past experience for their procedures are also important. If such expertise's positive, it can motivate an entrepreneur towards business and if the experience is negative, it can demotivate a new entrepreneur. In context of success rate of start-ups and SMEs, the role of government is significant. It is because, they have resources and capabilities in order to provide protection and sustainability to such business ventures. They can provide financial assistance and management expertise which can help to become successful in the future. Apart from that, higher authorities can also provide legal protection and promote ease of doing business in the country (Borisov and Zazzaro, 2010). It can help to make a healthy environment regarding the SME and develop a start-up culture. The private ventures and corporate houses can also promote such business. They can provide fund and knowledge which can make them successful in the near future. Most of the start-ups cannot survive due to various reasons such as lack of knowledge and expertise, unavailability of funds and tough competition. Therefore, the government of UK can make various policies and rules as well as arrange sufficient funds to them (The Role of Small Business in Economic Development, 2017).
As per the above mentioned report it has been concluded on the entrepreneurship and entrepreneurs and its impact on the economic growth and development of UK. It is significant for an start up runner to take experience and knowledge in their field which can help to make effective decisions in different area accounting, finance and management etc. It can also help to create competencies and competitiveness in the respective market and also provide a good opportunities for the future. As a entrepreneur there are various skills and capabilities are required to make their business successful such as risk taking, motivation, clear mission and vision, discipline and so on. The report also concluded that the role of experience and knowledge in the business and its significance in the economic development and employment generation in the United Kingdom economy. It can also help to overcome various issues such a poverty line from the country. Read the Introduction to Small Business Management from experts.