Small businesses and intermediate-sized organizations mainly belong with more than 95% concerns in various nations. Such small business organizations are regulated and operated as the businessperson undertaking. Entrepreneurial exercises are enabling where an organization is refrained in a competitive manner and develop an economic formulation to resolve all social issues or problems. This report is based on analyzing different types of entrepreneurial ventures which are dependent upon several typologies. Also determine similarities and differences between various entrepreneurial (Blackburn, Hart and Wainwright, 2013). The main purpose of the assignment is to present various venture and entrepreneurial kinds along with the influences of small business administration on the nation's system. In addition to this, an enterpriser conclusion making is impressed by the outlook of the businessperson and various environment shapes their point of view which will also be assessed here.
P1 Types of entrepreneurial ventures and their relationship with typologies
Entrepreneurial ventures can be described as a process in which the business is being set up with the motive of accomplishing all the objectives and targets. It is well known that the main goal of each and every organisation is to earn more amount of revenue and have a good brand image in market as this will help them in sustain for longer period of time. There are various kinds of ventures that are being set up in the market as they are all are made up of unique idea of the entrepreneurs. It is often said that businessperson undertaking are similar to daily businesses, but it is not like that (Bridge and O'Neill, 2012). As per the scenario, Joe Woods is a successful entrepreneur who access the online credit and debit card payments from their vendors. These kinds of ventures are normally being set up by those people who are innovative and creative and are risk takers as well. They are called as entrepreneurs.
An entrepreneur is an individual who endeavor a business with limited resources and takes huge risks in order to earn profits for the company. There are various kinds of entrepreneurial ventures that are established by entrepreneurs and they are classified as under:-
Small-business Entrepreneurship – These are the kind of businesses which are running with limited resources and on small scale. Normally it is being run by a single person and all the kinds of decisions are being taken by him only. There are approx 6 million small businesses that are operating in UK. Such kind of concern undertaking belong of travel agents, net proprietor of cafe, grocery shop, electricians, woodworker and many others.
Scalable Entrepreneurship – Such kind of ventures is being set up on a strong business idea and here the entrepreneurs are having a strong vision of changing the world. Few of the examples can be face-book, twitter etc. They organize finances from market and for this they have to persuade people to invest in their schemes (Carsrud and Brännback, 2011).
Social Entrepreneurship – These are the kind of ventures which are being set up to provide benefits to society and make it a better place to live in. Basically, these kinds of companies can be either non-profit, for profit or hybrid as well. Some of its examples are like Hamlet Foods. This company has aim to eradicate poverty.
Large Scale Entrepreneurship – It is a kind of business in which new ideas and opportunities are being developed within an established firm so as to make it more profitable and enhancing the competitive position of the company in the market. Here the business is done on a large scale so the risk taking factor here is also high.
There are various kinds of entrepreneurs like:
Male Entrepreneurs – They are the male individuals who set up a business with their strong and innovative business idea and have a strong determination to make it a success in the market.
Female Entrepreneurs – These are the individuals who start their own business and are responsible for making all the decisions for their company by themselves.
Relation of ventures with Entrepreneur Typology –
All these entrepreneurial ventures are having connection with various kinds of typologies of entrepreneurship's in one or the other manner. Like small business ventures are having connection with survival typology since both are being run in order to survive in the market (Chittithaworn and et. al., 2011).
Types of Topology:- The various types of Entrepreneurial typologies are :-
Lifestyle Venture – These kinds of ventures are being set up in order to develop the standard of living of people and thus they bring changes in their products as per the needs and demands of people.
Survival venture – These ventures are normally being established by entrepreneurs in order to earn a living and satisfy the needs of themselves.
Managed Growth Ventures - These ventures are set up by those individuals who have sufficient knowledge of developing a business and earn profits from it as well (Chrisman and et. al., 2012). For example, If company use this venture so they can easily gain high level of income and growth in appropriate manner.
P2 Similarities and Difference between entrepreneurial ventures
There are different kinds of entrepreneurial ventures that are set up in the market and they all are similar and different from one another in one or the other way. They are described below:-
- These are the kind of businesses that provide standard quality of products and services to its customers particularly in the society in which they are set up.
- Here, the prices are decided on the basis of earning capacity of people living in that society so that they can easily buy the goods and services.
- Their aim is also to satisfy the needs and wants of customers and thus they produce those type of goods that are good in quality.
- They work for social welfare and do CSR activities as well so that rural areas of country can also develop.
- These businesses have their focus on reducing the problems that available in society and are hazardous for people’s life.
- It deals on the issues like reducing unemployment and poverty from the society.
- The main motive of these kinds of companies is to earn profit and also develop the standard of living of people.
- They basically does not deal with severe issues that are being present in society. For example, lifestyle entrepreneur are deal with social welfare and well-being.
Female and male entrepreneur:
Similarities: The similarities between female and male entrepreneurs are as follows:
- Both the kinds of entrepreneurs are having strong focus towards achieving their goals and objectives and have a passion to run their business in an appropriate manner.
- They both are creative and innovative in running their business so that it can be run for a longer period of time. They have all the kinds of skills that are required to run a business successfully.
- They are deep thinker so they take time in making decisions.
- They are impulsive so they take decisions very quickly.
- They do not believe in taking huge risk for earning big profit for their company.
- Male entrepreneurs do take huge decisions for bringing big profit to their company.
P3 Assessing and interpreting the impact of micro and small businesses in economy
Micro business - It can be defined as the administration which are function and organized by a single person involves five employees. Due to its adaptability and quality, there are various group of each age who are owned their micro concern. There are around 5.15 million micro business concern organisations in UK in the beginning of 2015 that is continuously increasing in rapid manner (Dennis Jr, 2011).
Small business - Small business undertaking refers to business for welfare which is severally regulated and operated but less dominates in this area. This is consisting with 5 to 500 employees who rely on manufacturing goods and industry. There are more than half of the business are directing their small businesses in the commercialized sector in the United Kingdom.
Medium size business - These organisations are mainly developed and defined and have observable path the service lenders and investors do their financial decision. The business organisation with minimum 100 to 999 employees is reasoned under the scope of medium sized administration.
After the Brexit, UK has mainly substantiated the small business administration in the competing business surroundings in the UK (Drucker, 2014). This is troubled through the economic crisis; the nation has control and manage to develop their economic development and light over the small business and start-up which directly impact on various levels of nation that are described as under:
- Local impact - Small business organisation having the major determinant on the nation local enterprise, so they are providing main employ possibility to the people in the UK in the post Brexit period. This will create affirmative effect to carry out the transformation in living standard of country people.
- National impact - the influences of small business in the nation as this will help in developing economy through developing more and more enterprise development possibility along with delivering business. For this, the monetary assistance has been created in the nation and their economy will became comfortable in improved way.
- Regional impact - Small business has widely influences in over the facilities and commodity are produced with reasonable cost which offers to the country people. This is mainly reasoned as user equipage and hence develops the services as per this only.
Therefore, it can confirm that various differences and gaps are faced by nation after the processes and involvement of small, medium and start up business which shapes the final results and economic condition of organisation (Fassin, 2011).
P4 Contribution of small businesses and start-ups in growth of social economyBrexit - This is the removal expected of United Kingdom from the EU country. It is mainly determined as one of the powerful concord among the brand agreement and economies in the present investigation of profitable that Brexit is reduces in the UK as per capita income in the long-term basis. These processes begin from 29 March 2017. On 23th June 2016, in referendum, authorities of UK involves new articles that are article 50 of treaty on EU. Hence, organisational sector of country was mainly impressed by statement that is influence the small enterprise and start-ups of United Kingdom in more suitable way.
Small business impact on social economy of United Kingdom:
Social and economic evolution - Small organisation can be termed as economical ability of the United Kingdom. It can be analysed within the small business concern as in United Kingdom and there are more than 4 million organisations. These are accountable for develop around 15.2 million and more employ chances in the country which positively impact in the entire areas (George and Bock, 2011).
Development on social security - It is another important element which help in maintaining financial stableness in the UK economic system. This is assisting with the help of nation's economy by delivering them appropriate revenue that they impoverish due to death disablement and discontinued.
Effects on taxes and incomes - Small business and start-ups causing the taxation and income in the United Kingdom due to their efficient occupation which make as the part of country. If the company income will be total and equilibrium, then people of nation will be capable for collecting data and information related to tax amount. There is right relation between taxes and revenues along with income increment, the financial gain of nation will be increase in automatic manner. The tax rate is mainly effects to cut down the deficits budgets at the same time which reduces the impact of labour supply, saving and finance and therefore it is directly impact on country growth and economy.
Impact on poverty and other elements - These factors having very strong and impactful influences on the business economy as the current poverty of country and its growth is adverse than it is expected. Along with this, it will help them in reducing the economic poorness through developing and making more possibility of occupation and healthiness of system.
P5 Characteristic and traits of successful entrepreneurEntrepreneurship can be defined as the statement which can assist in creating and developing innovation ideas for their customers and make variety of products (Gorgievski, Ascalon and Stephan, 2011). An individual who will operate and regulate some business will be termed as visionary of business. An organisation will produce the best quality products and services for their customers in the huge competitive market place. Employees have the experiences and skill for reducing the major issues and problems of the business in effective manner. For example, this report is evaluating two major entrepreneurs i.e. Henry Ford and Mark Zuckerberg. They have capability and skills which help them in making new ideas and smoothly run their business organisation. Henry Ford is the owner of Ford Motors and on the other hand, Mark Zuckerberg is founder of facebook (Goss, 2015). There are certain traits and characteristics which are described as under:
There are various traits and characteristic of Henry ford which must be complied through their experiences life and this can help them in rendering more good leaders in current time period.
- Confidence - He is one of the confident individuals and is capable for making appropriate decision. It will assist in giving speech in front of huge number of people. He is very confident while making decision and his decision-making style is different from another entrepreneur.
- Disciplined - The major concern is to involve making decision for the business and this can help in eliminating all issues which occurs in achieving desired goals and targets. Henry Ford has unique style for maintaining and managing all business operations of an organisation in disciplined manner.
- Leadership – He is capable to lead their employees towards reaching with set goals and targets in effective manner. Mark Zuckerberg has lot of responsibility in managing and maintaining all business functions.
- Excellent communication – He is capable to interact with their team members while performing particular work. It is necessary for an entrepreneur is to listen all issues and problems of their employees and try to solve it in proper manner.
- Risk taking capability - Henry ford have the skills and capability to take whole risk and hazards which can assist in resolving major issues while doing work for an organisation. He has ability to handle all major risk which occurs within an organisation effectively.
- Learning desire - As per the Henry Ford skills, leaning can be defined as the constant process which assists them in supplying knowledge and skills in more effective manner. They need to feel more liberal from their stress and work pressure. He has capabilities and skills for learning new things which help in smoothly running of business operation as compared to other entrepreneurs.
- Ability to manage capital – An entrepreneur has capability and skill is to manage and maintain their money related to business in effectively. Mark Zuckerberg has ability to manage their business capital and also know that where it need to be invested for gaining more profit.
- Focus – A successful entrepreneur required to be concentrated on specific target which has to be completed in given time period. He is mainly on future goals which has to be achieved in the upcoming time frame.
Hence, such activities and practices are more effective and efficient within the working organisation which is not assisting a leader in performing their exercises. It will help company in reaching with their entrepreneurial targets in more appropriate way (Jones and Rowley, 2011).
P6 Personality of entrepreneur act as a motivational tool
The whole business people are encouraged and motivated from various people for their lifestyle. Without any motivation and inspiration, any person does not do work for reaching with desired goals and targets in better manner. Also they have some creative and pleasant personality which attracts their followers and motivate them to follows their guidance in proper manner. Along with this, simulation and perception is very common which can help an entrepreneur including successful business concerns. For example, Mark Zuckerberg, FSB main objective is to set the impactful example among the small businesses and other company try to achieve their set goals. In addition to this, the mind set of entrepreneurs who are different from each other and there are different factors which directly affects on their possible outcomes such as traits, behaviour and culture, lifestyle (Karlan and Valdivia, 2011).
Mark Zuckerberg is an individual who have skill and ability to motivate large number of people for performing various activities. He is also capable for any type of decision which helps in growing their business operations and functions in smooth manner. They have both qualities based on management and managing all external issues which arise while doing work. An entrepreneur personality is that which directly affects their followers mind set and they are able to take risk for the success of an organisation. There are some methods and tools which can use by an entrepreneur which are described as under:
Hard working - this is one of the fundamental traits through which an entrepreneur manage their business operation and functions while doing hard working. it is also encouraging and motivate their employees for performing best work for achieving set goals.
Full of loss - In this, an entrepreneur has a high quality character and improved way of functioning other than people. in addition to this, he must have face various issues which are related to resources, changes in business strategies to achieve results (Neck and Greene, 2011). These motivate employees for conveying ethics and worth of company and also perform their services in better manner.
P7 Background and experiences which can hinder or foster entrepreneurshipThere are various factors which can influences on the ability and skills of such person which can increase that are described as under:
Education - If an individual receive the superior learning in their life which concern precise subject then it will ensure that they would attempt to innovate unique things. Learning creates emotion of enthusiasm in the brain of person; hence endorse an entrepreneur to do something exclusive and innovative. For example, Mark Zuckerberg is not belonging to computer background because their parents are psychiatrist and dentist, but he choose computer science which is totally different from them. Along with this, he is getting success in this education. On the other hand, Henry Ford is also not belonging to the science field but he got his considerable mechanical knowledge from experience. Are you required nursing assignment writing service from experts at the best price? Order Now.
Family background - It is another required view of trade that will straightly affect the methods of ideas of an individual in better manner. If they come from good challenging family background so he would grow to be recognisable about the importance of currency and try to capture the same. Mark Zuckerberg family background is good reputated and their parents are well educated. Henry Ford is also belonging to poor farmer family but their parents are providing him education related to mechanical knowledge after that this help in developing their business.
Social networks - If a person has excellent communal associates then he will experience calm and seek to obtain diverse well-informed things among grouping. It will assist in reaching with set aim of industrialist.
Hence, the described study assertion that the conception of businessperson are born. Every positive and destructive aspect of an entrepreneur, this will because of the old education and cognition as one accumulates in their experience. Since, such factor has been announced that entrepreneur are made but born, so this will be very broad elements that collect and assemble all experiences in life, entrepreneurship which play an important role in the employed administration. For example, Mark Zuckerberg are developed certain thoughts, as he has taking risk quality which mainly stated it is acquired an capability or skill in which one have already dealt with particular situation affirms their occurrence in the enterprise (Goss, 2015).
From the above-mentioned report, it can be analysed that Small companies and medium size enterprises mainly consist with large number of businesses in various countries. Entrepreneurial ventures can be described as a process in which the business is being set up with the motive of accomplishing all the objectives and targets. All these entrepreneurial ventures are having connection with various kinds of typologies of entrepreneurship in one or the other manner. There are various kinds of entrepreneurial ventures that are set up in the market and they all are similar and different from one another in one or the other way. Business organisation has different form of regulating and practices in order to reach their motive and rendered goals in the working organisation.