Entrepreneurship and their small firms play a very vital and crucial role that includes the proper management of ideas and the action plans that are been taken into consideration by an individual or an organization. The entrepreneurial ideas that are been followed by the firm will help the organization to meet the business activities and management of their activities to a greater extent (Laukkanen and Tornikoski, 2018). For the report, Nom foods is been chosen. It is a UK-based packaged food firm.
In the report, different entrepreneurial ventures, and their typology is discussed with similarities and differences in entrepreneurial ventures. Various entrepreneurial ventures in the public and corporate sectors is been evaluated with an assessment of skills, scope, and development. Characteristics and traits of an entrepreneur with their mindset. Also, the role of background and knowledge in the development of entrepreneurial ventures is been made.
1 Different types of entrepreneurial ventures and typology
Entrepreneurship is an activity of establishing a business or business functions, by undertaking the financial risks and applying efforts to generate profits.
The entrepreneurial activities are the processes that are been followed by the organization or an individual to set their business or small entrepreneurial firms (Fayolle and Gailly, 2015).
An enterprise is the project or a business start-up that is been set by an entrepreneur to generate a decent amount of profit and may or may not have a scope of expansion.
There are various types of entrepreneurial ventures that are been managed and handled in order to have a good rise in the setting up of an enterprise. Other than this, different entrepreneurial ventures that are operational in nature are as follows:
Serial entrepreneurs: This is the form of entrepreneurial venture where an entrepreneur comes up with an idea and set up a business and then move on to another venture or idea. For example, Richard Branson started his business as a record store owner but then moved to many other business venture one by one, including telecommunications, Airlines and media.
Intraprenuers: This is the form of venture, which includes the person within a firm to manage the risky situations and handle the other business activities simultaneously in an organisation. They work to handle the bigger issues within an entrepreneurial firm.
Owner manager: It is a form of entrepreneurship where an individual owns and manages the start up or his/ her venture. He is the concerning person in the organisation and will look after all the activities of the management.
Different types of entrepreneurial ventures are:
Micro organisations: This are the firms that are been set and managed by one person and might have the friends or family members as the workers in the firm.
Small organisation: Small level firms are quite bigger than the micro level organisations. They operates on a local or zonal basis and may have a scope of expansion. They have moderate profits (Dees, 2017).
Medium sized organisation: They are quite bigger than the small organisations and operates on inter city or state level. They have more than 250 employees and can have high amount of profits to have a better scope of expansion.
Social enterprise: They are the firms which works for the betterment and growth of the society. Their main aim is to serve people and their profit count is been used on the social welfare.
The entrepreneurial ventures and the typologies of the entrepreneurial ventures that are been discussed above are closely related to each other as it will help in the effective setting up of the entrepreneurial venture and thus will lead to the setting up of different business operations and action plans in an effective way.
2 similarities and differences between entrepreneurial ventures
There have been a huge range of similarities and differences between various entrepreneurial ventures that operates within the market (Solomon and Linton, 2016). Some of the major similarities between different entrepreneurial ventures are as follows:
Need of investment
Despite being different in size and functionality, all the entrepreneurial ventures needs investments and capital to grow.
Requirement of work force
All the entrepreneurial ventures needs effective work force to carry out their operations in an effective way (Laukkanen and Tornikoski, 2018).
All the entrepreneurial measures are required to have a management structure that will lead to management of a wide range of business operations and activities.
However, there are certain difference within the entrepreneurial ventures which makes them different from each other. Some of the major differences that are been taken in consideration are:
They have the minimal scale in the market.
Their scalability is higher than that of a micro organisation (Goss, 2015).
It has bigger scale than that of micro and small organisations.
They may be small to medium, depending on the number of people they serve.
They have 1 or 2 employees to work on the enterprise.
The small firms have about 25 employees to work within the firm.
They have about 250 employees working in its various divisions.
It depends on the number of volunteers that are been associated with the firm.
Using of profit
The profit gained is used on the personal expenses and running the business.
Some part of the profit gained is been distributed among the employees in form of salary.
The profit gained is used for the business expansion and growth purposes.
The firm used the profit gained for the development of better services and products for the society.
3 Entrepreneurship in public and private sector
The entrepreneurship in the public sector will be held in the collaboration of the firm with the government. They usually work to provide the good quality services and products to society. The profit generated by them is used for the betterment of their services and products. On the other hand, the private sector organisations work for the profit generation and expanding their business in the way possible. For example, the profit generated by Virgin group is not liable to get accessed by UK’s government except the taxations.
4 Scope of growth and development
Various entrepreneurial ventures have a wide range of scope related to their growth and development. The different firms will grow and develop in a varied way on the basis of their entrepreneurial functionality. For instance, the micro organisations have the minimal chances of growth and development in a market due to their limited resources and functioning capacity (Hatten, 2015). On the other hand, the small and medium enterprises can grow and develop effectively due to their work force efficiency and the amount of investment and operations performing capacity. The social enterprises grow on the basis of the popularity of their products and services in the society.
1 Characteristics traits and skills of successful entrepreneurs and their difference with business managers
As an entrepreneur, the individual person will have certain traits and activities that will help the organisation to carry out the business operations and activities in a significant manner. Looking at the case study of Nom foods, we can say that its founder and an entrepreneur Steph Croft Simon had certain qualities and traits that helped him to have a good market and business growth opportunity for its popcorn business (Burns, 2016). Some of the major traits that are been possessed by him are:
- Taking Risk: Mr. Simon was aware about the risk that are been associated with the business operations and the action plans that are been taken within the organisation which will help the firm to manage the business and launching its innovative popcorn products in UK market.
- Not giving up attitude: He made several trials before launching his popcorns and potato fries within the organisation. Other than this, despite many major issues like major firms entering in the market, stiff competition in potato fries market and changing taste of the customers, he never stopped and thus launched his products successfully.
- Keeping a adaptability towards market trends: Mr. Simon see through the proper management of the fluctuating market trends and customers’ requirements and made the timely and regular alterations within its products and services that is potato fries and popcorns, making them successfully established (Burns and Dewhurst, 2016).
Other than this, the skill set like time and resource management can be possessed by the entrepreneur will help him to carry out the different business operations in an effective and significant manner. Apart from this, it will also help the individual to carry out any sort of resolution measures in case of occurring of any sort of risk.
These traits and qualities make the entrepreneurs very different from that of the business managers. The business managers just look after the problem and its solution approach, while an entrepreneur will see through the effective placing of the product within the market resolving issues related to it and improving the product quality. Some of the major differences in between an entrepreneur and business manager is as follows:
They aims for social reputation, product or enterprise success and generation of a decent amount of revenue.
They just aim for the enterprise growth and development.
They look after overall decision making within the organisation or enterprise.
They are related to make the decisions related to their department.
2 Impact of aspects of the entrepreneurial personality on mind set and motivation
The entrepreneurial personality and traits that are been undertaken by an individual will help in the developing of a positive mind set and will motivate them to carry out the entrepreneurial operations and ventures in more effective and significant way (Schaper and et.al., 2014). For example, Mr. Smith has all the traits and qualities that made him a successful entrepreneur. This traits and qualities motivated him to carry out his ventures and business operations in most effective and significant manner. The never giving up attitude and having a positive perspective towards the customer and market trend led him to innovate new and latest products to cater his clients and buyers (Armstrong, 2018).
Other than this, the adaptability to change with time and making the alterations in work processes and action plans along with the product has supported the organisation to meet the operational requirements of the organisation in a more significant and effective way (Scarborough, 2016). This will also lead the firm to handle the business operations and activities and most effective and significant manner. This qualities and attributes allowed him to have a sustainable market position which will lead to effective development of Nom foods and their products like popcorn and potato fries in UK’s market (Gupta, Chiles and McMullen, 2016). This will help Mr. Simon to make Nom foods stand against the major food producers and big brands like Metcalfe’s Food Company’s Skinny Popcorn and Tyrrell’s Poshcorn. The smart entrepreneurs like Mr. Simon, the owner of Nom Foods have used the marketing strategies that are been implemented by this big brands as an opportunity to create a market for popcorns and fries. This has helped him to create a good market and operational base for promoting and selling its products and services in UK.
3 Explore and examine different arguments relating to entrepreneurial characteristics, such as are entrepreneurs born or made? Can anyone learn to be an entrepreneur?
Based on the assessment that are been taken place at the organisation this can be said that the proper management of the organisational activities and operations will help the firm to have a good management of the different operations and activities. This is completely based on the traits and skills of an individual as an entrepreneur (Alvarez and Barney, 2017). The skills and qualities that are been possessed by an entrepreneur can be opted and imbibed by anyone in an effective and significant manner. On this basis, it can be said that the entrepreneurs are not born but made. However, the entrepreneurial skills and qualities that are been taken in the consideration by the organisation or an individual is based on his/her perception, motivation and mind set, which will encourage him/her to be a successful entrepreneur like owner of Nom Foods, Mr. Simon.
4 The way background and knowledge can hinder or foster growth and development of an entrepreneurial venture
The background and knowledge that is been owned by an individual plays a very deep role in the management, growth and development of an entrepreneurial ventures (Boh, De-Haan and Strom, 2016). For instance, the immense development and growth of Nom’s Foods in the UK’s market is due to the effective leadership and guidance along with the market knowledge of Mr. Simon. The deep market knowledge and experience helped Mr. Simon to crack down the customer’s requirements and market opportunity which he fulfilled with his popcorns and potato fries. This showcases that the good entrepreneurial background and knowledge about one’s actions fosters or support the proper growth of their venture of selling popcorn and potato fries under the name Nom Foods. He effectively used the marketing operations of his competitors to create a consumer base for his products and services.
On the other hand, the lack of business knowledge and experience to run it effectively may have the adverse and devastating consequences on the Nom foods and well as the entrepreneur as an individual (Mariotti and Glackin, 2015). The inability to carry out the business operations and judge the market and customer requirements may restrict the entrepreneur to make the suitable and vital changes within its products and services that can lead to failure of enterprise. The basic idea about one’s own entrepreneurial functions is required to be possessed by an entrepreneur in order to achieve effective growth and sustainability in market place. Best nursing assignment writing service with chat support. Contact our experts.
5. Analyse the link between entrepreneurial characteristics and the influence of personal background and experience to specific successful entrepreneurs
The entrepreneurial characteristics and the impact of personal background and experience will help a person to be a successful entrepreneur (Suddaby, Bruton and Si, 2015). The traits and qualities and action plans that will help them in to manage the business operations and activities that have promoted a positive growth and carrying out of entrepreneurial functions in an significant manner like by Mr. Simon at Nom Foods.
The personal knowledge and business experience helped him to develop the products and services as per the needs and demands of the customer helped Nom Foods to have a good market share and meeting of their operational requirements in an effective way. His entrepreneurial qualities and skills with a supportive environment lead Mr. Simon to be a successful entrepreneur in UK.
Hence, on the basis of the analysis that is been carried above, this can be said that entrepreneurship is deeply related to a business. Various ventures are been discussed which will assist to have a good knowledge about the classification of entrepreneurial ventures within the firm. Also, the impact of small and medium business on the economy of a country has been analysed with its impact on society helping to get the knowledge about their significance in a country. Other than this, the traits and qualities of a successful entrepreneur of a selected firm is been evaluated with a proper assessment the impact of this traits leading to motivation and setting a mind set for entrepreneurship in an individual. Apart from this, the importance of knowledge and experience background to promote or restrict a business is been analysed.