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Entrepreneurship and Competitive Marketplace

University: CECOS COLLEGE LONDON

  • Unit No: 19
  • Level: High school
  • Pages: 16 / Words 3941
  • Paper Type: Assignment
  • Course Code: T/508/0495
  • Downloads: 348
Question :

This sample will let you know about:

  • What is entrepreneurship?
  • Discuss entrepreneurship ventures?
Answer :
Organization Selected : N/A

Entrepreneurship refers to a procedure in which a person create its own business with a creative and innovative idea at the competitive marketplace. Main motive behind introducing such business is to earn more profit ratio so that they can contribute their sharing in the development of country. The present report is divided into two main sections where part 1 is about entrepreneurial venture which includes the impact of various kind of ventures along with differences & similarities among entrepreneurial venture. In addition to this, UK data and statistics are going to be evaluated in an effective manner along with the impact of small, large and medium business entities on the economic system. On the other hand, second part of this project is about entrepreneurial mindset in which different type of local and global entrepreneur are going to be discussed along with one social enterprise. Furthermore, traits and characteristic of two entrepreneurs are discussed in this report which hinder and foster the entrepreneurship.

Entrepreneurial Ventures

Different type of ventures

Entrepreneurship

Entrepreneurship defined as the process through which it controls and establishes a new business for the future growth, which is frequently a small business. The people who generate these businesses for the profit is termed as the entrepreneurs. It refers to the concept in which the capacity as well as willingness of individual in order to develop, manage and organise business ventures for earning more profitability. With the help of this, economic system of the country increases. Get Assignment Examples.Talk to our Experts!

Entrepreneurial activity

This is the type of activity which is defined as the process which help in the growth of economic system of the country. It develops the daily routine task in order to grow and maintain the business in several methods.

Enterprise

An enterprise is a firm or business which usually a small business that run a company for starting a new one. It is the defined action which shows the creativity level by proceeding the risk through investing in a business. It consists of the large number of employees within a small company.

Basis

Serial Entrepreneur

Entrepreneur

Owner Manager

Meaning

It is the single entrepreneur with single ideas.

It is the owner of the company or business.

It is the employee of the company.

Aim

Main aim of such business organisations is to develop the society in an effective manner.

Its main focus is to achieve the profit.

It focuses on the promotion of the corporate rewards.

Risk

It involves high risk.

Assumes risk and uncertainty.

Does not bear any type of risk.

Ideas

Single innovative ideas .

Large number of peoples are involved with innovative ideas.

Various employees involves with unique ideas.

Responsibility

It gives the responsibility to the other people.

Its responsibility between the several peoples.

Responsibility is taken by the manager only.

Typology of Entrepreneurship

It is the term which is used as usually to describe the classifications of the types of their basis. Hence, it is used in the remainders of this text.

Small size social venture

It is refers to as the small businesses which includes the grocery items, electricians, plumbers, carpenters etc. They should be hired for the local employees and are most hardly profitable. Therefore, it involves the start-ups business which leads to the growth of the company. In addition to this, when starting a new business by taking into vision, mission and goals for achieving the task. It can easily attracts the investment from the financial investors for the venture capital. Small start-ups businesses have the large number of competitors which focuses on the quick expansion towards its growth.

Large size social venture

This involves the companies lifestyle which leads to the growth for the sustainable development. Further, it is termed as the new technologies which is to be developed while starting a new venture and the changes in customer tastes and preferences. Existing companies could take over the innovative to builds the disruptive product inside. The company enhances the large size in order to face the difficulties for execution. It focuses on the generating products and services that provides the social and economical needs and problems. Ask for write my assignment from our experts!

Similarities & Differences among entrepreneurial ventures

Differences between Social and Large entrepreneurial ventures

Basis

Social entrepreneurial ventures

Large entrepreneurial ventures

Meaning

It is a start-up company which execute the solutions for the social and culture issues.

It is an individual who starts and generate a business with the planning.

Target

It main aim is not to earn a profit (Jurković, 2020) .

It involves high returns with the high level of uncertainty.

Focus

Focuses on creating products and services that solve the social needs and problems.

Focuses on the innovations and contributing new products and services.

Profit

It generates sustainable revenue and profit for the company.

Its goals is to maximise the impact in order to develop the sustainability.

Similarities between types of Entrepreneurial ventures

  • Its main focus on the offering of new products and services to earn the maximise profit.
  • It should helps to increase the economy level through the various sustainable development.
  • Develops large business scale leads to the growth of the business (Das and Marcus, 2019).
  • To increase the efficiency and productivity of small scale business.

Data and statistics which affect small, medium and large business

Micro enterprises is defined as a small business in which 40 to 50 peoples are employed. It includes the small investments and their operations are on a small scale only. Micro enterprises having minimum 6 to 7 employees and maximum 60 to 70 employees who are working. Most of the entrepreneurs main motive is to earn higher profits and high living standards. Few micro enterprises are the family businesses which carries only two or three persons. Further, it includes the less than 70 employees in micro enterprises. Small and medium sized enterprise are trying to helps in the further innovative ideas and creativity level for the development of the economy (Fernhaber and Stark, 2019). In addition to this, it improves the living lifestyle of the people in order to gain their high standards. Further, it should analyse the beneficial impact on the lives of the people in the community. For example, in UK the economy is facing the reductions of BREXIT which leads to the strike down in the economy. The small and medium sized enterprise helps the business to suffer from such tough situation. It also plays a significant role in the sustainable development of the economy. The main aim of this enterprise is to develop the economy which leads to the better opportunity within the individuals.

As per the above stated data analysis, in which few interpretations are to be mentioned by the small medium sized enterprises in the UK economy:-

It is examined that the micro business has 14.8% employees which are unemployed in the overall enterprises. Further, it includes the percentage of 18.9% of the 1-9 employees which are working and being employed within the workplace (Arshed, 2016). Small enterprise involves the 23.4% of the 10-49 number of employees employed in all over the businesses. Large scale enterprise has the 50-249 number of employees which includes the percentage level of 29.2% who are employed in the businesses.

Investigate & critically examine scope, growth and development of entrepreneurial ventures in both public as well as corporate sectors

It has been identified that there are ample number of entrepreneurial ventures perform their business functions in the present environment. They are mainly categorise into two sector which includes Public and Corporate Sector. Apart from this, it has also been examined that the main focus of such type of business organisation is to develop high quality goods so that needs and wants of consumers will be enhanced. This as a result leads towards the attainment of goals which raises the profitability of company at competitive market. In the present competitive world, it is observed that entrepreneurial ventures are growing on a continuous basis which raises the overall economic system of the country. Apart from this, it becomes quite difficult to fulfil the needs and wants of customers as it is dynamic in nature. Scope of such ventures are wide as well as growth and development is raises as large number of peoples are attracted towards such ventures (McGuire, 2019).

Examples for each type of entrepreneurs

There are different types of entrepreneurs available at the marketplace which plays very essential role in the growth and development of economic system of the country. Some of the most common type of entrepreneur are going to be discussed as follows:

Large scale entrepreneurs: They are the owners which carries business at large level. Large scale enterprises have more then 5000 employees and have more then 1.5 billion turnover in every year. There are huge number of examples of large scale entrepreneurs, Facebook founder Mark Zuckerberg is one of the most influencing and famous entrepreneur they started their business small level and with their capabilities and leadership skills they took their companies position at top level in global market.

Medium scale entrepreneur: Entrepreneurs who established their business at medium level where their turnover exceed more then 10 million turnover in per annum. These entrepreneur can directly connect with their employees,. They provides various kind of products to their customers.

Small scale entrepreneurs: These type of entrepreneurs handle business at small level, sole traders are included in small scale entrepreneurs (Lehner and Harrer, 2017).

Conclusion

From the above analysis, it has been concluded that the entrepreneurial ventures plays a very important role in strengthening of the economy level. This should involves the creativity and new innovations of the products and services that leads to maximise their profit. In the above, it has been described as the similarities and differences of the entrepreneurial ventures is to develop the business on a large scale for the growth of the social economy and improves the performance of the living standards effectively. Small, scalable and large entrepreneurial ventures are differ from each other but their motive is to enhance the productivity of the economy and their living standards. It also creates the job opportunities for the increase in the employment of the economy. Further, it involves to be successful in sustainable development of the business which requires the innovations of the new technologies.

Entrepreneurial Mindset

Scope of entrepreneurship which includes local and global entrepreneur and social enterprise, difference and similarities

Local entrepreneur: It refers to those entrepreneurs who provides high quality goods and services to the local populations. It has been said that the term often used to describe corporate branch and franchise which mainly operates within the local area.

Global entrepreneur: Global entrepreneurship refers to those individuals who seek out different types of opportunities and bring new and innovative business functionality across the country national borders (Maioli, 2017).

Social enterprise: In the present context of social enterprise it has been said that such business entities have some particular objectives for which they perform their business functions. Apart from this, there motive is to seek maximise profitability while raising benefits and advantages to the society as well as environment.

Similarities between local and global entrepreneur

There are some similarities between local as well as global entrepreneur which are going to be discussed as follows:

  • Main similarity between both the entrepreneur is that they mainly work for the motive of earning profit margin at the competitive marketplace (Eddleston and et. al., 2016).
  • Another similarity is that apart from profit margin, growth or business expansion is the another comparison between local as well as international entrepreneur.

Entrepreneurial traits and characteristics, critically evaluate background & experiences which can either foster or hinder entrepreneurship

Every entrepreneur has different personality and characteristics that affect on their overall performance and results. OCEAN model is used to test the personality of an entrepreneur in an effective manner. This model involves five basic characteristic which is defined below:

Openness: This factor defines the ability of an entrepreneur to develop an innovative idea, to bring innovation n market, to think out of box and to be vulnerable (AlvarezGarrido and Dushnitsky, 2016). Along with this, it also includes traits like curiosity, insightfulness, creativity, originality and many more. An entrepreneur with high openness like to develop new idea and to meet with new people so that they can bring creativity in market.

Conscientiousness: This factor signifies the control and handling level of an entrepreneur which help them to take good as well as better decisions. Moreover, this type of people handle situations in a proper manner. They work according to the rules and policies which help them to achieve their objectives within time frame (Bertoni, D’Adda and Grilli, 2016).

Extraversion: This people are more interactive and talkative in nature and prefer to meet with new peoples so that they can increase their knowledge level in a proper manner. This behaviour help them to grab growth opportunities and attain their desired goals as well as objectives. Extraversion type of people prefer to communicate society so that they can gain opportunities which will help them in their future.

Agreeableness: It is defined as personality that is friendly. Compassionate and cooperative in their behaviour. This type of people encourage others and build positivity in mindset of other people. In addition to this, it also includes other traits like Politeness, trust, patience and many more. In order to motivate subordinates of a company, it is important for an entrepreneur to develop this type of personality (Daulerio, 2016).

Neuroticism: This personality defines the ability of a people to deal with circumstances and handle issues in a proper manner. Along with this, it defines behaviour and emotional stability of a person that develops good relations with others. This type of personality helps an entrepreneur to easily handle situations in a best manner. Take Management Assignment Help Now!

Background & Experience hinder or foster entrepreneurship

The manner of grabbing opportunities and gain success of entrepreneurs is totally different as compare to others. The motive of taking decision of small enterprises is wholly different as compare to large and medium enterprises. The decisions vary according to the nature and size of businesses. One of the most element that plays an important role in shaping future of an entrepreneur is Education and Experience. In addition to this, the traits that is needed in every entrepreneur are time management, self-management, coordination, self-motivation and many more (Chen, Saarenketo and Puumalainen, 2016). All these factors is developed in an entrepreneur by their experiences as well as education level. The other essential factor that is needed to be in each and every entrepreneur is ability of taking risk.

It is determined that every business involves some kind of risk that is not easily analyse before execution of activities which is associated with new business. Tom Mercer & Elizabeth Gooch has taken risk which is the main reason of their success. They take risk as a challenge and opportunity that helps them to gain growth rapidly. Thus, it is essential for an entrepreneur to

be dynamic which help them to easily handle with issues and problems in a best manner. This all can be gained by the experience and background of an entrepreneur (Giudici 2016).

Characteristic traits, skills & motivational drivers of a successful entrepreneurs

 

Tom Mercer

Elizabeth Gooch

Traits

  • Creativity: Tom mercer is an entrepreneur well known for his creative thinking as he develop attractive business idea which is inspired by his daily life issue.
  • Self motivated: It is said that one of the biggest trait of Elizabeth Gooch is that she is self motivated and learn from her failure. This leads her to become one of the most successful entrepreneur.
 

Skills

  • Time management: Tom Mercer is an entrepreneur having skill of managing time as he perform all the primary work at night so that he will be capable enough to eliminate any kind of mis management (Miao and et. al., 2019).
  • Networking: It has been said that Tom Mercer have huge networking as he operates its business in the marketplace of London in an effective manner and without any complexity.
  • Strategic thinking: Elizabeth Gooch is a successful entrepreneur as she is a strategic thinker and modify her policies according the competition available at the marketplace.
  • Mindfulness: Elizabeth Gooch positively take all the failures and gain something favourable from it. This as a result help her in creating positive results for the company.

Characteristics

  • Optimistic: Tom Mercer is a successful entrepreneur who have optimistic nature as they want to create better world for others by producing unique goods and services (AlvarezGarrido and Dushnitsky, 2016).
  • Problem Solving: He is the person who have effective problem solving skills which help him in performing their work in an effective manner by solving issues and problems.
  • Risk-taker: She is the entrepreneur who takes risks, as she left her job and started her own business by taking loans and funds from friends & family.
  • Flexibility: Elizabeth Gooch have a flexible characteristic as she easily adopt changing environment and encourage herself to increase their profit margin.
 

Discussion about experience and background of entrepreneurs which influences the entrepreneurship

It has been said that background and experience of entrepreneurs highly influences the overall performance of the entrepreneurs. It is said that every business entrepreneurs have their own journey, background and experience while doing their operations at the competitive marketplace. In the present context of Tom Mercer and Elizabeth Gooch, are the two successful entrepreneurs perform their functions in such a manner that it will provide them various benefits. It has been said that in case of Tom Mercer, he works in an organisation but always wanted to open its own business (Jin and et. al., 2017). His own experiences and expectations motivate him in a positive manner. This as a result aid them in fulfilling their dreams and wants. On the other hand, it has also been identified that both the entrepreneurs do have good educational background which help them in creating their own business ventures at the competitive marketplace.

Apart from educational background, experience of an individual plays very essential role in the growth and development of a person. In the present context of Tom Mercer & Elizabeth Gooch, it is said that experience of both the entrepreneur plays very important role in their overall development and growth. It has been said in the case study that Elizabeth Gooch started working at the age of 18 which provide her assistance in order to perform its entrepreneurial functions in an effective manner (Bertoni, D’Adda and Grilli 2016). Therefore, it can clearly said that the both experience and background foster the entrepreneur in an effective manner which help them in order to become one of the most successful individual at the competitive marketplace.

Conclusion by comparing & contrasting both entrepreneurs

It has been analysed that Tom Mercer encourage their subordinates by giving them incentives, rewards and other benefits. This affect employees in a positive manner that directly increases their productivity as well as efficiency level. On contrary, it also affect negatively on staff members if they did not receive rewards as per their inputs or hard work as it directly affect negatively on the performance of an organisation. Elizabeth Gooch motivate all the staff members by giving them benefits such as health Insurance, Holiday packages, paid holidays and many more. This develops potential in employees towards organisational goals and objectives. On contrary, it affect negatively on those employees who want rewards in monetary terms. After analysing, it has been stated that the manner of each and every entrepreneur is different to motivate as well encourage their employees.

Apart from contrasting, comparison between both the entrepreneur is that they both take risk in order to gain various competitive advantages at the marketplace. Both the entrepreneurs take risk by introducing new and unique goods and services at the market, this as a result help them in grabbing large number of opportunities at the competitive marketplace.

Also Read- Planning Analysis for Growth

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