Entrepreneurship is an important perspective that assists to develop economic performance. When entrepreneurs consider successful programs and innovations, it improves the standard of living and creates wealth with entrepreneurial ventures. Furthermore, it also increases the opportunity of jobs and conditions which is prosperous for society. There are several people who possess the capabilities to do their innovative work in a successful manner. In this context, the present study is based on the successful entrepreneur and innovative small businesses' contribution towards the economic development of the country (McCann and Ortega-Argilés, 2016).
For gaining insight information of the present report, it covers different kinds of entrepreneurial ventures with similarities and differences in it. Furthermore, it includes the importance of small businesses and start-ups for the growth of the social economy. Moreover, it considers characteristics, traits, and skills of successful entrepreneurs that are different from other managers. At last, it discusses the background and experience of entrepreneurs that influence to implementation of innovative ideas in business.
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P1 Different types of entrepreneurial ventures and explain typology and relate it with entrepreneurship
Entrepreneurship defines as the implementation of innovative and creative ideas to do new businesses with taking risk of own money to start a venture. Furthermore, they are also concentrates on personal development program that assists to meet with spending certain value for business development. Following are different types of entrepreneurial ventures and typology explained:
Types of entrepreneurial ventures
- Small business entrepreneurship: Small business entrepreneurial venture consider in different perspective such as travel agent, internet commerce store fronts, carpenters, plumbers, electricians, etc. They all are considering operations to run own business. Generally they hire local employees of the country (Gale, Gelfond and Krupkin, 2016).
- Medium business entrepreneurial venture: Medium business entrepreneurial venture consider operations and functions to carry different activities and targets. In this regard, venture capital develops successfully to implement fund and small amount of loans in the organisation.
- Large company entrepreneurship: Large Company have finite life cycle. Therefore, they grow with sustaining innovation and creativity. In addition to this, they offer new products that are variants around core products. They are dealing as per changes in customer tastes, new technologies, legislation, competition, etc. Hence, it can be create pressure for more disruptive innovation. New products are also requires in new market to deal with several objectives (illsteed, Redmond and Walker, 2016).
Typology of entrepreneurial ventures
Scalable start-up entrepreneurship: Scalable start-up is those businesses who promote their ventures as investors do. These entrepreneurs start their company with vision to change world. Therefore, they possess aim to make changes in the business as per their typology in it. They hire the best people who possess the brightest vision to gain more relevant information towards aim and objectives. They focus on scalable business model which require creating rapid expansion in the organisation (Acs, Åstebro and Robinson, 2016).
Social entrepreneurship: Social entrepreneurs work as innovator to focus on creating products and services to accomplish social needs and problems as well. They have goal to make better workplace and take market share which increases wealth to promote more desired level of results. In this consideration, typology of the business is that they perform as non-profit businesses. As a result, significant outcomes will be successfully gain to operate more creative work (Dunne, Aaron and Geho, 2016).
P2 Similarities and differences between entrepreneurial ventures
Among different entrepreneurial venture, following are certain similarities and differences undertaken:
Similarities and differences between small and scalable entrepreneurial venture
In addition to this, scalable business entrepreneurial venture also create certain new things at workplace (illsteed, Redmond and Walker, 2016).
P3 Interpret and assess relevant data and statistics to illustrate that how micro and small business impact on economyMicro and small businesses are pillar of UK economy. They consider several operations and functions to regulate desired level of efficiency to increase GDP of the country. From 2013, there is wide development of small business consider continuously in UK that assists to develop more desired level of efficiency at workplace. UK climate is favourable to small businesses to accomplish needs and sustain business development activities. SME are large and integral part of the UK that assists to develop more significant advantages in the country. The Largest industry in small business in UK is retail and manufacturing who possess different kinds of economic activities (The importance of small businesses in the economy, 2018). In addition to this, employment activities also increases continuously which assists to gain desired level of outcomes in systematic manner. With this regard, it can be stated that SME contribute larger part in job creation and employ more than 24.3 million people. Innovation is the larger part of growth of the small businesses that assist to active firms to gain more significant and competitive outcomes (Braunerhjelm, Ding and Thulin, 2018).
From the above graph, it can be stated that SME continuously grow in UK that is useful to maintain prosperity and existence of products. It involves stakeholders and look for holistic approach in significant manner. In addition to this, government also determines opportunities for start-up businesses. Therefore, funding can be getting in small businesses that play important role for growth of the economy. From 99.3% all private sector businesses start their operations from 2016 and medium sized businesses also looking to develop more creativity at workplace. Beside this, small businesses positively contribute to growth of innovation in the country. It generates new metrics to do perform operations in the business (Kitching, Hart and Wilson, 2015). Small and medium sized businesses in UK have mutually benefits to maintain relationship with country's economy. SME contributes vital part in term of financial climate. It is ideal facilitator for small and start-up businesses in Britain to create well-being of the country. Following are certain contribution of SME in UK economy:
- Improvement in confidence: SME sector assists to improve confidence of the country because they develop regular standard of living of people with consider job opportunities. In this regard, goods and services of the country also improve which assists to gain more customer attraction in the country. Hence, national income and GDP of the UK market develop successfully in whole environment. It increases sharpen business processes to work efficiently and effectively with committed to quality.
- Face challenges: Furthermore, SME sector also assists to gain significant advantages at workplace with obtain new and keep existing customers in the country (Wegner and Koetz, 2016). In this regard, several people able to gain more desired level efficiency in their own personal development. As a result, it assists to focus on the continuous innovations that give attention to develop competitive advantages. Hence, support with export efforts strengthen with marketing pitch.
- Maintain standard: Along with this, standard could be successfully maintained at workplace that assists to gather relevant information towards country development. This is because, SME gather more systematic work with appropriate system and ascertained their targets to focus on the regulations that are required to improve effective results in the country. Efficiency of the business also successfully develop which would be beneficial to increase overall targets and goals at workplace.
Small businesses contributes in the economy with bringing growth and innovation in the community. It stimulates the economic growth with providing employment opportunities to people of larger corporation. For instance, employing local workers that assists to focus on established work and effective business performances as well. Small businesses also tend to attract talent people with new products and services at workplace. As many large corporation, completion of different businesses can be done with outsourcing. Hence, many businesses have chance to adapt quick change with economic climate. They are also accumulated less revenue with larger corporation to solve problem of economic crises. Adapting to this new wave also create social impact that helps to face challenge for small business. New product development activities increase being aware to fulfil local market needs, suppliers and distributors.
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P4 Importance of small businesses and start-ups to the growth of the social economySmall and start-up businesses in UK consider important role in the development of country. In this regard, there are several aspects in which it assists to develop more significant advantages at workplace of the country in desired manner. It is important for turnover, employment, growth, industry development, etc. (Gale, Gelfond and Krupkin, 2016). In this regard, it can be stated that small business are backbone of the UK economy. Supporting growth of SME and start-up is essential to develop innovation and progress. It combined turnover which constitute in private sector in UK. Hence, government create environment in the companies which thrive and evolve to take financial support. Government could potential cooperate with banks and other financial institutions to facilitate and lending process. It creates more realistic requirements to apply for the start-up loans and grants (Essential Facts You Should Know About SMEs in the UK, 2018). It is important with the following elements in the chosen country:
- Driving growth: In the UK, small businesses consider driving growth that assists to focus on the development of the country in systematic manner. In this regard, confidence in social economy improving which is more strongly work across the British enterprises. Positive economy outlook sees growth and paved with opportunities at workplace. Wider landscape also assists to access more finance to take appropriate positioning and efficiency.
- Opening new market: Furthermore, small business also open new market to grow significant works in desired manner. In this regard, it can be stated that competition encourages with bringing fresh ideas to face challenges at workplace. Positive overlook also ambitions for the growth of the country which would be beneficial to increase opportunities as well. It will support and demonstrate accomplishment of desired results efficiency (Smallbone, Welter and Ateljevic, 2014).
- Creatingmorejobs: Small businesses also important for development of more jobs in the country. In this regard, it can be stated that necessary knowledge is more efficient to ensure customer satisfaction, improve employee engagement which enable to access and manage whole business as well (McCann and Ortega-Argilés, 2016). Business processes also successfully develop to gather relevant information towards objectives and goals.
- Encouragecompetition: Small business started with more competitive and attractive products and services. Therefore, it considers competitiveness to boost competition in local market. With this regard, turnover in the market also reduce to expand companies and aggregate productivity (Curran and Storey, 2016). It increases competition in the country to produce more desired level of efficiency at workplace.
Small and start-up businesses continuously regulating their functions and operations to focus on desired level of efficiency. Start-up enterprise driving to growth of the economy that assists to increase employment opportunities at workplace. These types of businesses provides and generate large amount of GDP that assists to focus on socio-economic development. In this regard, employment opportunities can be expanded that helps to increase more growth that create jobs within the nation.
P5 Characteristics, traits and skills of successful entrepreneurs that differentiate from other business managersEntrepreneurs possess different qualities from managers of the businesses. Entrepreneurship can mean many things that successfully develop to create path with certain inspirational things (Audretsch, Heger and Veith, 2015). Successful entrepreneurs consider following characteristics, traits and skills that helps to accomplish significant advantages at workplace.
- Willingness to take risk: Successful entrepreneurs possess characteristic to willingly take risk in their work (Dunne, Aaron and Geho, 2016). This characteristic not exists in business managers because they are not able and want to take risks from their business operations and functions. Therefore, it is important to willingly take risk and solve issues and problems as well.
- Being to lead people: Further, entrepreneurs also possess quality to lead whole team in systematic manner. In this consideration, entrepreneur encourages their whole team to increase efficiency and create more significant work which helps to promote desired level outcomes (Jones, Maas and Matlay, 2018). Furthermore, it also useful to take more creativity in the whole business which would be beneficial to increase more effectiveness.
- Desire to complete and win: Another characteristic of successful entrepreneur is desire to complete and win targets. In this regard, participation award in the world is more useful consideration. This is because, some people win some loss (Campos, Frese and Mensmann, 2017). Most successful entrepreneurs want to win and business managers not possess this quality. As a result, in competition they always trying to win to gain more desired level effectiveness.
- Motivation: Entrepreneurs always want to get success in their work so that motivation is main trait which they possess. Hard working businesses owners are incredibly motivated to gain succeed. With the help of this trait, they are able to demonstrate motivation to employer is very crucial which is important to gain more desired results (Kuratko, Morris and Schindehutte, 2015).
- Creativity: It is consideration of effectiveness that possess by each entrepreneur to perform several tasks. In this way, better things will be continuously consider which would be beneficial to improve company’s workflow, productivity, etc.
- Persuasiveness: Persuasive trait can make better negotiator which assists to give edge to go after important assignment. It assists to raise promotion from bottom line which increases creativity at workplace (illsteed, Redmond and Walker, 2016).
- Interpersonal skills: As a successful entrepreneur, it can be stated that interpersonal skills work closely with several number of people to do the tasks. In this regard, leadership and motivation to lead and motivate to delegate tasks. Communication skills also include which develop to communicate among several members. In addition to this, listening, personal relations, ethics, negotiation, etc. (Keith, Unger and Frese, 2016).
- Creative thinking skills: As successful entrepreneur, it is important to come up with fresh ideas and make good decisions as well. In this regard, several opportunities also successfully develop that help to maintain more growth with invest time and efforts. In this regard, problem solving, recognise opportunities, etc. things must be implemented that increase several opportunities which require to perceive successful quality.
- Practical skills: Each entrepreneur considers practical skills and knowledge to produce creative and effective goods and services in the business environment. In this way, goal setting, planning and organising, decision making, etc. things are included that practically run in the business to gain more profits and revenue (Farhat, Matusik and Robinson, 2018).
P6 How entrepreneurial personality reflect on entrepreneurial motivation and mindset
There are different aspects of characteristic, traits and skills takes important role in the business. Passion of entrepreneurs added as bonus that create true benefit to build business and takes more time and efforts. It put longer hours and perform work to achieve success as well. They are not afraid with hard work so that success can be accomplish easily in the business. Motivation is also dedicated to work so that their personality also reflect on motivation and mindset. Drive also comes true for positive motivation and mindset. As a result, they communicate their optimistic for future development. Entrepreneurial personality reflect positive on motivation and mindset of work. Sam Phillips and Mark Zuckerberg are two successful entrepreneurs who work and get success with innovative and creative ideas. In this regard, personality also get effect to learn from the experience of others. In traditional career path, there are several companies successfully develop in entire career. In the global economy, technology and social change served to alter traditional contract between employer and employee. Hence, successful program and successful entrepreneurial personality reflect on motivation and mindset (Acs, Åstebro and Robinson, 2016). Following are certain entrepreneur mindset which reflect on entrepreneurial motivation and mindset:
Reach out customer first: In order to make innovative functions and operations, Steve and Mark assess market and then introduce innovation. Therefore, it contains starting with creativity and led to conversation. They consider cloud based software for large consumer business and develop right now technologies which create positive impact from beginning (Brush and Greene, 2015).
Find new market for existing products and services: Phillips established his own recording studio and eventually it helps to capture interaction of country. There was successful wealth of talent developed so that country was unfamiliar with it (Henry, Foss and Ahl, 2016). Furthermore, he also invested relaxed studio environment with unique acoustics to capture and immortalise talent. Hence, Phillips would eventually discover Elvis, Carl Perkins, Johny Cash, etc. Therefore, he become successful entrepreneur in whole world.
Use networking to build business: Many entrepreneurs also working for creating successful entrepreneurs. Therefore, it is important to consider few specific networking to invent different things. Mark Zuckerberg invent Facebook which is one of the successful website in whole world and create several networks as well (Braunerhjelm, Ding and Thulin, 2018). In this regard, innovative functions also build to contribute maximum part without looking future perspective. Mark also influence by computer program which was developed to make him successful entrepreneur in the world. Based on successful work, he invented with his partner friends to create successful social networking site. Therefore, they all are connected with each other easily.
Analysis maintains quality control: In age of fourteen, apprenticeship in family bakery business of Lionel Puoilane obessed. In this regard, obsession also develop with quality of bread that bore with his family name. He became world famous for artisan crafted in wood fired ovens. He has still refused to mass produce products so that personality trained with his successful techniques (Kitching, Hart and Wilson, 2015).
P7 Examine, using relevant example and how background and experience can hinder and foster entrepreneurship
After age of 12, Mark Zuckerberg created messaging program which names Zucknet and it is implemented for inter office communication (Wegner and Koetz, 2016). With his early success, parent got him computer programming so that after graduation, he worked for Facebook. Many intelligent people also attend Harvard University so that Zuckerberg become successful entrepreneur later program. Based on acclaim, he partnered with friends to create social networking site that allowed connecting several people. He dropped college to pursue for called Facebook Full-time. Explosion of user also attracted to take appropriate attention of many venture capital. When he influences to become entrepreneur, has signed the giving pledge which means that he will donate at least 50% of his net worth to philanthropic before he dies. Therefore, he was successful CEO and chairman of Facebook company so that vastly he builds successful social media businesses. From childhood, his interest develop in programming so that in elementary school there are different programs successfully develop. From his background, it has been found that he was taught Atari BASIC programming by his father so that he has invented Zucknet as messenger (Gale, Gelfond and Krupkin, 2016). if are you tense about nursing assignment help the UK from experts. 24*7 Hours.
Another successful entrepreneur in is Sam Phillips who leading in corporate house in the industry in which related diversified technology and most important electronics. Phillips was without writing or playing a note for great musical artists of the era. In early life, Sam Phillips working with his parents alongside black labourers who sang as they worked. Music also made impression on Phillips and scene Memphis to visit his family. Beside electronics, company also focuses on healthcare and lighting. They expanded operations in more than 60 nations where more than 105,000 employs. There are around 124 years completed to get success in Phillips. It is originally building and set up with different products in the form of Carbon filament lamp. After few struggling years in the businesses, guidance also successfully taken by Phillips and got success (Smallbone, Welter and Ateljevic, 2014). Therefore, company expanded in several areas and increasing profitability as well.
From the above report it can be summarised that entrepreneurship is important consideration to develop significant advantages. In this regard, different kinds of entrepreneurial venture have been explained with their typology. It assists to focus on the business development and capture value which would be beneficial to attain goals and objectives. Furthermore, it carries discussion on impact of small and medium sized businesses on UK economy. It is useful to take creative advantages in the country. It also increases job employment and opportunities to perform several tasks at workplace of UK. There are two successful entrepreneurs has been taken such as Mark Zuckerberg and Sam Phillips who operate in different innovative content that increase positive results at workplace.