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Types of Entrepreneurship Ventures

University: UKCBC College

  • Unit No: 9
  • Level: Undergraduate/College
  • Pages: 16 / Words 4117
  • Paper Type: Assignment
  • Course Code: T/508/0495
  • Downloads: 499
Question :
'

Entrepreneurship is a process of starting the new venture with an innovative idea. A senior member of FSB is asked to prepare the report in which FSB can promote entrepreneurship in local area.

  • Examination of types of entrepreneurship ventures together with difference and similarity.
  • Illustrate impact of small and micro enterprise on economy.
  • Importance of small business and start up business on growth of company.
'
Answer :

INTRODUCTION

Entrepreneurship is one of the concepts for economic and social growth. It includes not only national development but, the local growth too. Also, each entrepreneur has different capabilities, knowledge and experience to understand the nature of entrepreneurship in an extensive way. The process of designing, launching and running different types of businesses is called as entrepreneurship (Scarborough, 2016). It has a concept of capacity and willingness to develop, organize and manage a business with risks in order to make profit. This report has enlightened about different entrepreneurship ventures, types and scope, etc. Also, it is described about successful entrepreneur that have different skills. This study also briefly describes about the factors that consider level and type of education, national culture, economic circumstances and traits.

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PART 1

P1. Different types of entrepreneurial ventures and their relationship

A business that is started by individual with limited resources to earn profit. There are various types of ventures and their relationship:

  • Lifestyle venture - This entrepreneurial venture simply means a business that is created around the kind of lifestyle necessary. These ventures are set up on priority basis. It aims at maintaining a particular level of income. They have limited range and potential for growth. A lifestyle business usually allows flexibility in schedule and location. Lifestyle venture affects the entrepreneur’s lifestyle while making a positive impact on people’s living standard (Dees, 2017). If a person has travelled around the world and operate business its lifestyle is directly impact on his business with different areas.
  • Small business entrepreneurship - This type of business has small level of operating areas which has only few employees and it does not have a large volume of sales. Generally, it is a privately and individually owned business. In this type of business, revenue is dependent on industry. These businesses are bounded by net profits, annual sales, asset value, etc. and they generally do not dominate the industry in which they exist. Small business responsibilities are dependent upon the nature of business because its growth is limited in certain sectors.
  • Large scale entrepreneurship - This type of business is opposite from small business entrepreneurship. This business has more complex management in which more employees are working. It includes a large number of business contacts, clients, profit, sales, etc. They have a large number of business operations daily (Kirzner,., 2015). Large number of businesses are related to big company, organisation, firms, etc. Generally, they dominate in the industry as they are having a large market share and customer base.
  • Social entrepreneurship- Many individuals want to change the society by implementing various ideas. Entrepreneurship is one of the concept for the economic and social growth. It includes not only national development as well as local growth too. Also each entrepreneur have different capabilities, knowledge and experience to understand entrepreneurship extensive way. the process of designs, launch and run business which have small business, this type of businesses are called entrepreneurship. It has a concept of capacity and willingness to develop organize and mange a business with risk in order to make a profit. This report is all about the entrepreneurship venture, types, and scope . Also, included successful entrepreneur that have different skills and process (Drucker, 2014). This study also briefly about Factors that consider level and type of education, national culture, economic circumstances and character traits.

P2. Similarities and differences between different entrepreneurial ventures

Basis of Difference

Small Scale

Large Scale

Nature

In this, only few people are working.

These businesses have a large number of people working.

Size

This type of business is done at small scale

It is generally big business and is done on a large scale.

Profit

Because it is a small business, the profit margin is low.

This type of business has high production that results in generating high profits than small businesses (Hitt and Duane Ireland, 2017 ).

Registration

Small businesses need registration under some specific condition.

They have to register under company act.

Basis

Social

Scalable

Meaning

They provide services in order to solve the societal problems.

They take advantage of technology to start their business.

risk

In this business, low risk is involved.

In this business, high risk is involved.

Similarities between small and large scale business:

Basis

Small

Large

Structure

These businesses have small structure that follows from top to bottom level employees. They have small hierarchical system (Hitt, and Duane Ireland, 2017).

They have large level of hierarchy system and is very complex.

Profit

This type of business earns less profits.

Large no. of production gives maximum profits.

Growth

Small business growth chances reduced by its small level of operations and less resources.

Its growth depends on its different type of strategy that innovates new ideas and techniques.

Product and services

Small business develops products and service according to their technology.

Large business develops variety of products and service according taste and preference of customers

Similarities between social and scalable scale business.

Basis

Social

Scalable

Objectives

Its aim to changes society by providing basic products and services that fulfil needs of people ( Kuratko, 2016).

Scalability change the lifestyle of people with the help of different technological products and services.

Basis

Public

Private

Objective

They are formed to serve the public by special act of parliament

They are formed with the objectives of earning profit.

P3 Impact of micro and small business on economy

Different small business operates in various part of countries. There business trading operations connected with various people and project. In this business have different impact on project. These speculation are usually started by entrepreneurship at small scale with aim to earn gainfulness by making investing and investments . The small business is considers to different types of enterprises as those business venture which have only business operation in UK. It have different steps which is follows which have small business enterprise .It has 10 branches in UK . Third way is business firm inside designers groups . They operated their business in united kingdom and establishment of business venture in London (Parker, 2018). According to this situation if they opening the business its impact on their GDP. These enterprises have provided for area that opening in business that provided major contribution of 10 % toward of GDP. Its have different impacts on particular segments to achieved the organisation improvements . total business operation of entrepreneur are likely to implements their new ideas and innovative techniques . Iit consider private business economic in united kingdom .

They provide major contribution towards GDP of country. Partnership firm established by group of particular person , enterpriser or organisation by making a share of investment of different business operation and its main objectives to active return on investment by raising the profitability of enterprise. It has different sectors that apparently affect to each other. Local operates impact to solving the impactful that affecting the local business. Its affected the business that operates in local areas which have different segment of products .

Regional business economic have whole local business included, if any change in regional its directly change in local market ideas. It increases competition on local market and regional market. This types of compilations have advantage that customer have more segment to chose their products and services. National market has to deploy different changes , with their impacts on macro economy structure. It has created that national competition on market. This types of competition help to innovate new segment of products and services . If any change in national market its directly impact on the business of local and regional market. International economic impact is high-risk impact on the global business (Store, 2016). If competition arise in international market it influences they market segment and implements the market structured. . It helps to improve business in newly developed segment that implement production for the global business.

SME is an integral part of UK economy driving growth in a better way for the country. Various fields in which SME has broadened their operations are clarified from the above chart. It shows that 17 % of share is held by Personal services including beauty and wellness, repairing households goods. Next 17 % is held by professional service sector and retail sector have 16 % in SME, 14 % is held by media communication, 5 % by restaurant and food services. On the other hand, three sectors jointly have 9 % of market growth which includes manufacturing, charity and construction fields. While, 5 % is grabbed by education sector. Moreover, 2 % of SME market share is held by healthcare, automotive repairs, transportation and accommodation sector. While, share of real estate is 0. Hence, it can be said that SME has contributed effective growth to country.

PART 2

P4 Significance of small business and start-ups towards growth of Social economy.

Small business enterprise are those which operated their business operation at local regional and international level. It has provided the more opportunity to investment on business activity . Start-up business are considers to those business venture that are establishes for achieving the objective with their new ideas and innovation techniques. Also, they recognised and profitability for businesses by new tackles businesses ideas . If taking about UK business start-ups , it has included different types of sociality for the achieve by their priority bases (Storey, 2016). They have needed only to achieved growth and directly impact on growth that affected on their city's. Start ups not only created the new business in the city it develops also a stream of millenaries in the city. These type of start-up business have no amount of investment but they achieved a wide growth and involves many people from their society . New start-ups creates a cycle of business revolution in the society. It contributes new opportunity like driving growth, opening new markets and creating jobs. It also helps to sustain city growth where the start ups begins. It helps to created new level of growth opportunity. It has also provided creates various opportunity for people as well as entrepreneurship to achieve more profitability by making less investment on business activities (Scarborough, 2016 ) enterprises helps to sustain the objective of new start up and helps to achievement for particular business objective . This will helps to developed the program for the business opportunity for the start up begins . As seedbeds for innovation , they will raise competition and create fresh ideas that brings challenges and innovates they effective challenges

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These following points that described importance of small business enterprises and start-up in development of social economy such as :

  • Raising income and profits – small business have to raising investment from people, theses small business venture have achieved success in raising their profits through introduction of innovation (Scarborough, 2016). They have development new and innovative designs through which they become able to attract more clients and raise profitability.
  • Share of business – start-up businesses always posses vast majority of compositional make up in economy. It has different share for the business with this helps it created different level for the organisation structure
  • Competitiveness - small business main objective to attract customer by the areas speciality that they provided. they not add values to regional areas but also raise competition in local markets . As competition increases, there productivity in market will increases in rapidly ways . As the result for boost of aggregate productivity
  • Employment- if a small business start up is successful achievements employments will be increase . Contribution of small business fir-mas toward employment is considers as maximum .

P5 Characteristics, traits and skills of successful entrepreneurs

Microsoft – this company is basically made computers and software. It handled different segment of their service in globally. Microsoft founded by WILLIAM BILL GATES in 1975. on that time it become the largest software PC company in the world. He is the best entrepreneur of computer evaluation.

Trait of bill gates

Risk taking- He is risk taker to innovates that time which have already new software developed. MITS is a basic intermediator for their microcomputer. He took a challenge to developed more effective software to overcome on MITS.

Smart working-Some people have different thinking about Bill gates that is he do not work, but reality is that smart working behaviour is never shown and Bill gates knows this thing.

Believes in his ideas- He is future orientated person and implements his ideas in innovative ways . Bill gates first idea was to provide commercial led computer with GUI so people believed his revolution ideas .

Apple – Apple is a company which is very innovative. This company produces phones and computers . It founded by Steve paul jobs and wozinal. In 1976. Steve paul jobs studied about different needs of people. As a chief executive office Steve jobs always work as an entrepreneur to innovates their products.

Traits of Steve paul jobs -

Strong believer - He was strong believer of things with perfection. He made things with different level of expectation. He believed that his will be successful in the future.

Clear vision- Steve jobs had different vision to implement different ideas and innovation. He was having a clear vision about what he was going to do in his business.

Overcoming barriers – he overcome many barriers that he faced in his business. After that he analyses reasons for failure and improved it. .

P6 Entrepreneurial personality reflect entrepreneurial motivation and mindset.

It is important for role in person psychological process. An entrepreneur can sustain its opportunity with taking risk and proves on particular segments. . Motivation is board and complex psychological perfection. It is different from psychological science , but the both understood idea and diving force. Moreover, they are putting some ideas and innovative ways to add to an experimental tyypes to entrepreneurship innovation for new ideas and process.

Entrepreneurship focused the technological sector for improving the ability to Handel business properly , the customer have authority to seek the services according to market existing of products. Fresh market for products that already existing and use networking to build business according to requirements of business. Motivation helps to control your risk factors and gives vision to improves your business quality. ( Drucker, 2014) to understand what motivation gives to entrepreneur that in present era to focus your energy on what's goods for business. Entrepreneur success is based on part of his focus. Enterprise makes its priority bases ideas and implements its business. The following factor that reflects entrepreneur personality:

  • Openness – this factor is reflects personality of entrepreneur and its business development. In this factor it is also important to consider a person with attribute or quality have a more interest and motivation toward to working ability for the new start ups. Motivation with new effective ways that creating mindsets to others. It reflects the corrective action on the motivation sections on the effective manners (Kuratko, 2016). It helps for the organisation to set benchmark for new entrepreneur .
  • Extroversion- entrepreneur have different motivational factors but individuals determine feature this attribute and are extremely social to become a centre of quality for other people. Entrepreneur have attribute can be known as they gain motivation by act with association and employees. Moreover, they gain motivation by meeting with more people and having communication to them.

There are various factors which reflect entrepreneurial motivation and mindset some factors are explained below:

  • Family Upbringing: For any entrepreneur, family upbringing helps in making them a good person which reflects in their characteristics. This has a huge impact on the entrepreneurial business activity. If they get the support of their family members it becomes easy for them to establish their business successfully.
  • Lifestyle: It is very important to have a good lifestyle as it can help in settling a new business in industry effectively. It also helps in studying their customers lifestyle and nature witch will assist in enhancing their entrepreneurial venture effectively.
  • Cultural Differences: This has to be managed properly by the entrepreneur as it is very important for them in understanding the cultural norms of their customers and through this they can provide them services related to their preferences and needs.
  • Personal Motivation: To do any kind of work it is necessary to keep everybody motivated. This will help in making them confident in their work. Motivation also helps in enhancing the overall performance of their business in particular industry.

P7 Impact of background and experience on entrepreneurship.

Entrepreneurs also aspires from the new business handles environments. It should engage and aspirant the entrepreneur are eager to gain experience tend to see anew opportunity in the industry . In the company give to every one the equity and motivate them. the employees feel like they are they part and the ideas and gives thoughts to the seniors. Employees have authorized and encourage to worker with more duty and encourage to make decision on their own .to boost ability and gives them reward to achieving the objectives and they makes right decision and their mistake as learning opportunities (Parker, 2018.). In the company if employee are afraid to take hazard, they not able to upgrade as quickly or smartly as possible. The company also give incentive to the employee when the performance appraisal is good.

The component are instant except to developed and consistent businessperson growth . In the entrepreneurs the positivity determiner constative facility and conductive condition of entrepreneurship. The destructive influenced creativity miles condition of emergence of entrepreneurship. Moreover, the economic factor affects the entrepreneur growth by capital, labour, raw material, marketplace and structure etc. social factor affects , family unit , prospect, education, knowledge towards the society and the culture. Some researches have different thought about the entrepreneur that effects for tried to understand the scientific discipline roots of the entrepreneurship (Parker, 2018).

There are various factors which can affect entrepreneur in many ways, some factors are explained below:

  • Family Background: This is the most important factors which can five both positive and negative impact on the business of entrepreneur. For example, if their family supports them than they can become successful and can make their business better and improved. This will also assist in generating a good revenue from it.
  • Personal Experience: This has a huge impact on the entrepreneurship as it can help them in enhancing their business by using their experience. This is also helpful in making innovative changes in their business as well. Using their personal experience in their business can help them in increasing the sales and profitability rate.
  • Educational Background: Education plays an important role in everyone's life because it helps in building a strong career. Having a good knowledge of the business can foster the quality of entrepreneur through which they can make significant changes or improvement which can enhance their buisness.
  • Economic circumstances: This factor plays an essential role in any business as it has a huge impact on them. Before setting their business it is very important because economic inflation can affect the purchasing power of customers which can impact negatively on them. Due to this factor it can affect the sales and performance of their business.

CONCLUSION

From this report it is concluded that entrepreneurship factors is important that a person who's started business with new ideas, techniques, and innovation. This factors are also related to society background and experience. those which are small business operated their business operation at local and regional level. Different small business enterprise in various part of countries. There business operations linked with different people and enterprise. Businessperson motive shows an important role in person scientific discipline process. An entrepreneur can get the better of the risk and pressure level by continue to bear a series of uncertainty.

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