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Entrepreneurial Ventures and Small Business Opportunities

University: Cecos College London

  • Unit No: 9
  • Level: High school
  • Pages: 15 / Words 3867
  • Paper Type: Assignment
  • Course Code: T/508/0495
  • Downloads: 314
Question :
This sample will let you know about:
  • Discuss about the Relationship Between Entrepreneurial Ventures.
  • Discuss about the Typology of Entrepreneurship.
Answer :
Organization Selected : N/A

INTRODUCTION

Entrepreneurship thrives in those who keenly identify new business opportunities. They launch startups, driven by the quest for market success, and tailor ventures to meet market demands, propelled by self-motivation. Successful entrepreneurs continuously hone their skills, aiming for improvement. Their goals go beyond mere profits; they innovate to address market gaps. Entrepreneurship encompasses societal contributions; many entrepreneurs establish ventures to fulfill social responsibilities. This report examines diverse entrepreneurial ventures and their connection to various entrepreneurship models. It also investigates the crucial roles of micro, small, and large businesses in the social fabric.

LO1

P1: Entrepreneurial Ventures

There are various types of entrepreneurial ventures running their business operations in the market. In these ventures three most popular are High growth ventures, Middle growth ventures and Survivor growth ventures. These all are discusses below;

High Growth: The first motive of the high growth ventures is gain the highest profit in the market (Zeller, 2018). In the high growth ventures there are mainly public and private companies are included. For example: British Petroleum (a Public limited company) and Iceland (a Private limited company).

Middle Growth: Earning high profit in the market is first motive of ventures which are included in the middle growth ventures. There are middle growth ventures, which gain profit in the market but not much high as compare to high growth ventures. There are both types of companies (public and private) comes under middle growth ventures. Mostly private companies are the part of middle growth ventures, because they are not able to earn high like public companies.

Survivor Growth: In survivor growth, mostly those organizations and companies are included which only work for fulfil social responsibilities. All NGOs (non-profit organization) are the part survivor ventures. The main objective of these ventures is collect fund within the market and spend them in social welfare. For example; The Children's Society (Cook, 2016). Survivor growth ventures are not gaining profit in the market by selling any product or services. Charity is the main source of earning for these ventures. Get Assignment Examples.Talk to our Experts!

Typology of Entrepreneurship

There are three types of entrepreneurship mainly existing in the market called; Life style, Scalable and Social entrepreneurship.

Life Style: When any person who highly like to do activities related to the business will always become a successful entrepreneur. In this type of entrepreneurship, self-motivation of a person encourage them for start a new business. Most of the people which related to the life style entrepreneurship are currently owners of high growth and middle growth ventures (Gregg and Parthasarathy, 2017). Life style entrepreneurship is always looking for new business opportunity in the market to earn high profit in the future.

Scalable: Scalable entrepreneurship is developed when any person realize anything is missing in the current market. It is also based on the innovation and creativity. Person who related to this entrepreneurship always try to innovate such exclusive product or service for the customers which no one currently provided in the market.

Social: Social entrepreneurship is developed such entrepreneurs who want to do something good for social welfare. Founders of NGOs mainly comes under social entrepreneurship (Leitch and Volery, 2017). The main aim of social entrepreneurship is to make a happy and healthy societies in all around the world. Order assignment help from our experts!

Relationship Between Entrepreneurial Ventures and Typology of Entrepreneurship

Typology of entrepreneurship is completely relating to the all entrepreneurial ventures which discusses below;

Entrepreneurial Ventures

Organization

Sector

Relationship With Typology

High Growth

British Petroleum

Public

Life style entrepreneurship mostly able to build high growth ventures in the market, like; British Petroleum, because they always passionate for do things related to the business. Here is a scalable entrepreneurship is also able to develop high growth ventures by their innovation ability.

Middle Growth

Iceland (Retail Co.)

Private

Middle growth ventures like; Iceland are also developed by both life style and scalable entrepreneurships. The owner of Iceland company was see the opportunity of new business in the retail industry and then established this company which is currently on its progressive path.

Survivor Growth

The Children's Society

Charity

Social entrepreneurship is always runs survivor growth ventures in the market, like; The children's society. It is a charity organization which is work for support to poor children in the UK (Giudici, 2016). Hare is charity is the biggest source of earning for these survivor growth ventures.

P2: Similarities and Differences Between Entrepreneurial Ventures

Similarities

There are many similarities are exiting between all entrepreneurial ventures which discusses below on some basis;

  • Strong Willed Entrepreneur: All entrepreneurial ventures are started by the string willed entrepreneurs which want to do something related to the business in their life. Here is each entrepreneur in these ventures want to achieve high success through their operations.
  • Funding: There are all entrepreneurial ventures are always looking for sources of funding (Leković and Marić, 2017). For these ventures funding is very important, because with the help of it these ventures are able to run their operations.
  • Innovation: Innovation factor is always exiting in these all entrepreneurial ventures, because with the support of innovation they are easily found different productive ways for achieve effective results in the market.
  • Brand Name: Each venture always has a specific brand name. With brand name entrepreneurial ventures are able to gain people attention in the market. All entrepreneurs within these ventures try to give an effective brand name to their particular venture for achieve high brand image in the market.

Differences

There are many differences are also exiting between these entrepreneurial ventures which mentioned below;

Basis

High Growth Ventures

Middle Growth Ventures

Survivor Growth Ventures

Annual growth rate

Annual growth rate in high growth ventures is always very high in the comparison of rest type of ventures.

Mostly medium growth rate is achieved by the middle growth ventures. They always succeed in achieve favourable profit in the market.

Its annual growth rate is always depends on the charity amount which it gained in a year (Krueger,2017). It has less growth rate than high and middle growth ventures.

Managerial Skills

Managerial skills in these ventures are existing in highly developed form. With high developed managerial skills these are able to achieve high profit in the market.

In middle growth ventures managerial skills are not much developed as compare to high growth ventures, but these ventures most time working on develop such skills.

In these ventures no need of high managerial skills for run its operations, because these are not working for earn high profit.

Technology Investment

These ventures are highly invested on employ new technologies in their operations.

Middle growth ventures always try to expend such only amount on technology which highly needed in their operations.

Survivor growth ventures are not highly invest on technology, because their most operations are regulating without hi-fi technological gadgets.

Structure

Organizational structure of high growth ventures is mostly highly spread, because these are conducting large number of activities in the market.

Organizational structure of these ventures are not much bigger than growth, because these are only running their activities in selected segments.

Structure size of survivor ventures is always depends on its fund inflow (Cardon, Post and Forster, 2017). Generally most of the survivor ventures has small organizational structure.

LO2

P3: Impact of Micro and Small Businesses

Currently in the growth of UK's economy there are micro and small businesses giving great contribution. The reason behind this statement is, these micro and small businesses are highly spread in each market segment and providing jobs to the many people. These are generating huge employment opportunities for the people. In other words these micro and small businesses are currently backbone for country's economy. Without these businesses the country is not able to increase its GDP percentage. The UK is one of the richest countries in the world. In which micro and small businesses played biggest role in current reputation of this country.

Micro Businesses

Those businesses are comes under UK's micro businesses which has less than 10 employees and gain €2 million turnover each year (Chen and Thompson, 2016). These businesses are highly needed to register their particular business in the PAYE and VAT.

Small Businesses

Those businesses are comes under UK's small businesses which has less than 50 employees and gain €10 million turnover each year. Currently the government of UK is running many policies for small business which are very supportive to them. By the support of government these are able take loans from banks on minimum interest rate. There are small businesses are also needed be to registered in PAYE and VAT.

Impact on the Economy

Over 5.9 million businesses are currently running their operations in the United Kingdom. In these businesses approx 5.82 million are micro and small businesses (with 0-9 employees) and rest are medium and large businesses. 99.3% are the small businesses in the all businesses of the United Kingdom and still rising year by year.


Small businesses are provided 13.2 million jobs to the people and gained £1.5 trillion turnover in the last year. This contribution of micro and small businesses is too good for the UK's economy. Year by year small businesses are opening in this country and presenting many employment opportunities for the people. These businesses are provided jobs to those people too which are comes from outside UK.


Employment which these businesses are provided is very favourable for the growth of the UK's economy. Most of these small ans micro businesses trying to expand their business different market segments of the United Kingdom (Brandt and Svendsen, 2016). These steps of the small businesses will also give high contribution in the country's economic conditions.

P4: Importance of Small Businesses

There are small businesses very important for the growth of country's social economy. Without these businesses the UK is not able to improve condition of their social economy.

Social Economy

Social economy representing the high diversity of businesses, organizations and enterprises. In the social economy there are both factors working together, the social and the economic. In which social behaviour give their input in economic conditions of the country.

Importance of Small Businesses

  • Generating Employment Opportunities: Small businesses in this country are generating large employment opportunities for the people. There are large number of population only depends on these businesses for their job needs. It is great contribution of small businesses to the social economy of the United Kingdom.
  • Innovation: Many of the small businesses are innovating new products and services for the people on daily basis. In which this is too important to the country in export these innovative products and services in other countries (Greblikaite, Sroka and Gerulaitiene, 2016). These are very helpful in increasing foreign exchange of the United Kingdom.
  • Local Improvement: These are also very important in improve local areas of the country. Most of small businesses are taking many actions for improve their areas by contributing in social welfare programmes.

Role of Small Businesses

Small businesses are also giving great contribution in the development of local, regional, national and international economy. There are specifically described small businesses impact on these all economy terms;

Local: Small businesses are providing great facilities to the people which leave outside of UK's main cities. These are providing jobs, products, services, good health etc. in the local areas of the country, like; small villages and towns.

Regional: These businesses are increasing growth of the different areas of the country by opening the new markets. In which this is too good for the regional development within UK.

National: Estimated turnover of the small businesses is £2.2 trillion which is 52% of all the businesses (Chell, 2017). It is providing great employment opportunities. These are the main source of earning for people in the United Kingdom. In country's GDP also these are giving extra ordinary contribution. In which this role is helpful in the social economy growth of the UK.

International: Many of the small businesses are innovating exclusive range of products and services. In which the country is able to sale products and services in the international market. This role is helpful in rise UK's currency value in the global market.

These all are the importances and roles of the small businesses giving effective contribution in the growth of UK's social economy.

LO3

P5: Characteristic and Skills of Successful Entrepreneurs

There are various qualities and skills are needed in a person to become a successful entrepreneur. There are some characteristics and skills of the Tom Mercer are mentioned below which makes them a successful entrepreneur in the UK.

CHARACTERISTICS

Creative: Tom Mercer is too creative in his personal life. They believe in provide some effective products to the customer. From 2006 to date when his company MOMA was born, he is working on improve their products by design wise, quality wise and packing wise. In this improvement process his creativity is very helpful for them.

Punctual: He is too much punctual as well. He is always trying to complete his each task on time. In case if any person want to become a successful entrepreneur, then it highly need to improve this characteristic in personal life.

Confident: Confidence level of Tom Mercer is very effective, because when he launches new product range for the customer. In this time he become full confident about his new product range (Sujan, 2015). He said if any company provide quality products in the market, then customers automatically purchase that products.

SKILLS

Decision-Making Skills: These skills of the Tom Mercer is inspiration to the new entrepreneurs. Most of his decisions are become productive when he implements them in actions. Each entrepreneur need to develop these skills to become very successful entrepreneur in the market.

Communication Skills: Communication skills of the Tom Mercer are also good. He believes in listen people. His employees are very satisfied with his these skills, because he gives full value to their employees by interacting with them. Employees also put their full efforts in the operations of MOMA, because they feel valued by their boss Tom Mercer.

Finance Management Skills: Tom Mercer was completely developed his finance management skills. The finance is very big thing for the new entrepreneur. In which each entrepreneur need to develop finance management skills for perfectly manage all cash inflows and outflows with enterprise.

P6: Entrepreneurial Motivation and Mindset

There are all entrepreneurs comes from the different background. So, all has different experiences and memories. In which they papered their motivation and mindset on the basis of their experiences. Family background also put high impact on the current situations of the entrepreneur. Suppose an entrepreneur comes from that family who's all family members are running different businesses. In this case here is opportunity to the entrepreneur to learn some new things from their family members. Self-motivation is also big factor behind entrepreneur's success. To become a successful entrepreneur a person need to motivate from internally without external sources. That entrepreneur will gain high success then other entrepreneurs who always focuses on self-work (Johansson, 2015). The entrepreneur need to avoid such all negative elements which decrease their performance. Choices of idol is also playing good role in the success of entrepreneur. A person need to set an idol in personal life to gain large inspiration to grow.

There are many sources available in the market which helpful in improve personal and professional life. In which an entrepreneur need to use these source in daily life for increase self performance in the entrepreneurship. There are huge market knowledge also necessary for a person to become a successful entrepreneur. An entrepreneur need to set their mindset to achieve target in decided time period. Interest factor also playing great role in the successful entrepreneurship. Suppose a person is highly like to do things related to business. In this case this like aspect is his interest to do such things. So, this interest is helping to the entrepreneur in achieve success in entrepreneurship. Currently many motivational seminars are conducting in different locations. In which entrepreneur need to attend those seminars to become more motivate in entrepreneurial activities. There are some entrepreneurial skills are also a person need to improve in personal life to become a successful entrepreneur. High personality is also important which it needs to develop for put effective impression on people. There are various personality development centres are opened in different areas. In which it also needs to join them for own personality development. It needs clear their mindset about 'what it wants to achieve', 'what its final goal' etc. With the support of these all aspects a person is able to achieve high success in their entrepreneurship career.

LO4

P7: Hinder or Foster Entrepreneurship

Entrepreneurial characteristics and influence of personal backgrounds along with the experience have high effect on the way their enterprise will lead and how they will succeed in the competitive business environment. There is direct link between entrepreneurial characteristics, the influence of personal backgrounds along with their experience in building competitive enterprise by giving an edge advantage. High leadership skills and the ability to take strong business development steps enable entrepreneurs to build long term growth and successful enterprises (Estrin and et.al., 2019). A strong background with large level of experience in management of organizations foster the growth of enterprise enabling company to establish long term goodwill position among consumers and world on global platform. Whereas any negative experience or lack in reaching the performance targets in previous company can hinder the present growth performance of company. Entrepreneurs whose experience and hardships in starting business with generation of funds and objectifying the clarity in products motivates entrepreneurs to stand apart from other business managers and create successful enterprises.

  • Elizabeth Gooch and EG solutions- Elizabeth Gooch is known as one of the most innovative operators of business with deep financial vision and risk taking abilities essential for successful entrepreneurs. The charismatic style of working and the high experience in handling successful business has helped in raising the business to new heights. Strong entrepreneurial characteristics have enabled her to raise the business to heights, strong sustainability and long term profit goals with customer satisfaction goal which has made her a successful entrepreneur. EG solutions is selling operational management software to generate improvements in operational performance and efficiency on fixed time basis scale. Her strengths and the will to never give up on her ideas has lead to success of enterprise, focusing on the customer preferences and organizing proper functionality of principles at company has enabled to be successful in volatile business environment.
  • Tom Mercer and MOMO foods- Tom Mercer is one of the most successful entrepreneur whose vision and the passion to bring an idea into fruitful successful business has enabled the success of MOMO foods. His objectivity to run the successful enterprise by following strong business ethics and management principles, has enabled him to foster the success of business (Konon and Kritikos, 2019). The entrepreneur has worked on various key areas with fundamental focus on building strong sustainability in the growth of enterprise with clear objectivity towards achieving the customer satisfaction products and services. Initial funding and the experience of hard work during growing up helped the entrepreneur to generate ideas in constructive format and build business of serving healthy breakfasts, and food services to customers who look up to adopting healthy lifestyle. His ideas and vision to create difference in society has enabled to foster entrepreneurship The hardships of financial crisis in constructing a successful business model motivated him to work harder, with courage and dedication to achieve the company goals in accordance with the personal growth accomplishments. Ask for Academic Writing Service from our experts!

CONCLUSION

It can be concluded that there are various entrepreneurial ventures exiting in the United Kingdom. These all ventures are completely relating with typology of entrepreneurship. There are small businesses are giving great contribution in the growth of UK's social economy. These provided huge employment opportunities to the people. This is the biggest contribution of small businesses in the country. There are many skills and characteristics a person need to develop in personal life to become a successful entrepreneur in the market. Self-motivation is the biggest factor which motivate a person to start a new enterprise. The background and experience are highly influencing the entrepreneurship in both term, positively and negatively. Self-motivation is the best source than external sources, because self-motivation gives high success in entrepreneurship.

Read more - Analysis of the financial statements

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