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HRM4002 Entrepreneurship Case Study

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Introduction

An Entrepreneurship is the heart of every business. Every large company have stared out small business, led by an entrepreneur. Entrepreneurship are also demand to established the companies. The Entrepreneurship and the small business management sequence offers unique learning to the student who are aspired to start business, the program help the student to identify career options in small business, expand their knowledge of entrepreneurship and develop venture management and skills (Parker, 2018). Every person started their business in small area, small place, small resources or according to time they increase there business. Is the small business development and study for student studying and who are interested to start their business.

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TASK 1

LO 1

P1 Different types of entrepreneurial ventures and they related to the typology of entrepreneurship:

Different types of entrepreneurial: The entrepreneur is one who organize, manage assumes risk of a business or entrepreneur. There is four types of entrepreneurial venture:

  1. Small business entrepreneurship- The small business are stores, consultants, travels, beauty stores, carpenters, plumbers, electricians, they are anyone who runs own business. They hire employees or family, and their aim is to gain profit. The Thomas Alva Edison started there business at small stage. He developed most of the devices form small platform and they increase there business strongly. (Burns, 2016).
  2. Scalable start-up entrepreneurship- The scalable start-up of business to attract investor to invest in their business to start small business. And the aim is to increase business in the largest platform. The Thomas also increase there business in large platform, the Thomas insist to investor to invest money in their business for growing the huge business.
  3. Large company entrepreneurship- The sir Edison organization having finite life cycle, they include innovation, offering new products. Changes customers test, include new technology and faced new competitor in the business. (Bhachu, 2017).
  4. Social entrepreneurship- The social entrepreneur are who create products for social needs and solve social problems, in our world there is many social problems they include business as well. The social needs full fill by social entrepreneur. The Thomas Edison also invent those products who helps for social needs and fulfil customer's social needs.

The entrepreneurial venture related to the typology of entrepreneurship:

The entrepreneur venture are related to the entrepreneurship they venture are decide to start small business and entrepreneurship are strategy how to start small business to larger business. The entrepreneurship are build the business in many platforms, small business, larger business, social business and the venture are planing business (Fayolle, and Gailly, 2015).

The Edison group adopts the entrepreneurial venture. The Thomas Alva Edison was an America inventor and businessman. The Thomas started their business in small stage they adopt the entrepreneur in his life, they adopt innovation concept the Edison repair telegraph devices, the Thomas Edison are become “the wizard of Menlo park” they having experience of new things and they applied in their life. The sir Thomas is business inventors of that time, the Thomas Edison started their business smaller to the largest company. The Thomas career start with the very small manner they handled small things very preciously. Thomas small business become Americas the largest business because they adopt entrepreneur venture in their business, they organize their business in small platform after that they manage their business very preciously (Morris., 2015).

P2 Similarities and differences between entrepreneurial venture:

The similarities are those entrepreneurs venture are started there business into the small platform. The similarities between small business entrepreneurship and large business entrepreneurship is in both are started there business small platforms like stores, travels company, electricians. For example store become the largest show room and the travels company become most popular international company. The business become smallest to the largest platform. And the difference between small entrepreneurship and large entrepreneurship is the small business takes lots times to become lager business but the largest business larger in ghastly because largest entrepreneurship takes risk to start their business and their aim is to become business very larger and top most.

The similarities between social entrepreneurship and scalable start-up entrepreneurship they both in different ways, In social business entrepreneurship the business aim is to full fill social needs of people. In these business products creates to full social needs but the scalable start-ups their goals to make worlds better place, not create share or to create wealth of founder. They may be a non profit or profit. The main similarities in four entrepreneurship venture they are started business in small place, small profit, small dreams (Urbano and Aparicio, 2016). And the main difference is in four venture they all are gain profit in money, fame, popularity etc. and the difference in each venture, each venture have different-different goals. For example. The small business goals to achieve successful business or gain profit and achieve popularity. The scalable start-up business include to achieve goals to make world better place. In this business the investors invest their money for business. And the large company investigator they have finite life cycle and their goals is to develop the largest business. In the social entrepreneurship there is to full fill the social needs of people, in this business they create the products for social needs (Torey, 2016). The Thomas Edison is a great entrepreneur he is started there business in small stage. The Thomas is inventor of electrical device. Hie is invent the simply devices which helps for people and they are using for people's social needs. The Thomas also develop the telegraph's device which is starting resource of there business.

M1 Entrepreneurship in both public and private:

Public sector: the entrepreneurship in public sectors, in this the business are developed the largest companies the publicly included many business those are industrial companies, the largest foods stores, the garment's company.

Private sectors: In this sectors business are started privately. For example work from home, many small companies started there business from home, mostly woman's started their business from home. Like stitching, food delivery, small shops, small tuition centre (Glover and Kusterer, 2016).

D1 The scope development and growth of entrepreneurial ventures:

Growth of entrepreneurial ventures- The entrepreneurship is terminal stage of entrepreneur growth, this is the growth of small business. The entrepreneurship is necessary to

Involve the task of sensing opportunities and innovating products and service.

Scope development of entrepreneurial venture- the entrepreneurship involve better products for a better service or a better process. This involve efficient mobilization of men, material, money and market (Dhone and Kamble, 2016).

LO 2

P3 Asses relevant data and statistics, micro and small business impact on the economy:

A small business are a very part of the economy, as they represent around 99% of all enterprise and employees increasing numbers of persons.

  • Most entrepreneur are independent they not connect with any group, but in small business entrepreneur is connected with any groups, these is very common in manufacturing and to lesser degree in knowledge intensive business service.
  • Small business are important in terms of employment and gross value added, especially in smaller countries. In Germany where they account for 43% of gross value added created by small business entrepreneur in total employ 34% of total number of person employed by small medium enterprise.
  • Large organizations creates a higher proportion of value added in the high and medium/ low tech manufacturing sector while small medium create a higher proportion of value added in the service department ( Lackéus, And Williams Middleton, 2015).

P4 Importance of small business and start-ups to the growth of the social economy or economy of the UK and importance of society:

Importance of small business: Many business start a once person idea's. Small business are profitable and there is no big risk as well. Entrepreneur who sport a gap in the market or commercial opportunity. There are four types of main business- manufacturing, wholesaler, retailer and service. The Thomas Edison also startup there business in small platform. Edison knows the beginning of the Small business.

Small business plays important role in society when they are first established, business owners test their business ideas in a market. Those companies are survived our time provide economy stability for owners and their families. Small business provide facilities to customers where they will buy products in retail price. Business of smaller nature can be more productive according to large companies. Small organization also involved the innovation in business. Small business owner add new job's and current workforce can no longer keep up with customer demands. In start-ups to the growth of the social economy small business employees share ideas that will benefits to customers.

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Start-ups growth of the social economy- For governments to academic institutes all are focused on startup's entrepreneurship, successful startups company conceive of ideas and covert into the tangible products or services, which is accepted by customers. The journey of this point to other point it's a future. For the society and economy to benefit from the products and services it is mandatory of to scale this venture (Schaper and et.al, 2014). The Thomas Edison also include the governments projects in their business, They also work for society and customer needs.

Economy of the UK and its important of society: The economy of the UK is highly developed and market-oriented. The UK economy is the fifth largest economy in world's. In 2001 UK become the largest goods experts in the worlds. UK economy importance for society because there are many organizations who doing business in UK, in this economy included most small business man and the largest businessman. Those businessmen are increase there economy rates. Those are importance for society because those businessmen are present new facilities and new products new service which helpful for society.

M2 Small, medium and large business making economy:

Small and large business are quickly to adapts to change and more likely to explore new idea's, large firms, are sell in well quantities, small business have to maintain there profit. Medium business are as same as small business they making economy and handle the growth of the business, the medium business are grown to there economy who are handled there profit in business (Kuratko, 2016). The larger business have started to established many organizations which is provided huge numbers of service which improved the economy. Large business make new technologies products which is improved to work of organization and their impact also gone to economy. Large companies are time-to-time provide hug facilities to people give responsive services.

D2 Small business impact on different levels on economy:

Being small business owner is challenging, small businessman comes to various levels each with their own reason for pursuing self employment, the small business easily operate there new employees. Those business might be small but in future they become larger. There are three primary ways to small business contribute to there nation. Financial independence, encourage, innovation and create employment opportunities. The small business generate a broad verity of new development opportunities.

TASK 2

LO 3

P5 Characteristic traits and skills of Thomas Edison and different from business manager:

A manager in business hold the key to leading a management of organization. A manager responsible for all kinds of works in organization. This is because manger have many works in business. As the same Thomas Edison is leading a business in many ways, and they hold every working of business (Espíritu-Olmos and Sastre-Castillo, 2015).According to manager's functionality in organization, successful manager have following skills and traits:

  • Multi-tasking-A manger must be oversee all the employees working and keeping their abilities and weakness in mind and give them to multiple projects and task. The best manager ability to have multi-tasking and balance all the functionality in business. Thomas Edison have to manage all the functionality of business and they have to doing multi tasking activities in their company.
  • Decision making-The manager have ability to handled all the crucial things in any business. An effective manager take important decisions in organizations. The Thomas Edison have skills to maintain all the crucial things, they also handled all the final decisions who have benefited for organization.
  • Motivation- In organization manager motivate their employees for hard work. Manager also give motivation for employees to improve their work skills and their hard work. An effective manager encourage their employees for Gain knowledge and respect to each employees in the organisation. The Thomas Edison always motivate their employees for the organizations works (Sahut and Peris-Ortiz, 2014).
  • Business Development skills- A manager must be able to look all the areas of company included to employees and management. The Thomas Edison also handled the all area of management and they trying to increase employees work skills and motivate their
  • Leadership- A leader handled all the area's of organizations, a leader can give order to employees for work, a manager can lead their employees to efficient manner. A lot of responsibilities comes being with a manager, and being able to lead a team is required. Thomas Alva Edison is a great leader, he is handled their responsibilities for business and employees.
  • Effective communication skills- A manager have verbal and non-verbal interpersonal communication skills to interact the employees. Manager also have strong listening skills and the ability to communicate effectively in writing. The Thomas Edison have good communication skills. They manage their clients requirements and fulfil according to them.

Characteristic of Thomas Edison-

Thomas Edison is a great entrepreneur and good man. They started their business in small platform to the biggest platform. Thomas Edison have following characteristics-

  • Passionate- Thomas Edison have capability to turned their dreams and vision into a reality. Edison have ability to do achieve goal in a business.
  • Curious- Edison understood the need of people which asked questions in progress of business. Like Thomas Edison invented the phonograph, light bulb, the motion picture and more.
  • Analytical- Great inventor have ability to creativity in business. The actual progress of inventing in methodological and scientific. A famous inventor have quality to jump from creativity to analysis back to creativity once again.
  • Open minded- Thomas Edison have quality to address problems or many angles to approach a possible solution.
  • Little fearlessness- Thomas Edison have to risk in business but having little fearlessness about business, each entrepreneur have little fearlessness bout their business.

P6 Entrepreneurial personality of Edison reflect his entrepreneurial motivation and Mindset:

Thomas Edison is an American inventor and businessman who developed great organization. In their organization Edison invented motivation picture camera and the electrical light bulb and applied the principles of mass production and large scale team work to the process of invention. Thomas Edison nature to take responsibilities, to fill void left by others and do not turn away from personal sacrifice. The Thomas Edison is passion to become great inventor. Those skills of Thomas Edison motivate to others employees and peoples. Thomas Edison holds great compassion and seek to be over service to others. The Thomas Edison was healer and capable of giving comfort to those need. This behaviour of Thomas Edison inspire to today's generations.

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The Thomas Edison's those habits motivate to their organization people's. Thomas Edison is a practical and down to earth person that can think through any situation or problem. Sir Thomas also give suggestions for the works and the motivation (Peters, 2015). They trying to developed skills to their employees. His good health and physical stamina allow him to work long and hard for anything that he believes in, and quite often for material rewards. The Thomas Edison utilize his practical skills and they also motivate for employees to develop those skills to self. The Thomas having strong physical dexterity, strength and good health to work with these hands in either a practical or artistic way. Sir Thomas have all good ability to achieve the goals in his life. Thomas Edison is inspiration of today's generation. Being a successful entrepreneur, Thomas Edison takes harder decisions for their organization (Pinder, 2014). As a great entrepreneur sir Thomas manage all the business financial risk and sought out. Being an entrepreneur sir Edison having great experience, his is always gone along with his rules and their motivational skills.

M3 Entrepreneurial characteristics:

A successful entrepreneur is an important engine of growth in the economy. Entrepreneur having following characteristic:

  • Passion and motivation- A great entrepreneur have passion for their work and they also motivate for others too. As the same the Thomas Edison have passion of their work and he motivates their employees for work.
  • Not afraid to take risk- Entrepreneur are risks taken and ready to deep into future of uncertainty. But not all risk taken are successful entrepreneur. The Thomas Edison always ready to take risk for his business.
  • Self believe, hard work- Entrepreneur believes in themselves and are confident and dedicated to their work. The Thomas Edison have great attitude to do great work performance.
  • Products and market knowledge- Entrepreneur know their product inside and out. They also know the market. Thomas Edison have all the knowledge about market and their competitor (Witte, 2016).

D3 Characteristic traits, skills and motivational drivers of successful entrepreneurs:

A successful entrepreneur have ability to having good skills to develop great business. Being entrepreneur having characteristic traits helps in supporting business operations (Albort-Morant and Oghazi, 2016).entrepreneurial traits comprised motivation, creativity, vision, versatility, flexibility.

Skills and motivational drivers of successful entrepreneurs- A motivational driver are motivated the employees for his work and skills. Entrepreneurial traits comprised Making a difference in the world, Find personal meaning, Find personal meaning, Personal growth and accomplishment.

LO 4

P7 Background and experience can hinder or foster entrepreneurship:

The reality of a business venture falling can place pressure on any entrepreneur, and they face many difficulties, there are additional faced problems in entrepreneurship that people may not anticipate before starting a business, some entrepreneur become so enamoured with their venture that they lose their sound judgement and thinking and this may causes entrepreneur to make the wrong business decision (Ceptureanu and Ceptureanu, 2015). The most background and experience difficulties an entrepreneur have to faced those are:

  • Managing website- It's a hard to think that having benefits from own websites, in business industry 50% people make their business website but only 25% people having benefits from this. Benefits gain from website when we daily updates own website. So people get new content daily and they attract to the business. But only some people daily updates on their websites. The Thomas Edison organization also operate website and their clients daily updates specific information on website and they managing all the clients requirements.
  • Marketing their business online- The great entrepreneur knows the best resources for marketing to products and services. Some entrepreneur has numbers of resources for marketing. The Thomas Edison have best marketing skills they adopt new techniques in their business for marketing.
  • Effectively utilize their social media- Social media in business as expensive you want it to be, why because the 70% businessman have their own websites (Gallucci,et.al, 2015). Entrepreneur can benefits from a large budget for social media but real success come from quality and consistent content on variety of platforms.
  • Leaving customer satisfied- As important as marketing provide great customer service and a great product so that buyer will refer their friends to a business. As the same Thomas Edison provide the best customer service according to customer's satisfaction.
  • Budgeting time- Time is one of the least available resources for entrepreneur, a great entrepreneur doing their work according to time. As the same the Thomas Edison always doing their work according to clients requirements and clients needs.

M4 Link between entrepreneurial characteristics and personal background and experience to specific successful entrepreneurs:

The characteristic and the background experience of successful entrepreneur is both are the same things which an entrepreneur develop in their businesses. They develop motivation in their employees and they encourage their employees for self believes and work hard. The characteristic and the background experience of entrepreneur both things is linked to a business both difficulties face an entrepreneur.

D4 Background and experience influences entrepreneurs in both positively and negatively:

Positively

Negatively

Being experience entrepreneur they mange all the functionality of business.

Some time an experience entrepreneur is going to fail in business.

In Marketing ways entrepreneur always provide good products and service to customers.

Some entrepreneur have not resource to provide goods and services to customers.

70% entrepreneur having profit from social media's.

Some entrepreneur not having benefits from social media's because they have not resources for mange the social media's.

Conclusion

From the above investigation, it is concluded that, Entrepreneurship is kinds of strategy to know how small business become larger and successful. The small business faces many challenges and how to faced those challenges. This assignment also concluded that the role of entrepreneur in small business which include in publicly or privately. The entrepreneur is heart of every business, and small business lead by a successful entrepreneur. These assessments refer that the small business having impacts on social economy (Goss, 2015). Being successful entrepreneur have ability to maintain their business having growth of the business.

References

  • Albort-Morant, G. and Oghazi, P., 2016. How useful are incubators for new entrepreneurs?. Journal of Business Research. 69(6). pp.2125-2129.
  • Bhachu, P. ed., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks. Routledge.
  • Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
  • Ceptureanu, S.I. and Ceptureanu, E.G., 2015. Challenges and barriers of European young entrepreneurs. Management Research and Practice.7(3). p.34.
  • Dhone, N.C. and Kamble, S.S., 2016. Development and validation of an integrated supply chain operational performance model for Indian automobile industry. International Journal of Procurement Management. 9(1). pp.27-70.
  • Espíritu-Olmos, R. and Sastre-Castillo, M.A., 2015. Personality traits versus work values: Comparing psychological theories on entrepreneurial intention. Journal of Business Research.68(7) pp.1595-1598.
  • Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial attitudes and intention: Hysteresis and persistence. Journal of Small Business Management. 53(1).pp.75-93.
  • Feldman, H.,et.al., 2014. Entrepreneurship: Venture Initiation, Management and Development. Routledge.
  • Gallucci, C.,et.al., 2015. Does family involvement foster or hinder firm performance? The missing role of family-based branding strategies. Journal of Family Business Strategy. 6(3). pp.155-165.
  • Glover, D. and Kusterer, K., 2016. Small farmers, big business: contract farming and rural development. Springer.
  • Goss, D., 2015. Small Business and Society (Routledge Revivals). Routledge.
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