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Unit 11 Small Business Management St Patrick's College London

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INTRODUCTION

Entrepreneurship can be understand as an activity where a person takes initiatives and set up a business, faces various sort of financial risks, makes strategies/plans and so on (Baum, Frese and Baron, 2014)s. All these things are being done by an individual in order to generate revenue and to earn high profit as well so that his/her requirements can be fulfilled and to grab a good position at domestic or international level. All these businesses have different objectives and fulfil customer's need. Apart from this, entrepreneurs plays an important role in upgrading economical condition of country. Report will show various ventures along with entrepreneurship typology. Also, difference and similarities of them shave enclosed under this assignment. Lastly, how entrepreneurs and their business affects whole country has been included under this assessment.

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TASK 1

P1. Different types of entrepreneurial ventures and their relation with typology

Entrepreneurship: When a person takes initiatives and faces risks that are related to his/her own funds & finance so that to develop a start up can be known as entrepreneurship. In other words when an individual looks forward to fulfil needs and wants of consumers through manufacturing products or delivering services can be considered as a business. Here, entrepreneur does proper planning, follows policies, makes strategies so that to grab a good position at marketplace through which he/she can make high profit (Bhachu, 2017). Along with this, a start up is being taken under process through a process when an entrepreneur gets an idea of doing something which can come under business sector.

Types of entrepreneurial ventures:

Small business entrepreneurship: People who are willing to start their business at small level can come under this sort of venture. Here, entrepreneurs mostly opens a start up in different sectors like grocery, consultancy, saloons and so on. Entrepreneurs under this sector mostly enters into business world so that to earn proper benefit in order to fulfil needs and wants of their own in an appropriate manner. Availability of appropriate funds, decent safety of their own and of family is the main motive of this business people. It has been located that there most of employment is United Kingdom has been given by these small level enterprises where more than half of citizens are doing work under these entrepreneur.

Scaleable Start-Up Entrepreneurship: Under this section, entrepreneurs mostly aims to capture domestic market in a short period of time. Along side this, there are ample number of problems which can be faced by these entrepreneurs like lack of funding capacity and so on as they are looking to expand their business in a specific time frame. Therefore, enterpriser under this section try to capture the eyes of investors that are present in the business world so that plans of them can be executed right on time and in effective manner as well. It is being seen that investments is only being done by investors if their mind sets matches with entrepreneurs (Burrows, 2015).

Large organisational Entrepreneurship: Firm which is being opened at international level can come under this sector. TESCO, Marks and Spencer, McDonald's, Toyota comes under this section as they are dealing at global level. Here, business firms have their own objectives and perspectives as well but the way of doing business differs from each other. In United Kingdom, TESCO plays a vital role in making changes in economy of UK.

Social Entrepreneurship: Under this sort of section, entrepreneurs do not have the motive of making money but looks into different aspects where standardisation of people's living can be improvised. Here, they deliver products and services to citizens of United Kingdom who are in need and basically they try to give employment to needy people (Social Enterprise, 2018).

Male Entrepreneurship: One of common sort of entrepreneurs that are present in all over world. It is being seen that most of entrepreneurs in all over world are men and basically they have main motive at this moment is to deliver products and services to consumers and in exchange they asks for monitory in order to make profit (Butler, 2012).

Female Entrepreneurship: Empowering women in all over world is can be considers as the main aim of these sort of entrepreneurs have. Here, female entrepreneurs do businesses in order spread awareness among women or to earn profit, this totally depends on their aims and perspectives. In initial years it is being seen that business people mostly man used to discriminate women just because of their sex. Marian Ilitch is one of those entrepreneur that took initiative and showed that women can also do same things that a man do.

P2. Similarities and differences between entrepreneurial ventures

The differences and similarities between life style and serial entrepreneurs:

Social as well as lifestyle ventures or business similarities

Serial entrepreneur ventures similarities

· Innovation makes both lifestyle and serial business ventures similar in nature.

· It is being seen that they both make plans so that to catch eyes of investors which can be considered as a similarity.

· Main aim of these of this type of entrepreneurs is to enhance make their business successful which can be considered as basic similarity.

· Customer's needs are being fulfilled here, management takes initiatives in order to create value of company in front of social people (Dacin, Dacin and Tracey, 2011).

Difference

Difference

· Main difference of this sort of venture is to resolve all the issues that are being faced by citizens of United Kingdom.

· Social well faring is main motive which directly aid in improvising economy of UK.

· They can be both profit earning or non-profitable organisation.

· Main aim here is to resolve all the issues so that to profit can be earned at its full level through boosting employees of it.

· Once business starts getting successful responses then entrepreneur of this firm sell it.

· They do not offer products and services to consumers in free but looks for high profit margins.

The differences and similarities between Male and Female entrepreneurs:

Male entrepreneur’s businesses similarities

Female entrepreneur’s business similarities

· Objectives of these firms can be same (George and Bock, 2011).

· Male entrepreneurs mostly aims to deliver products and services to consumers according to need and requirements of consumers and same is being done by female entrepreneurs.

· Skills and thinking of both men and female can be same at some points which makes them similar.

· Decisions are being taken by female entrepreneur can be similar to the men while making a strategy plan to attain specific goals and objectives.

Difference

Difference

· Men stays much aggressive then women which makes them distinctive from each other.

· Men are risk takers as they stay much confident than women.

· Male entrepreneur stays dedicated.

· Challenges are being accepted by male in a rapid manner where female looks for safe side (Grimaldi and et. al., 2011).

· Men mostly stays connected with technology which makes them different from others.

· Communication skills with high talent make men unique in nature.

· Female looks forward to empowering women so that they can grow.

· Motivation is being given by them in an appropriate manner which may they totally different from male entrepreneurs.

· Females tries to communicate with their employees which makes them unique.

· With high capabilities then men these entrepreneurs keep on analysing market and deliver products and services to consumers.

· Female keeps on considering all needs of females and try to motive them so that they can live their life in an appropriate manner.

P3. Relevant data to understand impact of small business on economy

Government of United Kingdom has made some policies and brought all the business ventures in different categories. A small business enterprise is going to be considered by government of UK if they have workers less than 20 and do not generate revenue more than 20 million pounds. It is being analysed that people of United Kingdom do believes in opening a business rather than going for a job and do work under a person (Hitt and et. al., 2011). This distinctive thinking makes them much effective in nature and that is the reason that this country is growing rapidly. Through this way of thinking small business enterprises have given opportunities to people who are looking for job and this raised employment in UK. This scenario is aiding this nation in coming into the countries that are growing faster than others.

Some features of small scale businesses are stated below:

Employees: Fixation has been done by government of United Kingdom and has mentioned that employees under a small business firm should not be more than 20 workers.

Small business area: This sort of business entities does business in a specific geographical areas. Reason being that entrepreneurs under this section do not have much funds so as to enhance business at international level. There stays higher possibilities of losses that can be faced by firms of this section. Therefore, entrepreneurs do not focus to expand it. Apart from this, it is must for organisation to look into areas so that to deliver quality products and services so that to maintain sustainability at workplace in an appropriate manner.

Economical factor: SME's of United Kingdom has brought up UK to a leading position in all over world. According to the analysis which is being done by famous researchers it is being analysed by them that in the year of 2017, small scale industries have raised UK's economy to 9% which is good margins that have seen from other countries.

Revenue: As government of United Kingdom has fixed every single thing that is related to business firms. Here, organisations of different attributes can put themselves in different sectors that are being mentioned by government. For small business enterprises, 20 million pounds has been set by governmental entities.

Locations: Small shops, one or two outlets, showrooms that have been opened by an entrepreneur do comes under Small business enterprise. Because of lack of capital these firms do faced issues which are related to expansion of business (Landes, Mokyr and Baumol, 2012). Along side this, it is must for them to keep on looking into areas where they can improve so that profitability can be embraced.

Society: It is being located that these firms mostly provide employment in all over United Kingdom. Therefore, social people also supports them in many ways. Along with this, it is must for these organisations to look into different aspects so that benefits can be gained in much effective and efficient manner.

Enhancement of abilities and capabilities: SME's needs to analyse marketplace on a regular basis so that to locate what exactly strategies has been made by their rivals so that to resolve issues right on time and profit base can be raised to maximum level (Wiklund and et. al., 2011). Apart from this, it has been analysed that these firms needs to make modifications in their products and services that they are selling at market so that to keep consumer's interest in goods which is being manufactured by them.

P4. Contribution of small businesses and start ups on social growth

When Brexit took place in 2016 where United Kingdom came out from European Union has impacted in both positive and negative manner to Europe and to UK as well. This scenario has pulled eyes of foreign investors as commerce of United Kingdom was fresh in nature. Liberalised manner was being faced by investors as policies were less complex therefore, organisations can expect high profit margins (Economic impact of Brexit, 2016). This scene has changed normal citizens to entrepreneurs. Some of alterations that are being faced by United Kingdom are given below:

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Wealth Distribution: Companies from different areas has helped United Kingdom to raise its economy in much effective way. TESCO, Marks and Spencer and some others has helped United Kingdom to stand straight in front of world where it grabbed eyes of foreign investors in short period of time.

Turnovers: As it was discussed earlier that small and middle level companies have impacted positively on growth of United Kingdom (Szirmai, Naudé and Goedhuys, 2011). Apart from this, it has also been analysed that 1.7 trillion pounds was the revenue was generated by small scale industries of UK.

Infrastructure: Reason why Brexit took place was that to pull out United kingdom out of trade union of Europe. It is being located that this activity has pulled foreign clients and investors to work with country people (Martin, McNally and Kay, 2013). Apart from this, there are ample number of opportunities that got developed in an appropriate manner. Away with this, entrepreneurs and capitalists with same sort of mindsets has helped UK to grow in high speed.

Henceforth, United Kingdom has invited large number of companies to do business with them as they have offered liberal policies where foreign firms can do business as much as they want without fixing any sort of time or anything like that. Both SME's and large organisations have mentioned to make UK to one of the fastest growing country through earning high profit and through generating high revenues.

TASK 2

P5. Traits and skills of successful entrepreneurs

Pouch which is one of online business websites which was successfully introduced in the market of United Kingdom by two entrepreneurs Ben Corrign and Jonny Plein. It was presented in the year of 2016. Here, one more company named as “Influencer” which was introduced by Ben Jeffries in 2015 can be taken as an example because these two companies were got emerged in an appropriate manner. Entrepreneurs and Managers are different from each other, and skills which make them so are given below:

Characteristics

Entrepreneurs

Managers

Risk Taking

An entrepreneur is some one who takes initiatives and keep a business mind where innovation is their main perspective.

Risks are not being taken by managers and plays a safe side within an organisation.

Planning

Entrepreneurs starts a business through implementing an idea that they had in mind (Neck and Greene, 2011).

Planning has been done by managers in order to hit goals and objectives of a company.

Major attributes which are possessed by an entrepreneur are as follows:

  • Entrepreneurs believes on their own rather than any other. Capital in their pocket, resources that they have and other things plays a vital role in order to make a start up much successful in short instance.
  • Entrepreneur are continuous learners and stays self centred so that to grab good advantage at marketplace (Shane, 2012).

P6. Aspects of Entrepreneurial Personality

Personality trait is being considered as one of essential and beneficial tool which can be used by an enterprise in order to gain competitive advantages. It has been analysed that there are many major elements that plays a crucial part for upgrading an entrepreneur and these are given below:

Neuroticism: This sort of tool is much related to motivation as malfunctioning process can help a entrepreneur to get motivated. Low level of neuroticism may aid entrepreneur in locating different sorts of areas in which they can make high level of profit (Santos, 2012).

Extraversion: This element also plays an important role when an entrepreneur should rapidly look into different areas and keep on making high profit marginal decisions so that to grab a good position at marketplace at geographical area where company is doing business.

Rule Breaker: An entrepreneur keeps on making and ruling over and over and tries to run business with smart options.

Risk Propensity: Entrepreneurs keep on examining workplace in an appropriate manner and try to hit their targets through taking effective decisions right on time.

P7. Ways in which background and experience hinder and foster entrepreneurship

Oprah Winfrey is one kind of example that can be used here. It is being seen that this entrepreneur did not had any financial support and belonged to a really very poor family. Poor child which starved and asked for help but there was no one who supported when it was needed the most. Her own story has influenced to deliver appropriate services to people who are in need. Along with this, when she was about to develop a start up she had to go through various difficulties like financial and so on but some how she started it and became successful because of her own belief (Sarasvathy and Venkataraman, 2011).

Here, one more example which can be taken under is of a footwear enterprise and its founder Julia who has a huge name in all over world as she took some smart steps and raised her and her companies name in front of the world. Her background stays that she was a thief and went behind the bars in the case of bankruptcy.

One and last example which is being taken here is of Mark Zuckerberg as he is one of the richest person in all over world in current time. This entrepreneur once belonged to a small family whose earning was that to fulfil their needs right on time. The idea of launching Facebook was came in his mind when he was reading book while sitting at the library of Harvard University. Therefore, these are some examples of people through which hinder and foster situations can be examined in an appropriate manner (Schaltegger and Wagner, 2011).

CONCLUSION

At last, it has been concluded that entrepreneurs plays vital role and affects economical growth of a country. There are ample number of problems which needs to be considered in an appropriate manner by these firms so that to grab good position at marketplace of the nation. Various sort of business organisations are there that are delivering many sort of services to consumers in different areas. Brexit played an important role in considering all the aspects which has helped UK to grab a good position in all over world. Both economical and social elements should be much effective of a country so that to grab a good position at marketplace. Various business opportunities that are being grabbed by entrepreneurs which has helped them in making high profit margins.

REFERENCES

  • Baum, J. R., Frese, M. and Baron, R. A. eds., 2014. The psychology of entrepreneurship. Psychology Press.
  • Bhachu, P. ed., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks. Routledge.
  • Burrows, R. ed., 2015. Deciphering the Enterprise Culture (Routledge Revivals): Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
  • Butler, J. S., 2012. Entrepreneurship and self-help among black Americans: A reconsideration of race and economics. SUNY Press.
  • Dacin, M. T., Dacin, P. A. and Tracey, P., 2011. Social entrepreneurship: A critique and future directions. Organization science. 22(5). pp.1203-1213.
  • George, G. and Bock, A. J., 2011. The business model in practice and its implications for entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
  • Grimaldi, R. and et. al., 2011. 30 years after Bayh–Dole: Reassessing academic entrepreneurship. Research Policy. 40(8). pp.1045-1057.
  • Hitt, M. A. and et. al., 2011. Strategic entrepreneurship: creating value for individuals, organizations, and society. The Academy of Management Perspectives. 25(2). pp.57-75.
  • Landes, D. S., Mokyr, J. and Baumol, W. J. eds., 2012. The invention of enterprise: Entrepreneurship from ancient Mesopotamia to modern times. Princeton University Press.
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