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Unit 13 Entrepreneurship Pearson BTEC Level 5 HND Diploma Health and Social Care David Game College

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INTRODUCTION

Small and medium size of business is necessary to manager in the market. Numbers of SMEs are working in industry and making contribution in order to country's economy support. Beside from it, the assignment will be discussed about small and micro business has made great impact upon the economic development of the country in respective manner. Furthermore, the report also will be discussed about some personality trait, skills, characteristic of Both Bill Gates and Steve Jobs persons' help them to gaining sufficient form of services in the business environment. Background and experiences of Both Bill Gates and Steve Jobs persons' hinder and foster of their entrepreneurship effectively.

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PART 1

P.1. Different types of entrepreneurship ventures and their relationship with typology of entrepreneurs

An entrepreneur is the person who makes efforts in organising, managing and executing variety of business activities by taking ample amount of risks. In case of today's world, the entrepreneur has become one of the crucial factors for gaining development of country's economy. Entrepreneurial typologies are associated with several types of entrepreneurship ventures in specific country (Von Graevenitz, Harhoff and Weber, 2010). There are several types of working in the UK who can be classified into male, female, serial, social and scalable.

Scalable start-up entrepreneurial venture: Scalable start-ups are those businesses which conduct motive to establishment of new and innovative ideas or thoughts by which they can meet their desired goals and objectives to change the world by introducing advanced products. These types of entrepreneurs are coming in the UK's market serial wise and furnishing variety of advanced products as per people's demand.

Small business entrepreneurial venture: Small businesses are those which are running their business activities at small and micro level in industry. Small business needs limited volume of capital and fewer employees to run it (Stokes, Wilson and Wilson, 2010). So, it also has fewer numbers of customers who might be targeted by its owner. Small business can be electronics book, barber, plumber, consultancy services, etc.

Large organisation and ventures:There are large number of organisations and ventures operating in UK which has potential to generate revenue for the business at broad scale. Ample amount of capital is needed to run a large scale of business and it also has number of employees in the firm. In the UK's market, large companies in retail sector are like Tesco, Aldi, Asda, etc. Large organisation is offering a variety of innovative products at broad level which has potential to generate a large amount of profitability and productivity for the business in order to gain sufficient amount of money that makes contribution of country’s economy.

Social entrepreneurial venture: Social entrepreneurial ventures are those which is working for designing and delivering some essential products and services which has potential to satisfying people's social needs effectively (Stephan and Uhlaner, 2010). Social workers running for their business functionalities not for earning money for profitability, they have major aim for working to execution of social welfare activities. Ample amount of social entrepreneurial ventures are running in UK market which is serving several types of social care services at free of cost.

P.2. Different types of entrepreneurial ventures and their similarities and differences

From the above discussion, in UK, there are multiple number of different types of entrepreneurial ventures running in the market and generating small amount of revenue in market. All above mentioned entrepreneurial ventures are working in their specific industries in market. So, from the analysis, it has seen that all they have is multiple types of similarities and differences which are as follows:

Differences:

Differences

Large scale organisation

Small types entrepreneurial ventures

The major difference is that large scale organisation needs broad level of capital and numerous employees to run it in industry in a well manner.

Large scale of organisation is following specific types of corporate culture to completion of their working in a perfect manner.

Small types of entrepreneurial ventures need small amount of capital and small numbers of employees to running its functionalities (Pott and Pott, 2012).

Small types of does not follow a specific way of working in order to completion of business task, they follow random types of cultural approaches to running business.

Social entrepreneurial venture

Scalable entrepreneurial venture

Social entrepreneurial ventures are working for social welfare activities and they need voluntary employees for operating its business functionalities (Nanda and Sørensen, 2010).

They work for not profitability and have vision to changing the world in equal manner.

Scalable start-up's running for introducing new ideas and innovative products which has potential for earning large amount of profitability.

Scalable business work for earning profitability and changing the world by their innovative thoughts.

Similarities

Small business entrepreneur

Large business entrepreneur

Small entrepreneurial ventures are delivering new products and services which has potential to satisfy each customers.

Small business has aim to increment in revenue and profitability of the business.

Unlike small ventures, large businesses also offering various types of innovative new products which can fulfill customer's needs effectively (Monitor, 2012).

Large scale of organizations are also running for earning high amount of profitability.

Social entrepreneurial venture

Scalable entrepreneurial venture

Social entrepreneurs has major aim to find out innovative products and services which could fulfil social needs and necessity of each of their client.

They have major aim to making changes in the society by delivering various services to creating an environment where peoples can develop themselves at sustainable level.

Scalable entrepreneurial ventures also running for designing new products and services which can satisfy its customer's needs properly.

Scalable entrepreneurial venture also offering those kinds of products which is prime aim to helping people and living sustainable lives.

P.3. Small and micro venture impact on economy of United Kingdom

From the relevant data and statistics assessment, it has been found that number of small and large ventures are running in UK market and generating small volume of revenue and profitability in industry. Small, micro and medium sized enterprises could be defined by:

  • Micro entrepreneurial ventures: Less than 12 employees & Annual turnover under £2 million
  • Small entrepreneurial ventures: Less than 40 employees & Annual turnover under £9 million
  • Medium entrepreneurial venture: Less than 300 employees & Turnover under £60 million

Small and micro business venture can be classified into sole traders, partnership and private company (Landes, Mokyr and Baumol, eds., 2012).

Sole traders:

Sole business trader is owner of the firm who is major decision maker for their business.

Sole business possess all liabilities which is related to the banks in industry.

Partnership:

Partnership is the outcomes of an agreement which is being made between two or more parties to establishment of a business.

They share their expertise and resources while running their desired business functionalities.

Private companies:

Private companies has liabilities among each employees and stakeholders of the business which is needed to filfil.

Table 1: Total Enterprises in UK 2015-2016

State

Whole companeis

%SME

United Kingdom

5.5 million

93.3

From the above data and states of total business running in the UK. In UK, there are 5.5 million of companies are running in the industry and out of which,93.3 were SMEs business. It implies that, most of the major market share is occupied by the small and medium organisations in UK, which is generating large amount of revenue and profitability within the business, so it makes great volume of contribution for economic development of the nation (Klein, Mahoney, McGahan and Pitelis, 2010).

Table 2: Total Employment in UK

Country

Total person employed

%SME

United Kingdom

15.7 million

60

From the above analysis of relevant data of total employees in the UK, it has examined that, 15.7 million total employees are working in different-different types of organisation in UK and 60% of total employees of the country are working in the small and medium size of companies in nation (Kirzner, 2015). So it can be said that, SMEs are offering more job opportunities to those peoples who are not getting job in large organisations. So they are making efforts to reducing unemployment in the country which boost up economic growth of the nation in effective manner.

P.4. Importance of small businesses and start-up's

The necessity of different types of start-up's in United Kingdom has been increase after Brexit incurred in the nation. The United Kingdom has decided to leaving European Union by signing on a memorandum.

Opportunities

  • After Brexit incur in the UK, ample amount of new business opportunities has been arisen in the country in case of development of its industrial sector.
  • It has noticed that, betterment in agriculture services by minimising agriculture subsidies in UK.
  • There are numbers of small and start-up's are arising in the country after Brexit incurred in state (Drucker, 2014.).

Threats:

  • It makes effect upon growing rate of economic development of the country.
  • It makes impact upon reducing corporate sector of the business.

Increment in Innovation: Small and medium size of organisation are implementing strategy to making innovation within their existing and new products that has potential to invent innovation in the firm. Most of SMEs are entering into business industry by delivering new products according to demands and needs of clients. Moreover, increasing in the competition level in market, in encourage SMEs businesses to modification in its services and goods as per customer demand, which enable business to meeting their desired goals and objectives.

Reducing Unemployment: Employment is one of the major issues for every country and it makes negative impact upon economic growth of state. From the above analysis, it has examined that, 60% of employees are working in small and medium size of companies in the country. So thsie person who are not getting jobs in large scale of organisations, are offering to having job in small scale and start-up's business in appropriate form, so it is reducing the unemployment rate of the UK effectively (Delgado, Porter and Stern, 2010). Unemployment will lead to boosting up economic growth of the country in relevant format.

Increasing standard of living: Small business are offering various types of new products which is demanding of peoples as modern time's needs. So peoples are being utilised of some effective products which is assisting them to completion of their day to day short task in easy way. So consumers are demanding more and more for adding innovation in existing products of the business to building them more advanced in the industry. Which has potential to satisfy each customer's needs properly and also raising living standard of country's people at great level.

PART 2

P.5. Traits, skills and characteristics of Bill gates and Steve jobs

A entrepreneur is a person who works in the business rather than an employee in order to completion of business function's in respective manner. They won risk and major barriers of the business which can be reduced by utilisation of their interpersonal skills and traits that can be used by them to gaining desired success within business (Brenkert, 2017). In terms of Bill gates and Steve jobs both persons have their won some interpersonal and intra personal skills and traits which enabling them sufficient to facing all types of adverse circumstances of the business which baring at initial stage of their business sectors. With the assistance of these characteristics and skills, Bill gates and Steve jobs both persons has addressed critical circumstances of their business where other person usually give up.

Skills:

Innovative:Bill gates and Steve jobs both persons were innovative in context of thinking and producing new products as well. They came up in the market by bring effective innovative ideas that can changed peoples lives and living standard at great manner. Both the persons has innovative thinking which enables them to making influencing upon people's mind. So it assisted them to gaining their desired success in industry.

Leadership:Bill gates and Steve jobs both persons were great leader in their business sectors. With the assistance of their effective leadership styles they have influenced their workforces to working hard for the business and also meeting desired vision and mission objectives of the business.

Characteristics:

Self confidence: Self confidence is one of the best characteristic of Bill gates and Steve jobs, because it allows them to creating confidential value to their business initiatives which is taking up by them into business. Self confidence enables them to making creative and big decisions for the business (Baumol, 2010).

Persistent: A successful entrepreneur must be persistent towards their desired aims and objectives in order to pursuing their organisation achievements. Bill gates and Steve jobs both persons were persistence about vision and mission statements of their organisations.

Traits:

Passionate: The personality traits of an entrepreneur defines that, they must be passionate towards their desired business activities in industry. They should enjoy their work in ventures which they want to implement in industry. Bill gates and Steve jobs were passionate about their desired goals and objectives.

Risk takers: Successful entrepreneur should be risk taker. Risk taker traits enable them to facing critical condition of the business by which they can sustain in competitive business environment in relevant form. Bill gates and Steve jobs both persons were risk taker.

P.6. Reflection of aspect of entrepreneurial personalities on motivation and mindset

It terms of examination of reflection, that gives fiver personality theory and model which can be utilised to assess the entrepreneurial personalities of Bill gates and Steve jobs both persons in effective way.

Extraversion: It can be said that, an entrepreneur must be extraversion in order to generating high amount of energy level of interacting with some essential people who assist them to arising energy by social interaction with peoples of communities. In case of lower extraversion, who tend to produce energy by themselves. In case of Bill gates and Steve jobs both individuals were extrovert in terms of interacting with peoples to displaying their ideas in more effective ways.

Agreeableness: A successful entrepreneur must be agreeable in order to completion of various tasks of the business in respective form. They tend to produce interest to taking care of other within the business in order to building positive values among them. In case of Bill gates and Steve jobs both were agreeable, so they present themselves with diligently and politely in front of their sub-ordinate executives (Baum, Frese and Baron, eds., 2014).

Conscientiousness: A person who has high level of Conscientiousness can make a good representation of some crucial areas where good impulse control and good directed behaviours. These types of entrepreneurs consume more time in preparation of accomplish essential tasks first. They pay attention to attaining their desired goals and working according to schedules of the business. It has been seen that, there are numbers of issues that can be used. Bill gates and Steve jobs both persons are following conscientiousness in order to preparation of respective schedules by which they might complete their desired goals and objectives.

Neuroticism: Neuroticism is a trait of personalities characteristics, by which entrepreneur can engage with other in the business by understanding of sadness, moodiness and emotional instability. Higher level of neuroticism can enable a person to emotionally unstable. oth Bill Gates and Steve Jobs persons were lower in neuroticism by personality. They sufficiently control their emotions in the business and make difficult decisions.

Openness: The trait feature defines that, an entrepreneur must be openness in order to thinking about to business development at broad level. Openness enables an entrepreneur in order to accepting adverse situations of the business. Both Bill Gates and Steve Gates were very creative and openness in terms of completion of various difficult decision of the business.

P.7. Examination background and experience that hinder and foster entrepreneurship

Successful entrepreneur ample amount of difficulties, problems and issues at initial stage of entrepreneurial venture. In order to accomplishment of their desired goals and objectives, they have to face some adverse situations, where other persons give up (Barringer and Ireland, 2010). Sn they have to faces several types of issues that can be used in such a manner so that effectiveness can be used in such a form. Both Bill Gates and Steve Jobs individuals are facing several types of issues in regarding to their specific business. Most of the issues and barriers are generating from the background, family and societal support, this is the nature of their personalities to addressing all difficulties of the business in respective form. With the assistance of their risk taking and passionate personality traits, thy will be able to better understand the major issues of their business function's and according to them, made better decision by which business performance can be improved within the business environment. They have gained proper growth in the technological sector by having sufficient knowledge in this sector, which allow them to sustain in the IT sector in better way.

Some factors of their personal traits and personality characteristics assists them to resolving business issues in perfect manner. The positive part of their background is that, their family support boost up their personalities and addressing issues of the firm. Apart from it, it can be said that, Both Bill Gates and Steve Jobs person's personal experiences about IT and technological sector encourage them to gaining sufficient success in their particular business sector. At the initial stage of the business, they were facing criticism from society and communities people nearby them. Hence, it can be said that, some essential aspects of their background and experiences helps them to gaining sufficient amount of success in order to gaining sufficient form of their services. Both persons have faced too many issues and difficulties at the initial stage of the firm to tackle them effectively and become a successful and renowned entrepreneur.

CONCLUSION

From the analysis, it is concluded that, variety of entrepreneur are working in the UK in their separated industries in market. Different types of entrepreneurial ventures are working in industry and they have some difference and similarities. In addition to it, the report also concludes about small and micro business has made great impact upon economic development of the UK. Numbers of unemployment has been reduced by small companies in nation. Apart from it, it is also concluded that, small business and start-up's is very essential for the businesses in order to gaining sufficient amount of money. Some personality traits, skills and s characteristics of Both Bill Gates and Steve Jobs persons' assist them meeting their desired business goals.

REFERENCES

  • Barringer, E. and Ireland, R.D., 2010. Successfully Launching New Ventures. Pearson.
  • Baum, J. R., Frese, M. and Baron, R. A. eds., 2014. The psychology of entrepreneurship. Psychology Press.
  • Baumol, W. J., 2010. The microtheory of innovative entrepreneurship. Princeton University Press.
  • Brenkert, G. G., 2017. Entrepreneurship, ethics, and the good society. In Entrepreneurship (pp. 85-128). Routledge.
  • Delgado, M., Porter, M. E. and Stern, S., 2010. Clusters and entrepreneurship. Journal of economic geography, 10(4), pp.495-518.
  • Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
  • Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
  • Klein, P. G., Mahoney, J. T., McGahan, A. M. and Pitelis, C. N., 2010. Toward a theory of public entrepreneurship. European management review, 7(1), pp.1-15.
  • 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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