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Unit 3 Entrepreneurship Level 6 Regent College

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INTRODUCTION

Entrepreneurship consider several kinds of innovations and creativity at workplace to develop target market and maintain effectiveness. With this regard, aims and objectives of entrepreneurs determines to operate successful operations and functions in different areas of the world (Bae, Qian and Fiet, 2014). Present report considers different kinds of operations to cope up their effectiveness in the market. In addition to this, entrepreneurs make their efforts and attainment to target new people at workplace. In respect to analysis the present report, covers different kinds of entrepreneurship ventures that consider their part to make high profits and revenue at workplace. Furthermore, it analysis similarities and differences between different types of entrepreneur’s venture in the market.

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PART 1

P1 Types of entrepreneur’s venture and their typology

In respect to develop effective functions and operations, there are different types of business exist that consider effective results with development of economic value and results. Furthermore, they take important part in the accomplishment of goals and objectives at market. GDP economy consideration develop successfully so that entrepreneurship create opportunity to attain effective results (Miller, Steier and Breton Miller 2016).. Following are different types of entrepreneurship business exit in the UK market:

Local entrepreneurship: Local entrepreneurship consider their operations and functions to develop target market in successful manner. They consider regular development in the business to ascertain quality of entrepreneurs in small businesses such as local grocery retailer, hairdresser, etc. They consider operations and functions to run their activities and entrepreneurship program to increase profits and revenue as well. Their main motive is to increase profits and revenue through implement innovations. In this regard, typology involved to attain systematic functions through consider several activities in it.

Global entrepreneurship: In the global entrepreneurship, there are different activities consider to run operations and functions successfully. At global level activities determines to hire people and increase their effectiveness with several operations and functions. Profitability of the organisation also managed with identify customer demand and market trends. Their main motive is to determines functions to compete with different competitors in market. Therefore, they are able to attain more significant advantages in their operations and functions. In addition to this, their typology involve that is keep security and effectiveness in the market to attain more significant results at workplace.

Social entrepreneurship: Furthermore, social entrepreneurs consider their operations and functions through implement new elements in existing products. In the business environment, entrepreneurs determines and assess society requirements (Bae, Qian and Fiet, 2014). As results, they consider functions and operations to attain more significant results at workplace. It is the best way to maintain profitability and effectiveness at workplace. Along with this, in the society there is wide issue occurs due to building profitability and outcomes in systematic manner.

Scalable start-up entrepreneurship venture: Along with this, scalable start-up entrepreneurship determines their motive to complete innovations and creativity with includes new and effective functions. This is because, they entitle skilled workers so that new customers could be targeted in systematic manner. With consider new products and services, qualitative elements implemented successfully at workplace. As results, it will focus on develop vision and profitability as well.

Serial entrepreneurship: This kind of entrepreneurs work to develop outcomes and results for future development. They consider their business to start new business and undertake more successful business development. Main typology involved that is innovative and creative features that assists to attain more successful advantages at workplace.

Life style entrepreneurship: In respect to develop effective results, lifestyle entrepreneurs focus on the development program that assist to obtain systematic work performances. Therefore, they are easily able to handle risk capacity (Miller, Steier and Breton Miller 2016).

All these successful entrepreneurs consider typology to maintain connection with different businesses. Therefore, local business easily run to attain more profits and revenue at workplace. They are also getting high return from the activities to ascertain innovations and creativity.

P2 Similarities and differences between different ventures

In respect to consider effective results, there are different entrepreneurship consider their important place in the business success. There are several kinds of enterprise exist that take place to established operations and functions in systematic manner. They all possess some similarities and differences to operate successful results in the business environment. Furthermore, it is beneficial to make high growth and creative advantages at workplace. Venture established to develop growth and economic development at workplace. Therefore, global business, local business and social businesses al consider their operations and functions to maintain innovations and creativity. As results, they all are consider their part to maintain security. They want to get more profits and revenue to attain more significant results at workplace. As results, they are able to generate positive impact with different strategies and attain significant results. In addition o this, they consider working pattern to maintain long term targets at global place. Earning and profit motive is the main advantages to the entrepreneurship firms that helps to attain more significant results at workplace.

Beside this, there are several dimensions exist in which collective results will helps to focus on the creative functions and operations. In this regard, it is important to attain more significant results at workplace through business able to gain their profitability in systematic manner. Local business requires high amount to consider new operations and innovations at workplace. On the other hand, to social businesses there is less amount needed to cope up with several activities in the business. In order to attain desired results at workplace. In this way, different business considers distinguish demand of money to consider their effectiveness at workplace. Therefore, it is important to focus on some attractive elements in the business. Furthermore, increasing profitability and positive outcomes at workplace determines through government agencies to make concentration at international level. Therefore, issues and problems will be solved to maintain effective results at workplace.

Along with this, there are different aspects consider that helps to maintain effectiveness at workplace. In this regard, it is essential to lead with the business environment and consider distinctive contribution in the country economy. Goals and objectives of the business has been ascertained to implement different activities at workplace.

Similarities between serial entrepreneur with lifestyle

Serial entrepreneur

Lifestyle entrepreneur

Skilled employees required at workplace

Human resources needed to focus on the innovative with high skills

Creative and innovative features

Innovative development of skills

Differences

They consider new ideas and features for the business development and attain more desired results at workplace.

They focuses on the reward system through people will be attracted and attain more significant advantages.

P3 Interpret and assess relevant data which impact on micro and small business on the economy

In order to focus on the creative results, it is important to consider micro and small businesses at workplace. In this way, economy of the nation consider huge impact through contribute growth in business environment. Along with this, clear vision needed to attain more systematic work performance at workplace. Large businesses consider clear vision to obtain more useful information in the business. There are different ways in which organisation could be classified in systematic manner (Miller, Steier and Breton Miller 2016). In UK, small business consider more creative work performances. In this way, performance after Brexit is continuously expanded by 0.5%. One major impact of this business on economy is developed as in 2014 there is estimated 5.2 million businesses concern to make high growth in the UK. Therefore, standard also maintain to focus on benchmark and practices as well. From this, most of the private sector around 60% take part to develop employment activities in SME. They also arising their significant implications for economy development. Furthermore, government also conduct survey and more than 10000 small business also take support from them. Around 23.4% SME businesses grow and ascertain their growth in year. They also involved innovation so that profits and revenue could be easily develop. From England around 15.4% small businesses take part to make high growth and effective results as well.

For instance micro, small and medium sized enterprise. In this regard, private businesses consider their outcomes through earning more profits and revenue at workplace. It is the best way to develop target market and attain more desired results as well. They consider sole proprietorship to obtain financial statement to evaluate successful results. Beside this, public business consider their outcomes to develop facilities and systematic performances in systematic manner. Partnership enterprises consider their operations and functions to earn more profits and revenue. Hence, following aspects has been implemented at workplace that impact on SME:

  • Contribution with employment opportunities: It is the major aspect which helps to focus on the more recruiting in the business environment. In this context, it is important to identify employment opportunities to operate in the small business in all over the world (Shepherd, 2015). In addition to this, big enterprise consider more people while in SME there are only 250 workers required. Hence, micro enterprise provide employment for more people which create significant impact on the results.
  • Economic impact: In respect to undertake growth and opportunities of the nation, SME play very important role in every country (Reuber, Knight and Zhou, 2018). In this regard, it is important to look towards the innovations and creativity which bring important consideration at workplace. Furthermore, it makes sure that opportunities also developed in the large consideration to focus on the systematic results.
  • Flexibility changes with scenario: In order to focus on the economic stability, it can be stated that UK maintain systematic results with consideration of effective results. In this regard, it is important for the SME to create their plan and take consideration as per the customer needs and requirements (Naudé, 2014). Along with this, as per obtain information, capabilities also increasing to maintain high profits and revenue to remain stable in the nation.

P4 Importance of small business to accomplishment of desired results at workplace.

In order to develop systematic results, start-up businesses obtain their performance through focus on the effective functioning and operations as well. It is the best way to attain desired goals and objectives in the business to undertake more systematic performances (Naudé, 2014). There are some importance undertaken in the enterprise which consider positive impact on the accomplishment of desired results in the business. They are as follows:

  • Increase employment opportunities: Small business determines effective results to ascertain more significant advantages at workplace (Naudé, 2014). In this way, small and medium enterprise play major role in the business success and country as well. Along with this, it assists to create more revenue and profitability in term of foreign fund and contribution as well. Hence, market share will be developing in successful manner.
  • Improvement in the society performances: With the help of the more contribution in the business through money and financial resources, different advantages has been take place (Schaper, 2016). In this way, improvement of the society also undertaken to make successful operations and functions with economic conditions.
  • Increase GDP: Start-up enterprise also consider their effective results to increase opportunities and development program as well. It is the best way to make several changes in the economy with ascertain creative activities. In addition to this, more opportunities will be increasing that helps to attain more significant advantages in the country (Fayolle and Gailly, 2015).

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PART 2

P5 Example of successful entrepreneurs and determines their characteristics and skills

Successful entrepreneur consider their maximum participation in the business to focus on the creativity and effectiveness. In this regard, innovative ideas and views helps to increase thinking capacity and ascertain operations in successful way. Further, there are two successful entrepreneurs has been selected Mark Zuckerberg, and Steve Jobs. They consider important part to maintain effectiveness and attain systematic results at workplace. Traits and skills helps to maintain dynamic culture and mechanics at workplace (Bae, Qian and Fiet, 2014). Following are certain skills and traits has been implemented that required in successful entrepreneurs:

Characteristics and traits:

  • Planning and developing: Successful entrepreneurs consider their part through create planning and development activities to ascertain effective results at workplace. In this regard, it is essential maintain effective leadership ability and lead with brand as well. Zuckerberg and Jobs both create plan to maintain their operations and functions as innovative aspect. Therefore, it will help them to attain desired results in the business (Miller, Steier and Breton Miller 2016).
  • Ascertained with competitive advantages: In order to develop effective functioning it is important to focus on the innovations and creativity. In this regard, Zuckerberg and Jobs consider their part to maintain effective results at workplace. With the help of the competitive advantages will be attain to ascertained creative results.

Skills:

  • Risk taking: In order to focus on the effective functioning, every entrepreneur need to focus on the risk taking capabilities (Abrams, 2017). In this way, they consider effective results at workplace. In order to focus on the systematic results, it is important to take risk in the business. Therefore, it will help to attain more significant results within the market (Klotz and Neubaum, 2016).
  • Focus on the goals and objectives; Furthermore, another skills required in Zuckerberg and Jobs, is focus on ultimate goals and objectives. This is because, when they consider concentration only on the goals and objectives, they are able to deliver creativity at workplace and attain more significant advantages as well.

P6 How entrepreneurial personality reflect on entrepreneurial motivation and mindset

In order to focus on the personality, it can be stated that entrepreneurial motivation and mindset helps to attain more systematic work performance in the business. In this regard, personality helps to focus on the individual with different characteristics which includes lifestyle, culture, bringing innovations, etc. All these consideration helps to attain more systematic work performance in the business (Klotz and Neubaum, 2016). Entrepreneurship also need to obtain creative results and functions which influence to the personality and attain more significant results at workplace. There are different stages included that assists to maintain effectiveness at workplace. On the basis of OCEAN strategy, different activities considered at workplace (Baum, Frese and Baron, 2014). They are as follows:

  • Openness: With this regard, it is important to focus on the culture, originality and experience as well. This is because, with consideration of the individual performance, it can be stated that profitable outcomes develop at workplace. SME can gather relevant information at workplace that assists to attain more significant advantages at workplace.
  • Consolidation: Furthermore, it is also important to focus on the accomplishment of goals and objectives that undertaken on the basis of effective results. Furthermore, tendency also increases that consider main aim to attain systematic results at workplace (Baum, Frese and Baron, 2014).
  • Extroversion: Furthermore, extroversion activity helps to accomplish desired results in the business. In order to focus on the systematic results, Zuckerberg and Jobs both possess their consideration to focus on the desired outcomes.
  • Accommodation: In addition to this, effective strategy also considered to compassionate instead of the suspicious activities. Therefore, it is important to make innovative ideas and opinion that helps to attain more systematic work performances (Siqueira, Webb and Bruton, 2016).
  • Neuroticism: In addition to this, experience also need to develop so that issues will be overcome with unpleasant emotional activities at workplace. With the help of the same extra benefits, targets and outcomes ascertain in proper way.

P7 Background and experience which hinder foster entrepreneurship

With this regard, it is important to focus on the reward and drawbacks which consider for entrepreneurship. This is because, it helps to attain more systematic work with skills and capabilities as well. It also ascertained with the organisation development that signifies to focus on the targets and goals as well. Entrepreneur experience and their education level increases performance in systematic manner to target new people. There are several activities denotes by Zuckerberg and Jobs as well. Zuckerberg consider their participation through focus on the innovative characteristics and ascertain more creative results at workplace. Performances of entrepreneurial venture is main consideration which need to be focused to attain more systematic work performance at workplace (Eesley and Miller, 2018). As results, it will assist to attain more significant advantages. In addition to this Zuckerberg possess capabilities to interact with each person at workplace in the whole world. Hence, he got success with innovation of Facebook. From the help of family motivation, he got more success and encouragement towards the entrepreneurship venture.

Furthermore, he was successful business man because operations and functions have been developed successfully at global environment and attains more systematic work performance at workplace. In addition to this, they are also able to take risk and attain more systematic results at workplace of international environment. In order to develop effective results, Zuckerberg need to concentrate on the development of the desired results. This consider on the business development so that enterprise will get effective functions (Demil, Lecocq and Zott, 2015). With this regard, environment development maintains systematic results in the company. Along with this, targets and objectives consider that assists to set effectiveness.

In addition to this, Zuckerberg need to concentrate on the innovations and creativity so that targets and aims will be attain in systematic manner. There is different consideration included to focus on the new productivity. There are different activities and targets will be ascertained to several results that could be attaining in specific manner. In this regard, new firm will be developing to consider effective results. There are different aims and objectives will be attaining in the business environment (Read, Sarasvathy and Wiltbank, 2016).

CONCLUSION

From the above report, it can be concluded that entrepreneurship consider effective functioning. With the help of the innovative functions and operations, there are several activities organised at workplace of the small business. In this consideration, different businesses have been explained in the market. Furthermore, there are different kind of impact has been seen on the basis of innovative and creative characteristics. On the basis of effective consideration, it can be stated that new business will be develop at workplace. Moreover, there are two successful entrepreneurs consider to focus on the new functions and operations. With this regard, it is important to develop more profits and revenue at workplace.

REFERENCES

  • Abrams, R.M., 2017. Entrepreneurship: A Real-World Approach. Planning Shop.
  • Bae, T.J., Qian, S. and Fiet, J.O., 2014. The relationship between entrepreneurship education and entrepreneurial intentions: A meta‐analytic review. Entrepreneurship theory and practice, 38(2), pp.217-254.
  • Baum, J.R., Frese, M. and Baron, R.A., 2014. Entrepreneurship as an area of psychology study: An introduction. In The psychology of entrepreneurship (pp. 33-50). Psychology Press.
  • Demil, B., Lecocq, X. and Zott, C., 2015. Introduction to the SEJ special issue on business models: business models within the domain of strategic entrepreneurship. Strategic Entrepreneurship Journal, 9(1), pp.1-11.
  • Eesley, C.E. and Miller, W.F., 2018. Impact: Stanford University’s economic impact via innovation and entrepreneurship. Foundations and Trends® in Entrepreneurship, 14(2), pp.130-278.
  • 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.
  • Klotz, A.C. and Neubaum, D.O., 2016. Research on the dark side of personality traits in entrepreneurship: observations from an organizational behavior perspective. Entrepreneurship Theory and Practice, 40(1), pp.7-17.
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