This assessment will need to provide the following demonstrations which are like:
- What are the key aspects of the entrepreneurial mindset?
- Give all the ways in which various environments will hinder and foster entrepreneurship.
- What are the different types of ventures and the types that are required in entrepreneurship?
- Analyse the impact on the economy through all the growth by entrepreneurship.
INTRODUCTION
Entrepreneurship is a process of launching new business which is of small scale. It is basically development and implementation of the idea in order to generate profit. A person who performs this task and operations is an entrepreneur. Entrepreneur starts their business at small level in order to minimize the risk and attain the goals. They take risk such as time, financial an do on with a hope of generating profit(Akinboade, 2015). In this present report, types of entrepreneurial ventures and their relation with types of entrepreneurship typology is discussed. The affect of small and macro business on the economy is covered in this report. In addition to this, it covers the importance of start-ups on growth of social economy and the qualities of a successful entrepreneur which help them to attain their objectives and make successful at marketplace.
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TASK 1
P1.Different types of entrepreneurial ventures in relation to the typology of entrepreneurship
Entrepreneurship refers to the willingness and ability of a person to develop and manage a new business with an aim to minimize the risk and earn profit. An entrepreneur is a person who analyse the need and demand from the market and perform operations according to it. There are various kinds of entrepreneurial ventures that is described below in detail:
Social Enterprises: An entrepreneur who launch and produces goods and service in order to solve the issues and needs of society(Al Saiqal, 2015) . The primary objective is to improve the conditions of society and make a good environment in the society rather then earning profits. The Create Foundation CIC in UK , a community company established in year 2007 provide training sessions & job opportunities for the people who are jobless, homeless and marginalised and help them to rebuild and improve their lives.
Scalable Entrepreneurship: The entrepreneurs who start their business with an objective to change and alter the world. They recruit the talented staff so that company can work with full efficiency and productivity. Scalable entrepreneurship is funded by the venture capitalists. They work on small proportions so that risk is reduced. Trouva, an online company in UK deals in bricks & mortar boutique and established in year 2013. The company first start its business offline on a small scale proportion and then starts operating online. Now it is one of the leading entrepreneurship in UK in terms of revenue and profitability.
Large company enterprises: These type of entrepreneur has develop and sustain by offering innovative and new product in the market. Change in laws, technologies, customer preferences affect large companies and push them to offer something new in the market. These companies either acquire new companies or change their product line in order to provide innovative things in the market(Al-Ansari, Xu and Pervan, 2014) . For instance, Peter Jones a famous personality and entrepreneur of UK who is popular for BBC2 television series . This person deals in large scale and interested in industries like phone, travel, mobile, real state and so on.
These enterprises perform action in business environment which plays a crucial role in the development of different typologies. It affect the behaviour and manner of taking decision of an entrepreneur. Different typologies are described below:
Typologies
It means the classification of something based on its categories & types. Below are some of the typologies of entrepreneurial ventures discuss in detail which are as follows:
|
Typologies |
Meaning |
|
Lifestyle ventures |
Those ventures whose main aim is to satisfy the income level of a person rather than expansion & growth. They have limited number of employees and operates on a small space. Small business entrepreneur is the example of lifestyle ventures. |
|
Aggressive growth ventures |
They are based on the innovative technologies. The main objective is to expand its operations globally. Instance for such ventures is large business enterprises. |
|
Survival ventures |
The primary goal of these ventures is to satisfy the basic human needs or improve the living standard of people. Micro ventures is good example of survival ventures. |
|
Managed growth ventures |
Hiring the best talent, develop new products, expand business is the main aim of these type of ventures. |
P2.Differences & similarities between entrepreneurial ventures
The aim, size and number of employees is different as per the type of enterprise. Below is the difference between these entrepreneurial ventures(Appiah-Nimo, 2019) :
|
Differences |
Social Enterprise |
Scalable venture |
Large company venture |
|
1 |
The main goal of social enterprises is to increase the standard of the people of society and development of society. |
Their main is to capture the maximum market share and earns high profit. |
Their main aim is to increase market share by giving quality good to its consumers. |
|
2 |
Number of employees in social enterprise is not fixed. |
The employees is not more than 30 in scalable venture. |
In large enterprises, the employees is greater than 250. |
|
3 |
The idea of business is to bring changes and make aware people about the new trends, cultures of society. |
They bring innovative at marketplace in order to attract large number of people and gain market share. |
They adopt new technologies in order to survive in the market and maintain their customers. |
Similarities between social, scalable and large enterprises
l The first similarity between these ventures is that they are developed to gain profits by offering services to the customer.
l These ventures analyse the need and trend of the market and then offer goods according to the wants of the customers.
l These ventures look for good opportunities in order to maximize their market.
l The social, scalable and large enterprises is contributed to the economy and work for the welfare and improvement of society. In addition to this, this ventures offers good job opportunities to the public.
l Social, large and scalable entrepreneur put their best efforts so that they can make their business a big success.
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TASK 2
P3 Interpretation and assessment of relevant statistics to understand the impact on the economy.
Role of Micro enterprises: Micro and small business organisations play a very important part in overall development and growth of a country's economy(Christopher Weber and Geneste, 2014). They create various employment opportunities in economy which is essential for growth and reduction of various economic problems taking place in economy. There are many economic issues which UK economy is facing such as poverty low per capita income which can be solved with the help of empowerment of such micro enterprises in country.
Contribution of small business: Small business play a very crucial role in every country's economic development. They consists of approximately 90 % of employers and are contributing in 60-80 % of jobs in a country. In case of UK also it can be said that such enterprise have contributed a lot in reduction of various issues but at same time they have some negative effect that they dominate the overall stock market which leads to high volume fluctuations in functioning of economy.
From above statistical data it is concluded that small and medium enterprises which contribute in the development of economy of UK. It has been observed that micro enterprises provide a contribution of around 20 % which is a high percent for a country's economy(Davey, Hannon and Penaluna, 2016). There is a contribution of approx 23.4% of small business. Hence it can be said that both micro and small business have a significant contribution in development of UK. This will help in solving of various economic issues prevailing in the country. Which leads to increase in standards of people of UK. Various employment opportunities are developed and new ventures enhance innovation in country.
P4 importance of start-ups & small businesses to the growth and improvement of the social economy.
Social economy: Social economy can be defined as a third sector that consists of capitalist economies which is different from the public and private sectors. The social economy can be not-for-profit, cooperative or voluntary.
Four pillars of Social economy:
Mutuals:Mutuals are part of social economy they are providing various non-life insurance and various security schemes. They are also a very important part of a social economy and one of four pillars of social economy.
Foundations:
Foundation are those which are having major objectives which are related to a trust or a corporation. Founders of such organisations posses abilities to control overall functions of operations and goals. They are based on a specific purpose which they have to achieve in a limited period of time (Duma, 2014) .
Charities:
Charities are also a part of social economy in every country they are formed basically for helping society in solving any serious issue which they are facing. They are having major motive to attain their laid objectives and not to maximize their profitability ratio.
Associations:
This basically means various associations operating in UK which are part of social enterprises and also a pillar of social economy. Example of one such association of UK is association of corporate treasures. Such type of association firm very important part of social economy and help in achievement of their objectives.
Importance of start-ups on overall growth of social economy:
Start-ups play a very essential role in increasing the economic activity in nation. For expansion of various economic activities it becomes very essential for them to accommodate new people who are looking for job. From view point of society it helps in solving a big issue of unemployment and also in usage of technology for overall development of nation.
Importance of small business on growth of social economy :
small business are able to provide various business opportunities to various entrepreneurs for providing various job opportunities in community (Katona, 2014) They help in gibing importance to talent possess by people which helps them in taking of risks so that they are bale to get both quantitative and qualitative reward based on their profit earning and creative satisfaction. At same times such business benefit overall society in encouraging innovation and creativity of people which helps in solving problems of people which is being faced in the society.
TASK 3
P5 Traits & skills, characteristics of a successful entrepreneur which can distinguish them from other business managers.
A successful entrepreneur is an individual who has the ability to manage and establish an enterprise so that goals can be attained and the requirements of customers fulfilled. The main function of an entrepreneur is not earning profit but it also includes activities such as motivating employee, decision making, risk management, time management, brings new technology and so on. For doing this research, the famous and big entrepreneur selected that is Jeff Bezos and Mark Zuckerberg (Kiminami, 2019).
Jeff Bezos, the founder of Amazon that basically deals in different types of services and brings new technology. He was starring a successful and impressive job, earning heavy amount, ahead of quit everything & started Amazon . At present, Amazon is one of the leading online company and first in terms of providing good service to the customers. This is due to his hard work and efforts.
Mark Zuckerberg, who is famous as the founder and CEO of Facebook. Facebook is a social networking website and leading as world best website to connecting people. New innovation and hard work by Mark Zuckerberg is the key behind the success of Facebook. The
The key characteristic, traits & skills observed in Jeff Bezos and Mark Zuckerberg are:
|
Mark Zuckerberg |
Jeff Bezos |
|
|
Traits |
|
|
|
Skills |
|
|
|
Characteristics |
Mark Zuckerberg has the ability to solve the problems easily as he motivate people that problems does not define him, he defines the problems. |
|
The difference between business managers & successful Entrepreneur are as follows:
|
Dimensions |
Successful Entrepreneurs |
Business Managers |
|
Focus |
Developing and producing new business is the main focus of a successful entrepreneur. |
Bringing and carrying our the operations effectively is the main focus of upper level authorities. |
|
Status |
The owner of the profits and risk is entrepreneur itself. |
Manages are the part of business as they work for the objectives of a firm. |
|
Motivation |
Profit motivates entrepreneur to do effective and hard working. |
Managers are motivated by incentives, appreciation, appraisal and promotion. This motivate them to work with full energy for the firm. |
P6Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset.
The features, traits and skills of these successful entrepreneurs Jeff Bezos & Mark Zuckerberg contributed them in their success. The model that is taking into consideration is OCEAN model which is described below:
OCEAN Model
This model consists of five different types of traits of a personality that helps in identifying responsibilities which are as follows:
(Source: OCEAN Model, 2019)Openness: It defines the level of creativity of an individual. It advises people develop products as well as services in curiosity as well as showing their art and creativity. Jeff Bezos & Mark Zuckerberg both have graded high in openness.
Conscientiousness: It describes how entrepreneurs manage work load of them. Jeff Bezos & Mark Zuckerberg organized their work in systematic manner and motivate employees to do the same (Pihie, Bagheri and Asimiran, 2014).
Extraversion: An extrovert person is easily make connections with people as compare to the introvert person. Mark Zuckerberg and Jeff Bezos are introvert from their childhood but their ideas builds confidence and make them a extrovert personality.
Agreeableness: The ability of an individual to being trusted by others. Both these entrepreneurs are introvert personality and their agreeableness rank is high.
Neuroticism: It defines how a person control its emotions in difficulties and circumstances. Mark Zuckerberg and Jeff Bezos both the entrepreneurs are very helpful as they easily get emotional and ranked average in these type of personality.
From the above study, both entrepreneurs are successful as their skills, personality traits is high.
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P7 Background and experience which can act as hindrances in Entrepreneurship
Entrepreneurship refers to a process in which there is development, management, organisation entrepreneurs are from a family background which can hindrance or foster their performance which is explained below:
The family background, educational background and personal experience foster (support) entrepreneurship:
Family background plays a very effective role in fostering the performance of a entrepreneur as this helps them in creation of a experience which is more reliable based on their family background.
Family background also plays a very effective role in the overall process of the generation of innovative ideas and overall process of establishment of a venture. The family context is an asocial factor which is having a considerable relationship with entrepreneurship. The available evidences of family helps any individual in having rich role models of entrepreneurial role (Al Saiqal, 2015). Which provide support on the establishment of a model. Entrepreneurs have high preference for engaging in the innovative business of their family in which they can adds value by their creativity which can lead to expansion of business. The family backgrounds of Mark Zuckerberg and Jeff Bezos have a background which has helped a crucial role in their journey of becoming successful entrepreneurs.
The family background, educational background and personal experience hinders entrepreneurship:
Sometimes the background of family makes difficult for an entrepreneur, Mark Zuckerberg belongs from an American family as it is difficult for them to understand the culture and needs of Indian families. He drop his studies in middle due to its family conditions and starts business of his own interest. Jeff Bezos has no personal experience about the trends of the market , he faced a lot of difficulties in implementing his ideas and thoughts in the market. Mark Zuckerberg faced difficulties in gaining higher education in life but this makes him strong as well as a successful and inspirational business tycoon. These elements plays a crucial role in their life and makes them successful personality and entrepreneur (Akinboade, 2015).
From the above-stated context it can be concluded that entrepreneurship, a word is equal to an organisation. It needs creativity, idea, and market capacity to take in the idea and the exposure to the real world. Students often face problems in these topics because of the complexity and the extreme diversity in the topic itself. Professors find it easy to assign tasks on such a diverse topic. But do not worry Instant Assignment Help Australia has a solution to all your problems regarding entrepreneurship, with a team of PhD writers we provide the best quality assistance for entrepreneurship essay writing.
CONCLUSION
From the above study it has been analysed that types of entrepreneur who is working at marketplace contributes to the economy as well as its development. Entrepreneurs brings motivation and creativity in market and they have the capability to smoothly run the activities of businesses. They are different and unique from others by their skills and qualities that help them to grow in the market. In addition to this, the similarities and differences of entrepreneur is discussed in order to understand and define the activities and nature of an entrepreneurs. The background, experience and education of entrepreneurs supports and sometimes creates difficulties in executing their plans and ideas.
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REFERENCES
Books and Journals
Akinboade, O. A., 2015. Determinants of SMEs growth and performance in Cameroon’s central and littoral provinces’ manufacturing and retail sectors.African Journal of Economic and Management Studies.6(2). pp.183-196.
Al Saiqal, N. Y., 2015. Entrepreneurial Intentions of UAE Youth: A Work In Progress. In ICSB World Conference Proceedings(p. 1). International Council for Small Business (ICSB).
Al-Ansari, Y., Xu, J. and Pervan, S., 2014. A study of organisational determinants and innovation practices in Dubai SMEs.International Journal of Innovation Management.18(01). p.1450003.
Appiah-Nimo, C., and et. a., 2019, September. Entrepreneurship: Does it Elevate Independence in a Developing Economy?. InInternational Conference on Innovation and Entrepreneurship(pp. 72-XV). Academic Conferences International Limited.
Christopher Weber, P. and Geneste, L., 2014. Exploring gender-related perceptions of SME success.International Journal of Gender and Entrepreneurship.6(1). pp.15-27.
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