The senior staff working for the Federation of Small businesses are looking for ways through which entrepreneurship could be positively promoted into the local area. The report will be exploring different types of entrepreneurial ventures available in the market and the manner in which they impact the economy.
- Examine different types of entrepreneurial ventures available and state their relation to different typologies.
- Identify the similarities and differences between different ventures by focusing on role, characteristics and objectives.
- Illustrate the impact of small businesses on the national economy with the use of relevant data and statistics.
- Explain the importance of small businesses on the social economy of a nation.
- Determination of characteristics, traits and skills of successful entrepreneurs with examples.
- Provide an assessment of how entrepreneurial personality reflects an entrepreneurial mindset and motivation.
- Conduct an examination with the help of examples of how experience and background can promote or hinder entrepreneurship.
INTRODUCTION
In UK, the economy is not somewhere stable because of Brexit and government has supported many small firms to come up and work hard to make their economy stable and firm itself earn higher profit in great manner too (Gibb, 2011). In this report, as a member of FSB it is required to motivate people to be entrepreneur and needed to promote the entrepreneurship in local areas too. The present report is based on two different parts, in the first part of assignment studies about different type of entrepreneurial ventures, there roles and characteristics, the effective of micro factor on small business enterprises and the significance of small business and new business start ups in the development of economy will be discussed.
PART 1
P1 Various type of entrepreneurial entities.
Entrepreneurship: This is considered as important pillar in the economy of country and having growth too (Dana, 2013). An entrepreneur is that person who is running their business by their own and entrepreneurship in having a simple term, it is a activity which is having an concern for having and running developing the competitive market with various hopes in profit. Generally, it take risk in the market for having an introducing new thing and having the employment generation. It is being somewhere out of the box and always thing for the opportunity and grabs it. Even though entrepreneur is are risk taker and also cause several thing and has entrepreneur in business.
Entrepreneurial activities are those which needs to be planned in the proper way which has the wise hazard and required to be come over. Moreover some of the steps are there who are concern with business beginning and having an mid phases stage who are having own looks and has every kind of mode of advertisement. It is various usage of thing and also has planning for having future product and services in right context too.
Ventures of entrepreneur:
Lifestyle venture: Entrepreneur are having various thing to have investment in the areas and having the serves which market with more competitive (Thomas, Shaw and Page, 2011). Life style ventures are having taste of normal things of different people and it is also having relation in with product and services that are mainly created for people, even though it has to be done in with needs and wants with beliefs too. Having stable in having income with the owners also goes with working mode and manages in better manner. Different entity, has different limits and they usually has various location which has number of employees with constant aspect. A drawback is there with company it is be like having an venture which is somewhere difficult to attain the economic operation and also having an rooting up with overseas.
Managed growth venture: This venture is such which seeks to have an growth stability and has having workable with business model. Here are some processing reinvestment are there which has taken place in various thing and also launching new product with growth facilities, employees and location, having local brand which develop in few minutes ago too. Moreover, business and firms are those having continuous moderation in they offer different thing for growing business (Nabi and Liñán, 2011).
Survival venture: Various venture are there which is having an new market and added individuals which help organization in survival. Entrepreneur are those who has an opportunity which do promote products without having an rivalry and also leads to have profit that needs to survive.
Aggressive growth: These are considered as advancement, various technological company do comes under this scenario. Venture is having an enough capacity for the innovation. In this particular venture the entrepreneur are those who seeks for the exceptional growth and fund in great way. Even though such kind of growth can be achieved because people are more attracted towards these things normally.
Typology generally means of it, classification and having accordance which has social science with types of psychological.
Private venture entrepreneurship: The name having depict which has some enterprises that has privately operated in UK. These are those which has single type of entity and has possession which do provide owner a good profit and also offer whatever they want (Acs, Bardasi. Estrin and Svejnar, 2011).
Scalable start up: Small and having higher level firms which comes under this, small scale businesses are those who begin their firm and having very much niche market with having an financial tools as well. Normally they do not deal in with big projects and they just serve various people and does not have luxury items too.
Large Company entrepreneur: They are those who deals with large scale product and having target which has higher level and in class person. These are those type of entrepreneur which has enough financial tool that has survived with its business.
Social business enterprises: These are those which are profit and non-profit organization. The only thing company do is provide better quality of services and product which market the things in customer needs and wants.
Difference between Intrapreneur and entrepreneur
|
Basis |
Intrapreneur |
Entrepreneur |
|
Definition |
Individuals who remain responsible to show innovation in products, services and process is known as intrapreneur. |
On the other hand entrepreneur is known as the one who implement different new business concepts. |
|
Works for |
Intrapreneur is known as the one who work to lead a market position. |
Entrepreneur work to restructure culture and framework of organisation. |
|
Capital |
This is financed by enterprise firm. |
Finance remain self-emerged in this. |
|
Enterprise |
Existing one |
Newly developed |
P2 Different ventures and their roles and feature.
|
Basis |
Small business |
Social enterprises |
|
Definition |
Small business is that which refer to organization and having size with work, managed and controlled with effective manner. |
These enterprises are those which help in provide various innovative and having creative with product and services to their customer and also satisfy them. |
|
Role |
Major role of the firm is to earn higher and maximum profit too (Haase and Lautenschläger, 2011). |
It is being considered as the leading organization which is particularly provide the social security to the various country people as well. |
|
Objectives |
Main objective of the organization is to make an effective profit as well which looks to fulfil demand and wants of customer too. |
Social enterprise is having main purposes which do satisfy all the requirement that needs and wants of people and also conduct the various welfare programmes in society too.
|
|
Similarity and difference |
The major thing among both venture are like in which public and corporate needs which leads to expand the business in order to have location and has to earn maximum profitability. |
Public sector are having desire to look forward to earn the higher profit and also look forward to income which needs earned by public. The main goal of public sector is to provide the various low prices in with product to with potential customers as well. On other side, corporate sector is such which look to earn money for their own development and having various commodities which high price and their special motto is to have earning of much more profit in great manner. |
Difference in between the scalable start-up and large company (Obeng, Robson and Haugh, 2014).
|
Basis |
Scalable Start-up |
Large company |
|
Meaning |
Organization is such which do help in accomplishing the accurate vision which help in effective planning in proper way. |
Even, large scale organization is having change in customer desires and wants too. |
|
Characteristics |
It also provide attention for developing maximum venture which leads in growing their business in effective manner too. |
It is being considered as it will adopt continuous process in which customer needs and wants are there. |
|
Objectives |
Various main motive of the firm is to have an attention of having different investors who also invest capital. |
Organization purpose is having an produce product and services which is based on desires and needs although it is related and depended on advanced technology. |
Comparison:
|
Small enterprise |
Medium enterprise |
Large enterprise |
|
Small business organization is that who need large employees who work to achieve desired goals and objectives. |
In this less then 50 or more then 250 employees are those who work for attaining goal. |
In this 250 or more then 250 employees are such which work within organization. |
|
Requires less capital to start business. |
Medium organization is such who require average money for investigating in business. |
Large cost of money which lead to begin with new business in large scale. |
|
There are various method which do help in performing with job functions and activities of small firm in better manner. |
Government authority is such which help in providing fund for having an smooth running of medium scale business and also leads to expand their business. |
In organization, maximum number of profit and risk are available in effective manner as well (Gordon, Hamilton and Jack, 2012). |
P3 Effect of micro and small business on economy
There are different types of business company which directly impact the economy of the nation. It also plays a vital role in order to increase rate of economy of nation. As private sector is the backbone of the economy of UK (Williams and Shaw, 2013). This sector helps to explore different types of business in systematic manner. Federation of small business faces various issues and problems which are related to the various condition and aspects. There are different structure by which it aids to manage and control different business functions and also analyses affect on economy which helps to maximise profit level of FSB and create large number of employment to people living in the society (Storey, 2016).
- Turnover: This is first phase which directly effect the economy of the particular nation in one financial year. The annual revenue and turnover for the improvement in the nation. The turnover attain by organisation determine the actual position of the business in the market. There are different types of factors which affect the economy of the nation which reduce the performance of company inn effective manner.
- Business: Due to increase in the number of endeavour it aids to create a lot employment opportunities in all over the nation which aids to increase the living standard of the people who are living in the society. The private company of UK plays a significant role in order to provide large number of job opportunities to the various individuals which are living in the UK. This aids to reduce rate of employment by creating lot of job opportunity to different people living in society (Yallapragada and Bhuiyan, 2011).
- Development: In order to explore different operations of the business and the different activities of business in proper way the management of organisation has to implement different types of new and advance technology which helps to create interest in performing various types of activities of small business organisation which comes under the FSB. Development in organisation leads to maximise level of profit of company in effective manner. Because customer shows their keen interest purchasing the new range of products and service of company (Burrows, 2015).
- Industry: Organisation put their effort in order to implement various types of new and advance technology which helps to help different types of task in stipulated time period. This helps to encourage employee working in the organisation in order to perform different types of activities in effective manner. This affect in positive manner on rate of growth of economy of the nation.
- Competitiveness: This is factor which shows increment in number of corporation and make it it aggressive at international level and it helps to aids to gain competitive advantage in the nation in proper manner. It aids to maximise the profitability of company.
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