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Entrepreneurship and Small Business Management

University: Regent College London

  • Unit No: 9
  • Level: Undergraduate/College
  • Pages 14 / Words 3500
  • Paper Type: Assignment
  • Course Code: IBS3151
  • Downloads: 0

INTRODUCTION

A successful entrepreneurship is a method to generate new ideas and innovation for development. This is an effective way to create business strategies and plans to enhance business in all over the world. The entrepreneur plays an important role for growth and development because it will establish small and large business that would be helpful for economy. The great entrepreneur is always innovating a new idea and innovation to achieve their goals and task.

It will identify business planning and different strategies that would be helpful to other people. The economy is affected by medium and small business because it generates high revenue that is beneficial for growth and development. Successful entrepreneurs understand the needs of a business process and then plan a new approach. They are mainly focused to establish their micro and small business in other countries. This report will describe the characteristics, skills and traits of Bill Gates.

LO1

P1 Different types of entrepreneurial ventures

Entrepreneurship is the best way to establish a new business in marketplace. Most of the successful entrepreneurs create their own business that is already present like Microsoft. A great entrepreneur, Bill Gates established his own company, which is a leading organization in Information Technology. They also start their business in small scale and invest a low amount for growth and development. Initially, they faced many challenging issues but were never disappointed. They put many efforts to establish their business on the top level. In this way, there are various types of ventures available in market on the basis community are given below:

Small Business- Small business is playing important role for growth and development. They have many innovative ideas and thoughts helping to expanding the small business in all over the world. This business will provide the best services to customers because there are generating high revenue in market (McKeown, 2017). Entrepreneurs always execute new ideas or activities to increase their growth and development. It is very helpful to enhance the best approache to develop a strong business. This organization is solved the problem of communities and provide an effective environment effectively and efficiently. There are many types of small businesses already exist such as electrical shop, travel agency, stationary and other retailers. small business is expanding their branches in other countries as well as different areas. They are very helpful for creating an effective strategy for development.

  1. Scalable Start-Up Entrepreneurial Business- this business is newly established in market and industry. They have some specific goals to achieve their targets. They are mainly focused to achieve profitability and productivity in marketplace (Amato and et.al., 2017). They launch a new product that would be beneficial for customers as well as company because it increases profit. This is the best way to expand small business in a large marketplace. Today's world, the market trend is change according to the customer requirement. Therefore, customers are attracted to new schemes, products and many others. They have introduced a new technology and ideas to change community effectively and efficiently. Every business is used a new technology for growth and development. Start up business is establishing in all areas because new technologies are applicable for each and every business. It is essential part of organization to planning a new idea to increasing their productivity in marketplace. This business is invested a small fund for establishment because they have minimum employee working (Dees, 2017). This organization is very helpful for growth and development in every areas. Most of the people should start their business in local areas and local authorities can be handle the business activities and operations.

Social Entrepreneurial Business- This business is very popular for community because they provide the best services to people for welfare and community. It delivers an effective products and services in market according to requirements of customers. There are many types of social industry already present in such as healthcare services, enterprise sector, environmental and educations. This business is developed mainly for social welfare and social development because most people have insufficient money and cannot afford secure lifestyle so that it provides services to poor people. Social business is very important for welfare of society. It is the best medium to those people who has improving their life style in proper way (Acs and Szerb, 2018). They are mainly focused to increase their profitability for people. They earning a money but applicable for people benefits and their career. Also, you can take dissertation help from our experienced academic writers. We offer reliable and timely services globally.

Trading Entrepreneurial Business- this is mainly supply an effective product services in market. They provide better services and goods to customer. They are mainly coordinated with stakeholder to distribute some good and services. This business is supply good and services. It will maintain the supply chain of product. Trading entrepreneur is controlling the trading activity effectively and efficiently. They will identify the market values, demand of products and influences customers to buy new products.

P2 Similarities and differences between entrepreneurship ventures

Small business

Social business

Trading business

Scalable business

Small business is very important for growth and development. This is very helpful for country’s economy to generate high revenue in marketplace.

Small business is established for profitability and productivity. They are mainly focused to achieve their goals and targets in proper way (Pisani and 2017).

Social business is important for poor people because it provides the best services and product effectively and efficiently.

Social business is important for human beings because they are mainly focused to provide the best services for human welfare and social communities

Trading business is only concerned with their productivity. It will increase their business in all over the world. They exchange goods and services in market. They provide the best services in proper way.

Trading business is important when they coordinate with stakeholders to distribute their share.

This is a newly start-up business to develop an effective strategy that would be helpful for growth and development. They are mainly focused to establish a strong business in global world. It is preparing an effective design to follow in step by step.

They are uses new technology to creating accurate process to helping for business generations.

This business is developing the economy growth of country and generating a revenue.

This business is provided the services and product through charity and foundation. The major role is human welfare.

This business is creating a connection between the shareholder to exchange the good and services in marketplace.

This start-up business to achieve their specific goal and objective of achieving effectively and efficiently.

LO2

P3 Micro and small businesses impact on the economy

Micro and small business playing important role for growth and development because it will increase their business in all over the world that would be helpful for economy to generating a high revenue. The small business is uses new technology for innovate new ideas for growth and development. They have to encourage the competition level in market and it assists to develop the country and growth rate of economy. In United Kingdom, there are various small business is established in market such as 5.6 million small scale business operated in UK and developing the growth. The competition level is very high and rate of GDP is increases. There are various company expanding their business in all over the world like Tesco and Mercedes. They expanding their business in each and every country and the customer are attracted to this organization because they have brand value in market which is very important (aleem, 2017). This small and micro business is support to economy because it generates a large revenue that would be maintain the economy. Time to time, they would provide a job opportunities and give many options to helpful for customer. Bill gates is very successful entrepreneur that expanding their business in all round the world. They can start their business at the initial level and exploring new idea in the whole world. At the first level, they face challenges but never disappointed (Goel, 2018). They planning a new strategies and idea for development.

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The small business has only 100 employees is working and they are mainly focused to achieving their goals and targets. They are helping to other people to provide the job options and provide many services. They are using new technology and to adopt innovation to creating the best environment. In UK, 2015, Approximation 5.6 million small scale business is support to their country. They will contribute as important role for growth and development. At the time of Brexit, the organization should faced many challenging issues such as decrease the economy power of UK and it will affect the capital income of united kingdom (Hornsb and 2018). Brexit is very challenging problem in UK that it create new obstruction for trade business, immigration and foreign direct investment etc. the cost of UK is decreases from 1% to 10%. This is the major issues faced in United Kingdom.

The micro organization is very small as compare to small scale business because they have only 10-13 employee are working and they have very less profitability in marketplace. This business is started form local areas and then developing in globally. In United kingdom, 85% small scale business is located and expanding their business in all over the world. The small scale and micro scale giving the best product services to customer. This is an efficient way to reducing the poverty level in country (Amoroso and Link, 2018). The main objective of organization to expanding their business and increasing profitability and productivity in marketplace. The small scale business is important to provide a services and launch a new product according to the requirement of customer. This business is very helpful for growth and development. In this way, it can be achieving the goals and targets. As per survey, it will determine the actual small business running in united kingdom as given below:

Table 1 : Total Entrepreneur in United Kingdom 2017-2018

Country

Total Entrepreneur

 %Small business

United Kingdom

 5.6 million

94.6

From the table it concluded that 5.6 Million Small business are present in United kingdom. They create an affective marketing planning to increasing their productivity in marketplace. They generate a revenue and that would be helpful for growth of country economy. Hence, the small business is very fast growing organization to earning a lot of profit in market. They are play important role for economic development and growth of country.

P4 Importance of small business enterprise and business start up to the growth of social economy in the UK

Small business is established in UK as well as other countries that provide many useful advantages to the country. Brexit is major issues that would be impact the economy of country due to the issues, faces many problem in various sector such as education filed, country economy and employment etc. this issues is affected the financial problems and other element affected the different level of business (Eesley and Miller, 2018). It will determine that the small scale organization start their business at starting level and exploring their business in all over the world. This business is helpful for social community, economic conditions.

The important significance of organization to start the business in the country and related to the employment of people. They provide the job related opportunities and provide many effective services. They planning a new strategy for increasing their market value and earning profitability in marketplace. The creative innovation idea is very helpful for company to increases their brand vale because most of the people are buy a product to the top level brand. This is the best way to promoting their product in market and time to time, sharing a new product ion market through online marketing. They are using different platform to promote the item effectively and efficiently. Small organization is mainly focused on the quality of product because they provide the best product in market while customer satisfaction is important part to company. They will help to other people related job, customer satisfaction, provide correct product information etc.

LO3

P5 characteristics and traits of skills of the two entrepreneur associated with case studies

There are two successful entrepreneurs to established their business in all around the world such as Bill gates is the most successful entrepreneur to thinking logical, objective oriented and critical etc. they have faced many challenging issues but due to divisive nature it would be expanding their business in all over the world. The another successful entrepreneur is Steve Jobs, they have unique personality like determination, domination, confidence and strong headedness etc. these are important quality to achieve their goals and targets.

There are some important traits and characteristics to achieving their goals and targets as follows:

  1. Voracious Reader- Bill gates is very successful entrepreneur and also believe that reading is important thing to learn a new thing in his life. They would be explore a new idea and innovation on the basis of knowledge. They conduct library program since, the children would daily habit to learn new thing by reading.
  2. Self confidence- Bill gates and Steve jobs are very confidence person to always try to build their business. He is very intelligent person to always putting innovative ideas for growth and development. They have capabilities to achieve their goals because they are mainly focused on to establishing their business in all over the world. They faced many challenging issues but they never disappointed. It always tried to do the best thing in his life.
  3. Believe in ideas- Bill gates and Steve jobs are very intelligent person to achieve their task and objective effectively and efficiently (Jalilov and et.al., 2018). They are always planning a new strategy for growth and development. It also innovative new ideas for business growth. They believe that the new ideas impact on the business effectively and efficiently.
  4. Positive attitude- A successful businessman has a positive attitude to performing various business activities to take an effective decision that are beneficial for development. On the other hand, the team leader of company to influences from business operations. They have positive attitude and self confidence to handle challenging problem and issues in company.
  5. Effective Leadership quality- this is the most important skills for every entrepreneur to handle the critical situation in very effectively and efficiently. The leadership quality is very important for entrepreneur because it can be motivate, direct and influence to their employees in company.
  6. Communication Skills- the communication skill is essential for business to interacted with other employee. This is the best medium to communicated with the client and understand the requirement of people. The Communication should be very helpful for entrepreneur that can be interact with the client and taking a right decision at right time, the effective strategy and planning is very important for development and growth.
  7. Taking high risk- this is the essential significant skills of entrepreneur to take a risk in business planning and activities. They have take risk but with the help of traits, they established a strong business in market. Many issues and challenging problems are faced in business operations but the successful entrepreneur is always tried to achieve their goals and targets. This is the best quality of business person to achieve their problem effectively and efficiently.

P6 Entrepreneurial personality and entrepreneurs reflect their entrepreneurial motivation and mindset:

The effective personality is impact on their desired event and outcomes. Each and Every entrepreneur has unique skills and quality to achieve their objective. They can be easily handle the performance of employee, lifestyle and business operation effectively and efficiently. It always encourages to other peoples and motivated to achieve targets. They are mainly focused on to innovate new ideas for growth and development. They have always preparing a new idea that can be applied into the business planning. It is very helpful for increasing the power of business and their importance in marketplace. They have significant mindset to developed the role and responsibilities of business activities. There are important significant factors that are helpful in business given below:

Openness – this element is part of business to adopted all the social culture, committees, laws, rules and regulation etc. they are open minded person. It can be considered an effective outcome for the enterprise environment that would be helpful for marketplace. Bill gates and Steve jobs are considers as a successful entrepreneur to established their business in all over the world. In this way. It determines their important role, functions and business operations at marketplace.

Consolidations- this element is basically used for develop overall objective and goals for new business. It would be establish a same business in different areas. It can be maintain the work flow and performance of operations. It will develop a systematic work in efficient ways. Time to time, they conducting a very successful program within the enterprise environment. This is the best way to their work in very systematic ways.

Extroversion- this is the important element to control their emotions at their marketplace. It is basically to handle the critical situation in effectively and efficiently. They are mainly focused to creative a new idea and innovation for growth and development. They will maintain their work performance in proper manner.

Accommodation- this factor is improve the quality of performance in the business environment. They are provided the better services to their customer and achieve their goals and targets. It helps in creating a more innovative workplace or working environment within an organization. Accommodation supports organization in developing systematic work performance that assist the business in achieving the organization goal successfully (Sohns and Diez 2018).

Neuroticism – it is the element when it can be develop the experience and identifying the actual issues in business development. The new strategy is developed an effective business to achieve their desired targets and goals. This is the systematic manner to improving the performance of operations.

LO4

P7 Different environments factors that foster or hinder entrepreneurship

On the basis of research the entrepreneur is developing a strong business in all over the world. There are various factors applicable in the business process. It is directly impacted to business program. There are special skill and quality and capabilities to completed their task in effective ways that would be shown in given below:

Educations- this is important factor for every entrepreneur to enhance their skills and trait of growth and development. The people has required to understand the problem and issues in proper way. Education is very important to develop their skills and quality with the help of skills, it can be easily achieve their goals and targets in proper ways. The education quality is to achieving their goals and targets effectively and efficiently (gbuta and et.a., 2018). With the help of this part, it will easily increase the performance of attitude. They would increase their positive level to directly impact on the performance.

Family background- Family background is directly impact on the person personality or entrepreneur because they can learn a new thing from his families. They have developed their new skills and quality that are to be implemented at their work place. As above discussion, the Steve job is great entrepreneur that has to be developed a new idea and innovation for growth and development. They are established their business in all over the world. They develop a software company and technology that make it is very successful. Steve Jobs is belongs to the business family so they have idea about the organization and they have capabilities to understand the need of customer and then fulfil the need effectively.

Experience- Experience is matter for each and every organization because it can be develop an effective business strategies and planning to achieving their goals and targets. Steve Jobs has high quality to innovative new idea to do work in proper manner. They are performing a different task for business development. They are started their career in very systematic ways because it will start their business in effectively and efficiently. With the help of experience, It can be learn many things in his whole life.

CONCLUSION

This report will identify the small and micro business that would be helpful for growth and development. It is very important for economy and generate a revenue increasing the capital income of nation. Small scale business is improved the performance of society, business environment. They were faced many challenging issues but always try to their best at workplace. As per Discussion, it concluded that the micro and small business is playing important role for growth and development. The entrepreneur should always enhance their skills and quality for increasing their power towards the development.

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REFERENCES

  • McKeown, T., 2017. From entrepreneurship to small-to-medium enterprises: Exploring the challenge and the opportunities. Journal of Management and Organization, 23(2), p.165.
  • Amato, C., Baron, R.A., Barbieri, B., Belanger, J.J. and Pierro, A., 2017. Regulatory modes and entrepreneurship: the mediational role of alertness in small business success. Journal of Small Business Management, 55(S1), pp.27-42.
  • Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social Entrepreneurship and Sustainability(pp. 34-42). Routledge.
  • Acs, Z.J., Estrin, S., Mickiewicz, T. and Szerb, L., 2018. Entrepreneurship, institutional economics, and economic growth: an ecosystem perspective. Small Business Economics, pp.1-14.
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