Entrepreneurship is a word demonstrated for those who have their own creative ideas and innovation to establish and run a business by taking all the risks. This is the fundamental component fr economic and social growth. This is done by acquiring more experience and knowledges so that it can reduce the chances of risk. The national development as well as the regional and local developments are enhanced by these type of businesses. These are complex and dynamic and having different kinds of business are categorised with the respect of life knowledges and experiences that have been acquired. Here in this contest entrepreneur with its various ventures is going to describe here
(Dees, 2017). Difference among all entrepreneurship with their roles and responsibilities is depicted below. Different start ups and their impact on regional, local, national and international economy is about to describe in this given topic. All personalities and innovations that re needed to make a successful entrepreneur, these all are here. The skills and characteristics of each and every type of business including private and public enterprise are also discussed below.
P.1 Examine different types of entrepreneurial ventures and their relation with typology.
An entrepreneur is an individual by whom a business is started and with restricted resources to by taking all the risks and rewards of the business venture. This business plan related with new innovations, ideas, products and services instead of other business that is called associate existing business model. There are enormous number of ventures that are being used by entrepreneurs and every single venture holds a specialised operate ability that can prove helpful on various factors involved in the business. There are various kinds of entrepreneurial ventures.
Leading a large corporation is not an easy task because they require growth and suitability through synthesizing new products and services. They run with a particular cycle to control all the operations in a managed way (Fried and Taue, 2015). There are many types of competitions so it is necessary to mould new products and services according to the changing business and the trend of markets. The effective and the adaptive changes are made in business by different entrepreneurs. The manifestation of innovative, creative abilities of the entrepreneur are made during the turning point or imminent change. If you are looking for do my assignment visit our website
These are small business that are the main sprout start up of a business. The small starts up had been taken a great root in UK during 2015 to 2016. There were about more than 3630 start-ups had been sprouted at that time in UK. Businesses like local and regional super markets, internet cafes and stores, auto mobiles retailers and small scale production domestic companies. These small businesses were to emerging for the economic of UK because this evolution of small business reduces the employment rate. The formations of these companies were made by the meme bes of a family. So it is also called a family business model.
The main behind this type of entrepreneurship is to develop the products and services for the betterment of society. These types of business are done by the people of society to increase the efficacy of social people and to provide a better management for social works(Guerrero,Cunningham and Urbano. 2015). There are involvement of the social business men, services people and one who are interested in these types of social activities. The growth rate of this type of business is not in a cycle so it takes more time to make a new step for the new development.
Take help from this sample: Role of Government in Law Making Process
These types of business mainly focus on the quality and creative aspects of business. Personnel workforces are involved to run these types of business. These are run to increase the scale of companies. The most powerful pillar of this entrepreneurship is the capital and funds because they use this to expand the companies and business at large scale.
P.2 Different types of entrepreneur with their similarities and differences considering their roles and responsibilities.
The main objective of a business is to generate revenue and profits. Though the main aim is to generate more revenue and profit but there are many roles and responsibilities that are need to be completed to resist the competition in market. These roles and responsibilities are followed to achieve goals and to increase the shares of their products and services.
Social Entrepreneurship: This entrepreneurship is mainly oriented on the basis of social people and environment. This is started for the betterment of society, surrounding people and environment(Hitt,and Duane Ireland ,2017). This help in enhancing the life style of people and to increase the ongoing conditions of environment.
This type of entrepreneurship is mainly owned by the business founders and the owners of large businesses. The aim behind it is to bring the changes within THE industry with the help of more and more market shares. They also prefer to be leader of their own industry to enhance its productivity. The roles that are taken by the entrepreneur are as captain or leaders so that they can run their industry with their work experiences. Weakness and strength of firm is understood by them and new plans and strategies are made to make it successful. Main aim behind it to acquire market segment and shares.
This is a small type of business that is established and run by few numbers of people . They may be the members of a family or friends' partners. The initial annual revenue is smaller than that of macro entrepreneurship. Although the workforces that are used in this are smaller than the macro but the chances of expansion is more with small investment if they have efficient ground for the employees to acquire the knowledge of industry(Scarborough, 2016). They have better chance to make it at a large level. The main aim behind this to make more profits within established industry .
Enterprises are also type of businesses that is established and run by either a personal owner or a public owner. This business is known as the backbone of a nation and with e help of this type of business wealth and status is made. There are differences and similarities between public and private enterprises.
Public enterprise: This type of business that are mainly controlled by government. These services are given to public to enhance the public life. This is only possible in a democratic country. Services like municipal water and sewer, these all are run by government. The main aim behind this to provide good facilities and better services to the public(Storey, 2017).
Private enterprise: This is controlled by private citizens. It may be owned from small level to a large level business. There is no any say of government in this type of enterprises. It may helpful in decreasing the employment rate. This is also known as a free type of business.
P.3 Interpretation and assessment of relevant data to illustrate the impacts of small and micro business on economy.
This has been already discussed that the small business is the most sprouted business among all. Its impact was clear in 2015 when there were about more than 3500 small businesses had been established and due to that the economy rate of UK was enhanced during that time. The main reason behind this was that the political and economic conditions that were in the favour of small business start up. It is estimated that about more than 27 million people are employed under small scale business. The overall business growth of the small scale is more than that of large scale because they have innovative s and creatives strategies to operate the small business.
One of the relevant data is presented here that these were the small businesses that played a major role in surpassing the difficulties and challenges faced by UK during 2007- 2008 global recession. In 2012 it was stated that the major contribution was given by small business in the economic growth of UK. The main sectors that involved in this micro business are Hospitality industry, Real estate and Whole sale retail industry. These are the three phases in which most of the start ups are occurred throughout UK.
The people were getting the employment with the help of these small business. They never let them stop these start ups. The products' and services were taken by people because they were initiated by new innovations. It is found that about 10 companies that are registered every week and half of them relate to these major industries. Still, there are many urban and rural areas In UK that has great expansion of small business and their status if living has been changed in last two decades. Now this is accepted that the small businesses are playing a very important role in the economic growth of a nation(Hitt,and Duane Ireland ,2017). So these small and micro business are being supported by government bodies. Banks are providing loans to innovate new business that it may give employment to uneducated people. Ladies and those people are encouraged by government to run their own small domestics business who are not able to go out to do work.
P4 Importance of small businesses and business start-ups
The small business is the important for job creation, innovation, provide opportunities, achieving financial success and independence.
Job Creation: The small business is important for creating and increasing the jobs. If the entrepreneur wants to be survived , so that small business is important. An individual's is start a small business in the economy (Burns,2016).
Innovation: In the small business, developing and creating the new ideas and innovation. In the small business, entrepreneurs are developing the ideas for working. For the growth and start-ups of small business, it is important for entrepreneur growth as well. By the innovation, fast decision making in small businesses.
Low overhead: In the small businesses, there is low level of the overheads because there is low level operations. Due to small scale business, low costs, low rent and rates to pay. They are providing on low price of products and services to the customers.
Problems and challenges: In the small businesses, responding of flexibility of problems and challenges are lower. But in the large businesses, there are many problems facing by the entrepreneurs. Therefore, for growth and start-ups, small businesses is important for the entrepreneur (Do Paço Fand et.al., 2015).
Developing relationship: The entrepreneur is developing the relationship with customers, employees and suppliers, so that small business is important for it. Peer to peer interaction is important for strong relationship by the small business. The small business is to helping for developing not only company relation but also personal relation in the small business.
Profits Maximization: By the small business, maximization of profits is to so much easy , because there is low level of challenges and low risk in small businesses. They are not generating the revenues and not contributing the economy.
Self Motivate: In the small businesses, entrepreneur is to self motivating and self developing for their growth. They are always preparing for taking risks and for preparing the competitions. They are impelled the achievements for their developments (Edwards-Schachter, and et.al., 2015).
P5 Characteristic, skills and traits of successful entrepreneur
There are many characteristic, skill and traits of successful entrepreneur such as confident, discipline, positive attitudes, open minded and other characteristic.
Confident: The entrepreneur should be confident in any work in the company. They should be confident for motivating the employees. If the entrepreneur is confident, so that this is helping for their development and growth. They should be confident for making the decisions.
Discipline: The entrepreneur should be disciplined. They should be ensured that all the works finish on time by all the employees. If works not complete on time, so that there is the responsibility of entrepreneur for completing work on time. For the completion of work, they should be disciplined and focusing on it (Kuratko,2016).
Positive Attitude: In the any situations, challenges and problems, so that the entrepreneur should be taken decision on the positive attitudes and there is no negative thoughts in their mind. Therefore, it is to helping in achieving the company goals.
Open Minded: For making decisions, entrepreneur should be open minded. There is no emotional activity in the decision making. An entrepreneur is to generating the work flows and efficiency and potential for new business.
Strong Peoples Skills: In the strong peoples skills, entrepreneur is to giving the training for goods communication skills with employees and customers by selling products and services. They are giving and motivating for better performances. They are motivating for facing any situations and challenges in company (Storey, 2016).
Passion and Motivation: The entrepreneur is to passionate for their works. It is the important skills and characteristic for successful entrepreneur. This entrepreneur is to like their work. They are giving motivation of employees for better performance.
Strong Work Ethic: In the work ethic includes time management, meets employees expectation, motivation and always concentration on their work.
Creativity: The entrepreneur should be creative and innovative in any situations and conditions. They are always creating a new ideas in their work. They are creating new idea for implementation and development for achieving the company goals. The solution of any problems and situations by using the creative and innovative ideas.
P6 Assess the entrepreneurial personality aspects
There are different aspect of entrepreneur personality which is reflecting their motivation and mindset. Such as lifestyle, family upbringing and cultures differences etc.
Life styles: The life style of entrepreneur is to reflecting the motivation and mind set in the decision making. The life styles of every person is reflecting to their personality. But if the person working in the company, so that the lifestyle is important for their personality and working in the company. The personality is to main part of the life styles working in the company. If the entrepreneur life styles better, so that they are motivating for employees and themselves. Through life styles and personality is different aspects and their reflection are different on the entrepreneur mind set working in company (Kuratko,2016).
Cultures Differences : There are many employees are working in company and they are related from different cultures, so that different cultures are reflecting to their life styles as well as personality. Cultures includes attitude, behaviour and social cultures. These all are reflecting their personality. Not only employees but also entrepreneurs, is related to different cultures, reflecting to their personality and lifestyles. Their cultures also reflecting the mind set. Mind set is mean to that concentration on work, maintain relationship to employees, motivating of employees, managing all works and other activities. Cultures includes social cultures and society trends and knowledge. An entrepreneur is to handling of business according to company policies not their cultures and attitudes (Tehseen and Ramayah, 2015).
Family upbringing: It is also reflecting the personality as well as life styles. Family up brining and back ground of entrepreneur is important part of lifestyles. It is also helping the set of mind and concentration on the work. It is to helping for motivating of themselves and for employees. There is reflecting the entrepreneur's personality. If the family upbringing of entrepreneur is goods so that it is to concentration of their work.
P7 Investigating background and experiences of entrepreneurs
To accomplish the dreams and aspiration, successful entrepreneur need to faced lots of struggle and issues. This may happen due to the background in which they live and experience gained by them. Fir instance, Bill gates parents who are not rich enough to afford their son’s high-quality educations. Similar to this, J.K Rowling who received ordinary education and he make itself extraordinary. Therefore, contrasting to this statement it is clearly reflect the way individual background and experience lead to hinder or foster the growth of entrepreneur. It is identified that Bill gates parents was not able afford his study in Harvard university. Along with this, lots of family issues are faced by him at the time of introducing Microsoft (Edwards-Schachter, García-Granero and Amara, 2015).
Various risk faced by him due to culture, lack of knowledge of people related to new software, family issues etc. However, after facing so many risks he never gives up and his dreams at present become successful. Further J.K Rowling has completed her study and become graduated. There are lots of family and cultural issues faced by her. But he has surpassed each and every issue and become a successful author. When he published Harry Potter book she become famous in all over the world. From the above examples it is clear that background and experience lead to hinder the growth of the firm (Obschonka and Stuetzer, 2017).
Along with this it also dependent on individual that they can become successful from their learning or not. As their curiousness and creativity lead to make them successful. After facing lots of issues, restrictions and failures both the entrepreneur gave their best efforts and become one of the successful entrepreneurs in their respective field. This all traits, skills and characteristics has helped to be successful in their time and accomplished desired goals and objectives (Henry, Hill and Leitch, 2017). Self motivation in both the entrepreneur has made them different from the normal people and they stand successfully in all over the world.
From the above report it is concluded that there are various types of entrepreneurship ventures and their typology. Different types of entrepreneur are known as scalable- start-up and large ventures, and small business ventures. All the small and medium size business lead to provided help country in growth and development of the economy. Further, traits, skills and characteristics help entrepreneur in becoming successful in the business world. To be successful it is important that individual become passionate, risk taker, innovative etc. Further it concluded that, different types of people lead to hold different personality such as openness extraversion etc. Openness shows that level of intellectual curiosity, creativity and preference for novelty and difference within an individual. There are different sets of background and experience which can hinder and foster the growth of the individual. To be successful entrepreneur it is important to never give up and fight with the tough situations.
- Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
- Dees, J. G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social Entrepreneurship and Sustainability(pp. 34-42). Routledge.
- Do Paço, A., Fand et.al., 2015. Entrepreneurial intentions: is education enough?. International Entrepreneurship and Management Journal 11(1). pp.57-75.
- Edwards-Schachter, M. and et.al., 2015. Disentangling competences: Interrelationships on creativity, innovation and entrepreneurship. Thinking Skills and Creativity. 16. pp.27-39.
- Edwards-Schachter, M., García-Granero, A.,. and Amara, N. 2015. Disentangling competences: Interrelationships on creativity, innovation and entrepreneurship. Thinking Skills and Creativity. 16,pp.27–39.