P1: Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship.
Entrepreneurial ventures mean is an organization that places innovation, opportunism at its heart in order to produce economic or social value. It is divided into two parts: the first is small and medium business and the second is big business.
Typology of entrepreneurship means it is based on human behavior, many topologies are considered in term of values and they develop from various methodologies and various samples. It can be stated that an entrepreneur has different roles and for these they have skills and knowledge that helps to forecast present as well as future needs and give the best ideas to market. These peoples will prove to be successful in taking risks, challenges of a startup’s, and gain rewards with profits, growth opportunities and fame.
It can be noted that there are different types of entrepreneurial ventures are small scale business entrepreneurship, scalable startup entrepreneurship, social entrepreneurship, and large company entrepreneurship.
Small scale entrepreneurship : This type of entreneurship has about 5.7 million in the U.S, small business are grocery stores, travel agents, internet commerce, carpenters, electricians, they move from one place to other and hire local employees, family, or friends. At present time various numbers of entrepreneurs in the UK and they have small businesses. As per the data, there is around 99.7% of all companies and employees are do small scale business and make profits.
Scalar entrepreneurship: The main vision of this type of entrepreneurship is to change the world. They attract investment from parallel financial investors, venture capitalists. The employee search for the employment and also focus on scale as it requires more venture capital to expand the business.
Social entrepreneurship : In thgis type of ventures the individuals emphasis on the producing the products and services that solve social problems and their needs. They relate with the topology, they may be non-profit, which means for profit or mixed.
P2: Explore the similarities and differences between entrepreneurial ventures.
Entrepreneurship helps the individual to creates their own business with the aims and objective of work and they are not bound for the individuals. They are free and live there lifestyle and not for the purpose of making profits. The main objective of this ventures is to provide the individual to work with passion, enthusiastic. There are some similarities and differences between entrepreneurial ventures they are mentioned below:
Similarities of various entrepreneurship ventures:
|1||The main aim of this venture is to take advantage of social opportunities.||They have also a different feature of creating values for citizens.||A Social entrepreneur always seeks profits and they spread in all over the world.||It covers big level in the marketplace they exist in the economy as a whole.||They also exist in the economy and their aims are to make a profit in exist marketplace||This type of venture aims in profit-making.|
|2.||In this sector they focus on creating products and services which solve social needs, desires.||The main objective is to emphasis on the services and products, that helps to solve the problems of employees.||They focus on to fulfill the social needs and solve the problems of peoples by the help of social media.||They select various factors related to success and failures in existing entrepreneurships||They runs there business at a very small level but there aims to make profits||There aims is to increase their business by providing better quality products to their customers.|
Differences of various entrepreneurship ventures:
|1.||They spread in wider areas of marketplace.||They only situated in particular company or firms.||They extend their products and services via social.||They exists there business as a whole and spread their business in macro level.||They shrink there business only in the micro areas of business.||In this type of factor entrepreneurships are focuses on limited areas.|
M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship in both the public and corporate sectors.
There are different types of entrepreneurial ventures they included entrepreneurial, intrapreneurship and managerial. An entrepreneurial is an independent person who works with freedom, and moves there business with inadequate resources. The intrapreneurship is also similar to entrepreneurship but the wider difference is to they are pro-active, in a comfort zone, and self-motivated persons, they believe that failure doesn’t have any personal cost. In managerial term, the individuals can work persons within the organization and perform according to manager .Apart from this; the public sector entrepreneurship is authorized by government and non-profits agent. They depend on the context directly or indirectly action and create positive economic activity. On the other hand, private sector entrepreneurship is authorized by the particular company, firms, and any private company and they follow their own rules, norms, regulations and also follow the government rules.
D1: Critically examine the scope, development and growth of entrepreneurial ventures.
It can be sated that the entrepreneurship is essential for every type of companies. Its scope and development is dynamic in nature that fluctuates according to the environment. In this type of ventures the individual’s emphasis on profit -making and that widen the scope of council. Apart from this, they also develop the policies and plans that help to promote and encourage the activities of council.
P3: Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy.
Small business is autonomously owned and functioned in the field of the process. Norms like the number of the worker in the firm are also used in the measuring the size of businesses this accounted for 99.3% of all isolated sector of businesses at the start of 2016 and 99.9% were small or medium-sized. The total turnover was £1.8 trillion, 47% of isolated sector income in the United Kingdom. Total employment in the Small –Medium Sized Business at the UK was 15.7 million that is 60% from the private sector. These data contributed in the year 2016. In micro-business have the 0-9 employee, approximate 5.3 million micro industries in the UK, this only takes 96% of all the industries in the UK. In medium-size industry, approximate 300 employees are being selected in their respective field whereas only 10 employees besides the micro business – which shows that there is the restricted opportunity of a job. Numbers of industries increasing day by day so numbers of opportunities for youth are increasing also. Small size businesses have a great impact on the economy of UK as compared to the medium size business. According to the study, 99% of the total business is made from the SME’s. Nonemployees are not listed for VAT or PAYE, 2.5 million private businesses are recorded for VAT or PAYE from the total population only 45% registered for VAT or PAYE. More than 3 million (55%) industries are not
registered for VAT or PAYE is classified unregistered.
Figure 1 Contribution of different sized business in 2016
P4: Explain the importance of small businesses and business start-ups to the growth of the social economy.
Small and startups business growth rate have a large impact on the economic condition of the country. The growth of business counts the growth or development of the country. The growth will be measured in terms of turnover(the total amount of money generated by the company):This is the main measuring tool to check the economic condition of the company because that is proportional to the social economy, employment rate:if any business generate the employment rate over the year that means they increase the number of products as well, development rate, productions, services and contribution toward the society . These industries are frequently developed, and they generate employment and become a major part of the economy of the country. They provide entrepreneurship opportunity to the individual. It contributes to society by the great innovative ideas and increases their production rate. It allows people to create the goods and provide their services.
It is the stage where employee enhances their skill, show their talent and improve their career graph as well. The economic condition of society will represent by these small businesses. Local council accomplishes the business of town, city or country. This council will take care of the respective business what about their job and how much they contribute to the country. True economy development will come from the quality and quantity of goods produced by the small scale business. It is a combination of property, employment, money, private enterprise. There are other factors also which increase the production rate in the industries that are a new discovery in the services, reducing investments, increase saving, consistent towards work, the discovery of more natural resource, introducing new technology by which human work will reduce but this will give a huge impact on the economic growth of society.
M2: Evaluate the differences small, medium and large businesses make to the economy, applying relevant data and statistics.
It can be analysed that SME businesses contribute in the growth of economy because they generate more employment rate as compared large businesses as the study says 99% SME’s businesses are in the UK and only 1% is based on large business. The rate of Employment directly points out the production rate of goods and providing services to their customer. UK Government makes their trust towards
SME ’this doesn’t means large business will be close in the future their importance is behaving in some different manner as they generate the number of products at the same time. Because large business consists of 500 or more employee and in SME’s number of employee in between 50 -100.LLArge companies pay more their employee as compared to SME’s
Figure 2: Growth in the number of UK private sector
Source: Assets.publishing.service.gov.uk, 2016)
D2: Critically examine how small businesses have an impact on different levels of the economy (local, regional, national) and in an international context.
Small businesses have an influence on the various level of the economy. SME’s are turn into the more productivity rate and providing good paying work. SME’s are now able to work for international as well. They are importing and exporting the product from out of their country. The global budget is raising high with the help of improving SME’s productivity. The competitions of SME’s are increasing that means they work for their broad development.
P5: Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from other business managers.
These characteristics are essential and very important to successful entrepreneurs, those people who want to succeed in their life as an entrepreneur they should follow these key features and follow all these relevant characters in their life.
Peter Jones is a famous entrepreneur in all over the world, he is also known as the name of Dragon Dan, his partner is Tara Jones and his residence in south Buckinghamshire, England. He set up their business and makes personal computers.
Peter Jones follows these rules that differentiate with the other entrepreneur, they admire that when they follow these types of rules in their life, and they got success and achievement what they want.
Peter Jones defines these rules and shows to all be caring to their employees as well as their company members, take actions according to the prioritize basis work with the use of intuition so the work will be done effective and proper way.
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset.
When entrepreneurship personality reflects there characteristics for motivation and mindset they give the direction with the help of their unique quality as well as the way they work done.
The above slide shows the characteristic of entrepreneur and that reflects the key factors which show positive aspects as well as the entrepreneur mindset which means they have to follow the rules to leads the success in their life.
These slide shows the additional features that reflects to entrepreneur motivation and also builds the level of confidence and encourage the employee to perform the work and attain the goals. In addition to this, an entrepreneur should be responsible and accountable for their own performance.
This shows and provides the positive response to those peoples who become an entrepreneur in the future, and those who want to grow in their business environment. So these features help to see and follow these factors in their lifestyle.
M3: Explore and examine different lines of argument relating to entrepreneurial characteristics.
In this examine the other companies entrepreneurs said about arguments relating to entrepreneurial characteristics is that their tolerance power is low, they sacrifice a high risk of failure, sometimes they are lack of knowledge.
D3: Analyze the characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by specific examples.
When to analyzing the characteristics traits, skills, and motivation; drivers of successful entrepreneurs it gives the best example of Simon Cowell, he is the most popular English tv music and talent competition judge.
P7: Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship.
These are the success factors which influence by the entrepreneurship, after working for the SME’s an employee will be creative because at that place their idea influenced others also. People get more about entrepreneurship, they want to work with that to enhance their skill. People understand to work with the management because in small sector industries people work in the team where collaboration is necessary with the teammates and with the other employee. Improve their online marketing skills
Entrepreneurship also affects the culture of the society in a positive way. People get strength for taking the risk to become an entrepreneur where they use their skills and make them as a productive resource for their business. The life of this modern era is very expensive so it is the right time to explore to make more money. Practice their skill at the end of non –economic end means that where an individual will not sure about their earning.
Education methods will not change every year in the UK. But they develop basic skills to their student in the very stage of education. In any society, education will play a very vital role. In UK, the education will be based on formal education but now they are developing entrepreneur skill in the student. This is the main reason because in the UK most of the companies are SME’s and their motive is every individual will become responsible for its job.
The UK is one of the most developing counties, People are already financially motivated but the job will not give that much amount of money as compare to an entrepreneur will earn by their own business. The national culture now accepts this and appreciates the performance of SME’s. They will get help if they are in some financial circumstance. Government helps those who willingly work because it becomes a part of economic growth of the organization. The UK is one of the most developing counties, People are already financially motivated but the job will not give that much amount of money as compare to an entrepreneur will earn by their own business. The national culture now accepts this and appreciates the performance of SME’s. They will get help if they are in some financial circumstance. Government helps those who willingly work because it becomes a part of economic growth of the organization
M4: Analyze the link between entrepreneurial characteristics and the influence of personal Background and experience to specific successful entrepreneurs.
Steve Job was an entrepreneur who started their business by design their computer by using their calligraphy skills. He has dropped out student from Reed College (Poland) because their tuition fees were so high and their parent was not able to pay. Jobs always said they learn humanity from this college and it helps on everything whatever they will do in the future. Calligraphy principle helped him to build the Apple computer. That small business will now become globally famous and one of the top one industry. In 2018, their turn over is $256.6 Billion
D4: Critically evaluate how background and experience influences entrepreneurs, both
Positively and negatively, by comparing and contrasting examples.
Steve Jobs is a great personality and a great entrepreneur, founder of Apple company and very popular in all over the world.
1.Casnocha,B., 2011, [Online] The Four Types of Entrepreneurship, http://casnocha.com/2011/02/the-four-types-of-entrepreneurship.html
firstname.lastname@example.org [Accessed on: 30/1/2019]
- Kearney,C.,2013, [Online] Public and private sector entrepreneurship: similarities, differences or a combination? https://www.emeraldinsight.com/doi/abs/10.1108/14626000910932863?mobileUi=0&journalCode=jsbed emerald insight [Accessed on:30/1/2019]
3.Rochaa,E,A,G., 2011, The Impact of Business Environment on Small and Medium Enterprise Sector’s Size and Employment: A Cross Country Comparison, Business Environment
4.BUSINESS POPULATION ESTIMATES FOR THE UK AND REGIONS, 2016, Department for Business, Energy and Industrial Strategy
5.Miller,D.,2018,2018, [Online]What Is the Actual Impact of Small Business on the Economy? Available at: https://www.thebalancesmb.com/small-business-impact-on-the-economy-4175064 [Accessed on:30 January 2019]
6.Gupta,K.,2017, [Online]The Role of SMEs and Startups in Standards Development ,Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3001513 [Accessed on:30 January 2019]
7 .Majkova, M., & Kljucnikov A., 2017. The specific character Traits of Young Enterpreneurs in Slovakia. International Journal of Entrepreneurial Knowledge, Vol. 5.
8.Kerr, S., Kerr, W ., & Xu, T., 2017. Personality Traits of Enterpreneurs : A Review of Recent Literature.
9.Nasip, S., & Sulong, R., 2014. Entrepreneurial Characteristics and Motivation Factors of New Venture Owners: A case in the food service Industry.
10.Nandamuri, P., & Gowthami, C., 2014. Entrepreneurial Orientation and Family Background: A Correlation Analysis.
- Sjöström, O.G., 2014. Entrepreneurial ventures And their impact on economic development. Linneuniversitetet
- Carter, S. and jones-Evans, D., 2012. Enterprise and Small Business: Principles, Practice and Policy. London: Pearson
13.Nguyen N.M., 2013. Differences and similarities in the entrepreneurial process of independent new ventures and corporate new ventures. Universiteit Twente.
14.OECD., 2017. Enhancing the contributions of smes in a global and digitalised economy. Meeting of the OECD Council at Ministerial Level