This assessment will cover further:
- Elaborate range venture types of general entrepreneurs.
- Elaborate small impact of economy.
- What are the key aspect of entrepreneurial mindset?
In United kingdom, there are around 95% businesses of small and medium size organisation are exist in different countries. Such small sized businesses are established in UK are known as entrepreneurial venture. In other words, entrepreneurship can be define as the process which involves planning, launching, designing and regulating new idea which help them in developing small business. An individual who initiate or develop business idea which are called as entrepreneur. Along with this, these ventures are play an essential function in nation's economy so they are gaining employment opportunities and increasing overall GDP rate and some more (Blackburn, Hart and Wainwright, 2013). The report is covers different component of entrepreneurial ventures and different typologies that are related with this. It also describe influence of micro, small and medium sized in the United kingdom economy of the country and its community. In addition to this, entrepreneur decision making is highly influenced by various aspects which involves experience, family background and education are represented in this projection.
1. Different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship
In this, entrepreneurial venture refer as the combination of risk, failure, success and ambiguity which are related to learning. There are various differences between small business concern and entrepreneurial venture which formulate the key differentiation among both of the terms. SMEs are associated with several commodities and services which are already present, on the other hand, an entrepreneur is a single person who sets their undertakings of business involved with financial risks that can assist in creating positive results (Bridge and O'Neill, 2012). Such ventures are directly influence the economies and society in proper manner which assist in developing cascading impact on the industrial sector and making great opportunities of job for the country people. There are various types of entrepreneurial venture which are described as under:
Small business entrepreneurship
According to the present market scenario, there are various number of small size ventures that are established in the united kingdom. These companies are covers around more than 5 million organisation and through this they are generating income and revenue. It consist with ventures that includes shop keepr, barber, travel agent, electrician, carpenter, etc.
This is those ventures which are formulated for investing in the innovative ideas of the company. They are developing particular mission and vision in order to change in the present structure of the business. For performing business operations, this type of company manage and maintain financial amount which are willing to invest in the company ideas (Carsrud and Brännback,; 2011).
This kind of business organisation seek the social advantages and perform effective business operations or also delivering appropriate services in gaining benefits to their communities which help in acquiring maximum income. Along with this, such type of enterprise are developing only such services and products that are useful for people who required to make improvement in better manner.
Large scale entrepreneurship
This form of business are organised and coordinated in order to gain effective benefits in competitive market area. These type of company are mainly concentrate on increasing advantages and developing their presence in interactional market place.
Typologies of entrepreneur venture-
are related with entrepreneur who are ascertain the purpose, motive, nature and mission of developing idea of market. There are various typologies which are demonstrated in several ventures and it is related with them:
Such form of ventures structured main aim is to manage an individual standard of living. Usually, these ventures are define the small scale enterprise that involves cafe, barber store, grocery store and so more.
In this, a person perform the business exercises regarding several social advantages. Along with this, the main aim is to maximise the benefits, so they are focus on social welfare and services community to their improvement effectively (Chittithaworn and et. al., 2011).
Such sort of businesses are providing accurate results of getting results or outcomes in better manner. An entrepreneur mainly operate and regulate activities and functions by their own.
Such type of typology is often developed and created for the monetary advantages. In this, various people invest in those ventures in order to gain effective benefits and free from risk.
Such individual are those who continuously constituted business and performing dealing in large market place. In exchange of monetary assets, they trade their innovative and creative ideas to person who are invest into the same (Chrisman and et. al., 2012).
Such form of entrepreneurs perform working in the context of empowerment of female in the competitive world and it is develop in changing their creative and innovative idea.
Such form of entrepreneur work for achieving desired target assigned to them. Theses entrepreneur are able to take appropriate decisions and they are risk taker in nature which provide benefit to their organisation.
2.How micro and small businesses impact on economy
In the market place, there are several sort of activities and functions that are conducted to gaining desired goals and targets in the united kingdom market area. Thus, such organisation are easily recognise and identify which are divided into various types on the basis of size that are described as under:
This can be refer as an enterprise which are run and organized by individual in which there are around 5 employees are doing work (Welter, 20111). It causes the capability of mobility and flexibility, there are number of person whose age can be function of type of business. In UK, related to micro businesses there are around 5.15 million business established after 2015 that increasing on continuous basis. Such factor directly influence on common structure of market and it assist in creating opportunities to the economy.
Such type of companies are independently owned and operated by single person for gaining the benefit of earning income or revenue. In UK. There are approximately 95% organisation are small sized that involves 10-500 employees who are mainly depend upon manufactured goods and services (Drucker, 2014). After the time of recession, United kingdom has gaining benefit from largely SMEs which help them in giving effective job opportunities to the society people that improving economical situations.
These type of companies are well introduced and it has better track which provide lender and investors are developing their decisions which are related to finance. It includes 99-1000 workers who are employed to get target. This will provide employment opportunities and it contribute towards gaining crucial role in GDP of the country.
After the Brexit and recession time period, United kingdom has mostly influenced by small sized businesses so they are supported the economy in positive way. In the crisis condition, the country has covered their critical situation of economy through help small organisation their developing economics at the time of start ups of businesses. There are various impact of distinct part of UK that are described as under:
In this, small organisation are directly affects on nation's local enterprise and businesses so they are providing core job opportunities to the UK people after Brexit. This is mainly assist in making improvement in living standard of people. Its impact on current trends and emphasise buying power that are directly affected due to Brexit ;(Storey, 2016).
Small businesses have huge impact on goods commodities along with value or cost that shape their products and services. Such are directly influence on the taste, preferences and choice of consumer, trends in market and structure of service deliveries.
National and international impact
This directly affects the nation importantly as SMEs and medium sized companies which are developed economy development by developing drastic evolution in gaining employment opportunities at local region. With the help of this, cash flow in the market area enhancing which help market situations and shares sensex of an organisation. Such international functions are directly influence GDP of the nation which create unique identification of firm at global market.
Thus, it can confirm from different number of consequences analysis which United kingdom growth has been supported by emergence of small, medium and micro sized business. For promoting such, UK authorities have provided specific subsidies to an individual which develop such business or venture as they are giving shape to the growth of economy in critical manner (Fassin, Van Rossem and Buelens, 2011).
3. How important small businesses and business startups will contribute to the growth of the social economy after ‘Brexit’
Brexit is referred to the United Kingdom decision about parting their ways with European Union. This is regarded as one of the most important decision taken by UK for the development of their economy. It happened on 23rd June where majority of people voted in favour of UK and not Europe. Brexit had a major impact on UK economy and their GDP was slower down by 2.4% in 2017. however, they had to pay an additional charge of 3 million pounds in two years time. Therefore, because of this the small businesses and start-up's were badly affected as they were not getting resources with which they can conduct their activities.
It can be said that with the help of micro, small and medium sized businesses, UK tries to re instate its economy which was falling and manage to develop their GDP as well. These kinds of companies made a strong impact on the economy of UK and also on its social structure after Brexit.
Importance of Small and start-ups business are mentioned underneath:
Economic and Social Evolution:
Here, it can be said that the small businesses are the strength of UK.; This was observed that after the implementation of Brexit, the purchasing power of UK was decreased severely and thus through these small-businesses, nation developed themselves and established 5 million organisations. Thus their per capita income was increased ;(Schaper and et. al., 2014). It cannot be missed that because of this development, lots of employment opportunities were also developed approximately 15.2 million.
Social Security Improvement:
This is also an important element because it impacted the income segment of UK. With the improvement of small concern and start-up's, more people were getting employed and thus there was more of inflow of money than outflow. Through this step, country was able to come out of the crisis which they were facing. Therefore, it had a positive impact on the society and helped them in developing as well.
Revenues and Taxes Influence:
With the establishment of start-up's and small-businesses, the country became economically employed as they were generating much amount of profits; on daily basis. Therefore, they had a strong impact on the revenue and taxes of UK. It was assessed that if people will earn on regular basis like this then they will be able to pay taxes easily and this will be beneficial for the country. Therefore, after Brexit now 75% of the population are paying their taxes and this shows that their economic condition is increased ;(Schaper and et. al., 2014)
Influence on Poverty and Other Determinants:
Therefore, it can be said that small-businesses and start-up's establishment was one of the finest decision taken by UK economy since after its implementation, country has only progressed.
4. Determine the characteristics, traits and skills of two successful entrepreneurs, which differentiate them from other business managers
An entrepreneur refer as the concept which excels the confinement of an enterprise administration. An individual consist with number of unique skills and abilities which make different than common person and general manager. The entire entrepreneur are formulated from general blue print. There are various business women and men who are performed the activity that will be known in the whole world. In this report, there are two entrepreneur such as Richard Branson and Mark Zuckerberg which h has been taken as an example whose skills ad traits are described as under:
He is the founder of Facebook and an individual who change the way of people interactions by providing more convenient, sharing platform to communicate.
The company manager work is to motivate and encourage their employees for doing appropriate work and task in better manner. Always encourage employees are perform best and innovation related work that make them unique (Gorgievski, Ascalon and Stephan, 2011).
This can be analysed that firm manager main duty is to motivate their employees in the team that will enhancing team building and making connection with other workers. For example, mark Zuckerberg regulate business operations as a team and work for team hat develop him a good leader and better entrepreneur.
Problem solving ability
Critical thinking skill
A company manager have creative in thinking that help them in executing idea and opinion for the welfare of an organisation. Mark Zuckerberg have provide priorities to an individual thinking in order to evaluate the common vision and mission of the topic.
He is an English investor, business magnet, philanthropist and scholar who are the establisher of Virgin group. There are some traits and skills are described as under:
Richard Branson was famous and popular for his leadership skills and his behaviour of Think Differently. An entrepreneur stimulates every individual who are working within an organisation in order to perform their business operation in effective manner. The leadership skill used by firm manager in order to manage and maintain their workers that can lead towards right direction.
Management and planning
It is the main duty of company is to manage and maintain their business operations in better manner. Mark Zuckerberg is a leader who manage and maintain their business activities and also earn maximum profit in effective way.
The company manager have innovate in nature that assist company in formulating unique and new form of goods and services which attract large number of customers (Zott, Amit and Massa, 2011). Richard Branson always believed in innovative and creative ideas in carrying out appropriate results or outcomes. An entrepreneur is likely innovative and creative who engage with various and better ideas which are already present in the market area..
The company manager is visionary in nature so this will help them in follows all the upcoming goals and targets that can encourage employees for gaining higher income or profit. It is required for an entrepreneur should be visionary as they provide vision and mission of an enterprise. For example, Richard Branson who initiated their business with nothing to virgin group.
5.How background and experience can hinder or foster entrepreneurship
There are different elements which affect decision making and critical thinking of an entrepreneur on which they are different. There are various aspects with example of selected entrepreneur:
An individual background shapes their opinions and thoughts in better manner. This frame their common traits and it assist them in taking condition based judgement within an organisation ;(Jones and Rowley, 2011). For example of Mark Zuckerberg, he is well educated background, his mother was psychiatrist and father was dentist. Among education parents, Zuckerberg being more educated and aware children which identified opportunities and formulate the application of communication in his early college days tat will became most effective social media sites.
Knowledge and experience
Life experience and working experience both help an entrepreneur in became professional and assist them in reaching with business goals and targets. Without proper experience, knowledge is just placed of data and information that never has been implemented. For having proper knowledge us another required components. For instance of Richard Branson, he is getting higher schools and he has supportive parents and his experience of various journeys which did in his life ;(Karlan and Valdivia, 2011). He come up with virgin group idea and motivate their employees to gain desired goals and targets. On the other hand, Mark Zuckerberg is belongs to science field so he is capable in developing technical equipments such as Facebook. His parents are supported him so; he follow the dream and fulfil this.
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According to the above mentioned report, it can be analysed that entrepreneurship can be define as the process which involves planning, launching, designing and regulating new idea which help them in developing small business.There are various differences between small business concern and entrepreneurial venture which formulate the key differentiation among both of the terms.; In the market place, there are several sort of activities and functions that are conducted to gaining desired goals and targets in the united kingdom market area. An individual consist with number of unique skills and abilities which make different than common person and general manager. There are various factors which affect decision making and critical thinking of an entrepreneur on which they are different.