Entrepreneurship is an activity under which entrepreneur start business along with his idea, thought, creation etc. It is a capability and willingness to develop , organise and manage the business venture along with any of its risk in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses. Entrepreneurship concept is a wide range of meanings. Anyone who wants to work by his own consideration and risk is known as entrepreneur (Baker, Grinstein and Harmancioglu, 2015.). In the business context, A person who have capacity and willingness to establish, organise and manage a business firm with any of its own risk in order to gain profit and maximise return is known as entrepreneur. Further, those activities under which includes borrow land, labour, natural resources, working capital which assists in produce profit is called entrepreneurship. The following report is going to depth knowledge about the new start up business and also explore the similarities and differences between the entrepreneur venture. In addition to this, in this report various traits and skill of two successful entrepreneurs which differentiate them from other business managers.
P1. Various types of entrepreneurs and their relationship with the typology of entrepreneurship
Entrepreneur is a person who possesses the capability and possession of a new enterprise, venture or idea and assumes significantly accountability for the inherent risks and results. He or she is an ambitious leader who invests in the land, labour and capital to often create and market new goods and services. There are various kinds of ventures which are as follows-
- Small business entrepreneurship-Small business entrepreneur are anyone who runs his/her own business. They convert ideas into reality and deal with both manufacturing and trading aspects of business. For example: grocery stores, hairdressers, consultants, travel agents, internet commerce store fronts, carpenters, plumbers, electronic, etc. They hire local employees or family.
- Scalable start-up entrepreneurship- This entrepreneurship activity is related with organizing business according to vision and attracting unique quality features regarding new ventures. However, it is appropriate for scalable business model and rapid expansion of enterprise (Bae and et.al., 2014). Under this technique, high amount is required for organizing and implementing plans for effective fund and resource allocation.
- Social entrepreneurship- Social entrepreneurs are those risk takers who focus on providing products that are useful for resolving society's needs and problems. These are non profit entrepreneurship entities in which limited risks occur in operating business activities (Bird,2015). Thus, its target is to make decisions related with society's awareness and creating wealth for founders. It is beneficial for nation's development and contributing effectively in all other sectors of nation. Such as; employment, tourism, production related to export-import of goods etc
- Trading entrepreneur-This kind of entrepreneur undertakes trading activities and concerned with marketing. The enterpriser is not concerned with the manufacturing works and activities (Bruni, Gherardi and Poggio, 2014.). They do not deal with activities of production and procurement. They just purchase the finished product and directly sell it to the customers. In this entrepreneurship, owner sell finished product either by self or by retailer. This kind of entrepreneur acts as the middlemen between manufacturer and customers and they are the wholesaler, retailer and dealer.
- Industrial entrepreneur-Industrial entrepreneur is a manufacturer who starts or set up an industrial unit. This kind of entrepreneur identifies the actual customer requirement related with products and services and deliver the exact commodity to them. The major objective of this kind of entrepreneurship is to satisfy the needs and wants of buyers in the market by manufacturing products accordingly. This entrepreneur is a product oriented man who realizes the opportunity to set up and industrial unit because of the possibility of making some new product. This kind of entrepreneur has the capability to transfer economic resources and effective national technology in to a considerably profitable venture (Carland, Carland and Stewart, 2015). They convert raw material into finished commodities.
- Corporate entrepreneur- This entrepreneur is that who represents his skill in organising and managing a corporate undertaking with leading innovation. This entrepreneur has to plan, develop and manage a corporate body.
- Agriculture entrepreneur-The entrepreneur conducts agricultural activities such as cultivating and marketing of crops, fertilizers and other input of agriculture. They are motivated to raise the agricultural outcomes by use of effective technology, irrigation. They cover a broad spectrum of the agriculture sector and include agricultural and allied occupation.
As per the above discussion, it has been ascertained that there are various kinds of entrepreneur ventures which have different processes, objectives and system of business. Following are Entrepreneurial ventures in relation with typology of entrepreneurship: Typology is related to the form and subject of various entrepreneurs. This is beneficial for the relationship with entrepreneur and its business. It assists in generating various ideas and express need, self awareness (Castello, Barbera and Vaara, 2016). It is useful in enhancing the efficiency and performance of business enterprise. With assistance of the topology, entrepreneur can develop various effective strategies for business and take effective decisions for business. In accordance with this, small business enterprises get formulated by applying various innovative states as typologies that leads to succession on behalf of which decisions are made to run entity efficiently.
P2 Similarities and differences between the entrepreneurial venture
From the above discussion, it has found that there are various kinds of entrepreneurial which have their own concept regarding survival of business activities in the market. Following are the differences between these entrepreneurial ventures-
The above defined entrepreneurial ventures are different in various ways like risk, objective, system, structure, etc. All these have various kinds of risks at various levels of business. In context of small business enterprise, it is managed and controlled at small level of business under which manager is responsible to take all decisions. It involves family businesses, retail companies and all small medium enterprises that prepare planning and manages business activities at small level. On the other hand, scalable entrepreneurship includes strategic plans for enlargement and efficient qualities of organization. Therefore, according to the vision and requirements, innovative ideas and strategies are implemented for stability. In context of trading entrepreneur, the owner is not concerned with manufacturing works and activities. They are not dealing with the activities of production and procurement. On the other hand large company have innovative tools and techniques at highest level of risk uncertainty. This kind of business enterprise carried out its business activities and function at the large level and it have also its own structure of business. On the other hand social entrepreneur are also different from the other business organisation which make the decision related to producing goods and services in order to satisfy the needs and wants of the society. It have major aim is to satisfy customer by delivering effective services to them
One of the major similarity of the various enterprise venture is that they all have main objective is to deliver high quality of goods and services to customer and earn maximum profitability and market share (Dooley and Kenny, 2014). These all enterprise have various effective tools and techniques through which it can able to develop an innovative and effective product and services to customer. All of them manager are responsible to develop effective and distinctive strategy in order to again effective success from the market. One another similarity is its effective strategy and structure through which they can easily survive in the competitive environment.
P3 Assessment and interpret relevant data and statistics and how a micro small business impact on the economy
While small business enterprise may not generate as much money or investment as compare to the other large corporation. But small business enterprise play a very crucial role in order to develop the economy and increase the growth of the economy. They are a critical component of and major contributor top the strength of local economies (Schlaegel and Koenig, 2014). The micro and small business enterprise assist in developing the entire nation and growth of the country by generating revenue, provide employment opportunity to citizens, adaptability to changing climate etc. These type of small business enterprise assist in developing new path of growth and generating the local as well as national income. In addition to this expansion of the new small business aid in developing the new opportunities for the local citizens. With assistance of small business enterprise, citizen of the country can easily gain the opportunity of employment. Many of the small business also posses the ability to respond and adopt quickly to changing economic climate. This is due to the fact that small business are often very customer oriented. While customers patronize local small businesses, they are essentially giving money back to their local community (Hmieleski, Carr and Baron, 2015). Many of the customer take the share of the company so after the company's profitability, firm provide the dividend to them. It can be said that it assist in generating national income. A thriving local business will generate high levels of revenue , which means that the business will pay higher taxes including local taxes. This money is then often used for local police and fire department as well as school.
P4 Explanation about the importance of small business and business start up will contributes to growth of the social economy after Brexit.
While UK take out from the European union then it is known as Brexit. After than the country structure has completely changed in the various sectors like economic, production, employment etc. As per the research it has been founded that after Brexit, country has grown in the various sector like financial, economical and social. Various new small business enterprise has establish after this happening in the country. These small business enterprise put the positive impact on the national income and growth of the nation. Individual have opportunity to grow their personality and professionalism because they have opportunity to get employment in the small business enterprise. With assistances of this Breixt, country have opportunity to gain the large number of new citizen from the other country in order to get opportunity of employment, This thing assist in increasing the country income. It is beneficial for country's development remains able to reduce immigration and enhancing demand for gaining profit. However, different sectors of nation influence efficiently regarding self employed and various job creations are recognized. It affects on GDP data and government policies to get benefited related to important area for boosting growth.
One another major impact on the market, after brixit consider in the country ,the demand and supply of product and services can also influenced by this happening. In addition to this the living standard of citizens has also affected because their choice, preferences, culture, region has largely influenced by this Brixit in the country.
P5 Determination of the characteristics, traits and skills of two successful entrepreneur which differentiate them from other business manager
Entrepreneur is that person who is responsible to take business activities and carry out business. He/she takes initiative for carried out business function along with the risk. Entrepreneur develop the business strategy and implement that in order to get effective success in the market. However, there are various kinds of entrepreneur who have different kinds of responsibility and they have to handle the various kinds of situation. Some of the important characteristics of ideal entrepreneurial are as follows-
Positive attitude- An effective entrepreneur must have quality and skill of positive attitude so as he/she can easily influence to another people at workplace. In the business organisation, entrepreneur play a very crucial role in order to manage people and motivate them so he/she must have quality of positive attitude so as every one can easily inspire for high productivity and profitability.
Initiate to take risk- One another important skill and quality in an effective leader is initiative attitude. It means entrepreneur must always ready to face the challenges and initiative to take risk in the business enterprise (Zhang, Song and Zhong, 2016). Including this, different innovative ideas and techniques are generated for producing new products in market as well unique variety and feature of services are obtained. In this regard, at initiate stage, entrepreneur takes risk related to investing fund for starting up and applying strategies for qualitative business organization's activities. Entrepreneur is liable to accomplish various difficult task by applying various strategies in the business organisation.
Self confidence-An effective entrepreneur must have quality and skill of effective self confidence so as they can easily manage the high workload situation in the corporation. Confidence can be one of those things either have or don't have but individual believe that it can be practised and learned. An effective entrepreneur must have effective self confidence so as they can easily motivate and inspire other persona s well as complete the high level assignment within a specific time period.
For example, after Brexit, UK get separated to European Union that impacts on effectiveness and structure of nation including economic and other sectors. Therefore, several opportunities are obtained for expansion of Charlotte Street Hotel as well as a small size enterprise. Moreover, government policies are made for boosting entrepreneurs related to establishing new business enterprises. In this regard, it considers as good chance for country to take advantage of entrepreneurial ventures. It is related to quality and skills of risk taker's potential that at which level he can take risk and handle business operations for expansion and management of hotel.
Effective competitor- An effective quality of entrepreneur is a perfect competitor. It means they have quality to compete with other venture by developing effective strategy and policy. It has to develop an effective plan and policies regarding marketing activities of the organisation. If an entrepreneur have quality of competitor then they can easily compete with rival in the market. In this manner, entrepreneur must have quality of innovative thoughts, skills so as he can easily develop an effective and strong competition in the market.
P6 Entrepreneurial personality impact on business implementation
As per the above discussion it has been ascertained that there are various skills and quality in an effective entrepreneur through which he/she can effective compete with rivals and survive in the competitive environment. It has been assessed that with the help of various skill, quality and characteristics an effective entrepreneur can compete with rival and gain effective success in the market. In addition to this these characteristics assist entrepreneur in brining the business operation into the competitive market and gain desired success (Schlaegel and Koenig, 2014) With assistance of these characteristics and skill, entrepreneurial can easily develop an effective and distinctive strategy and tactics so as business enterprise can easily gain the desired success and profitability in the market. As it has discussed that entrepreneur plays a very crucial role in the corporation because the entire business activities and function are largely depends upon the entrepreneur. The personality of entrepreneurial reflects entrepreneurial motivation and mindset because these quality, skill and characteristic develop the entrepreneur personality at workplace. With the help of these skills, quality and ability, entrepreneur can easily motivate and encourage for higher productivity and performance. Appropriate and effective quality skills of entrepreneur leads to achieve enlargement and increasing in qualitative services of firm. It is required for an entrepreneur to be risk taker and making decisions regarding business activities positively. It is interlinked with coordination of employees and employer for maintaining good relationship with other business units. It is interrelated with country's development. For example; increasing in enterprises after Brexit in UK is useful for economic stability and entire growth of firm. Along with it is considered that entrepreneur's effective personality leads to organization to be more efficient. Including this, varieties of skills and learning strategies are obtained to increase firm at high level for increasing business and competitive strategies. Thus, entrepreneur is helpful for contribution in country's development also impacts on employment sector of organization. With assistance of these varieties of skills and abilities, company entrepreneur can cope up with the economic changes and growth.
P7 Explanation about the background and experience can hinder or foster entrepreneurship
Entrepreneurship is an activity under which owner of the business generating new ideas, thoughts and creativity in order to carried out business function and activities in the market. In order to get effective success and profitability entrepreneurial gives their best efforts in developing effective planning and strategy. It has been assessed that with the help of various skill, quality and characteristics an effective entrepreneur can compete with rival and gain effective success in the market. In addition to this these characteristics assist entrepreneur in brining the business operation into the competitive market and gain desired success. Through this entrepreneurship activity, I improved my several skills as well acquires positive result for expansion and adopting challenges effectively. However, getting adjusted according to ups and downs occur at workplace as well problem solving skills are developed. In addition to this, through entrepreneurship recognizing after Brexit in UK generates positive outcomes related to establishment and increasing efficiency for qualitative services. From the above discussion I have learnt various kinds of skill and ability which assist me in developing my knowledge and personality (Zhang, Song and Zhong, 2016). With assistance of these skills, characteristics, I can effectively perform in the company. In the business enterprise, various kinds of challenges need to be faced by the me which assist in increase my potentiality toward my performance. Moreover, several tools and techniques are obtained to expand small business enterprise. Innovative ideas and adopting technologies for better quality services are determined. In this regard, proper sense is created for contribution of small scale industry in UK economic stability that is related to other sectors of nation including finance, employment and production of organization. Thus, several information are gathered for expansion and effective contribution in nation's development is considered.
In order to get effective success and profitability entrepreneurial gives their best efforts in developing effective planning and strategy. Entrepreneurship is an important activity through which entrepreneur can easily gain the benefit and success in the market. In this manner, entrepreneur can easily develop an effective success and profitability. From this project report it has been ascertained that there are various kinds of entrepreneurship business which have their own structure, system and size of business. It has been also concluded that there are various kinds of differences and similarities in the various kinds of entrepreneur business which distinguish them from each other. It has also concluded from this report that an effective entrepreneur have various kind of effective skill, ability and characteristic through which they can develop innovative idea, planning, strategy and structure for business. Moreover, proper data interpretation for micro enterprise impact on country's economic profile is recognized. Small business enterprise impact on nation's development after Brexit is analysed. Therefore, methods for entire growth of firm including contributing in nation's effectiveness is determined through this report. It has been also concluded that social entrepreneur are also different from the other business organisation which make the decision related to producing goods and services in order to satisfy the needs and wants of the society. It have major aim is to satisfy customer by delivering effective services to them.