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MOD004055 Traits of a Successful Entrepreneur Level 4

Introduction

Entrepreneurship is the method of launching, designing and running a new business, which is more frequently than not, initially a business, offering a product, service for sale or hire or process. According to the concept, this assignment will cover the aspects of entrepreneur and entrepreneurship (Carter, 2018). Several types of entrepreneurial organisation will be discovered and their state with categorization of entrepreneur will be evaluated in this report. Moreover, taking the help of statistics and data, outcome of mini and small structure will be assessed on the economy of united kingdom in this report. In this report, characteristic, traits and skills of successful entrepreneur will be analysed and how they reflect on their personality will be assessed in this report. Yet, helping in investigation, this report will aim to assess the experience and background of successful ent

Task 1

P.1 Types of entrepreneurial ventures and their relationship with typologies of entrepreneurs

In business or enterprise, the person entrepreneur is playing a role of who organises, assumes and manages the risk of an organisation. Nowadays, in a national economy the entrepreneur is playing an important part of growth and development. Entrepreneurial categorisation like every other typology is a classification scheme. There are several ways of entrepreneur which are determined as female, male, social entrepreneur and serial. There are several small and large business administration who in-corporate their business activities efficiently and effectively. In this report, the entrepreneurial ventures and their relationship with typologies of entrepreneur are given as follows:

Small Business Entrepreneurial Venture: in the small business entrepreneurial ventures determined the small or mini scale industry which is considering to be target minimum range of customers and limited paid up capital. The different types of things are including such as store, book shops, groceries, and electronic shops, etc. in the mini and small scale business are mainly considered to be male and female workers who can do work positively in national economy in efficiently and effectively (Cowling, 2018). Moreover, in united kingdom organisation are highly affected by the national economy of the business ventures is in corpora ting in the nation are medium and small scale organisation. Thus in last, concluded that small and medium scale organisation are very basically for the national economy of the country.

Scalable Start-up Entrepreneurship Ventures: in the market, a kind of entrepreneurial venture is newly emerged. To fulfil the customer choice and provide their needs by effectively quality of goods and services to the customers are motive in nature such as scalable start-up entrepreneurship ventures (Cunningham, 2017). The main aim of scalable business organisation is to determined their growth and development by which we offering several products and services to the users. Different types of entrepreneur dealing with scalable start up organisation are serial entrepreneur. The entrepreneur who is coming continuous in nature is coming with unique ideas to start a new venture. This organisation impact on the national economy of united kingdom effectively as, there are several new start up that incorporating in the country efficiently.

Large Organisation and ventures: as overall study and compare that large organisation are opposite of small ventures. They are targetting a large sector of customers and paid up capital is more. In this having a different type of entrepreneurial ventures whose motive is to earn profit and create more income by supplying goods and services in a large segment of customers efficiently and effectively. For example, Aldi, Tesco are some of large ventures incorporating in united kingdom. Furthermore, in order to sustain the market economy the life cycle of the products is limited and management needs to focus on continuous improvement and innovates a new product. Large scale ventures have to focus on continuous innovation in order to sustain in the competitive environment.

Social Entrepreneurial Ventures: the social entrepreneur are considered to be innovators who focus on creating products and services that solving the problem and the social needs of the users. To make a world better in place the unlike scalable entrepreneur is start ups their goal. Not to take or create market share in wealth for the founders. It may be hybrid, profit, non profit,. Maintaining the  benefits of the company and national economy they offering a goods products and services (Henrekson, 2017). This organisation contribute in increasing the country image and goodwill efficiently and effectively in the nature. Social Entrepreneurial ventures are operated by social entrepreneurs who have motive to serve the societies and communities by providing them services that enhances the welfare of the society.

P.2 Similarities and difference between entrepreneurial ventures

Entrepreneurial ventures are similar and different from each other. There are four types of entrepreneurial ventures which has been discussed above. In this section, the difference and similarities between different types of entrepreneurial ventures will be discussed. In this context, the similarities and difference between different types of ventures are described below:

Similarities

Small Scale enterprises

Large Scale enterprises

·       These ventures are similar to the large scale and scalable entrepreneurial ventures in terms of motives and purposes. The motive of these ventures is to earn profits by providing products and services to target customers.

·       These ventures are similar to large scale organisations in respect of products and services provided by them. They provide products to specific group of customers in order to earn higher profits and revenue.

·       These ventures are similar to small scale organisations in terms of their purpose, goals and objectives. The goal of these organisations is to earn profits and revenue to sustain in competitive environment.

·       These ventures are similar to scalable ventures as they have to work on continuous improvements and innovation to provide customers with unique and upgraded products.

Scalable Enterprises

Social Enterprises

·       Scalable enterprises are similar to social enterprises as they work for common purpose and motives.

·       These enterprises are similar to small scale enterprises in the way of doing business activities and operations.

·       Social enterprises are similar to scalable organisations in terms of innovation and development of services in order to provide quality services to the society.

·       Social enterprises are similar to large scale organisations in terms of motive which is to serve society by providing them effective quality of services.

Differences

Small Scale enterprises

Large Scale enterprises

·       Small scale enterprises are different from large scale organisations in terms of customer base, production rates, capital and profitability. These organisations operate in smaller market economy by providing limited and segmented customers (Kim,  2017).

·       These enterprises different from social and scalable enterprises in terms of production of goods and services.

·       These organisations are different from all the entrepreneurial ventures in terms of size, scope, profits and capital.

·       Large scale organisations are different from social and scalable organisations in terms of motives and purpose. They have different aim and objectives on which they work on.

Scalable Enterprises

Social Enterprises

·       Scalable enterprises are different from social enterprises in terms of motives and purpose. They have motive to provide innovative and quality products which no other organisation has targeted on.

·       Scalable enterprises are different from other organisations like large scale enterprises in terms of providing different products and services to the customers.

·       Social enterprises are very different from all the entrepreneurial ventures operating in United Kingdom. They have motive to serve society without considering about the profits.

·       They have operated by social entrepreneurs who have different motive and purpose in life.

·       Social enterprises are different from scalable enterprises in terms of providing products and services to customers.

P.3 Impact of small business on the economy.

Small scale business are the backbone of United Kingdom. There is a great impact on the economy of the country. Small scale businesses has large percentage on the growth and development of economy of United Kingdom. The different kinds of small scale businesses are as follows:

Economic Power- In UK there are numerous of small scale enterprises are operating in the environment (Martin,  2018). The employee's in small scale business are in small number. The record stated that about 33% of people are working and around 20% of output is evaluated by the employee's of small scale organization.  

Micro and small enterprises are determined by-

            Small enterprises- the employees are less than 50 employees and turnover is up to £12 million.

            Micro enterprises- employees are less than 10 and output is about £2.5 million.

            Medium Enterprises- the employees are less than 50 employees and the output is about £52 million.

There are number of enterprises which are classified under into single proprietor and partnership. The management and control in sole proprietor is operated by single person. The profit and losses, risk factor all are born by the single person. But in partnership business the management and control and profit and losses and risk factor is born by the partners. The division of their profit is distributed equally or according to the partnership deed.

Small scale business not only increases the working capital of the country but it also compounds to the GDP of the nation (Regmi, 2017).  There are some applicable data and statists which help in identifying the impact of small and tiny enterprises.

The total business in UK are £5.7 million and total small scale enterprises are £5.2 million in UK.  The percentage of contribution from small scale industries is 94%.  Thus, the small and micro business are very crucial for the development and growth of the nation.

The total employed person in UK is £16 million and about £9.55 million of person are employed by the small scale enterprises. The ratio of small scale enterprise in the contribution to the economy of UK is 62%. Small scale endeavour not only plication the capital of the nation but it also compounds to the GDP of United Kingdom.  There are relevant data and statistics which assist in analyse the impact of small and micro scale organization.

Macro environment ;

A macro environment is the status that exists in the economic system as a whole, rather than in a peculiar sector or region. In general, the macro situation includes trends in gross domestic merchandise, inflation, employ, disbursement, and medium of exchange and fiscal policy. All such kind of factor is help to change condition of business environment. Entrepreneur is a person who focus on macro environment factor and change them as per the need of market condition.

P.4 Importance of small businesses and business start-ups to the growth of the social economy.

            There are some factor is focus on small business and business start- up is help for social economy condition. Small enterprise may not create as much money as large business firm, they are a critical section of and major contributor to the posture of local efficiency.  On the other hand, some important factor are as follows :

  • Increase Employment- Small scale project has great role in accelerative the employ in United Kingdom (Lockyer, 2017). As from above statical data, it was analysed that much than half of the employ is brought forth by Small, Medium and Micro endeavour which is about 70%. On the other hand, accelerative in the globalisation, many group start their own start up which decreased sizeable magnitude of state in the administrative district.
  • Improve standard of living : It is help to improve standard of living of poor people. Small scale task come up with new and advanced business concern which assist in accelerative and up the power of acquisition. Many customized are draw toward the prime and invention of the small endeavour. The role of little endeavour play is very indispensable and significant. The part towards the growing and improvement of the economic system.
  • Innovation :- The commodity and employment of the small scale commercial enterprise are highly advanced which pull many people. The new start up ever come up with advanced and new thought. More over, with addition in business relation SSI centred on non-stop introduce so that more and more than good and employment can be avail to devour which  lead to hike in the economic system of United kingdom as well addition the buying power of user (Xiang, 2016). With help of innovation is increase the number of customer in market place and increase profit.
  • Commitment to national economy-From analysing the material factual information from various sources, it was comprehended that little small scale and medium ventures alongside fresh out of the box new initiation of undertaking contributes more to the economy of United Kingdom. It was additionally broke down that More than half of partaking in total national output was conceded by little and medium ventures. Henceforth, it demonstrates that little and medium scale endeavour assumes essential part in overhauling the economy of United Kingdom effectually and with productivity.
  • Creating compelling relationship-Small business make powerful association with clients, providers and their labourers . For improvement and development of the independent ventures, individual collaboration assumes viable part. SSI are more worry about the desires for the customers.
  • Appropriate usage of assets Small scale undertakings are much worry about its assets, they even utilize their assets adequately and productively. As in light of the fact that it is critical for Small scale undertakings to effective use of assets. Squandering of assets isn't useful for the ventures.
  • Face inconveniences and difficulties in much adaptable way-Small scale undertakings has little chain of command. Independent company faces numerous issues and issues in the activity of the business and they face every one of the difficulties in much intense way and make modifications to tackle the issues and inconveniences. Vast undertaking are not ready to roll out improvements quick as in the substantial activity it is hard method.

Task 2

P.5 Determine the characteristic traits and skills of Thomas Eddison and  differentiate from other business managers.

The Thomas Edison is most famous person that are invented a light bulb, motion picture camera and also improve the telephone. In the age of 84 year, he gets the success in his life and they are very famous businessman as well. They are born in New Jersey and he is very Poor student and their mother are very furious about the school and their teaching. He said that his mother is very true and because of her they are becoming a successful person. They are making a multiple project and dealing with telegraph.

The American company will introduce a new technology is called telegraph and Thomas Edison can be improve the telegraph. It also established the new network and are developing the different quality Telegraph. There are some skills and characteristics so that they are becoming successful person. Thomas Edison is different for the other entrepreneur because they are totally thought about in different ways and they are using new ideas. Thomas Edison is considered as great entrepreneur and that invented so many things in his life. They are established their own company to hire the talented person (Li, 2017). They will manage the whole management is a very proper ways. They are developed many products in market and this is the great achievement for the businessmen.

Passionate:

This is the most important characteristic because they are putting their new ideas towards the technology.  The successful person always think about the beyond and this is quality that they are achieved their goal. Thomas Edison is also very passionate about their work and they always creating a new thing and achieving their goals.

Curious:

Thomas Edison is always curious about to the new technology and they are invented many things like motion picture, light Bulb etc. They are understood the requirement of technology. He is very intelligence person to take challenges in his life and their imagination power is also very strong.

Analytical:

They are creating a new technology and they always focus on their targets and goals. This is art to analysis the whole process (Mehtap, 2017). Thomas Edison is very creative person and they always think about in different manner. They are putting new ideas that are helpful for the business and he is becoming a very successful ent

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