Types Of Entrepreneurship And Small Business Management Assignment On How To Improve Them
Part 1: LO1 Explore and illustrate the range of venture types that might be considered entrepreneurial
LO2 Assess the impact of small businesses on the economy
Assignment Brief and Guidance
Scenario and activity: You currently work as intern for a consultancy firm of your choice – which might include your own place of work if appropriate, that provides advice and market intelligence to small businesses and entrepreneurs. As part of updating the new website you have been tasked with investigating different types of ventures and their impact upon the economy to put on a webpage. This is a mini research project that is based on a range of different examples, one of which should be a local business.
You should choose one example of each type of entrepreneurship, at least one of which should be a local business. You must explore and compare different environments for each of your examples and evaluate their impact and importance on the economy at different levels. You should include data and statistics to support your findings.
Primary research could be conducted for your choice of local business. Primary research may include the use of interviews, existing videos or questionnaires completed by practicing entrepreneurs.
Part 2:LO3 Determine and assess the key aspects of an entrepreneurial mind-set.
LO4 Examine the different environments that foster or hinder entrepreneurship.
Assignment Brief and Guidance
Scenario: Continuing from Assignment 1, in your role as an intern at the consultancy firm you have already chosen, you have been asked to present as a keynote speaker at the annual Business Startup Show in London. You are to present on ‘The Mindset of the Entrepreneur’. Your presentation will be 10 minutes and will include the following:
- Specific examples of entrepreneurs to illustrate the scope of entrepreneurship covering one local entrepreneur, one global entrepreneur and one social enterprise.
- Exploration of their situational factors, similarities and differences.
- Discussion on their shared entrepreneurial traits and characteristics.
- Analysis of how background and experiences can either hinder or foster entrepreneurship, providing specific examples to support your line of argument.
- Conclusions that are drawn from comparing and contrasting the different entrepreneurs, their backgrounds and experience and the extent to which it has influenced them.
Introduction: Entrepreneurship is termed as one of the most important aspect of the development which is depending on the financial necessities of a particular country. The social and the political culture of the country provide the stability towards it. Along with the local development of the country, small scale organisation also provides towards the development of the economic aspect of the country. Entrepreneurship is a dynamic and a complex concept which is based on the various entrepreneurs in a nation. In this entrepreneurship and small business management assignment, improvement of the small scale sector would be discussed and an analysis would be made efficiently.
Part 1 – Report
Introduction: This section is based on ideas and interpretations of varied types of entrepreneurial typologies along with the various ways in which the economy and various other factors have contributed towards the development of the organisation in the UK. In order to the ways in which these companies try to influence the business market would be analysed with, Data and statistics.
P1 entrepreneurial ventures and typology of entrepreneurship
The following types of entrepreneurship are included in the typology of entrepreneurial ventures:
Microenterprise ventures – In this scenario, the capacity in order to re invest is very less. Since the growth is limited the entrepreneurs find it hard to survive and they have to look for methods for regular survival. These types of ventures are actually easy to start since the venture is limited to a single person (Burns, 2016).
Small/lifestyle ventures – In this scenario, there is a stable income whereas scaling the operations can be difficult. Since the intention is based on lifestyle operation, the growth is actually limited.
Medium-sized ventures – These are a particular type of venture which increase from earlier or small ventures. There can be possibilities of regional growth and there can be certain opportunities in the present investments (Hatten, 2015).
Gazelle ventures – In this case, there is a presence of an exceptional growth rate and the expansion capabilities are much more. Since there is liquidity, the original investment is enhanced by the investors.
Small/lifestyle ventures and Microenterprise ventures come under independent entrepreneur with reference to typology of entrepreneurship. Gazelle ventures and medium sized ventures can also be a part of the independent entrepreneurship and administrative entrepreneurship which are growth oriented (Burns, 2016).
Based on the initiatives along with the typology, the following categories are included in the most important entrepreneurial ventures:
Entrepreneurial: The business objectives in this scenario are set by the entrepreneurs who own the business. The leaders of the organisations are the entrepreneurs themselves and they are the ones who decide how the organisations are to be managed. They are the ones who decide how to expand the organisation along with the methods of reaching the aims of the organisations which are needed to be completed. The importance of a person is directly dependent on him and this is the reason that there is a high uncertainty of the achievement organisational goals. In order to make sure that within the work culture the employees remain satisfied, the liabilities of the organisations are to be taken by the entrepreneurs themselves (Hatten, 2015).
Intrapreneurship: In this scenario, the person is not the only one who owns the organisation. In this case the person can lead an individual department within an organisation. This is exactly why the risk factors in the organisation are limited. They are the ones who are supposed to be self inspired and the use their experiences in the best way possible in order to reach the desired aims. In this case the basic interest is to bring create the perfect option. Since they work only on few important segments of the organisation, their liberty is limited (Burns, 2016).
Managerial: They are the ones who work under the owners of the organisations as managers. In order to make sure that the operation runs in a smooth way they take the required step for monitoring. These people use their skills to maintain relation and integration with the members in an organisation (Hatten, 2015).
The other typologies in an organisation are as follows:
Business Entrepreneurship – These entrepreneurs require initiating the business ideas with the help of supportive ideas that are developed in their minds.
Trading entrepreneurship – These entrepreneurs who are not in charge of creating business thoughts or production of products or providing various services. They buy the services or the items from various distributers and sell them to local customers (Hatten, 2015).
Corporate entrepreneurship – In this scenario, the corporate information and regulations should be maintained within the company. The basic idea here is to follow the laws and the legal limitations.
Agricultural entrepreneurship – these people are completely dependent on manufacturing crops and selling them directly or indirectly (Burns, 2016).
P2 similarities and differences of entrepreneurial ventures
Type of entrepreneurship
The generation of profit and revenue is the main aspect of this initiative (Hatten, 2015).
The basic idea in this case is to create certain services or products which would meet the requirements of the customers while keeping them satisfied since it is important to generate revenue in this case.
The thought is to be part of the leading organisation in the industry by fulfilling the customer expectations.
In this case it is important create lifestyles with services which is meant for the people while maintain a competition in the market.
The basic idea in this scenario is to enhance the community, capital and reinvestment (Burns, 2016).
In this case it is important to develop certain products which would speed up the operating scale (Hatten, 2015).
This aspect is established by certain people who are already good entrepreneurs and they are willing to own an organisation in order to bring the necessary change in the industry with market shares along with more revenue
The act like the captains of the organisation as they are a part of the industry. Since they are aware of the weakness and the strength of the industry they have to act accordingly for the betterment of the industry.
The idea is to become the market leader by acquiring the targeted market and the segment (Burns, 2016).
In this scenario, the number of employees in an organisation range from 5 to 10 while maintaining the annual revenue of £50,000-£100,000. These are the organisations which belong to the micro level with the least investment pattern.
These are small organisation and they can provide the required knowledge and idea of the industry. In this case, the operation is very important (Burns, 2016).
P3 relevant data on small businesses and impact on the economy
In the UK, there have been many new companies which have been started. The key idea here has driven towards the development of such organizations which is better and has streamlines services along with business innovations. In UK, 3500 start-ups were exceeded in the year 2015-16 and the new companies were born as new endeavours. The basic reason behind this is the fact that political and economic situation of the nation is adding to the growth of such industries in a stable way. In order to maintain the financial stability of the country, the legislative factors are helping in the growth of the small scale industries (Entrepreneursuk.net, 2019).
It was stated in the year 2014-15 that the annual turnover of the micro companies in UK was £ 5.7 Billion. The total amount given to the total revenue was 13.7%. In a particular study, an assumption has stated that 27 million employees were employed by the small scale industries (Greatbritishentrepreneurawards.com, 2019).
It is found that in receiving the best from the micro companies the essential innovation along with creativity were included by the micro level organizations in the UK. The economic support has been the top cause of the substantiality of the micro scale business organizations (Entrepreneursuk.net, 2019).
Nearly 39.8% of the revenue was collected from the three major sectors which are, Real-estate Industry, wholesale-retail industry and the Hospitality Industry. Influence of the same on the economy on these industries has turned out to be fruitful who generating the required business growth (Greatbritishentrepreneurawards.com, 2019).
P4 importance of small businesses start-ups on the social economy
It is found that the small scale organization has sustained their position with the help of motivation that can be found in terms of employment by the economic conditions of the country. Small scale business organizations are important because the employees get to learn the basics of the industry while applying his personal knowledge towards the growth of the industry. With experience, knowledge and ideas there are several thoughts which can be applied towards the growth of the industry. The mentioned data has stated that micro scale companies are helping in the improvements of employment along with new opportunities for the people of the country while helping to sustain the rapid development (Entrepreneursuk.net, 2019).
An amount of £1.6 trillion was generated with a combine effort of small and medium scale organization in the year 2014. The profit generated was nearly 47% in the business sector (Greatbritishentrepreneurawards.com, 2019).
In the year 2017, it was seen that small scale business organizations have employed 70% of the total number of the candidates. Moreover, job seekers are finding more opportunities in the sectors where they are willing to work (Entrepreneursuk.net, 2019).
This particular entrepreneurship and small business management assignment states that there are changes which are required in the entrepreneurial methods which are noticed on size along with the requirement part of the services. However, it can be stated with respect to the statistics and economy has been supportive towards the growth of the organizations and has formed a fostering base.
Introduction: The following presentation would be based on the idea of ‘The Mindset of the Entrepreneur’. The following entrepreneurship and small business management assignment presentation would be based on the idea of different types of entrepreneurs and the ways they can influence and create their own individuality in their respective business.
P5 traits and skills of entrepreneurs from other business managers
There are certain differences that have been found in the ideas that are presented by a leader and a manager. The major differences in traits include the following: Leaders are visionary and hence they are part of the making changes in the vision and creating new methods of achieving the target. The managers on the other hand are only part of the management process where they try to align the work of the employees with the present objectives (Furnham, Humphries and Leung Zheng, 2016).
The other difference in characteristics includes uniqueness and innovations are part of thinking of the leaders. They try to incorporate the necessary changes in the organisations with the help of risks and uncertainties. In case of managers they do not take any step apart from the job roles and responsibilities and follow the norms and regulations (Friedman, 2017).
In the London one of the local entrepreneurs who have been making her terms in business is Nafisa Bakkar who is the CEO of the Amaliah & Halal Gems. She has one of the path breakers being a Muslim woman and has implied business sensibility and has featured in CNN, Guardian, Wired, BBC and Forbes. The traits has been to showcase the strength of a successful women entrepreneur by working with leading brands like M&S, eBay, Pinterest and so on (Forbes.com, 2019).
Tim cook has been one of the most successful international or global entrepreneurs with characteristics and traits like creating strategies that would excel companies like Apple Inc. his thoughts were different from the usual that was evident in his leadership style. He wanted to surpass the competitive companies and hence focussed people of his organisation (Forbes.com, 2019).
In case of social entrepreneur Martin Riddiford who is one of the founders Gravity Light’s who created charity Solar Aid which is used to replace the kerosene lamps that are harmful. This is helpful in reaching people where there is limited electricity. It is noted that he is one of the entrepreneurs who have used innovative methods and thoughts that are out of the box to create something useful for the larger population of the world (Forbes.com, 2019).
Hence, it can be seen that the above entrepreneurs have showed that in order to become successful entrepreneurs it is crucial that there should be necessary decision and thinking that is positive and the implementing creativity in the system. Communication and market analysis skills are relevant to these leaders as they try to create something new (Chiu, Balkundi, and Weinberg, 2017).
P6 entrepreneurial personality on motivation and mindset
Entrepreneurial personality includes creating awareness and creating something new of the existing. This further includes analysing the needs of the customers and taking advantage of the requirement to create some new products and services. Entrepreneurial motivation comes from the success of such ideas that are new in the market and are accepted by the customers (Friedman, 2017).
In case of the entrepreneurial mindset of Nafisa Bakkar it was observed that she wanted to analyse the Muslim consumer market. She is also interested on the start up ideas and the ways the Muslim target audience can be influenced by the same. She is a writer and has written a chapter named 'It’s not about the burqa'. The motivation has been from the idea to create something different and use unusual leadership ideas in the bringing the customers to a target market (Forbes.com, 2019).
In case of Tim Cook it has been found that being a global entrepreneurship has been largely channel by the idea to create something useful and quality oriented for the customers. The innovative ideas that are used by the leaders have been used by Cook to create the motivation in the leadership. His thinking is to create strategies and products that would include involvement of his workforce and there would be employee engagement. This would provide the required amount of motivation to the employees as well. It has been found that Cook believed is three essential ideas that are people, strategy and the execution of these strategies. He was of the opinion that a leader can definitely succeed following this aspect (Forbes.com, 2019).
Martin Riddiford has been another example as a social entrepreneur who has used the idea of creativity of leaders to create something useful for the larger world. The idea of creating a lamp without kerosene and using solar aid has been though the motivation that he has derived from being a social thinker and a leader. He has been supported by his co-founder as well and jointly they used their creativity and thinking to make useful products for the help of the people. Entrepreneurial personality is the reason for getting the required motivation in the entire above scenario (Forbes.com, 2019).
P7 background and experience of entrepreneurship
Background and education play a major role in trying to bring the best out of the entrepreneurs. They get the necessary vigour and the interest if they are being supported since their childhood (Furnham, Humphries and Leung Zheng, 2016).
Nafisa Bakkar has been working with some of the well known people for some time now. She has had a strong educational background and based on the same she has been the voice of empowering women in the present day world. His family has been supportive and coming from an orthodox Muslim family she has received the support of his friends and family that has provided her the present position of her today. Her upbringing has been string and support for which she can use the positive notions in her work and create a company like Amaliah. The idea to change the condition of the Muslim women in the society has been her pivotal work (Forbes.com, 2019).
Tim Cook had a 12 year career at IBM and before that he had graduated from Auburn University and from Duke University's Fuqua School of Business he did his MBA. His educational background has been strong. This is the reason that it can be said that his upbringing has been effective in terms of educational support. The MBA helped him in creating new and innovative ideas that would attract customers to a product in the market. Cook joined the company Apple as he was influenced by Jobs. His experience at IBM has been helpful in creating his position in the company Apple Inc (Furnham, Humphries and Leung Zheng, 2016).
Martin Riddiford as stated in the Forbes has been very curious as a kid. This is the reason that he has been supported by his family that helped him in creating the present position. He always wanted to create something unique that would help people in some great ways. His support from closed ones has been the result that he could create something like the lamp (Friedman, 2017).
Hence, it can be concluded from the above entrepreneurship and small business management assignment analysis that the characteristics or traits of leaders are different from managers. Even there are differences from one leader to another, however, there are certain common aspects that are found in every leader that include sincerity, honesty, ideas to create something new, commitment and thinking out of the box.
It can be said that there have been different types of initiatives and ideas that have been implemented by both managers and leaders in an organisation. In this case it is important that the different types of entrepreneurship should be encouraged. In UK, it is seen that entrepreneurship and small business management assignment has been one the rise and has been employing lot of candidates. This is one of the important means in creating the necessary business base in the country. Entrepreneurship and small business management assignments are being prepared by our management assignment help experts from top universities which let us to provide you a reliable online assignment help service.
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