entrepreneurship and small business management assignment pdf

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Assignment Title: Entrepreneurship and Small Business Management Student Name: Student ID: Campus: Pearson Registration No: Table of Content

An entrepreneur is an individual who starts and runs a business with restricted resources and coming up with, taking account of all the risks and rewards of his or her business venture. The business plan is typically a brand new innovation, product or service, instead of associate existing business model.

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Courses in entrepreneurship are vital components of a business school curriculum and typically contain experiential learning techniques in concert with traditional teaching methods. Empirical studies of the effectiveness of these entrepreneurship courses at developing future entrepreneurs, however, have found mixed results. This paper makes the case that two important aspects of experiential learning, a whole person focus and contact with the environment, are too often neglected in the pedagogy. Incorporating these two oft-neglected aspects results in a five-step model of experiential entrepreneurship education that has shown promise in developing future successful entrepreneurs.

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Unit 9 Entrepreneurship and Small Business Management ESBM Assignment

Entrepreneurshipis the way to develop new business by identifying different risks associated with financial and other management problems. Entrepreneurial ventures can have various ownership structuresor entrepreneurs have certain capabilities and skills to formulate business functions. Also, the experience and background develop a major effect on entrepreneurship that can increase and improves the activities of the company. The report is based on Instacart Inc. which is a leading grocery delivery services in the United States in the year 2012. The company was established by Apoorva Mehta and his two friends, Max Mullen and Brandon Leonardo.

The main purpose of this assignment is to analyze various forms of entrepreneurs’ ventures and examine the relation with typologies. This essay helps in motivating entrepreneurs and analyse their skills through which they can easily reach with set goals. Also, it assist in understanding skills and mindset that are necessary for a person at the time of start-up business which is discussed along with concentrate on methods of experience and personal background that are direct influences on new business.

What does an entrepreneur versus intrapreneur is and, why becomes an entrepreneur?

An entrepreneurship is an individual who develops new business and bearsthe various risk and enjoying several rewards or awards. The entrepreneur is mainly seen as an innovator, creator, and thinker, develop new ideas, and manage business procedures (Acs, et. al., 2017).

Entrepreneurial activity is the inventive human actions in search of creation of value, through the development and development of economic activity, by recognising and exploiting new goods, markets and procedures.

Enterprise : In an organisation, owner and manager work for achieving desired goals and targets by serving best quality of products and services.

Some individuals become entrepreneursas they observed that it is compulsory for their career growth. Such a person’s previous knowledge and experience in the job market in education make them realize that working for another company is not fit for their character and skills. Entrepreneurs are mainly driven bythe requirement to gain success and control their journey according to their needs (Barba-Sánchez, et. al., 2018).

Characteristics and attributes of an entrepreneur

The entrepreneur has various skills and abilities which lead them towards higher success and growth level. For this, they only need to choose the right direction for increasing their company’s goodwill.

Different types of entrepreneurship drawing attention to their similarities and differences

Show entrepreneurship in private and public enterprises with some examples

Private enterprise defines the enterprise regulated, controlled, and managed by a private person. The major motive of this enterprise is to gain huge profits and income. For example, clothing boutique, ICICI bank, grocery shop and so more.

Public enterprise refers to such enterprise which is managed, owned, and managed by the government and its entities (Doern, 2016). Its main goal is to deliver services to the society people. For example, telecommunication, transportation companies, airlines, etc.

Lifestyle firms : This is such businesses that provide their owner or owners the opportunity to convince a specific lifestyle and gain a standard living while doing work. These firms includes golf pros, tour guides and ski instructors. Also, such businesses are not innovative and they are not growing rapidly.

Growth firms: These are such companies along with real or predicted track records of growth. They are often subject of active debate between the bulls and bears who are disagree regarding the sustainability of organisation’s performance.

Role of SMEs (micro, small and medium enterprises) and characteristics of SMEs

The role of SME is to make sure that facts and information are correct so that the project deliverables may achievethe needs and requirements of the company stakeholders, standards, policies, laws, and practices in a better manner. SMEs contribute great share of their profitability to their country’s economic growth and also provides employment opportunities to the people.

Micro : It is a small business that sells its goods and services to the local areas. Less than 10 employees are working in this enterprise.

Small : It is that enterprise in which investment in plant and machinery is more than 25 lakh but it does not exceed 5 crores.

Medium : It is such an enterprise where the investment of money in machinery and plant is more than 5 crore and not exceed 10 crores.

Characteristics of SMEs:

The small and medium enterprise mainly has limited resources. This is highly true fora new start-up business due to the lack of monitoring and checking the records on the company to entire desired investors and bankers (Hassan, et. al., 2015). There are various features of SMEs that are described as follows:

Social enterprise : It is that businesses which has particular social goals and targets and serve services for primary motives. These companies are seeks to increase income at the time of enhancing benefits to the community and society people. All the profits of this business are used for funding the social events.

Social entrepreneur: This is related to a person of versatile personality who has all the information and knowledge to start and regulate the business with innovation and development at different levels. Even if one venture fails it can begin another as they have required knowledge of it.

Growth of social economy: The social economy has been analysed to promote the inclusive growth and development by creating jobs, develop diversified local economies and contribute wide economic and transformation.

Examine scope, development and growth of entrepreneurial ventures

Any entrepreneur new or existing has to alter at all levels of manufacturing, distribution, sales and marketing to reach sustainability and continuous development of company. a small venture has limited scope and opportunity for getting growth as it does not have to access in new markets and they are only concern associated to the survival of business in the large market place. On the other hand social venture regulates business for only focus on social cause and not gain profit, their main scope depend on extent of facilities that are given by it and expansion of facilities related to growth. Large ventures have huge availability of capital in required amount of services and resources, experienced workers and growth of market.

Define creativity & innovation and the importance of creativity & innovation

Innovation is such a procedure that turnsthe new concept into commercial success and whole usage. The invention is the development of new concepts and ideas. It is also an essential concern for the business and its main role is to develop and coordinate with the market area. Innovation in all individual areas appliesto goods development, methods of management, method of doing work, and many more (Kibler, et. al., 2015).

Creativity is that action that converts new and imaginative ideas and opinions into reality. It is important for a business that assists in managing business operations. Creativity assistsin improvingthe key skills and abilities of an individual.It is analysed that a person who has creative people can live with uncertainty as they can adapt their thinking to allow for continuous flow of information.

Creativity and innovation are important for smoothly run and operate business operations and its functions. Creativity enables entrepreneur to disconnect from accustomed and move into the uncharted boundaries which main aim to discern unique and helpful in solving problems. It is important for business managers and leaders are to focus on developing accurate skills to achieving set goals.

Main sources of generating business and entrepreneurial ideas

There are various sources of generating business such as customer surveys, brainstorming, franchises, trade fairs and exhibition. This helps in developing opportunities for entrepreneur to gain income and profitability in better manner.

Explain three main areas to protect the brand and how to protect their image

Contribution of SMEs in the UK economy

This has been observed that in each sector, small and micro business capture higher section and contributes to the UK economic growth rate. In the United Kingdom, there isa various small business that enhanced their services in different industries and around 4.5 million SMEs are established in all the over the UK that is 99% of all businesses in this country (Kozubíková, et. al., 2015). It is indicated that revenue is regulated and generated by these companies which have contributed to the GDP growth of the UK. In such businesses, around 96% of businesses are generally considered as micro firms in which approximately 0-9 workers are employed. These businesses are providing more than 33% of job employment to the people and around 22% in total turnover rate.

Figure 1 Small sized business in the UK

Figure 1: Various business-sized businesses in UK, 2019

(Source: Various business-sized businesses in UK, 2019)

As per the above graph, it is analyzed that there are different small and micro businesses which are gain higher growth as compared to the medium and large levels of businesses in the UK. This is also observed that both small and micro business increases the amount by 37% of the total turnover rate and it gives around 47% of job opportunities in the United Kingdom. SMEs businesses are considered as backbone of the healthy economy and they can drive growth, gives employment opportunities and open new markets. As per the research, it is analysed that SMEs contribute around 51% of all turnover generated by private sector in the year of 2018. The total turnover of SMEs in UK was around £2.3 trillion (52%) and employment rate was 16.8 million. It provide growth and innovation opportunity which enhance the business rate in all over the world.

Importance of start-ups and social enterprise

Both the startups and social enterprises are generally contributed and acquire economic and social level according to the characteristics of company functions or operations. The start-up business mainly concentrates on adopting the latest and new technology and develops creative products for gaining higher growth. Such businesses are mainly agile and capable to form an effective idea into a commodity and improving it as per the demand of customers. It is analyzed that start-up may be a small sector but they are playing an important role in contributing share to the country’s economy (Kuratko, et. al., 2018). They also create job opportunities and improving the current situation of the nation. They help in improving the job patterns and gives job chances to both professional and experiencedindividuals. Small businesses are essential in the UK as it provides great opportunities for the entrepreneur and develops different jobs for people. They foster local economies, keep the amount to home, and helps their societies as well.

A social enterprise is important because it assists in gaining huge income and identifying success while supporting others over the world. The main motive of such an enterprise is to motivate, encourage, and develop social changes in the communities. These businesses are developed to support people on a financial basis, they provide revenue generation opportunities that help to meet poor people’s basic needs or requirements.

Source- (Merchant Savvy, 2020)

Source: (Merchant Savvy, 2020)

There are different effects of micro and small level of businesses that is located in UK and its major influences on the economic conditions which involves local, regional and national.

Local level – At this stage, businesses examine customers from small areas and satisfying their needs and requirements to earn high income.

Regional level – The small companies are managed their business operations with the assistance of staff members who can deal with issues occurs.

National level – At this stage, business can easily expand their company’s functions in various sections and generate more job chances for enhancing growth.

Advantages and disadvantages of small and medium enterprises to the UK economy

SMEs help in generating huge levels of job opportunities all over the UK. They assist in developing group abilities and skills among employees so they can help them in future work and other activities. The stability of the United Kingdom mainly relies on low unemployment rates (Kuratko, et. al., 2015).

The main issue of the small and medium enterprises is that they face a lack of financial support at the beginning of the business, poor managerial skills or abilities, inappropriate legal laws and frameworks, poor infrastructure, increasing inflation rates, and huge competition, and many more.

Explain briefly the entrepreneur characteristics and skills

An entrepreneur is a person who starts a new business, enjoying the profits and bearing major risks in the process. The entrepreneurs become successful by taking major risks in the start-up process where they are rewarded with benefits, growth, fame and opportunities in the market place (McGowan, et. al., 2015). Mark Zukerberg is a successful entrepreneur and he has various skills and characteristics that motivate others to perform better work.

Characteristics

There are various characteristics for the entrepreneurship which are incredibly useful in the business functioning.

Decisive – This leadership characteristic is present in Mark Zukerberg as it provides the ability to balance the costs for the process of collection of information and decision making. This skill provides awareness for competing costs which makes the decisive leader.

Risk-taking – The risk-taking characteristics in the entrepreneur will motivate them to step out from their comfort zones and recognizing success and failure which are necessary for the growth of a business (Ratten, 2016). Mark Zukerberg has ability to taking risk and deal with arising issues within an organisation.

Confident – Entrepreneurs should be a confidant of their decisions and actions which will benefit them in the various business activities as confidence is the important skill for leaders. Mark Zukerberg has ability to make effective and appropriate decisions while managing business operations.

Willingness – Willingness in acting according to the innovative ideas and creative working for the success of the business plan is a particularly important skill in leaders. For example, Mark Zukerberg believes that if a person has willing to do something then he can achieve anything they want in their life.

Innovative – Leaders should be innovative which will enhance the range of opportunities for the business field in the market place. The innovation skills will provide more chances for growth and development as the entrepreneurs are known for the innovative ideas and decisions they take for success in the market. Mark Zukerberg has ability to innovate new products and services and it helps in increasing opportunities for business.

Enterprising – This is the skill which provides the abilities to do things creatively and makes them successful in the business field. The enterprising is especially important for entrepreneurship leaders.

Mark Zukerberg is successful entrepreneur and he is an owner of facebook. There are various skills and abilities are discussed of this entrepreneur.

Curiosity – Curiosity is an important skill for entrepreneurs as curiosity increases the range of opportunities in the market place. Curiosity in leaders will enhance the chances for innovative ideas and creativity in working style for growth and development.

Time management – time management is a challenging skill which should be present in leaders as success is based on the time management of the work.

Efficiency – work efficiency should be present in leaders as it increases the demand for business in the market due to the effectiveness of work in business activities.

Strategicthinking –strategic thinking involves the creation of strategies for better performance and process which will be more effective and efficient for the working policies.

Resilience & communication – resilience and communication are important for the entrepreneurs as it will provide the ability to adapt in the different course of action for business stability and progress. Communication skills should be present in the leader as it helps in gaining various kinds of advantages in business fields for the growth and development of the start-up (Rey-Martí, et. al., 2015). The communication will provide the various opportunities on global levels for the business activities to develop on greater ranges.

Difference between manager and entrepreneur

Explain briefly the personal entrepreneurial tendency

The personal entrepreneurial tendency is the natural tendency for responsiveness and innovation in business activities. Most of the entrepreneurs do not have the natural tendency in the organisation, systemizing of things and reproduction of results from the process which fails. The personal entrepreneurial tendency is very important for the entrepreneurs to be successful as these tendencies are very important for the successful implementation of the activities of a business in which innovation and responsiveness will be used for the start-up program (Spence, et. al., 2016). The personal entrepreneurial tendency includes the various kinds of skills and characteristics which are important for the running of the business in the competitive market place.

Explain how an entrepreneur, personality reflect its mindset and motivation

The personality of the entrepreneur is important for the business functionality as it reflects the mindset and motivation of the owner. The mindset of the entrepreneur includes the group of skills which is used for the taking up of opportunities to overcoming of problems and issues and helps in the success of the business. The personality will reflect on the motivation of the person as the activities will be effective and efficient for the whole process. The entrepreneur will take the staff together with his personality and motivate them for the better mindset on terms of reflection of his personality among the business functionalities.

Successful Entrepreneur is indeed born and they require applying their traits a some ways. However, no one is born along with best skills and it is necessary to be 100% successful on their own. It is analysed that characteristics can be learnt and adopted by anyone is the main debate topic in which leadership skills are inborn and it can be bettered with experience and learning. Anybody can learn skill but mastering it is a talent.

Successful entrepreneur and environmental factors hinder or foster his business

Jeffrey Preston Bezos (or Jeff Bezos) is an American internet entrepreneur who is best known as the CEO of Amazon company. He was born in Albuquerque and raised in Houston and Miami. Bezos holds a degree in electrical engineering and computer science from Princeton University. He is an American who started Amazon in the mid-’90s which is now a leading e-commerce website which made Jeff Bezos, a leading entrepreneur in all over the world. Bezos is the wealthiest entrepreneur in all over the world due to the increasing use of the Amazon Company which provides the net worth of more than $200 billion on yearly basis.

How these factors contribute to his success

Jeff Bezos is the entrepreneur who worked hard for his targets and goals and achieved them with his good leadership skills and characteristics. He possesses the most useful and impactful leadership and entrepreneur skill set which is the contributing factor to his success. The created the website retail services which are now serving their customers on a global platform. The factors such as creativity, innovation, motivation, decisiveness, communication, strategic thinking, time management, resilience, risk-taking, enterprising, confidence are the major contribution to his success in the current time (Staniewski, 2016). The entrepreneur skills and characteristics helped in overcoming the ups and downs to Bezos which resulted in the current outcomes of the company which is leading to global levels. These factors contributed to the success of the entrepreneur to achieve targeted goals and objectives. Jeff Bezos personal background, culture and circumstances are influences on their career but he is able to do something great in his life. He is taken all the difficulty as challenge even their parents were divorced, he always focus on their work hard and develop his skill in proper manner.

Entrepreneur and risk

Rewards or benefits

Jeff Bezos enjoy a range of rewards and benefits as he is the CEO of the Amazon Company. He is the owner which provides him with the sense of satisfaction in his life as he builds his own company in which he receives the benefits of income without working for the bosses of other companies. The income is massive for the entrepreneur as he receives the most profits gained by the company. He can work on flexible hours as a reward of his own company in which no one can point him for his flexible working period. The rewards for the entrepreneur also include getting fame and wealthy with good publicity and getting feedback from the customers who are satisfied with the services of the company. The various kinds of benefits will be provided for the owner as he will enjoy the most benefits of the company because he is the boss and everyone works under his surveillance. He just needs to manage the working culture and spent time on the upcoming interests of the company. There is a large number of employees work for Jeff Bezos who is the owner of the company and a well-known industrialist.

Explain briefly the risks that he may face and how he can address them.

The entrepreneur has to face the risks with the same responsibility in which they receive the rewards and benefits. There are various kinds of risks available for the entrepreneurs in which the major portion of the risks needs to be faced directly by the owner which is the entrepreneur Jeff Bezos in this scenario. Jeff Bezos need to sacrifice his long and erratic hours for the smooth functioning and enhancement of the performance of Amazon Company which is his responsibility as the owner. The unforeseen changes in the market environment can occur on sudden circumstances which can either adversely impact on the business functioning or the opposite. Either case, Jeff Bezos need to handle as he is responsible for financial or other kinds of risks just like for the benefits of the company. The lack of management experience can occur at some times which need to be held responsible for using the examples from the market place (Staniewski, 2016). The potential financial losses from the variation in a market situation also come in the pocket of the entrepreneur. These are some of the risks which need to be addressed by Jeff Bezos as his responsibility towards his business. These risks will affect mostly to the entrepreneur as the leader of the business. The entrepreneurship shows equality in the facing of benefits and risks for the owner of the business. There are no partial signs in which only benefits will be given, but risks also come on situations. The risks can be addressed using his leadership skills and characteristics which are important for the settlement of the risk factors. Jeff Bezos has characteristics to focused, develop innovation and creativity improvement that helps in increasing business growth and development level. Jeff Bezos parents are divorced so he cannot properly focused o their study but he is also good in understanding complex topics in school, and he has ability to become a successful entrepreneur.

From the above-described report, it is concluded that an entrepreneur is a person who hasthe ability and skill to perform effective work and reach the desired goals of the business. It is necessary for an entrepreneur is to focus on developing new ideas and creative thoughts that can assist them in smoothly run their business operations. The report discusses that small business can impact on UK economy that may create major influences on the job opportunities, GDP rates, innovative skills, local communities, and many more. An individual characteristichelps in showing their attitude towards another person and how they will treat others. There are various attributes and characteristics also described in this assignment along with identifying its background, culture, etc.

Acs, Z.J., Stam, E., Audretsch, D.B. and O’Connor, A., 2017. The lineages of the entrepreneurial ecosystem approach. Small Business Economics , 49 (1), pp.1-10.

Barba-Sánchez, V. and Atienza-Sahuquillo, C., 2018. Entrepreneurial intention among engineering students: The role of entrepreneurship education. European Research on Management and Business Economics , 24 (1), pp.53-61.

Block, J.H., Colombo, M.G., Cumming, D.J. and Vismara, S., 2018. New players in entrepreneurial finance and why they are there. Small Business Economics , 50 (2), pp.239-250.

Doern, R., 2016. Entrepreneurship and crisis management: The experiences of small businesses during the London 2011 riots. International Small Business Journal , 34 (3), pp.276-302.

Hassan, S., Ahmad Nadzim, S.Z. and Shiratuddin, N., 2015. Strategic use of social media for small business based on the AIDA model. Procedia-Social and Behavioral Sciences , 172 , pp.262-269.

Kibler, E., Wainwright, T., Kautonen, T. and Blackburn, R., 2015. Can social exclusion against “older entrepreneurs” be managed?. Journal of Small Business Management , 53 (sup1), pp.193-208.

Koryak, O., Mole, K.F., Lockett, A., Hayton, J.C., Ucbasaran, D. and Hodgkinson, G.P., 2015. Entrepreneurial leadership, capabilities and firm growth. International Small Business Journal , 33 (1), pp.89-105.

Kozubíková, L., Belás, J., Bilan, Y. and Bartoš, P., 2015. Personal characteristics of entrepreneurs in the context of perception and management of business risk in the SME segment. Economics and Sociology .

Kuratko, D.F. and Morris, M.H., 2018. Examining the future trajectory of entrepreneurship. Journal of Small Business Management , 56 (1), pp.11-23.

Kuratko, D.F., Morris, M.H. and Schindehutte, M., 2015. Understanding the dynamics of entrepreneurship through framework approaches. Small Business Economics , 45 (1), pp.1-13.

McGowan, P., Cooper, S., Durkin, M. and O’kane, C., 2015. The influence of social and human capital in developing young women as entrepreneurial business leaders. Journal of Small Business Management , 53 (3), pp.645-661.

Ratten, V., 2016. Female entrepreneurship and the role of customer knowledge development, innovation outcome expectations and culture on intentions to start informal business ventures. International Journal of Entrepreneurship and Small Business , 27 (2-3), pp.262-272.

Rey-Martí, A., Porcar, A.T. and Mas-Tur, A., 2015. Linking female entrepreneurs’ motivation to business survival. Journal of business research , 68 (4), pp.810-814.

Spence, L.J., 2016. Small business social responsibility: Expanding core CSR theory. Business & Society , 55 (1), pp.23-55.

Staniewski, M.W., 2016. The contribution of business experience and knowledge to successful entrepreneurship. Journal of Business Research , 69 (11), pp.5147-5152.

Entrepreneurship and Small Business Management Report

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entrepreneurship and small business management assignment pdf

In this report on “Entrepreneurship and Small Business Management”, various types of entrepreneurial ventures are discussed. The relation of these entrepreneurial ventures is shown with the topologies. The difference and similarity between different types of entrepreneurial ventures is also explained below in this report. The difference is shown on factors, such as roles, objective and characteristics. With the help of statically data considering regional, local, national and international economic impacts. Below in this report, reasons for making a business successful is being explained in detail. Traits and characteristics of a successful entrepreneur along with its personality was defined in this report. This report also carries the relation between risk and reward. Along with this, relation between past experience and person’s background is also shown in this report. Importance of small business and business start-ups on the economy of the country and is growth is measured deeply in the report.

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This report will provide a brief introduction to the entrepreneurship and entrepreneurial ventures and also tells about the typology of entrepreneurship. In addition to this, it also covers the differences between the types of entrepreneurial ventures. Furthermore, a discussion on the impact of micro and macro scale businesses on the economy is given. The report ends with the explanation of the importance of small business start-ups on the growth of social economy.

P1: Provide an introduction to the report by examining different types of entrepreneurial ventures and explaining how they relate to the typology (different types) of entrepreneurship.

Entrepreneurship is all about developing and creating a business in order to gain profits. The modern definition emphasise the transformation of the world by solving big problems. This can be related to developing a new product or service, initiating social changes, or presenting a major life-changing idea. As described by Ducker (2014), “entrepreneurship is the most innovative approach towards the business operations in order to manage, organise, and lead the workforce of an organisation. This is done to achieve the organisational goals.

Talking in terms of societal benefits, this can help in lowering the unemployment and poverty by creating jobs. Since it is all about building one’s life on pre-defined terms, it leads people in the direction set by them. The scope of the entrepreneurship is different in different countries. For example, in the developing countries like India, the poverty and unemployment rate is very high, therefore entrepreneurial activities can be an efficient way to deal with the situation. In addition to this, in the developed country, entrepreneurship can help in eradicating the socio-economic imbalance (Anderson, 2017).

Different researchers have given their own entrepreneurship typologies based on different criteria, such as need for achievement, security, power, recognition, attitude to growth, decision-making, etc. Various types of entrepreneurship have been defined in here:-

Large Corporations: These type of entrepreneurship aims at acquiring the growth and sustainability by synthesising new products and services. These have a certain life cycle and are subjected to large competition in the market. Their success depends on the innovation in the product.

Small Scale Business Entrepreneurship: These entrepreneurship usually operate in the local and regional market. The examples of Entrepreneurship Assignment Help and this typology are supermarket, internet café, general stores, restaurants, etc. These are developed by a few members only (Storey, 2016).

Social Entrepreneurship: This type of entrepreneurship aims at developing the services and products that serve the society and benefit the people.

Scalable Business Start-ups: These ventures have the potential to change the entire business model dynamically. This type of entrepreneurship model emphasises more on quality and creativity.

P2: Explore the similarities and differences between each type of entrepreneurship venture.

P3: present, interpret and assess relevant data and statistic to illustrate the impact micro and small business have on the economy..

According to OECD, small and medium-sized enterprises provide nearly 60% employment in the global economy. As discussed in this report, different entrepreneurship ventures operate differently in developing and developed countries. These help the developing countries in generating wealth and jobs. In addition to this, some successful entrepreneurship models attract the overseas investments in the country. At a regional level, the small-scale models provide effective solutions to some crucial issues regarding the development. For instance, these SMEs can provide solutions regarding the access to clean water and energy and training as well (Storey, 2016).

In under-developed regions, the SMEs and entrepreneurial models can promote shared prosperity by unleashing the private sector-led growth. Small businesses play a significant role in attending the development challenges in the local communities as they are the driver of local growth. Small-scale businesses assist in capacity building of larger companies dealing in wide range of areas, such as ICT, green technology, market intelligence, etc.

In the context of the UK, more than 27 million people are working in the small enterprises. It is also important to note that the growth of the small-scale business is boosting. The number of small-scale businesses has outnumbered the large-scale firms in the UK. In addition to this, they are challenging the large scale industries by implementing smart, innovative, and creative strategies in the business model. As a result of which, the UK's 39.5% revenue comes from small-scale businesses.

P4: Explain the importance that small businesses and business start-ups on the growth of the social economy.

In the 1980s, the government of the UK recognized the potential of SMEs in reducing the social challenges, such as poverty, unemployment, and socio-economic gap. Recent research works have shown that the long-term prosperity and economic growth of the United Kingdom require the full participation from the SMEs. Government is opting for fostering the small-scale entrepreneurship as a suitable instrument to curb the economic crisis. With the rising percentage in the employment opportunities in the small businesses, the local, regional, and national development goals can be achieved. In simple words, the SMEs are the spine for economic development in the UK (Parker, 2018).

The net employment growth in the small-scale start-ups is 1.8%. Small businesses play a significant role in attending the development challenges in the local communities as they are the driver of local growth. Small businesses contribute to local economies by bringing innovation and growth to the local communities. These businesses trigger the economic growth and social growth as well. The help the newcomers to gain relevant field knowledge and experience, thereby increasing their chances of getting employment in the future. Larger businesses often work with small enterprises in order to complete their consignments through the process of outsourcing (Mukherjee, 2016).

SMEs are more stable in the times of economic crisis as their scale of operation is not large, thereby their losses are not as huge as that of large-scale enterprises. Therefore, these firms barely fire their employees in the time of recession. Small business does not always remain small as with time their scale of operation grows. They often headquartered at the community in which they started their businesses. This helps in the development of that region by providing jobs for the locals and stimulating the local economy.

M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship in both the public and private sector.

In the UK, both public and private sector is responsible for the development of entrepreneurial models. These fully grown models lead to the economic growth of the nation. To notice their effect, one should study the socio-economic development and achievements of the nation. In addition to this, the privatisation plays a vital role in strengthening the economic growth of the region and provide a large number of jobs (Mukherjee, 2016). Government and private sector together contribute to the development of entrepreneurial ventures by providing them technical and financial support

Talking about the developing countries, they require new and effective approaches to carry out and sustain economic growth and seize the potential opportunities from these flows. Private sector entrepreneurship ventures are critical to attaining this. Governments of nations, such as India, Bhutan, Sri Lanka, and Africa are encouraging and supporting entrepreneurial zeal in the country.

The country’s business environment is depending on the public and private sector performance and policies formulated by the government. World Bank’s Ease of Doing Business indicators set rules, examine the business environment and promote investment in the country. In developing countries, the private and public sector are developing the strategies based on the criteria given by the World Bank’s indicator and the results are quite ambiguous.

M2: Evaluate the differences that small, medium and large businesses make to the economy, applying relevant data and statistics.

Many experts have given their argument regarding supporting the entrepreneurship for the economic development. Supporting the most relevant type of business model can help in unlocking the potentials of national as well as local economies. Businesses have a different scale of operations. Small and microscale business models can easily adapt to change and explore innovative ideas. On the other hand, bigger firms seeking larger profits are positioning themselves to make large profits (Mukherjee, 2016).

There are certain facts related to the promotion of a particular scale of the business in the UK.

Based on this fact, government and private sector should promote the right mix of small, medium, and large scale businesses at the local, regional, and national level.

D1: Critically examine the scope, development, and growth of entrepreneurship ventures.

Entrepreneurship is the process of developing value through identification of Business Management Assignment Help opportunity. It is just a management and the communicative task of mobilising the business funds and resources. As it is described that the SMEs have the potential to provide a larger scope for the development of the entrepreneurial models in the country. They have a vast scope in promoting services and selling them instead of producing them (Kirzner, 2015). Large-scale ventures and micro-scale are not very efficient and productive and they have a very low worker turnover.

The scope of entrepreneurial business models is into the industrial sector, service, and agricultural sector. Out of these three, the service sector has gained the maximum momentum. There are many challenges as well. For instance, the market is always fluctuating and the competition is ever-increasing. Therefore, to sustain their position and business growth, the entrepreneurs have to keep upgrading their operations. Another challenge is the lack of funds, especially for SMEs and Micro-scale businesses. The major challenge is the lack of experience and knowledge in the management team (Mukherjee, 2016).

D2: Critically examine how small businesses have an impact on different levels of the economy in a local, regional, national and international context.

In the UK, SMEs are the promoting factors for the job opportunities. Their role and contribution in the national, regional, and local economies are well understood. Being small scale, they have left a large impact on the UK's economy. There are more than 25 million SMEs in the UK that employ more than 60% of the working population of the UK. Factors like smart tax structure and policies can boost the small businesses. On the other hand, lack of funds and subsidies are the demotivating factors for SMEs in the UK. Two major factors were identified regarding the scale of businesses. First, increasing the micro-entrepreneurial model of business and large-scale business can have a negative effect on the economic growth of the nation, especially in the developing country. Second, increasing the number of medium size businesses in the nation can have a positive impact on economic growth, especially in the developed country.

In this report, a brief introduction to the entrepreneurship and entrepreneurial ventures was described. In addition to this, it also elaborated on the typology of entrepreneurship. In addition to this, it also covered the differences between the types of entrepreneurial ventures. Apart from this, a discussion on the impact of micro and macro scale businesses on the economy was also given. The report ended with the explanation of the importance of small business start-ups on the growth of the social economy.

This report describes the characteristics of a successful entrepreneur. It also assesses the entrepreneurial traits of persons. In addition to this, it also examines how experience and background factors can affect the entrepreneurship.

P5: Determine what makes a successful entrepreneur.

The success of an entrepreneur is a multidimensional concept comprising micro and macro factors. There are various ways of measuring the entrepreneurial success, such as venture growth, venture profitability, etc. Another important factor is entrepreneurial competency which is referred to as components depending upon the person's background and those attained from experiences (Kirzner, 2015). There are no true factors or characteristics that can guarantee success in the market. Entrepreneurial traits rarely have any effects on the person's behavior in isolation. Certain key traits are explained in here

P6: Assess aspects of the entrepreneur personality reflect entrepreneurial motivation and mindset.

Motivation is the essential factor of the business manager for the development and growth of the business organization. With the help of motivation, employees are motivated towards their work with more dedication and energy. Motivation can be given in monetary and non-monetary benefits as per requirement and demands of employees. It is a positive component that each and every business entrepreneur must have developed. A successful business entrepreneur has followed the principle and ethics of a different person. It is the responsibility of entrepreneur to do their task in a very ethical manner so popularity can be managed. There is a large number of a famous business entrepreneur like Steve J obs, Mark Zuckerberg , Bill gates these are most successful managers of the business.

Along with that, there is a number of factors are considered which reflects the motivation power of business entrepreneur. For example, upbringing is the element where any person can be bought by the customs and the person can also get high quality from this upbringing in the family. The lifestyle is based on living standard and communication skill of person, for example, Steve jobs have the very attractive communication skill so he motivates the employees of own organization for increasing the productivity and profitability (Mukherjee, 2016). A motivated employee works very fast with concentrates on work with dedication and mindset. Employees are influenced by the speech of Steve jobs and they are motivated towards the work. The next example is Mark Zuckerberg, who is the CEO of facebook and he is the youngest one in a successful business entrepreneur. After looking at all the personalities above mentioned that, every individual is motivated and takes some new steps in their working culture and performance.

Certain factors are considered of the motivation are as follows:

Salary : Receiving actual salary is the motivating factor to influence the payment and timely appreciation in their pay scale.

Non-monetary incentives: Some non-financial incentives are offered to satisfy the needs of self-respect and employees ego and actualization requirements. (Mukherjee, 2016).

Relationship with leadership: employee feels a hierarchy of requirements that must be addressed and understanding the responsibility that made a good relationship with their line manager and other members.

Organization culture: Employees are focused towards the culture and align the aims and objectives of professional (Navale, 2013).

P7: Examine, using relevant examples, how a person’s background and past experiences can hinder or foster entrepreneurship.

There are various factors which help to get understanding of the background and past experience of entrepreneurship. It involves cultural factor, national culture, economic factors and character traits.

Economic factors: It includes policies of the government and other regulatory authorities which are applicable to citizens and corporate organization, tax rates, interest rates, currency rates etc. These all factors are based on purchasing power of every person that how much is expanded on buying the products and services. If any changes are incurred in the government policy then, buying power is hampered or it reduces the position of the entrepreneur

National culture: Entrepreneurs are based on culture and when culture is very helpful and supportive then, in that case, entrepreneurs can easily develop their business. There are certain factors that depend on individualism, collectivism and other factors which affect the entrepreneurs and its makes an impact on decision making power (Parker, 2018).

Educational factor : Education is a mandatory factor to being a successful business entrepreneur. For example, if the entrepreneur is highly educated then he follows the business mind, executes the advanced innovative business ideas, tools, methods, and systems are applicable to business. To maintain stability in the highly competitive market then entrepreneurs must be educated.

Character traits: To be the most successful entrepreneurs, they must follow the various qualities. For example, he should be very confident in their functions and operations, motivated. He should have effective communication skill so good relationship is built with every employee of organisation and balances the level of loyalty and trust (Parker, 2018).

There are various risk involved in the business organisation, if an entrepreneur develops business then he has to evaluate all factors and execute the plans and policies so that chances issues and problems are reduced in future. Rewards should also provide to staff and employees in monetary and non-monetary benefits as per the performance level and aims and objectives of the business organization. When employees perform effectively then rewards and compensation are received by then so it increases the level of motivation.

M3. Examine different lines of arguments.

A successful business entrepreneur is a person who manages and runs the business of worn instead of performing a job at any other place. To be a successful business entrepreneur there must be a requirement to follow the various qualities and character traits and adopt it on regular basis in the operations and functions of organization. Certain basic qualities must be developed in entrepreneur like self-motivation, confidence, self-control, be calm and polite, good behavior with every business employees etc. The entrepreneur should be highly competitive which considers the market evaluation and adopts the best decision for developing the business and preparing goods and services (Hechavarria, et. al., 2012).

The entrepreneur has certain features and qualities such as he must possess the sound communication skill. When there are issues faced in communication skill then it will create issues in managing the organization relationship. He should be very innovative to create new business ideas and implement them in the business process to achieve the desired outcomes. When new innovations are

M4. Analyze the link between features of the entrepreneurs and successful entrepreneurs .

Business Research Topic : There are various entrepreneurs in the country who develops their business with innovative ideas and traits but every new entrepreneur does not become more successful in this competitive world. An effective and successful entrepreneur must involve certain unique qualities to work within the business organization and it functions

Effective planning: Planning is developed about the resource utilization in a proper manner, management of time, use the money in particular resources etc into functions and operations of the organization. A successful business entrepreneur has a good business plan and they are prepared to face the overcoming challenges.

Management of money: Money is the important resource and it is proper utilization is depends on entrepreneur as particular business function and activities. The complete knowledge and understanding are necessary about the use of money and its investment (Bridge and O'Neill, 2012).

Take a risk: Business entrepreneur are also called as risk takers, to analyze the future uncertainties may happen, a businessman is willing to consider the risk with respect to time and money as per the aims and objectives.

Passion and motivation: It is the necessary element for a highly successful entrepreneur, an employer who provides motivation to employees and self-motivated as well as passion towards achieving the goals are necessary (Navale, 2013).

D3. Analyzing the characteristics traits and skills and motivational drivers of successful entrepreneurs

There is a number of features, traits and skills and other motivational factors for a successful business entrepreneur are here mentioned:

Open minded and flexibility: It is the necessary component for a successful entrepreneur who must be broad-minded with new ideas and Skills to accept problems and challenges in each and every circumstance whether negative or positive. There is a requirement of vision to achieve the aims and goals of the organization and organizational nature as well as individual nature must very comfortable to accept the new modifications of the market and culture of the environment (Barba-Sánchez and Atienza-Sahuquillo, 2012).

Motivation : The drivers of motivation depend on the needs and requirements of employees and other staff members of the company. A motivated person is productive and effective for the development and growth of the organization as compared to the employee. The productivity enhances the profit and sales for the organization.

D4. Evaluate the entrepreneurs positively and negatively

The qualities of the successful entrepreneur should be implemented accurately and if they are not executed in the perfect manner then it will develop some negative effect also to the image and reputation of the organization. For example, Bill Gates are the most famous person who is well known in the world but he gains the growth and success with hard work. He faces various struggles in life and cheated by his business partner, but he did not look back and faces issues on continuums manner in life in coming growth and success (Northouse, 2017). At present after all situations, he is the richest person in the world and owner of Microsoft Company. For example Steve jobs, who is most famous for new innovations and creations. He also struggled in life after many problems at present he is the Owner of Apple having potential and unique abilities to develop and growth of the organisation.

In this report, the characteristics of a successful entrepreneur were described. It also assessed the entrepreneurial traits of persons. In addition to this, it also examined how experience and background factors can affect the entrepreneurship.

This is being concluded from the report about various types of entrepreneurial ventures. The relation of these entrepreneurial ventures was shown with the topologies. The difference and similarity between different types of entrepreneurial ventures were also explained below in this report. The difference was shown between factors, such as roles, objective and characteristics. With the help of statically data considering regional, local, national and international economic impacts. Below in this report, reasons for making a business successful is being explained in detail. Traits and characteristics of a successful entrepreneur along with its personality were defined in this report. This report also carries the relation between risk and reward. Along with this, the relation between past experience and a person's background was also shown in this report. Importance of small business and business start-ups on the economy of the country and is growth was measured deeply in the report.

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