Unit 9 Entrepreneurship Assignment Sample

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Introduction Of Entrepreneurship Assignment

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Entrepreneurs are people who work hard for their abilities and ingenuity, and are willing to attempt new things for their idea and innovation in their field. They think in new ways and work in new ways, honing their abilities and aiding people in their growth (Abdullah, Hadi and Dana, 2018). Entrepreneur works on the new idea sand innovative approach to offer new product or service. It is essential for the entrepreneur to develop better result by developing the motivation and increase result for growth in business.The study will include details on the working methods of various enterprises as well as their styles. The research will then look into the working technique as well as entrepreneurship attributes and skills (Wijayanto, Wahyullah and Aribawa, 2020).

TASK-1

Entrepreneurial ventures

Entrepreneurs refer to those individuals who take the risk of new idea and innovation to work on. They took the rewards and risk to achieve the desire goals and objectives in business. Every business requires the entrepreneurs to end the monopolistic market.

Type of Entrepreneur Venture

  • Small Entrepreneurship

Small Entrepreneurship are those venture which work on the small profit margin and the people working on this are supporting their family and friends by the business.Small business entrepreneurship venture does not look for the high profit margin and work to satisfy small needs and wants(Mayr and et.al., 2020).

  • Large Entrepreneurship

Large entrepreneurship is those firms which have suitable amount of finance to work on the projects. Working on the large entrepreneurship is referring to work on large employee with developing better result.

  • Social Entrepreneurship

Social entrepreneurship venture are those ventures which work on the purpose of solving the issues of the society and working on the development of social cause. It is essential for venture to provide the right amount of workplace to develop better working in society.

  • Innovative Entrepreneurship

Innovative entrepreneurship refers to that process of working which are based on different ideas and use of original approach for product and services to be offered in the market (Wijayanto, Wahyullah and Aribawa, 2020). This helps them in getting more audience for their business.

  • Hustler Entrepreneurship

Those business endeavours in which the person works more to attain the market goal they set for themselves. It is critical for them to give development support by improving their performance.

  • Research Entrepreneurship

They are those who work on the subject of concept and invention after conducting extensive study on the working project (Kunaka and Moos, 2019). This helps them in getting the right information to work in.

Typologies of Entrepreneur

Lifestyle Entrepreneur:

Lifestyle Entrepreneurs are those who focus on the development of their passion by increasing and altering personal lifestyle. The entrepreneur who focusses more on the life rewards and still want to earn could be considered under lifestyle entrepreneur (Essel, Adams and Amankwah, 2019). The example of the lifestyle entrepreneur is bloggers, teacher, cooks/ chefs etc.

High-potential Entrepreneur

In today's market, an entrepreneur must develop all of the talents that will assist them in achieving their desired outcomes. The audience and the person both need to gain various skills and information in order to get greater results. Better results are required as the entire process of change and growth progresses to be adopted by the entrepreneurs in their large business and social business.

Internet Based Entrepreneur

Internet based entrepreneurs are those who work more on the internet-based process of working in offering of services and product. They are those who provide and work on innovation using the majority of web-based product offerings through e-commerce etc. The internet based entrepreneurial venture works on process by using the internet or through web development. Recently, all the venture of business works on the internet with developing their websites, creating profiles on different platforms and other portals to connect to audience for better productivity and better performance.

Similarities And Differentiation between the Entrepreneurial Ventures

Similarities: The similarities of the venture are that every venture required the dedication to work in achievement of business profits. The entrepreneurial venture rewired the support of development in business by increasing the motivation among all and work as a team. The types of ventures and its business types can provide more opportunity of employment as well as help in the economic contribution to the country. These provide high amount of tax return and work on their CSR project to provide societal benefit.

Differences: The small ventures operate on a restricted budget on the other hand the large business work on the large amount of investment. Social business works on the voluntary process of working. The social business work on the social mission on the other hand the large business work on the maximization of profit margin for their growth (Ács and et.al., 2017).The difference between the social and large business is that the large business focus on growth of business by expansion and making profit margin, but the social business work on the voluntary process with uplifting people for the growth of society.

Scope and Growth of Entrepreneurial Ventures

The entrepreneurial ventures have huge scope and it is due to the fact that they can acquire a lot of market potential with their conceptual frameworks and work on their innovation as well. There are different purposes but can be attained through working hard in order to achieve it. It also promotes the country’s economy, resulting in societal transformation. The growth option is developing as they can find the right way of working with the different venture. The advantages of the venture are that it helps the country in increasing the economic situation and also provide the employment opportunity for the business. The disadvantages are the competition in the market which is impacting the overall market business of the small and micro business. However, on the other hand Bosma, Sanders and Stam (2018) critically made points that both the good and bad effects of scope and expansion on a venture are that it helps the entrepreneurs to discover their working capacity as well as enhance the chances of finding new opportunities in the company market to meet their goals. Working on the development of entrepreneurial venture’s growth is to provide different innovations, bring diversification through adopting skills and traits to maintain the markets.

Data and statistical Analysis of Micro and Small Business in the UK 

The UK market is increasing in the business of the micro and small business. The growth in the business is helping entrepreneur in getting better result in market as well as also providing them with the better opportunity in the economic growth of country. Working in the small and micro are developing the overall business of the country where they are seen to find the increase in the opportunity of the employment and getting better results. The statistical data represent that the country is showing the growth in the micro business with 96% growth in the business which is great for the country growth. Micro and small business help the economy to rise and also provide the opportunity for the growth and employment for the individual within the country(Choiand Suh, 2017).

Importance of small business in the growth of social economy

Adapting to changes

The micro and small business are helping in the growth by providing the right opportunity of employment and business.The small and micro business are easy to adopt the change as the investment is not big and the functioning can be changed in the workspace.The micro and small business helps in increasing the market change and also work in the social factor of the external environment. Changes must be adapted including the market change and trend for the business, and it is critical formicro and small businesses to expand their offerings in order to assist create jobs.

Employment opportunities

Micro and small businesses in the UK are providing a large number of job opportunities, which is assisting them ingrowth for new opportunity in the market (Marom and Lussier, 2018). The more the growth of the small business the better the economic condition will provide the positive impact on the business of the country. Micro and small business take less of investment which is benefit to the individual in their new ideas and innovation to start new working in market.

Tax contribution

The more the micro and small business and other organization the more the contribution of the tax increase. This helps the country in increased of growth for the business. Tax contribution can provide the benefit to the country in their international development, regional development. The more the country is having tax contribution the more infrastructures and other development will take place. This can enhance the better future for the business in the country growth for small business opportunity.

Critical Evaluation in terms of regional, national and international expansion

The growth expansion due to the micro and small business are increasing as they are producing the country with the better tax and the opportunity for the employment and development. Similarly they are helping countries such as the UK in getting great opportunities for the growth. At local level, it is generating jobs and at national level, the amount of tax contribution by the micro and small business are proving to be beneficial for the country’s growth (Mazzarol and Reboud, 2020). At the international level, it can be helping the businesses for taking up expansion. It could lead to develop the growth in international market as well in the local market for the country economic stability and development. The growth expansion can be in different market including the regional market, international market etc, by supporting the small and micro business. They are considered as the start of new stream of revenues to achieve higher targets for establishing in the markets.

TASK-2

Characteristics traits and skills of successful entrepreneurs

There are numerous traits that distinguish different entrepreneurs, and it is important for them to handle the right portion of their job where trait and skill development processes are being developed.An entrepreneur possesses a wide range of skills and abilities that help him or her achieve the desired results in their business. This aids them in achieving the intended goal while also increasing capability.

Creative

The entrepreneurial traits of a creative personality and an inventive approach are usually beneficial; it aids in obtaining various approaches to provide in the market audience.The entrepreneurial must establish a market-based working method that allows them to demonstrate their creativity while also allowing for change in invention and evolution of outcomes.Creativeness can enhance the improved resultin market and can help in getting better outcome forthe business market.

Decision

The choice is critical, and entrepreneur must recognise that they must make the best option possible while operating in the spirit of development and self in order to govern the project or breakthrough entrepreneur seek.Decision are essential part of the business and entrepreneur venture as they need to take right process of working with good decision in professional working to increase better performance in business market(Marom and Lussier, 2018). It is essential for the entrepreneur to work on the decision-making power as it can lead to development of better performance and achieve the target.

Future-oriented

Planning for the future is critical, the entrepreneur are always focused on the future oriented so that they take decision accordingly sand also work by seeking the aim and target of future. Their goal is to keep oneself motivated and improve their skills in order to achieve better outcomes in the future. The goal of the future requires devotion, and entrepreneurs must take the appropriate steps to attain the desired outcomes.

Motivation

Inspiration towards the work is among the most important aspects in the advancement of a company's operations. This is critical for them because they will have to be motivated so that they should represent properly in the market and deliver strong results in order to reach their goals.Motivation can provide the increase in better performance and developing opportunity and chances by self-confidence on the idea and innovation.

Passionate

The businessperson works on the plan to reach the level of success required to achieve a high market value (Williams Jr and et.al., 2018). The entrepreneur must be determined in their task and working towards their responsibility to achieve better response, and it is critical for entrepreneur to ensure that they are establishing the proper method for increasing productivity in their company. Workplace commitment is vital and a key component in achieving success.

Personality reflects the Entrepreneurial mindset and motivation

The personality and the behaviour of the entrepreneur can affect their behaviour and growth. Entrepreneurs must improve their mentality and motivation. When an entrepreneur lacks motivation, they work slowly and are unable to provide the desired results for their market growth(Suryani and Claudya, 2021).Working as an inventor and coming up with new ideas for products to sell in the market need self-development of motivation and positive attitude behaviour in order to accomplish the genuine goal.

Keeping the positive mindset of the entrepreneur require the positive mental attitude towards the working, it help them in getting the right target they aim to achieve. Working with the right attitude develops better chances of getting good results. It also required a creative mindset for the entrepreneur to develop better innovative approach and idea to achieve business. The ability to communicate better with the people and develop better mindset to offer new approaches is important. The most important mindset for the entrepreneur is to develop a better understanding form the failure, it is essential for them to develop a process of learning from the failure and never give up on things. This makes them stay motivated and also provide them with better growth and positive mentality.

The mindset is essential for them to stay positive and they can provide the right command on their working.The personality of the entrepreneur and their mindset can provide the impact on their working. Itis essential for the entrepreneur as they can enhance working by positive approach and personality to inspire other and develop working in the market.The mindset of the entrepreneur works different on different situation, it is essential for the entrepreneur to stay motivated towards their aim and objective in workplace so that they can provide a support in better result for the entrepreneur if they stay motivated and positive in their working (Suryani and Claudya, 2021). The confidence and the idea of keeping positive mindset can help them in getting target achieved.

 

Example of the successful entrepreneur

There are various numbers of entrepreneurs in the market who serve as role models for start-ups in achieving their goals using market qualities and talents. It is critical for them to control the proper course of business development, as well as to demand greater development in terms of success growth (Drobyazko and et.al., 2019).

Below are illustrations that are given below to explain about the impact of background and experience on developing a successful entrepreneurial mindset-

Richard Branson

Richard Branson is the creator of the Virgin Group that has 400 firms operating in diverse sectors across the world. The businessman contains a number of talents and traits that set him apart from the competition. He had the ability to take calculated risks and communicate well, which aided him in the creation of business processes and contributed to the company's overall growth. It also aided in achieving the best possible results by facilitating communication and taking measured risks to take responsibility in various working environments.

Philip Green

Phill Green, the President of the Arcadia Group, built a company that contributed to the nation's economic prosperity. The Phill green's abilities and traits are as follows. He is among the persons who always used to compute the functioning and had a visionary skill that assisted the arcadia organisations in achieving the height of commercial achievement. Phill has business talents, which aided him in making an influence on the whole process of corporate development and providing greater economic assistance

From above two personalities, the critical analysis made is that the entrepreneur works on the motivation and has self confidence on their skills to achieve the desire target they aim for. Working on the idea and innovative approach in the business it helps them in getting the right result. Richard and Philip Green work on different business with the same positive mindset which help them in aiming their target. Both the entrepreneur has the skill of future oriented and visionary skills to achieve the target and have believe of achieving what they aim. Working hard of their growth and understanding the situation of the family make them go through the development in life with the positive mindset in business.

 

Critically evaluation of the Background and experience of entrepreneur

Philip Green is one of the businessmen from the UK who work in the retail company and owned the retail company named Arcadia Group. His father died of a heart attack when he was 12 years old and made him responsible for the family. He had worked hard for a better family condition. The death of his father influenced Philip Green to become responsible and dedicated towards the family. Working on the business and understanding the responsibility to make a good living for the family situation.The struggle and the situation of the past helped the Arcadia group CEO to achieve the result they aimed for their business.Understanding the right way of growing up with handling family and professional working together and keeping a positive mindset towards motivation.

The background and the past experience made the entrepreneur to stay positive and motivated to achieve what they aim. It is important for the entrepreneur to develop a working in which the self-motivation is essential and it required to develop better results in market. Phillip Green had the experience of purchasing the share of the football clubs and also played crucial role in the transfer windows of the business. Phillip Green used the knowledge he gained in the early stage of working and when he worked on the practical level he worked with all the positive mindset and develop strategy to achieve the right target in business.

Richard Branson

Richard Branson is an investor and the author, the founder of the virgin group which have a control in the 400 different companies of various field. The desire to become an entrepreneur from the young age made him achieve the result he aims for. Richard Branson took the business with the passion and decision on making it one of the leading productions over the global level. Working on the increase of business with the passion for business development as well as increasing development in business profile (Olanrewaju and et.al., 2020).

Richard took the early stages in the opportunity of new business where they work on the development for new business ideas. The motivation and keeping the idea is to find new ways of developing business and offering new entrepreneur the opportunity to develop. Richard influences by the family and develop the understanding of giving the opportunity to get better result for self-development and increasing self-business. The important experience which the Richardson got is that keeping the eye on target and focus in the working to achieve the target. Richard is a future oriented person which is one of the best characteristics to increase the business. The risk taking and decision making skills has helped the business grow and also help the entrepreneurial increase in better result.

The entrepreneur idea is to develop the best use of market resources and the entrepreneur worked on the decision-making power to achieve the target they aim for in the business. The past experience and the history provide the confidence as the responsibility make it essential for them to achieve the target and being the entrepreneur, it is essential to take risk and find the right way of working on target result (Wach and G?odowska, 2021). The desire to become the best influenced the entrepreneur to achieve the right target in the business world. This also provides them in achievement of better result and growing the overall business. Developing the ideas to make ways for growth and for future as well is important. The need for enhancing new ways to make the market innovative and the individuals who are committed for bringing development in business strategies to make business reach higher target.

CONCLUSION

The study concluded the overall trend of development of the national economy, as well as the manner in which minor and micro - economic variables contribute to the development of the UK economy. Working in a small or medium-sized firm helps to generate greater opportunities and enhance the overall function of providing employment and contributing to the country's economy. The report further concluded that entrepreneur works on the development of idea ad past experience to achieve the target they aim for their business and innovation. Every idea and innovation required the traits and skills to achieve the business in market.

REFERENCES

Books and Journals

Abdullah, N., Hadi, N.U. and Dana, L.P., 2018. The nexus between entrepreneur skills and successful business: a decompositional analysis. International Journal of Entrepreneurship and Small Business34(2), pp.249-265.

Ács and et.al., 2017. The global entrepreneurship index 2018. Washington, DC: The Global Entrepreneurship and Development Institute, pp.72-88.

Bosma, N., Sanders, M. and Stam, E., 2018. Institutions, entrepreneurship, and economic growth in Europe. Small Business Economics51(2), pp.483-499.

Choi, D.R. and Suh, G.H., 2017. A study on the effects of small business management result by the Korean government: Focus on SEMAS. The Journal of Business Economics and Environmental Studies7(3), pp.33-43.

Doern, R., Williams, N. and Vorley, T., 2019. Special issue on entrepreneurship and crises: business as usual? An introduction and review of the literature. Entrepreneurship & Regional Development31(5-6), pp.400-412.

Drobyazko and et.al., 2019. Entrepreneurship innovation model for telecommunications enterprises. Journal of Entrepreneurship Education22(2), pp.1-6.

Essel, B.K.C., Adams, F. and Amankwah, K., 2019. Effect of entrepreneur, firm, and institutional characteristics on small-scale firm performance in Ghana. Journal of Global Entrepreneurship Research9(1), pp.1-20.

Kunaka, C. and Moos, M.N., 2019. Evaluating mentoring outcomes from the perspective of entrepreneurs and small business owners. The Southern African Journal of Entrepreneurship and Small Business Management11(1), pp.1-11.

Marom, S. and Lussier, R.N., 2018. Developing a small business management concentration within a business degree. Small Business Institute Journal13(2), pp.15-30.

Marom, S. and Lussier, R.N., 2018. Developing a small business management concentration within a business degree. Small Business Institute Journal13(2), pp.15-30.

Mayr and et.al., 2020. Entrepreneur characteristics and differences in reasons for business failure: evidence from bankrupt Austrian SMEs. Journal of Small Business & Entrepreneurship, pp.1-20.

Mazzarol, T. and Reboud, S., 2020. The Entrepreneur. In Entrepreneurship and Innovation (pp. 35-61). Springer, Singapore.

Olanrewaju and et.al., 2020. Social media and entrepreneurship research: A literature review. International Journal of Information Management50, pp.90-110.

Suryani, W. and Claudya, M., 2021. Competitive advantage: Empirical evidence from the small business of culinary. JurnalInovasiEkonomi6(01), pp.1-6.

Wach, K. and G?odowska, A., 2021. How do demographics and basic traits of an entrepreneur impact the internationalization of firms?. OeconomiaCopernicana12(2), pp.399-424.

Wijayanto, S.A., Wahyullah, M. and Aribawa, D., 2020. THE EFFECT OF ENTREPRENEUR ORIENTATION AND FINANCIAL LITERACY TOWARD SMALL BUSINESS ENTERPRISES PERFORMANCE IN MATARAM. JurnalBenefita5(3), pp.352-365.

Wijayanto, S.A., Wahyullah, M. and Aribawa, D., 2020. THE EFFECT OF ENTREPRENEUR ORIENTATION AND FINANCIAL LITERACY TOWARD SMALL BUSINESS ENTERPRISES PERFORMANCE IN MATARAM. JurnalBenefita5(3), pp.352-365.

Williams Jr and et.al., 2018. The relationship between a comprehensive strategic approach and small business performance. Journal of Small Business Strategy28(2), pp.33-48.

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Size and type of Firm, 2021. [Online]. Available through: <https://www.slideshare.net/tutor2u/sizes-and-types-of-firms/>.

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