H/508/0524 Entrepreneurship and Small Business Management Care Unit 2 Level 5

TASK 1

P1  Different types of entrepreneurial venture and relate to type of typology of entrepreneurship

Entrepreneurial ventures are known as firms started by individuals to use funds and generate adequate revenue. Organisation have collection of risk, success and failure which is due to market environment which is dynamic and keeps on changing with time. This defines that administration require to make changes in system and make it function in according to conditions prevailing in market.

            An entrepreneur is a person who establish new venture and take risk associated with financial assets which require to get expected results and outcomes. These firm enhance employment opportunities and  help government to improve state of country by providing people tactic to get appropriate money to purchase things to maintain their living standards.          Entrepreneurial ventures have different typologies and types which have inter-connection and link with each other (Schaper and et. al., 2015).

            Types of Entrepreneurial venture: These are various forms of organisation which are described below:

            Social entrepreneurship: This kind of firm is started and operated by individuals to utilise capital and deliver appropriate items and services in market for welfare of society. Entrepreneur aim is to have adequate funds to solve problems that are faced by public and don't have objective to generate revenue from business.

            Female entrepreneurship: It is another form which includes organisation that are incorporated by women to gain adequate profit. This helps entrepreneur to execute business operations which advantage them to get appropriate amount of funds for their living. There are many firms which are controlled by both male and female, but major share is of women which is 51% (Storey, 2016). 

            Small business entrepreneurship: This is type of firm which defines that individuals set up outlet to generate adequate profit from business. Entrepreneur have limited capital and resources which impact on scale of operations that are organised by enterprise to accomplish goals and objectives. Ensoft is small scale firm which is a software company that provide appropriate services to clients. This helps owner to utilise funds and gain sufficient revenue from business. 

            Scalable entrepreneurship: Executive have innovative idea which are used by them to start business and set up new venture in market. Entrepreneur execute market research to acknowledge opportunities which are present in market. This define that individuals search for investors which help them to have adequate funds to raise capital and execute business operations effectively. 

            Large scale entrepreneurship: This is another form of venture which specifies information about organisation which requires to have appropriate amount of funds to establish branches in more than one nation. It is necessary that entrepreneur formulate strategies and use adequate tools and techniques help administration in attaining objectives within defined time. Along this, company provide different items and services in respect to needs and wants of people which benefits management generate adequate profit from business (Blackburn, Hart and Wainwright, 2013).

            Henceforth, entrepreneur frame statement which specifies information about vision, mission, goal and objective. This help administration to use funds and execute operations in such manner that appropriate outcomes are achieved by them. Thus, these are various forms of typologies which are defined beneath:

• Managed development venture: This form of organisation determine that entrepreneur organise activities and set up outlets to gain adequate revenue. It is necessary that administration make system function in according to market conditions and take care firm from uncertainties and risk. Ensoft is organisation which belongs to this topology as executive take care and conducts business operations in according to market situations.
• Lifestyle venture: This is another kind of business which is started and controlled by owner to generate sufficient amount of money to maintain living standards. Entrepreneur require to utilise funds and make appropriate plan which help organisation execute activities effectively and deliver adequate items and services in respect to needs and wants of people.
• Survival venture: These are firms which are started by entrepreneur to earn adequate money for their livelihood. Food stall, grocery store, internet cafe and so on are various ventures which are incorporated by individuals to generate appropriate amount of money from business (Drucker, 2014).

P2 Various similarities and difference among entrepreneurial venture

Entrepreneur formulate statement which define information about mission, vision, goal and objectives. This helps administration to design system and execute business operations which help them to achieve appropriate outcomes and results. These are various tactic which differentiate organisation from each other in respect to size, structure and scope. Thus, this is explanation of similarities and differences which are present in entrepreneurial ventures are described below:

TASK 2

P3 Interpreting and assessing the impact of small business in economy growth

Business classification: Market have different types of organisation which vary with each other in terms of size, scope, objective and structure. Entrepreneurs start business and set up branches to deliver appropriate items and services in market; thereby generate adequate revenue from business. Profit and long term sustainability are two main components that administration want to retain in market for longer period. Thus, these are various forms of enterprises which are present in market are stated below:

• Small business: This concept determine organisation which are stated by individuals to utilise capital and resources efficiently; thereby deliver appropriate items and services in market. Small firm help government to enhance state of nation by increasing employment opportunities and provide chances to individuals to get money for their livelihood. These corporations contribute about 2.0 trillion £ as annual turnover as market comprises 60% private segment firms. Ensoft is small enterprise which have less workforce and funds which require to used by administration in adequate manner. Owner design system and implement latest tools and technologies which help them deliver quality services and things to clients. This benefits firm to establish good position and image in market; also also position firm higher than competitors (Goffee and Scase, 2015).
• Medium business: These are firms which have sufficient resources that is capital, material and manpower in according to goals and objectives. Administration organise things and execute business activities in respect to market situations. This help firm deliver quality items and services to grab attention of large number of people; thereby enhance sales and profitability.
• Large business: These are companies which are started in partnership by more than two persons which collaborate their funds and abilities. Large scale organisation require to have adequate amount of capital to organise things in according to market conditions. Administration objective is to provide different variety of products and services in according to needs and wants of people. Along this, they even need to establish outlets in more than one country to increase customer base; thereby enhance sales and profitability (Allen and Truman, 2016).

                                               
(Source: National Impact, 2017)

            Interpretation: As per above graph, it can be comprehended that small business firms help government to enhance and develop economy of country. Entrepreneur set up company to provide items and services to people in according to their demands and make adequate revenue from business. Along this, they even increases employment opportunities and give chance to people to gain adequate money for regulating their living standard.  

Small business directly as well indirectly impacts on economy of United Kingdom. As, after Brexit government formulate policies and regulations to regulate and manage working of organisations effectively. They have constituted various schemes and tactics to provide benefits to individuals to start new venture and increase employment opportunities; thereby give people chances to gain adequate money for their livelihood. Thus, start up's and small enterprises advantage to enhance economic growth in both domestic market and at international level. These are various impacts that small scale firms have on developing nation are stated below:

            Regional impact: This concept define that organisation require to provide appropriate items and services in respect to needs and wants of people. Administration even need lower down production expenses and set appropriate rates to attract people. Small firms main goal is to enhance market position and image by providing quality things to consumers. This helps company to retain clients for longer period and increase profitability (Bosma, 2013). 

            Local impact: Small business provide high contribution to improve and develop economy of nation. These are firms which comprises objective to utilise funds and manufacture adequate items and services in respect to needs and wants of people. Besides this, they even provide employment opportunities to society members. Individuals have chance to get job in respect to their skills and abilities; thereby gain appropriate income to purchase things for executing their living standards. 

            National impact: Small scale firms are incorporated by entrepreneurs to utilise funds and execute business operations adequately. They provide different items and services to fulfil needs and wants of people. Along this, individuals have increase employment opportunities to generate adequate profit from business. This benefits government of UK to improve state of economy and make it higher than other countries (Sahut and Peris-Ortiz, 2014).

            Thus, these are various impacts that small business have on improving economy and provide various benefits to public in respect to products and employment opportunities. Ensoft is software company which define that administration of firm require to utilise funds and manpower. They require to use appropriate tools and techniques in system which help firm provide quality things to people; thereby generate adequate profit from business.   

P4 Importance of small businesses and start-ups

Entrepreneur start new venture and incorporate funds to execute business operations which help them to generate adequate revenue. Small business and start-ups are various forms of organization which are started by individuals to increase employment opportunities. Along this, these organization provide items and services to fulfill needs and wants of peoples; thereby generate adequate profit from business. Ensoft which is small scale firm established in United Kingdom have designed software to provide facilities to people to remain connected with each other. This helps owner to use appropriate technologies and techniques; thereby generate adequate profit from business (Wright and Stigliani, 2013). Therefore, these are various advantages that small business and start-ups have on economy of country are defined beneath:

• Small and start-ups are firms which gives individuals opportunity to incorporate business and set up a new venture to gain adequate revenue from business.
• These organization contribute to enhance gross domestic product(GDP) and national income of nation.
• Start-ups and small firms increases employment opportunities and give chances to people to get job in respect to their skills and abilities. This help individuals carry out activities and generate money to purchase adequate things for their livelihood.
• Entrepreneur start organization when they have particular idea to be executed in reality. Market research and survey is appropriate technique which are used by individuals to acknowledge problems faced by people. This also benefits people to anticipate items and services which are required by individuals.
• Small firms objective and goals are constituted by administration in respect to amount of funds owner have and outcomes required to be accomplished by them. This help company to use funds and design system in according to market situations.
• Start-ups and small organization uses corporate social responsibility tactic to provide appropriate things to people. Food items, clothes, education and so on are various aspects which are required by individuals in respect to maintain their living standards. Along this, entrepreneur starts and establish new venture to increase employment opportunities. This benefits people to have adequate chances to get money to maintain their living standards. Along this, individuals are able to purchase things in according to their needs and wants (Obeng, Robson and Haugh, 2014).

            Therefore, these are various benefits that small and start-ups have to enhance and develop economy of country. Entrepreneur start new venture and uses funds efficiently; so that they are able to utilize resources and provide items and services to people in respect to their needs and wants. In United Kingdom, government have formulated various schemes and programs to give benefits to individuals and give them opportunities to set up new venture in market. This encourage entrepreneur to incorporate firm and utilize funds to execute business operations effectively; thereby deliver appropriate items and services in market in according to needs and wants of people. Thus, administration is able to generate adequate profit from business and help government to enhance state of country.

TASK 3

P5 Traits and skills that entrepreneurs have to make business successful

Entrepreneur start new venture and utilizes funds which help them to accomplish goals and objectives; thereby generate adequate profit from business. They require to have appropriate skills and abilities to regulate and manage business activities in according to market situations. Administration even require to have accurate and complete information about various theories and concepts require to be used by them to execute things effectively (Smallbone, Welter and Ateljevic, 2014). This help them to design system and organize things to deliver products in respect to needs and wants of people. This benefits company to enhance market position and generate adequate profit from business. As in context of Ensoft Ltd. which is software firm started by Jonathan Turnbull who is chief executive officer. He has skills and capabilities which help them to attain objectives within defined time. Owner has friendly nature which determine that they construct relations with members and keep them connected by firm. Feedback is appropriate technique which defines that human resource interact with staff to acknowledge their ideas and views. This benefits company to retain skilled and competent people for longer period and make them perform activities effectively. Thus, organization provide quality items and services to clients which helps administration enhance profitability.

Entrepreneur require to posses these traits to become successful and make prosper firm with time are stated below:

• Entrepreneur need to have effective abilities to take risk and invest funds to set up new venture in market to generate adequate profit from business.
• They require to be determined and focused which help them to accomplish goals and objectives within defined time.
• Entrepreneur require to be confident and have capability to face challenges and difficulties; thereby design system in according to market situations.
• They need to be ready to make modifications in system and use modern techniques and technologies to deliver unique and creative things to people. This help administration to acknowledge and learn new things.

P6 Aspects of the entrepreneurial personality reflect its motivation and mindset

Entrepreneur require to have appropriate skills, personality, traits and characteristics to organise things and make system function; in according to outcomes required to be accomplished by them. Individual need to have ability to take risk and handle difficulties and challenges that exist in market. They even need to use appropriate theories and models to organise and execute business activities in according to provide adequate items and services to people in respect to their needs and wants. Thus, these are various components which entrepreneur require to posses in respect to make system function effectively are defined below:

            Extroversion: This trait define that entrepreneur require to be assertive, talkative and posses excitability. This helps them to make appropriate decisions and construct relations with members by informing them about objectives and targets required to be accomplished by them (Lepoutre, Justo, Terjesen and Bosma, 2013).

            Openness: Entrepreneur even need to have ability to construct good bond with subordinates and staff which help them to acknowledge views and opinions members have in respect to organization.

            Conscientiousness: Entrepreneur require to be passionate and determined which helps them to accomplish goals and objectives within defined time (Burns, 2016).

            Agreeableness: Entrepreneur require to have ability to make staff members perform duties and complete activities within defined time. They should have personality which help them to convince members and keep them connected by firm. 

            Ensoft is small firm, so it is essential that entrepreneur is extrovert and possess openness. This help them to interact with members and communicate their ideas with investors to attract them and make them spend money in business. Along this, subordinates are given importance which help them to make appropriate decisions and frame adequate strategies for business. Apart from this, businessperson is passionate and is able to make employees dedicated and inspire them towards duties and job. This help company provide quality items and services to establish good image and reputation in market.

TASK 4

P7 Component that foster or hinder entrepreneurship

Entrepreneur start new venture to utilize money and conduct activities which help them to accomplish goals and objectives. Market research is executed by individual to acknowledge market conditions and anticipate problems faced by society. This help them to have idea behind incorporating firm and carry out activities effectively. Ensoft Ltd is small scale enterprise which frame software to provide appropriate things and services to clients. Administration of company objective was to connect people and integrate individuals by giving them adequate platform (Schaper and et. al., 2015).

Entrepreneur success depends upon skills, traits, personality, attributes and qualities they possess. They even need to have skills and knowledge in respect to technical which help  Jonathan Turnbull to conduct activities effectively. Owner have technical background which help them to frame quality software. Along this, they even are able to function effectively if they have support and guidance from family. But there are various problems and challenges that are faced by them. This includes amount of capital require to implement appropriate tools and technologies in system. Administration even need to make changes in system and provide things to consumers in  respect to current trends (Storey, 2016).

Example: John Caudwell established Phones 4U to provide appropriate services and things to people; thereby generate adequate profit from business. Entrepreneur faced various problems and difficulties to set up business and utilize funds in proper manner. Along this, he even need to have adequate skills and abilities to enhance market reputation; thereby position superior than competitors.

CONCLUSION

From the above report it is concluded that entrepreneur venture has highly contribute into nation economy by providing employment opportunities, produce economic product, increase per person income and many more. Small business at United Kingdom has develop new ideas to completing task as well as produce innovative goods at economic price so that they are achieve their goals and objectives effectively in limited period of time. Ensoft has small scale organisation which are produce higher quality software to for clients and get higher customer's satisfaction

REFERENCES

• Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
• Schaper, M. T. and et. al., 2015. Entrepreneurship and small business.
• Storey, D. J., 2016. Understanding the small business sector. Routledge.
• Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business, strategy and owner-manager characteristics. Journal of small business and enterprise development. 20(1). pp.8-27.
• Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
• Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC Press.
• Curran, J. and Storey, D. J. Eds., 2016. Small firms in urban and rural locations. Routledge.
• Goffee, R. and Scase, R., 2015. Entrepreneurship in Europe (routledge Revivals): The Social Processes. Routledge.
• Allen, S. and Truman, C., 2016. Women in business: Perspectives on women entrepreneurs. Routledge.
• Bosma, N., 2013. The Global Entrepreneurship Monitor (GEM) and its impact on entrepreneurship research. Foundations and Trends® in Entrepreneurship. 9(2). pp.143-248.
• Sahut, J.M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small Business Economics. 42(4). pp.663-668.
• Wright, M. and Stigliani, I., 2013. Entrepreneurship and growth. International Small Business Journal. 31(1). pp.3-22.
• Obeng, B. A., Robson, P. and Haugh, H., 2014. Strategic entrepreneurship and small firm growth in Ghana. International Small Business Journal. 32(5), pp.501-524.
• Smallbone, D., Welter, F. and Ateljevic, J., 2014. Entrepreneurship in emerging market economies: Contemporary issues and perspectives. International Small Business Journal. 32(2). pp.113-116.
• Morris, M. H. and et. al., 2013. A competencybased perspective on entrepreneurship education: conceptual and empirical insights. Journal of Small Business Management. 51(3). pp.352-369.
• Lepoutre, J., Justo, R., Terjesen, S. and Bosma, N., 2013. Designing a global standardized methodology for measuring social entrepreneurship activity: the Global Entrepreneurship Monitor social entrepreneurship study. Small Business Economics. 40(3). pp.693-714.

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