MOD004055 Traits of a Successful Entrepreneur Level 4

Task 1

P.1 Types of Entrepreneurial Ventures and their Relationship with Typologies of Entrepreneurs

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

Small Business Entrepreneurial Venture: in the small business entrepreneurial ventures determined the small or mini-scale industry, which is considered to be target minimum range of customers and limited paid-up capital. The different types of things, including stores, bookshops, groceries, electronic shops, etc., in the mini- and small-scale business are mainly considered to be male and female workers who can do work positively in the national economy efficiently and effectively (Cowling, 2018). Moreover, in the United Kingdom, organisations are highly affected by the national economy of the business ventures; corporations in the nation are medium- and small-scale organisations. Thus, in conclusion,  small and medium-scale organisations are very basically for the national economy of the country.

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

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

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

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P.2 Similarities and Differences Between Entrepreneurial Ventures

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

P.3 Impact of Small Business on the Economy.

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

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

Micro and small enterprises are determined by

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

Microenterprises—employees are less than 10 and output is about £2.5 million.

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

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

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

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

The total employed person in the UK is £16 million, and about £9.55 million of people are employed by small-scale enterprises. The ratio of small-scale enterprises in the contribution to the economy of the UK is 62%. Small-scale endeavour not only plication the capital of the nation but it also compounds to the GDP of the United Kingdom.  There are relevant data and statistics that assist in analysing the impact of small and microscale organisations.

Macro environment ;

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

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P.4: Importance of Small Businesses and Business Start-ups to the Growth of the Social Economy.

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

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

Task 2

P.5: Determine the characteristic traits and skills of Thomas Edison and differentiate from their business managers.

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

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

Passionate:

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

Curious:

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

Analytical:

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

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