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Entrepreneurship can be termed as the way to set the business with handling various risks like financial or it can be managerial. The different types of entrepreneurial ventures mainly has different level of ownership and they require to have some of the skills along with the characteristic for managing the growth of business (Burns, 2016). This report is going in focus on the skill and mind-set of people for setting up business with the level of experience and their performance in the past activities which can affect the business. At last, it covers the different environment which can foster or hinder the entrepreneurship.
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Order AI-FREE ContentThere are different entrepreneurial ventures are as follows:
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Thus, all of the entrepreneurial ventures are related to the typologies and it shows that there is requirement of different types of services to the wide range of diverse customers.
Factors |
Scalable business entrepreneurship |
Small business entrepreneurship |
Large company entrepreneurship |
Social entrepreneurship |
Aims |
The aim of this business is to offer innovative and new products for a long period and to achieve the high level of profitability for the numbers of investors (Molotkova,and et.al.,2019). |
These type of business might not have any structured goals as well as objects and they work on gaining less profit and growth. |
The aim of this organization is to sustain in the marketplace by developing innovative products and services along with enhancing their marketing strategies. |
The objective of this organization is to provide good quality of products and services to make a good image in the world. |
Risks |
In this, the risk level is high due to huge financial investment along with the pressure to earn an appropriate return for gaining sales volume. |
There is low risk as well as high level of competition with the same size of the business. |
There is low risk in large business as they are able to manage the sale of high volume because of brand value. |
There is low risk in business as they are getting support from the government as well public because of their good cause. |
Structure |
It includes corporation or limited partnership. |
There is no actual or proper structure and sometimes it runs with sole proprietorship. |
The structure of large business is complex whether it can be public or private. |
These organization mainly based on the trustee. |
Number of Employees |
It depends on the size as well as structure. |
There are not more than 50 employees. |
There are more than 1000 employees. |
It is depend on the size of the business. |
Investigate diverse range of entrepreneurial venture for understanding the entrepreneurship in public and corporate sector and examine Scope and development of entrepreneurial ventures
In all of the industries, there is high capture of micro and macro business and it has huge contribute towards the economy of a country. Over a time, there is increase in the number of micro and macro businesses which helps to generate huge revenue by offering various products and services to the customers. In a medium sized business, there are approximately 300 employees which are selected for some particular fields in the micro business (Birley, and Stockley, 2017). There is increase in the number of industries along with increase in the opportunities which can affect the people positively.
As per the above image, the small business are more in the various industries, which is nearly more than 4.5 million which are established in the UK. It is mostly 99% of all of the businesses in the UK. Further, this highly contributed towards the GDP by the small business. In the business, the 96% is micro business with 0-9 employees. Thus, the businesses provide many employment and enhancement in the level of turnover (Frigotto, and Valle, 2018).
As per the graph, the number of small and micro industries is considerable higher than medium as well as large industries in the UK. Small and micro businesses earn 33% of turnover and give an employability about 48% within the UK. The overall fact is there is increase in the number of business and it outcomes as the opportunity for young generation.
In this, the micro and small businesses are mainly categorised as the innovator, non-innovator, exporter as well as non-exporter. The business generate revenue with the help of innovation and export products outside and get foreign currency by contribute towards the economy of UK.
In UK, the small businesses are more than the large business and they capture huge market by contribute towards the economy. On the other side, the large business earn high profit by offering quality products through brand value.
There is a huge influence of small businesses in the various counties for managing the growth of the social economy. Sometimes, the start-up business came with new ideas of services, which can meet the needs of the people in comparison with others (Yusubova, Andries, and Clarysse, 2019). Other than this, the capacity of small business to capture the market is very fast and they can handle to generate high revenue in a short period of time. The process includes that the businesses are required to give a huge amount of tax, which is helpful for the growth of the country. Further, the successful running of the business is based on the good quality of employees hired by the management that reduces unemployment in the UK. There are different start-ups which give high salaries to their employees because of the lack of capital and there are some fewer knowledge employees with a low salary which solve the problem of a decrease in unemployment. Further, many start-ups are related to diverse kinds of CSR actions connected to social, ecological and financial difficulties to improve brand value. In this process, those businesses deliver teaching to individuals in rural areas or persons with the deprived monetary background (Morris, and et.al., 2018). Thus, people can practice that teaching in upcoming to get effort that is also obliging in financial growth. Separately from this, there are many start-ups businesses are recognised in diverse industries in the UK that contribute towards the growth of the GDP in the economy.
In addition to this, the start-up businesses essential to have a considerable effect in the various countries for sustaining the growth of social economies. The businesses mainly came up with new and innovative ideas for solving issues of the business. These businesses are considered as the backbone of the economy and play a huge role in order to fulfil the social as well as business demands. They provide quick services and considered as the easiest option for an individual for shopping. However, they give equal opportunity to both skills as well as unskilled people which helps to reduce the level of unemployment in the country. Thus, they give a perfect competition in the marketplace by giving daily necessity items to the people.
The small business owners within UK have difference impact on the economy of the country at varied levels. The small business have huge impact on the different level of the economy which increases or decreases their performance which can be beneficial for the country. It is essential to deal with the changes and perform according to the requirement of the business.
In this, the small business are mainly tend to buy and sell the products and services with friends and neighbours. The business contribute to local economy by making growth as well as innovation in the community for the establishment of market. They mainly attract new talent and innovative ideas for putting changes in the business activities which creates some business functions to deal with the economy (Lebedev, Lin, andPeng, 2020). They adopt changes easily and there are quick response to the situation which affect the customer oriented business with understanding the requirements of community.
At regional level, the small businesses mainly compete with the same type of business by offering good quality of products to meet the requirement of customers in an effective manner. The business is highly focusing on to hire employees with less salaries due to the shortage of finance and mainly employee people with low skills for reducing the unemployment.
In this, the business can expand the areas of country for enhancing the revenue through which they have to pay taxes and increase in the development of the country. The organisation mainly stretch out to the various locations in the country which increase their market share it lead them to enhance their revenue which is beneficial for the development and growth of the economy. However, it creates a valuable impact on the economy of the country which can changes according to the activities and performance of the businesses.
In order to start up a business or run any sort of ongoing business it is important for that entrepreneurs to have some skills and traits which will help them in become a successful entrepreneur. Below mentioned are some important skills and traits which an entrepreneur must possess.
There is a typical contention among specialists with respect to if business visionaries areidealistic, and if confidence identifies with different attributes of business visionaries.Since a long time, specialists have found out extraordinary qualities of business visionaries – certainty, autonomy, being in charge, threat taking,imagination, these are few of the instances.A lot of other studies has additionally talked about idealism and its connection to other enterprising attributes, how stubbornness thinking impacts on project execution achievement and dynamic, and various degrees of unreal stubbornness prompting different outcomes in project expansion(Liang, 2019).
In real sense there always lies a connection among the business traits as well as the experience of a person. Many a time it has been seen that experience of few of the entrepreneurs has turn out to be aspect of hinderance in the business. In few of the instances it has been seen that experience person tries to control others and that create hinderance in the work. In the same manner idealistic person also sometimes become the main reason for business hinderance. Though both idealistic and having experience is a trait of an entrepreneurs but many a times it has been seen that they create problems for others. Usually who posses these kinds of traits are very stubborn and in the long run they fail tomanage their work and also don’t able to motivate other which creates a big argument(Sari, 2017).
The qualities of a businessperson have high similitudes with the attributes of the pioneer. Considering this process, businesspeople require to define objective for their organizations, manage the dangers as well as to attain those objectives. They have to manage various individuals, for example, workers, financial specialists, providers, merchants and more without any assistance.Alongside this, they require to design as well as apportion assets in addition to show way to the representatives to satisfy authoritativetargets.The business person additionally requires to have great administration expertise to deal with the association and manage any contentions successfullycreate arrangements to accomplish those objectives.
So, it can be understood from the above discussion that two of the trait of the entrepreneur are considered to be line of argumentrelated to the businessperson characters and that two characters need to used wisely so that they can maintain their image in the long run in front of their workers.
The respondent business visionaries were spurred essentially by the passion to make something fresh, the passion for self-sufficiency, riches and budgetary autonomy, the accomplishment of individual goals and the affinity for activity. Below mentioned are few of the important traits, skills which as a motivational factor of a winning businessperson.
A lot of causes might hamper or promote entrepreneurship. The development of weakening of business might de relied on few of the aspects like:
A critical perspective that influences business venture is the encounters of the earlier work as well as the situations where a person develop their personality.
Various appreciation as well as threats to begin another undertaking in demoralizing or persuading an individual to turn into a business visionary are accessible.In order to start up a new business, project gives generation the business give modifications to the community. It has been also seen that most of the businessperson are adaptable in endeavouring as per their choices. On the other hand, the businessperson confronts an unstable low of money being the most notified hindrancefor attaining profits for the company(Nareatha, 2013).
However, from the above-mentioned points few of the points also helps in fostering the entrepreneurship. Like a good family cultures plays a very pivotal role in shaping the future of an entrepreneurship. A good family background helps in making a better person and also helps in making a person understand of respecting other person which shows the quality of a good leader(Yadollah, 2005). So, overall if the person is getting correct support from the correct person that only will help in deciding whether the experience is hindering or fostering the entrepreneurship.
In reality, there always lies a relationship among the entrepreneurial traits as well as background of any person. Many a times it has been seen that the experience of few people has turn out to be the major aspect of hinderances in both the instances it has been seen that two different people and their different background has created hinderance for achieving the goals. Yet having a good entrepreneur skillsand traits will help them in overcoming this hinderance and they will able to conquer their obstacles and finally they will win in every phase of life. In order to explain this part more deeply we are two fictious person as Elizabeth and Tom to better understand the situation. The family background of Elizabeth was in a deprived situation where she had to lend fund as well as used credit card for settingup hew new venture, However, Tom doesn’t have a single location to start his businessand this is the reason he started his cell phone store exterior to the trainplatform. From this it can be understood that these are obstacles of life for both Elizabeth and Tom. Yet they have effectively regained from the hindrance as well as pushed themselves from the situation to become successful in life(Aidin, 2014).
So, it can be understood from the above given example that having a good entrepreneurial characteristic not only helps in overcoming from the hinderances but also helps in making them stronger to face the upcoming challenges in the business. In addition to this the connection between entrepreneurial characteristics also helps the other person to identify the best entrepreneurs out from the different option which provides them opportunity to learn and earn more in the long(Ludmila, 2017).
The upbringing along with experience both provides an impact over entrepreneurship in constructive as well as unconstructive manner. As suggested by lot of authors there are several ventures which can’t be grow for a long time because of unproductive group as well as with lack of inspiration to maintain the development. The past work background of disappointment might provide an impact over the business in a negative manner(Don, 2001). Experience matters a lot in shaping the future of the entrepreneurs. On the other hand, if the person is having good experience in his previous work then he will be easily able to set up his new venture and that will provide a positive impact over the business too.
On the other hand, background also provides both positive and negative impact over the entrepreneurs. As suggested by Kuratko if a person has possessed an influential monetary background as well as get assistance then they will easily accept the danger of setting up of a new entrepreneurship as well as it will function smoothly. On the other hand, if the same person don’t have influential monetary background and don’t get any outside assistance the same person will fail to set up and operate his new business(Ferran, 2016).
So, basically it can be understood from the above-mentioned points that whether the experience is good or bad that will finally help in deciding the impact over entrepreneurship.
So, it can be concluded from the above examined report that almost every company in any financial sector be it an MNC or any small start ups they can sustain with good entrepreneurship skills. It has been also identified from the study that any kind of small ventures offers huge profits for any countries’ betterment and in their financial system. This sort of companies helps in enhancing the entire of the national as well as international financial system. The small business also helps in increasing the job occasions in any financial system as well as also assist the individuals to augment the stay of living in a better manner. This immense business opportunity encourages more financial development of the nation.
Aidin, S., 2014. Entrepreneurial characteristics: Insights from undergraduate students in Iran. International Journal of Entrepreneurship and Small Business , 21(2), pp. 165 - 182.
Don, Y. L., 2001. The Effects of Entrepreneurial Personality, Background and Network Activities on Venture Growth. Journal of Management Studies, 38(4), pp. 583-602.
Ferran, G., 2016. Evaluating the impact of prior experience in entrepreneurial intention. International Entrepreneurship and Management Journal, 12(3), p. 791–813.
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Lavinia, R., 2018. Entrepreneurial motivators and competencies – main drivers of entrepreneurial success, Romania: The Institute for Business Administration in Bucharest.
Liang, C.-l., 2019. Entrepreneurial Characteristics, Optimism, Pessimism, and Realism – Correlation or Collision?. Journal of Business and Entrepreneurship, 22(1), pp. 1-22.
Ludmila, K., 2017. Important characteristics of an entrepreneur in relation to risk taking: Czech Republic case study. Journal f International Studies, 10(3), pp. 220-233.
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