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In this report Entrepreneurship and small business management have been thoroughly analyzed. This has been done through exploring as well as analyzing different types of entrepreneurial ventures. Next, various effects of Small and Medium business on the economy of UK have been analyzed. After this proper research have been done to find out as well as asses the core aspects of a mindset that is entrepreneurial in nature. Lastly, the different types of environment that hinder or foster entrepreneurship have been analyzed.
Entrepreneurship as well as small business management specifically requires the learning of different skills. New ideas are generated in case of entrepreneurship and these ideas are then converted in the form of business organization. In this regard it should be mentioned that Entrepreneurship contributes significantly to a country’s economy through creation of new business organizations. An Entrepreneur specifically brings creative as well as innovative product within the market (Rezaei-Moghaddam and Izadi, 2019). Their entrprenerial organization can be both small and large. Besides large organizations, small entrepreneurial organizations also contribute significantly to the country’s economy. In this report Entrepreneurship and small business management will be thoroughly analyzed. This will be done through exploring as well as analyzing different types of entrepreneurial ventures. Next, various effects of Small and Medium business on the economy of UK will be analyzed. After this proper research will be done to find out as well as asses the core aspects of a mindset is entrepreneurial in nature. Lastly, the different types of environment that hinder or foster entrepreneurship will be analyzed.
Entrepreneurial ventures can be of several types. Different types of entrepreneurial ventures and their relation to the typology of entrepreneurship have been outlined in the following.
The process involves constant development within an environment that is competitive in nature. The chief aspect of this venture is the desire of contributing to the overall development of the firm within a competitive environment (Boermans and Willebrands, 2017). In this types of ventures the workplace is innovative. Further in these contexts equity capital is used for the purpose of having better business within the market.
An entreprenr’s lifestyle venture is closely related to the fulfilling of different requirements. From the perspective of a particular person there is no sign of growth and it only involves the desire for fulfilling The core opportunity provided by this type of business is the consideration of several businesss tools within the business (Nassif, et al., 2020). The source of income for these ventures is limited and mostly operate within a particular segment.
These ventures often receive help from the government and receive support constantly for the purpose meeting their organizational criterias. The main objective of thiese organizations is to make innovative product so that the market demand can be successfully handled. This is one of the main reasons as to why the organizations receive help from the common public.
This is the most common venture that is preferred by a most peoples. Here it can be seen that the management of the venture receives help from several other organizations that are operating in the same field. In this context it should be mentioned that organizations management needs to think of better methodologies that will be acceptable to the environment (Sebikari, 2019). Besides this it is also observed that these ventures provide both non-economic and economic help to the people motivate innovative as well as collaborative services.
The main objective of this venture is to facilitate development within the society and this aspect more important than organizational management. Here the company focuses on taking care of different malfunctioning issues within the society. There are several charity houses and non-profit organizations that considers these type of ventures to have an impact on their organizations.
In the previous section, different types of entrepreneurial ventures and their relation to typology of entrepreneurship have been discussed. Whenever we observe different entrepreneurial ventures, different differences as well as similarities can be noticed in them (Julien, 2018). To discuss this the entrepreneurial ventures of Aston Martin and Tesco has been selected their differences and similarities have been analyzed.
Starting a new entrepreurship business is not easy especially if the surrounding environment is biased and doesn’t accept newer thoughts and inventions (Kerrin, et al., 2017). It is vital that the organization ensures that the management is having suitable operations that are associated with suitaible management system. Specifically in UK it is seen that majority of the organizations come to limelight.
On the basis of recent reports it can be seen that unemployment levels have slowly fallen and so there has been a drastic difference in the unemployment levels. If the history of UK is studied it can be noticed that they never really supported change. However things are slowly changing and Unemployment levels are decreasing in UK. This implies that the supporting of small and medium entrepreneurial business has highly contributed in its economy. In the following section a graph depicting the unemployement rate of UK have been provided.
From the graph it is clear that the unemployment rate of UK has decreased over the years. Hence it can be said that small business enterprises have significantly contributed to the economy of the country which has in turn helped in reducing the unemployment of the country. From the graph it can be further observed that although the unemployment rate has decreased over the years, in the year 2020, due to the COVID – 19 pandemic the rate of unemployement saw a huge spike. Effects of small and micro businesses can also be seen on the country’s GDP. In the following section the graph showing the GDP rate of the country has been provided.
From the above graph it is clear that GDP of UK has increased been fluctuating. The GDP has reached 2857.32 dollars in 2018 which is quite high. In 2020 the GDP has witnessed a steep fall due to the COVID-19 pandemic. However, the overall GDP of the country has increased over the years showing that small and micro businesses affect the economy of a country in a positive manner. According to reports by Urbano (2019) micro business diorectly impact the GDP in terms of specific GDP increase. This can also be noticed in the above graph
Business Startups and small businesses have high importance in context of improving the social economy. Here it should be mentioned that business development authorities need to take proper measures for maintaining overall balance within the system (Leitch and Volery, 2017). Several factors need to be considered while discussing the importance of business start-ups and small businesses for the growth of the social economy. These have been outlined in the following.
In modern times the life standards of people have changed as they believe in getting a proper salary for their work. People who are appointed at small organizations have different lifestyles than the ones who get appointed at large organizations. The lifestyles of the two types of employees are quite different and the lifestyle of people working in small organizations contributes positively for the betterment of the society.
Social and community development
A countries community is clearly benefited due to the incorporation of various small business ventures. It should be mentioned that the community of a region needs to properly look after the various factors that are associated with fulfillment of requirement Social development helps in proper management of different issues and ultimately facilitates better market and development of reputation for the organization.
Small business organization exerts certain effects on the job providing scenario. In UK it can be seen that percentage of unemployment has decreased in the recent years. This is due to the rise of small business organizations in the recent times. Rise of small and medium business organizations have created more jobs thereby increasing employment. Increase in the opportunities of employment is necessary to ensure the development of the country (Ribeiro-Soriano, 2017). Increasing employment is also related to the people obtaining more return over what the employees are expecting from their specific profession. Increasing employment motivates employees to perform well in their profession that result in the growth of the company which in turn helps in overall growth of social economy.
Small business ventures are seen to get involved in different local as well as regional activities. Through this they ensure that the business is not harming the localities ambience in any manner. This also gives a development idea to the organizational managers and they try engaging the social neighbors through several CSR activities. Hence, in this way the small businesses facilitate regional development. Through regional development, the living standards as well as overall economy of the country improves thereby facilitating overall betterment (Lechat and Torrès, 2017).
Successful entrepreneurs have some key characteristics that differentiates them from other types of business managers. These have been outlined in the following.
Hence from the above discussion it can be stated that there are certain characteristic traits that are vital in an entrepreneur. Presence of these traits helps an entrepreneur to be successful whereas absence of these characteristic traits can lead to the failure of his entrepreneurial business. These specific characteristics such as Team building, Risk tolerance, Desciveness, structured experimentation etc which may not be present in business managers (Rezaei-Moghaddam and Izadi, 2019).
If the entrepreneurial personality of different successful entrepreneurs are considered then it can be observed that there are some significant difference between the personality of an entrepreneur and some other business manager (Zahorskyi, et al., 2019). The personality of an entrepreneur affects their entrepreneurial motivation as well as mindset. The key traits in entrepreneurial personality that affects their motivation as well as mindset have been given in the following
Visionary: Being visionary is an important trait of entrepreneurial personality which helps in influencing their motivation as well as mindset. The main requirement of being visionary is that the entrepreneur must be able to identify opportunities and mitigate risks and challenges to facilitate the growth of the company in the long run.
Comfortable with failure: Management risks, taking different calculated risks and being a visionary are not enough. An entrepreneur should also be comfortable with failure. It is predicted that over 75 percent of new startups often fail. The reasons due to which they fail are vast involve everything such as lack of motivation and focus, flawed business model. Several of these risks cannot always be avoided and so the leader should be comfortable with failure.
Persistence: Being comfortable with failure is important in Entrepreneurship. However it doesn’t mean that the leader should give up easily. They need to observe failure as opportunities from where they could learn. In entrepreneurship, the ventures of entrepreneurs can often become unsuccessful, but their ability to persist helps them to ultimately reach their goal (Ramadani, et al., 2017).
Throughout the report Entrepreneurship and small business management have been thoroughly analyzed. This has been done through exploring as well as analyzing different types of entrepreneurial ventures. After this proper research have been done to find out as well as asses the core aspects of a mindset that is entrepreneurial in nature. Various effects of Small and Medium business on the economy of UK have been analyzed. Lastly, the different types of environment that hinder or foster entrepreneurship have been analyzed.
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