Ce diaporama a bien été signalé.
Le téléchargement de votre SlideShare est en cours. ×

Unit 9 entrepreneurship and small business management esbm assignment

Publicité
Publicité
Publicité
Publicité
Publicité
Publicité
Publicité
Publicité
Publicité
Publicité
Publicité
Publicité
Developing Entrepreneurial skills
Table of Contents
Introduction...............................................................................................
Analyze how background and experiences hinder or foster entrepreneurship skills giving
contrasting examples critically pro...
Publicité
Publicité
Publicité
Publicité
Publicité
Publicité
Prochain SlideShare
Robbins9 ppt appx
Robbins9 ppt appx
Chargement dans…3
×

Consultez-les par la suite

1 sur 30 Publicité

Unit 9 entrepreneurship and small business management esbm assignment

Télécharger pour lire hors ligne

Assignment Sample of Unit 9 Entrepreneurship and Small Business Management
If you want to make your own customize assignment please visit: https://topnotchresearch.org/services/

Assignment Sample of Unit 9 Entrepreneurship and Small Business Management
If you want to make your own customize assignment please visit: https://topnotchresearch.org/services/

Publicité
Publicité

Plus De Contenu Connexe

Diaporamas pour vous (20)

Similaire à Unit 9 entrepreneurship and small business management esbm assignment (20)

Publicité

Plus récents (20)

Unit 9 entrepreneurship and small business management esbm assignment

  1. 1. Developing Entrepreneurial skills
  2. 2. Table of Contents Introduction..................................................................................................................................... 1 PART A- Presentation .................................................................................................................... 2 Introduction................................................................................................................................. 3 Different types of an entrepreneurial venture and different types of entrepreneurship.............. 4 Similarities and differences between the different types of entrepreneurial venture.................. 6 The scope, development, and growth of different entrepreneurial ventures............................... 9 Investigate the scope, development, and growth of different entrepreneurial ventures in both the public and corporate sector ....................................................................................................... 10 PART B- Report Section 1 ........................................................................................................... 12 Interpreting the data collected, assess the impact of micro and small businesses on the economy ................................................................................................................................................... 12 Explain the importance of business start-ups and small business to the social economy supported by appropriate examples ........................................................................................................... 18 Evaluate the differences between small, medium, and large business and the contribution they make to the different levels of the economy (local, regional, national and international) by applying relevant data and statistics ......................................................................................... 19 Section 2- Understanding Entrepreneurs ...................................................................................... 21 Illustrate the characteristics and traits of entrepreneurship and the enterprises........................ 21 Explore different lines of arguments for entrepreneurial success and impacts of situational and motivational factor.................................................................................................................... 22 Assess the relations among entrepreneurial personality, motivations and mindset.................. 23
  3. 3. Analyze how background and experiences hinder or foster entrepreneurship skills giving contrasting examples critically providing their positive and negative influences on successful entrepreneurship........................................................................................................................ 24 Conclusion .................................................................................................................................... 25 References..................................................................................................................................... 26
  4. 4. 1 Introduction Entrepreneur generates new ideas and turns this new idea into a business organization. Entrepreneurship creates new business organizations and plays a vital role in the economy of a country. The entrepreneur brings innovative and creative product products to the market. Their organization can be large or small. But every kind of organization contributes to the economy of a country (Burns and Kippenberger, 2016). Entrepreneurship is increasing in the UK. Every year almost 20 million job opportunities are created by small to the large organization in the UK. They also contribute by 78% GDP in the economy of UK. This assignment will be discussed on the various kind of entrepreneurial ventures, their contribution to the economy, and the impact of the small, large, and medium organizations in the economy.
  5. 5. 2 PART A- Presentation
  6. 6. 3 Introduction Entrepreneur venture refers to the kind of organization that focuses on the innovative and creative idea and turn this idea into a business venture (Ubani, 2021). Entrepreneur venture like to take the risk and deal with an unknown challenge. Entrepreneur venture looks forward to the growth of the business and gains market share.
  7. 7. 4 Different types of entrepreneurial venture and different types of entrepreneurship Entrepreneurs create different types of organizations based on their creative and innovative idea. It also depends on the capital size, resource availability for creating an entrepreneurial venture. The details are given below. Small Business Entrepreneurship Entrepreneur creates this type of business venture with limited capital and limited resources. They don’t tend to turn their business organization turns into a large one. They don’t seek outside business investors. The Entrepreneur invests capital in the business and manages their business on their own. They get the full profit from the business and bear the full loss also. Liberis, Uinsure, MyHRToolkit, etc. are an example of small business entrepreneurship in the UK. Scalable Startup This type of business venture relying on a fully new business idea. The entrepreneur generates a creative and innovative idea from scratch and turns this idea into a business venture (Sahlman, 2019). Most of the time this kind of entrepreneurship looks for outside investors and various types
  8. 8. 5 of resources. This entrepreneurship wants to grow in the market and try to get the market share. Example: Hassle.com, Sendmybag.com, Bizzby. Large Company Generally, this type of venture establishes by a known large company. The company can launch a new business section in their organization with a new business idea. The company provides necessary resources to the business section for launching the business idea successfully. Tesco, Unilever, Glaxo Smith Kline create this type of business section in their organization. Social Entrepreneurship This type of business venture set up the entrepreneur for social wellbeing. Their main target is solving a problem for society through their products (Jähnke, 2017). They don’t seek profit by selling their products rather than they want to turn the world into a better place. Beam, Cracked It is a social entrepreneurship venture in the UK.
  9. 9. 6 Similarities and differences between the different types of the entrepreneurial venture Similarities between the different types of the entrepreneurial venture points Small Business Entrepreneurship Scalable Startup Large Company Social Entrepreneurship Products Earn profit by selling products. Earn profit by selling fully new creative products. Produced a wide range of product brand and sell them. Provide products by fullfiling the social needs. Ownership Single entrepreneur run this venture. Single or multiple entreprneurs run this business venture. The shareholders is the owners of this business ventures. Single person or an ogrnaization is the owners of this ind of business venture.
  10. 10. 7 Contribution This business venture contribute in GDP with small amount. This business venture also contribute in business venture. This business venture generate huge amount of GDP and job opportunity. This business venture contrinute in social responsibility. Differences between the different types of the entrepreneurial venture point Small Business Entrepreneurship Scalable Startup Large Company Social Entrepreneurship Objectives This type of organization may This type of organization This type of organization The main focus of this kind of
  11. 11. 8 not have a specific goal. generates a new kind of idea. wants to gain market share as much as possible. organization is social wellbeing. Risk This business carries a very low size risk. Here the risk is very high because the product is fully new and the investment is very high. In here the risk is medium. Because large companies have the financial ability. Here the risk is low because they get financial support from the donator and government. Legal structure It mainly follows the sole proprietorship business structure (Burns and Dewhurst, 2016). It establishes corporations and limited partnerships. It needs to deal with a very complex structure. It may be a private or public organization. It established its organization based on the trustee.
  12. 12. 9 The scope, development, and growth of different entrepreneurial ventures Scope Organization objectives vary by ventures by ventures. Different kind of ventures selects a different kind of objectives. For this reason, it also affects the scope. The entrepreneurial ventures generate new ideas. Then they turn this idea into business ventures. So, they can earn profit and gain sustainability in the market. Example: Small, large, medium, social business venture. Development The entrepreneurial ventures need or develop their business ideas and policy. They need to focus on the investment and develop their products according to the demands and needs of the customers. Example: Organizations are now mainitaing online page, website for interacting with the custoemer directly. Because people are spending a lot of time in online. Growth The growth of entrepreneurial ventures is based on the quality of the products. The organization can attract a huge number of customers by providing quality products and gain satisfaction from
  13. 13. 10 the customers (Teune, 2019). So, it can increase the profitability of the organization and grow the organization. Example: The Unilever company expanding their bsuienss all over the world. The rowing rate of business is very high. Investigate the scope, development, and growth of different entrepreneurial ventures in both the public and corporate sector Public sector The government manages this kind of organization. They invest a large amount of money in this organization and provide a quality product to the customers. this type of organization doesn’t focus on profitability (Bean and Hussey, 2018). In this sector the organization focus on social wellbeing. Example: Water, electricity, Power, Public administration organization. Corporate sector In this sector, an individual or public company run their business. They prepare a marketing strategy and deliver a quality product to the customers. Their main target is gaining profit from the market and sustain in the business. Small business entrepreneurship, scalable entrepreneurship set
  14. 14. 11 up their organization in this sector. Example: Facebook, Unilevr, Proctor & Gamble, very kind of private and sole proprietorship business venture. ean . and ussey . . . th ed. ondon ublications. urns . and e hurst . . . th ed. ondon ac illan ducation i ited. ähnke . . . th ed. iesbaden pringer ach edien. ahl an . . . th ed. oston ass. ar ard usiness chool ress. Teune . . . th ed. e bury ark alif. age ubl. bani . . . nd ed. a ergne uke unna bani.
  15. 15. 12 PART B- Report Section 1 Interpreting the data collected, assess the impact of micro and small businesses on the economy Micro Business Microbusiness is a small size of business. In this business there very few employments. Generally, it has less than 10 employees. It invests with a small amount of capital and very limited resources. The micro-business venture generally operates its business in the local area. Example: lawn and landscaping companies, street vendors, carpenters Small business A small business refers to the sole proprietorship, partnership, or privately owned corporation. This type of business can manage by the owners (Perman and Scouller, 2017). This type of organization has less than 100 employees. The owner can get full profit or profit can be divided between the partners or shareholders. Example: manufacturing and mining, wholesales, retail, and service. Impact of Microbusiness on the economy The differences kind of impact of the micro-business on the economy of the UK and Canada is given below.
  16. 16. 13 Figure 1: Number of employees in Canada (Campbell, 2018) Figure 2: Number of employees in the UK (Mort, 2020) From these statistics, it shows that Canada has more than 5 million micro business in the country which is the 45% of total business. On the other hand, the UK has more than 6 million micro- businesses which is 99% of total business.
  17. 17. 14 Figure 3: Business statistics in the UK (Mort, 2020) Figure 4: Business statistics in Canada (Campbell, 2018)
  18. 18. 15 These statistics show that in the UK there are 1105 businesses can be found per 1000 residents. Most of the businesses are in London 1134 business per 1000 resident. Northern Ireland has the fewest businesses. They have 148 businesses per 1000 residents. In Canada there are 397 businesses can be found per 1000 residents. Impact of Microbusiness on UK economy IMPACT ON GDP: Microbusiness has a great impact on the GDP of the UK. More than 21% of GDP comes from micro-businesses. FOREIGN TRADE: In wales, micro-business earns 8.83% and per business, turnover is £452,287 in foreign trade. UK total earn £726,855 from per business. REDUCING UNEMPLOYMENT: London earns the highest employee turnover. The amount is £221,526 which earn by a single employee. The wales have the lowest employee turnover. The amount is 110,219. In total UK a single person earn £199,658 in this industry. INNOVATION AND GROWTH OF ECONOMY: In 2019 UK has 211,000 micro businesses. But in 2020 it increases to 1.16 million micro-businesses. ANY RELEVANT OTHER STATISTIC: The real estate sector is a fast-growing business. It increases by 12.17% from 2019 to 2020. The micro business contribute in charities £20 billion in 2019. This industry also contribute in the environmental protection by giving £10.5 billion in 2020.
  19. 19. 16 Impact of Small business on the economy Figure 5: Small business industry in the UK (Mort, 2020) In 2020 UK has 4.5 million small businesses. 15% of a service business can be found here. The retail business contributes 9% of the total business. This industry has a total of 79% employment and 71% turnover in the overall business industry.
  20. 20. 17 Figure 6: Small business industry in Canada. (Campbell, 2018) In Canada, the cultural industry has the largest amount of market share. It contains 10.6% of the market share. The service and goods production industry contains 8.6% of the market share. The lowest market share 2.9% contains the accommodation and food service industry. Impact of small business on UK economy IMPACT ON GDP: In 2020 the small business generates a total of £4.34 trillion for the economy of the UK. Total 99.3% of business industry is in the sector.
  21. 21. 18 FOREIGN TRADE: The SME industry generates 30% foreign income. It generates £3.8 trillion in the economy of the UK. REDUCING UNEMPLOYMENT: In the UK total of 16.8 million employees are currently working in the small business industry. Their turnover is £2.3 trillion. INNOVATION AND GROWTH OF ECONOMY: The business with no employees is increasing in the UK business industry. The growth in this industry is 93.9% since 2000. ANY RELEVANT OTHER STATISTIC: In the UK in 2019 almost 390,000 new businesses birth. But 25000 business venture also death in this year. In 2019 business birth rate was 13% and the death rate was 11%. Ths small business contribute in charities and environmental protection eventually £15 billion and £12 billiom in 2020. Explain the importance of business start-ups and small business to the social economy supported by appropriate examples Define Social economy The social economy is a section of the economy. It is also a part of social science. It focuses on the relationship between social behavior and the economy. It indicates that how a social group reacts within a society. It considers outside of the mainstream economy and environment. The importance of small business Turn over The small business generates to generate a huge level of turnover for the UK economy. In 2018 small businesses generate £2.0 trillion turnovers for the UK economy (Brave, 2019). SME is contributing 99% in the total business of the UK. Employment figures Small business is now creating a lot of job opportunities all over the UK. IT creates 16.3 million job opportunities in 2019. 59% of the job is coming from this industry.
  22. 22. 19 Growth The amount of small business is rising in the UK. Though BREXIT is a big issue for the UK, appears that 50% of new business will start in 2021. Evaluate the differences between small, medium, and large business and the contribution they make to the different levels of the economy (local, regional, national and international) by applying relevant data and statistics Small business It refers to the privately owned organization. This organization only can contain less than 500 employees and it can invest less than 20 million and generate up to 1 million turnovers from the business. Medium size business This organization is larger than a small size organization. This business contains 500 to 2000 employees and invests less than 50 million. It also can generate less than 5 million in a year. Large size business The large organization contains at least 5000 employees and it generates 1.5 to 2 billion turnovers in a single year. It is a very complex and potential business venture. The differences among them Small business Medium business Large business The owner manages the business. Owners and professionals manage the venture. A professional person manages the venture.
  23. 23. 20 Family member contains the equity. Equity held privately. Equity is held by the shareholders (Banks, 2017). Informal business structure Informal and formal combine Formal business structure Limited growth Growth is faster than SME. The growth rate is excessive. The business operates in a specific area Businesses can expand in many regions. Business expands in many markets. Contribution of the businesses Local economy Business organizations hire people from the local area. So, it can reduce unemployment. The business hires low-skilled people with low salaries. In the UK business organization creates more than 25 million job opportunities every year. Regional economy Business organizations launch new kinds of products by using the creative idea. It can solve problems for a specific region. In UK, London and the southwest region launch 1015 businesses per 1000 residents. National economy 99% of the national GDP of the UK comes from business. It also generates 4.3 trillion turnovers every year. The creative and innovative idea helps the economy of a country to grow rapidly. International economy UK business ventures are operating in other countries also. They are expanding their business all over the world. In 2020 the UK get a 5.8 trillion turnover from foreign trade.
  24. 24. 21 Section 2- Understanding Entrepreneurs Illustrate the characteristics and traits of entrepreneurship and the enterprises local entrepreneur Ishaan Malhi is a UK-based entrepreneur. He founded Trussle an online-based mortgage broker agency. In 2015 he founded this company. It was the first online-based mortgage broker company. His company uses the algorithm for finding out the best mortgage products for the clients. This algorithm analyses more than 11000 products and 90 different lenders. His company is growing very fast. His vision is to save 15 billion unnecessary payments for the customers. From this discussion, it shows that Ishaan Malhi is a risk-taker. He is a knowledgeable and experienced person. Because he has a bachelor’s degree in econo ics and orks in private and public mortgage and real estate companies. Global entrepreneur Mark Zuckerberg is a USA-based entrepreneur. He is the founder of Facebook. He founded Facebook in 2004.by using people can connect (Foley, 2017). People can share their thought. Facebook has a net worth of $117.8 billion. For founding Facebook, he took a very big risk. He excelled at his university for two years. But his determination keeps his going. He is also innovative and creative. Because Facebook was a new idea in the world. Social entrepreneur Grameen bank is a world-renowned social enterprise. This bank was founded by DR. Muhammad Younus in Bangladesh. For the Grameen bank, he won the Nobel peace prize in 2006. He found this bank for the poor and rural people of Bangladesh. He is the inventor of microfinance. The bank gives a small number of loans to poor people at a low cost. That’s hy the creditor can develop their financial situation. Dr. Muhammad Younus was passionate about his job. He also maintains business ethics and deals with the critical time for success. He also lead his company and achieve to the mission of the organization. So, an entrepreneur should have the leadership quality.
  25. 25. 22 Explore different lines of arguments for entrepreneurial success and impacts of situational and motivational factor The reason entrepreneurial get the success Ishaan Malhi is getting success from his business venture. Mark Zuckerberg has already established himself as a media magnet and successful entrepreneur all over the world. DR. Muhammad Younus get the Nobel prize for his activities. the above discussion shows that they all get success in their business sector. There is some reason for success. Their strength They know their strength. They know about what they know and how they can use their knowledge. Ishaan Malhi knows economics and mortgage. So, he founded the mortgage business venture. DR. Muhammad Younus was a student and professor of economics so he launches the microfinance business. Mark Zuckerberg was a student of the IT section. So, he gets success in the online business. Acting These entrepreneurs generate the idea from scratch. So, whenever they get the idea, they act quickly. They didn’t ait for the anybody or right ti e (Cartwright, 2019). They work on their idea and establish the idea eventually. Focus They don’t lose focus on their activities. They all face some critical time when they launch the idea. Mark Zuckerberg was expelled from his university for his action. DR. Muhammad Younus has no financial ability but still passionate about his idea. For this reason, they get success in the end. Situational and motivational factors impact their entrepreneurial success To get success the entrepreneur needs to determine his activities and self-motivate themselves. The entrepreneur generates a new idea. But they need to develop this idea to cope with the
  26. 26. 23 situational factor (Cartwright, 2019). To motivate themselves the entrepreneur, prepare a plan, objectives, goals for their idea. When an entrepreneur finds out how they can implement their idea in the business venture and how much they can return from their venture it helps them motivate them. Bringing new products and self-recognition also works as a motivation factor for the entrepreneurs. Assess the relations among entrepreneurial personality, motivations, and mindset Entrepreneurial personality impacts entrepreneurial motivation and entrepreneur’s mindset. A successful entrepreneur contains some specific personality traits. These traits have a huge impact on motivation and mindset. The entrepreneur needs to energetic. He should turn his idea into action as soon as possible. Otherwise, another business venture can start with the same business idea which can demotivate him (Gordon, 2018). A cooperative person shares his thought with another person and assist. By involving the activities, the person can get creative and innovative ideas. The person should carry out his responsibility attentively. So that he can gain his mission and vision. The person also should have emotional stability. It helps him to determine his objectives. The relationship among entrepreneurial personality, motivations, and mindset. The entrepreneurial personality trait, motivation, and mindset depend on each other. A confident person can pursue his dream. Pursuing a dream motivates the person. A determined person can set his mindset for a specific objective. To gain the objectives the person makes a plan, strategy, and manages the activities of the plan. The entrepreneur not only works for money but also creates the idea of self-recognition. It also helps the person to motivate himself. The organized person prepares a detailed plan for his activities and performs the activities one by one. Mr. John is a specialist in medicine. He is looking for set up a new business ventures. His business venture is based on the online. Thorugh the online he can give treatment to the patient. By his treatment people can recover from disease. So this can give him a mind satisfaction. For this reason. It motivates him to continue the business venture.
  27. 27. 24 Analyze how background and experiences hinder or foster entrepreneurship skills giving contrasting examples critically providing their positive and negative influences on successful entrepreneurship. Examine two examples of entrepreneurs where family background, educational background, or experience helped them to become an entrepreneur From the mentioned entrepreneurs they all get success by implementing their ideas. But they generate the idea and get resources for implementing the idea from various sources. These sources are known as family background, educational background, and experience. If we look at Ishaan Malhi, we can see he has Bachelor’s degree in Economics from Bristol University. He was also practicing an entrepreneur idea before. He also works as an employee in 15 different mortgage and real estate company in all over Europe. So, he gets the theoretical knowledge from his achelor’s degree and practical knowledge from work life. For this reason, he launches a successful business venture. On the other hand, Dr. Muhammad Younus come from a third-world country. At that Bangladesh was a very poor country. He also came from a very poor family. So, he knows the financial struggle. He gets his bachelor's and master's degrees in economics from Dhaka University and Middle Tennessee State University. He was also a professor of economics. So, it clearly shows that his early life struggle, work experience, and education motivate him to launch microfinance. Two examples of entrepreneurs where family background, educational background or experience hindered or failed them to become an entrepreneur. MR. Robinson comes from a rich family and gets an education from the IT section. He knows the software, hardware, and online. But he has no work experience. He tries to set up an IT firm. He has all the resources because of his financial ability. ut he didn’t get success. ecause of lack of work experience. His education only helps him to launch the business but it didn’t gi e the knowledge of how he can manage the business. Mr. Jack comes from a middle-class family. He gets a diploma in law. He also works in the various law firm. He has the experience how to handle a case. For this reason, he starts an online law firm.
  28. 28. 25 He suggests to the clients online. But he fails to continue the business due to a lack of resources. is financial capability asn’t good so he couldn’t gather the essential resources. So, he fails in the business. Conclusion The small business is the backbone of the economy in the UK. Every year new kinds of business startups are establishing in the UK. Small business is creating a lot of job opportunities. They generate a huge amount of turnover for the economy (Burns and Kippenberger, 2016). The small business also contributing to the GDP of the UK. They are generating turnover in and outside of the UK. The entrepreneurs start a new business with their creative idea. They launch new business ventures by small, medium, or large size. The government needs to focus on the business industry so much. Every year so many organizations lose their business venture due to proper assistance. So, the UK government gives some extra benefit to the business ventures.
  29. 29. 26 References • Banks, I., 2017. The business. 4th ed. Bath: Paragon. • Bean, J. and Hussey, L., 2018. The Public Sector. 5th ed. London: HB Publications. • Brave, c., 2019. Small business. 8th ed. Atlanta, Ga.: Georgia State University Business Press. • Burns, P. and Dewhurst, J., 2016. Small Business and Entrepreneurship. 4th ed. London: Macmillan Education, Limited. • Burns, P. and Kippenberger, T., 2016. Entrepreneur. 5th ed. London: Macmillan London. • Campbell, J., 2018. Canada year book. 5th ed. Ottawa: Statistics Canada. • Cartwright, R., 2019. The entrepreneurial individual. 8th ed. Oxford, U.K.: Capstone Pub. • Foley, J., 2017. The global entrepreneur. 3rd ed. United States: Jamric Press International. • Gordon, R., 2018. Personality. amsterdam: Routledge. • Jähnke, P., 2017. Social Entrepreneurship. 5th ed. Wiesbaden: Springer Fachmedien. • Mort, D., 2020. UK statistics. 3rd ed. Brighton: Bloomsbury. • Perman, R. and Scouller, J., 2017. Business economics. 5th ed. Oxford: Oxford University Press.
  30. 30. 27 • Sahlman, W., 2019. The entrepreneurial venture. 6th ed. Boston, Mass.: Harvard Business School Press. • Teune, H., 2019. Growth. 5th ed. Newbury Park, Calif.: Sage Publ. • Ubani, L., 2021. The Entrepreneur. 2nd ed. La Vergne: Luke Umunna Ubani.

×