Entrepreneurial and Small Business Management Assignment
INTRODUCTION Of Entrepreneurial and Small Business Management
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Small and medium commercial organization refers to the corporate organizations which work on a small number of employees and the operations of the business are on a small level. This helps in the development of new opportunities and employed on the new projects. Entrepreneur refers to the process of working on new ideas and innovation to create a corporate for the profit and social benefits in the market. The report will explain the importance of entrepreneurship and the impact of small and micro businesses on a budget.
PART A – PRESENTATION
Covered in PPT
PART – B REPORT
Impact on the economy due to micro and small business enterprise
The role of micro and small business organization is very important as they help in creating a regular economy in the country and provide development in the republic overall economy. They are essentially kept and functioned independently with a few counts of staffs but then too are careful vital for the development and progress of the UK as these commercial strengths be small but their power on the nation's budget is endless.
Figure 1 The Role of Small Business in UK Economy
(Source: The role of small businesses in the UK economy, 2019)
Fig-1 showed that the role of the industry of manufacturing are providing in the increase of economy or budget of the country. This is vital to understand that the manufacturing industry is providing the best of the economy as they further are used for the export business and develop new working of business and products in nation.
These businesses help in increasing of occupational and develop a healthier business in economy of the republic. It is crucial for them to develop a process to provide a well function in industry and create employment opportunities for the people. The rapid growth of the small and micro industries is helping in creating a better result for the low cost (Leitch and Volery, 2017).
Figure 2 Impact of Small Business
(Source: Brexit’s impact on small businesses: the experts may be spot on after all, 2019)
The SME are developing into the range of the economy in UK. There is new investment from the people of nation which are developing the increase in small business and developing profits to the economy. Working in the Small business helps in creating more of opportunity and there are different people who have invested in small business for their living. They include coffee shops and the food stalls which are giving them in good return and helping them in increasing the profits and developing economy. The impact of Brexit on the international market is affecting the business profitability between the European and UK. The small business is helping in creating a help to the UK by developing the impact of overall profits in the workplace. Small business is the backbone as they work in the3 market continues growth support as the Fig interpretate that it helps in develop of 30 percent growth in economy. The SME are developing a support in the industry to provide a better stand for the economy of nation.
Importance of small business and commercial start-ups in the growth of the social economy
Social economy refers to the process of relationship between the social behaviour and economics. There are different NGOs working for the betterment of the society and the small business firm to help the economy and develop the overall society development. For example, small business help in providing food to the society needed person, supporting agencies which are working on handicap people etc. This type of practice help obtains and maintain licence to operate, develop and improve the business by enabling health environment, strength the value chain, fuel up the product and service innovation (Kurpayanidi, 2020). The societies in this case are divided into three major groups namely social, cultural and economic.
Employment– The support in the socio economy through the business and the trend is creating an employment opportunity for the business is developing a better process of development.
Mobilisation of local resources – The movement of the local resources gets increased and the local gets support in the mobilisation. When the business starts it helps in the increase of the resource use and develops a process of development in economy.
Export Promotion–Promotion helps in increasing the overall process of development in business to the economy. Development in the promotion of SMEs for products to international market helps in increasing the foreign currency.
Balanced Regional Development–it helps in there smooth and harmonious development of the nation as it increases the capabilities of the country and make a better procedure to the development.
Independency and Autonomy–the new trends are providing the support to the independency and not on the supporting of other brands or organization in the market (Audretsch and et.al., 2019).
Small, medium, and large business impact on the economy
Small organization: Small organizations are helping in new employment and growth to the economy in nation by the profits and taxes. The examples are the small coffee shops and tea stalls etc.It helps in continues development process in the organization to help in increase of country economy.
Medium organization: Medium organization examples are the stores of business, clothing stores etc in the country which are developing the revenue by selling the product in market of national region. Medium works on both the international through online and regional platform for business. They work in a segment to develop the import and export to increase the market to develop results.
Large business: Working on international projects and helping the country with the economy and revenue in the market while processing the operation in international market.
The critically analysis of all three are that they help the nation in increasing of the economy or budget. It is vital for the m to increase the working through development in all sectors as all are crucial for the country. The positive impact of this business is that they provide the employment and also provide with the new profits in market. The negative impact is the competition in international market and the domestic people fighting for the same results.
SECTION 2 – UNDERSTANDING OF ENTREPRENEURS
Successful local and global entrepreneur
Richard Branson
Richard Branson is the founder of the Virgin Groups which operates in the UK and also has 400 other companies in worldwide working in different fields. The entrepreneur possesses several skills and characteristics that drew him apart for the others –
Skills: Richard used to have the skills of taking the calculated risk and the communication skills helped him in development of the firm process and increased in the overall development of firm worldwide. It also helped in getting the best of results through the communication and calculated risk to take initiative in different occupied.
Characteristics: Richardson was having the characteristics of the self-control over the working as he used to work with a self-confidence and control while working on the projects which helped them in development of professional to help the budget as well and provide a support to the society (Turner and Endres, 2017).
Philip Green
Phill Green is the CEO of the Arcadia groups and created a business which helped in the growth of the republic economy. The skills and characteristics of the Phill green are as follows:
Skills: Phill is one of the people who used to calculate the working and have a visionary skill which helped the arcadia groups in reaching the growth and height of success in the field of business. Phill was having the corporate skills which further helped him in creating an impact on the overall process of development of occupational and create a better in the budget support.
Characteristics: Having the positive thinking is one of the strengths of the company owner which provide the strength to the resultsfor the Arcadia groups. Staying positive has helped company in creating a better result and support in the occupational in developing of new outcomes to increase in economy of country.
J.K Rowling
J.KRowling is the famous writer who used to rights and is one of the leading writers in the time when she launched the book named Harry Potter.
Skills: Working as a single motivation for others, it refers to keep going for the work and provide an end result for which they are working. J.K Rowling is motivated and focus in what she wanted to achieve and always inspiring other to stay for the time and believe in self (Colombo and et.al., 2019).
Characteristics: The integrity and motivation are the factor kept her going in the occupied as an entrepreneur in the world and made to the success of life from the idea and innovation of the Harry Potter (Julien, 2018).
Impact of Situational and motivational factors for Entrepreneurial success
Situational and Motivational factors are both crucial for the development of the business and the entrepreneur need to be motivated for the employed on the idea thinks is different and innovative in market.Salaried on the ideas it is essential for the development of the working on entrepreneur ideas to be creative and motivation on the idea is important. The situational example are the environment, work, school, people etc. It is essential for the development of better result for an entrepreneur need to have a better occupied in the growth of occupational. Situation factor provide a necessary factor to develop on the progress of the work in the innovation and entrepreneurial activity. Motivation is one of the crucial factorsinfluence on the overall performance of the idea and innovation impact on the result. It is crucial for them to develop so that they can get a better result in the market and can increase in development of better waged (Kerrin, Mamabolo and Kele, 2017).
Measuring the aspects of entrepreneurial personality reflect motivation and mindset
OCEAN five factor modelsgive the complete explanation regarding personality includes Openness, Conscientiousness, Extroversion, Agreeableness, Neuroticism and these personality factors
Openness: - Openness refers to the personalities include the openness and adventures, imagination, willingness, curiosity etc. These were one of the crucial factors of motivation were into the Philip Green and the Richard Branson to become a successful leaders and entrepreneur in the workplaces.
Conscientiousness: -This personality trait involves the ambitious, consistent, reliable, hark work, self- discipline. These help in increasing the overall impact on occupied of the entrepreneur and helped them in reaching the achievedtarget.
Extroversion: -these are the people or the person with the mindset of outgoing, friendliness, unloving and action oriented in the workplace. This help in increasing of the focus and develop a motivation towards the end goal of the person (Radzi and et.al., 2017).
Agreeableness: - These traits include trust, modesty, patience, Moderation, politeness, kindness, cheerfulness and helpful nature. Due to polite and kind nature of Richard Branson and Philip Green has made their employees motivated towards achieving the goal of the commercial and both are well known personalities not only in UK but in worldwide.
Neuroticism: -This trait refers to the moodiness, jealousy, anxiety, instability, insecurity, pessimism that is associated with this neuroticism personality. In this trait the person sometimes experience anger, anxiety type of negative emotions
Experience of entrepreneurs and its impact on their entrepreneurship
J.K Rowling: Working on her idea of the Harry potter she worked hard and develop and overall concept of the imagination world and created a story of the Harry potter in the books. She asked different people and producers to produce her books and every one rejects and does not support the idea of the writerswhich she written(Fatoki, 2018).
Philip green is the top entrepreneur of United Kingdom who has established high profit earning firm Arcadia group. His father was property dealer; he belongs from financially sound family. He had never faced issue related to funds.
The positive and negative of the successful entrepreneur are that it is essential for the entrepreneur to control the own destiny and know what they are actually working for. It is essential for them to provide the best of motivation towards their working. Working on the innovation or being an entrepreneur, it helps in working on what a person like doing. Working on something different is not easy and it required a lot of patience as working on the idea of innovation and creativity. Being a leaders for other and help them in getting better support to develop being a new entrepreneur.
CONCLUSION
The report concluded the overall process of development in the budget and the ways the small and micro economic factors are helping in the development of the growth in UK economy. Working in the small and medium business it helps in creating a better opportunity and developed the overall function to provide the employment and create opportunity to help the economy of the country. The example of J.K Rowling’s and the Philip Green provide the importance of motivation and development of the mindsets as an entrepreneur to get the result in the business.
References
Books and Journals
Audretsch and et.al., 2019. Entrepreneurial ecosystems: economic, technological, and societal impacts. The Journal of technology transfer. 44(2). pp.313-325.
Colombo and et.al., 2019. The governance of entrepreneurial ecosystems. Small Business Economics. 52(2). pp.419-428.
Fatoki, O., 2018. The impact of entrepreneurial resilience on the success of small and medium enterprises in South Africa. Sustainability. 10(7). p.2527.
Julien, P.A. ed., 2018. The state of the art in small business and entrepreneurship. Routledge.
Kerrin, M., Mamabolo, M.A. and Kele, T., 2017. Entrepreneurship management skills requirements in an emerging economy: A South African outlook. The Southern African Journal of Entrepreneurship and Small Business Management, 9(1), pp.1-10.
Kurpayanidi, K.I., 2020. ACTUAL PROBLEMS OF IMPLEMENTATION OF INVESTMENT INDUSTRIAL ENTREPRENEURIAL POTENTIAL. Theoretical & Applied Science, (1), pp.301-307.
Leitch, C.M. and Volery, T., 2017. Entrepreneurial leadership: Insights and directions. International Small Business Journal. 35(2). pp.147-156.
Radzi and et.al., 2017. The impact of internal factors on small business success: A case of small enterprises under the FELDA scheme. Asian Academy of Management Journal. 22(1). p.27.
Turner, S. and Endres, A., 2017. Strategies for enhancing small business owners' success rates. International Journal of Applied Management and Technology. 16(1). p.3.
Online
[ONLINE] Available through :<>
Brexit’s impact on small businesses: the experts may be spot on after all. 2019.[Online]. Available through <https://theconversation.com/brexits-impact-on-small-businesses-the-experts-may-be-spot-on-after-all-90561>.
