Entrepreneurship Strategies: SMEs Impact & Successful Ventures Assignment Sample

Entrepreneurship Strategies: SMEs Impact & Successful Ventures

Need an Assignment Helper in the UK? Native Assignment Help is here to support you every step of the way. Our skilled experts specialize in a wide range of subjects and are committed to delivering high-quality assignments that meet the highest academic standards.

Introduction : Enterprise And Small Business Management

Entrepreneurship is a way for improved management that is employed when there are high levels of talents and expertise. The activities that the entrepreneur engages in must be beneficial to profit margins while also ensuring that the competition is managed. There must be a strong concentration on improving elements at the macro level and ensuring that there will be better business owners, resulting in a better micro level and business climate. Trends and demands of the customers are changing which has to be monitored and controlled with time so that there is a better market which can be developed (Tibrewal and et.al., 2019). Customers must be satisfied with the services provided, and better policies and principles must be implemented to ensure that brand value is enhanced. In summary, the study will explore entrepreneurial initiatives and how to get a business to the appropriate location. The traits and skills of the must be compatible with the business in order to ensure greater success and attainment of the current goals and objectives.

TASK 1

Data and statistics to illustrate micro and small businesses impact on the economy

Micro and tiny enterprises that exist in the market have a lot of potential in the market, which is excellent for the overall expansion of the market's economic element. In a small business, there are approximately 49 personnel who will ensure that everything runs smoothly. When there is proper improvement and assistance available, the quality of services and products will improve. The population's lifestyles are also improving with time, allowing the government to assess whether or not they are making the best long-term decisions. The annual turnover of UK-based SMEs is around 1, 528, 68 million Euros, which is a significant component for the UK government (Uhlaner and et.al., 2020). There is also a lot of fascination that the country might have for itself in order to find the correct contribution to the population's environment.

a) Compare the impact of SME’s for two UK regions

SME’s in United Kingdom has made a lot of issues be solved which is that there are people which are having more job opportunities and have a stable lifestyle for themselves.

Figure 1: Growth in the number of UK private sector businesses, 2019

From the graph above, it can be seen that there will be a lot of employment, resulting in better working conditions and performance. Small enterprises are expanding in the south east and south west of the United Kingdom. Large employers are present in macro businesses, while small and medium-sized businesses employ more people. There are start-ups that do not have employees in the organization, but they must be adequately maintained in order to be successful. Customers' infrastructure must be present in employee satisfaction levels in order for better working conditions and possibilities to exist (Bishop and Reeves, 2021). The government is also providing financial aid to assist people in finding the right spot in the market, which is good for future generations, and to ensure that a better survey can be completed. There is a greater contribution to the country's gross domestic products and services, and the United Kingdom's market will have certain particular characteristics. SME’s are not promoted as much as in rural areas which is why there are not effective support and there is a lack of information as well which is lacking and this aspect has to be covered up by the government. United Kingdom has to make sure that they are taking the right actions for the future as well.

b) Compare the impact of SME’s for the UK utilising two different industries

There is a small investment necessary, and the organization's capital must be reduced as well. The beliefs and traditions that are followed will vary locally, allowing the firm to operate in accordance with the competition and customer satisfaction. The organization's products and services will be one-of-a-kind in order to ensure that the appropriate measures and improvements are in place. There are numerous market surveys that are conducted in order to improve operations and working conditions. There are numerous employment options available to these tiny firms. Retailing industry is having a good place for they in the market therefore small businesses are promoted in the market so that there are better working. Construction business is also being supported so that the infrastructure of the country is going to be better and that is going to be good for the overall working of the country.

c) Compare the impact of SME’s for two EU countries

Germany is having good large organizations which are why there is no much of a support which is present. Though, Austria is having a good support from the government to make sure that they are having the right information and good communication as well about small businesses and promote them further. Small and medium firms can employ a variety of strategies to locate the best base for their operations, resulting in increased productivity. Crowd funding and finding the right investors are critical for an organization's success in terms of obtaining good aid and achieving good growth (Kijkasiwat and Phuensane, 2020). Customers demand variety in their products, and these small firms will be able to meet this demand in the long run, resulting in proper operation. Survey has to be done by small and medium ventures of the market.

Importance of small businesses and business start-ups to the growth of social economy

Growth of social economy is when there is a benefit for the population of the country so that there are higher outcomes that can be expected. There are significant economic activities that will take place in the country for improved integration, which will be beneficial to the nation's improvement. Start-ups in the United Kingdom are receiving the necessary support to ensure that there are good activities at the outset and that they can carve out a suitable niche for themselves. The quality of the services and products must be improved over time, and this will happen. There will be a broad-scale improvement in the quality and services that will be available and huge businesses will be required to make such adjustments in order to maintain their market reputation (Anton and Nucu, 2020). There is a modest financial investment, but the business must ensure that they are producing effective innovation in order to have a distinct identity that is beneficial to the overall operation. The problem of unemployment in the United Kingdom will be overcome if there are good business possibilities available in the country (Fletcher and Rosa, 2018). In order to find the correct spot, the market would be able to build a name for it globally. Small company processes will require little investment, but the outputs and reach of these firms will be extensive, ensuring that the country can set better standards for itself.

There are numerous tasks and obligations that these small enterprises have in the market that must be adequately communicated, as well as the correct judgments that must be taken. Prices must be set, and there are greater prospects and outcomes available through the purchase of the company. There is a social economy that is beneficial to the development of society, but it is a feature that must be governed and monitored on a regular basis (VORONKOVA and et.al., 2018). Poverty in the country can be reduced, which will have a huge long-term advantage for the organisation. Small and medium companies must ensure that they have the correct working environment in order to have a better operation and to be able to deliver the best for the country's population, so there is good assistance available to them.

TASK 2

Different types of entrepreneurial ventures and typology of entrepreneurship

Entrepreneurship is a strategy used by firms to get a competitive advantage in the market. The difference between an entrepreneur and a manager is that the manager is not going to be responsible for the activities and the ideas behind the organization but only manage the working but an entrepreneur is the owner as well as plays the role of the manager. Entrepreneurs must be creative and innovative in order to ensure that their products and services develop well and that the taxes they pay are low.

Type of venture

• Private

Private businesses will not have groups in their organization, and they will not rely on the government. Profit margins are the sole reason for a company's existence, and this fact must be recognised. Marks & Spencer, Sainsbury's, Tesco, and others are some of the examples that are currently available in the market.

• Public

These businesses think for the profit of the society so that there is going to be better development which is going to be there (Liguori and et.al., 2019). The examples of these ventures are Red Cross, National airlines, healthcare systems, etc.

• Social

These work in accordance with the market competitiveness. Profitability is exclusively for the benefit of society, ensuring that a good purpose is being accomplished. Safe point Trust, which redesigns medical equipment, is an example of this venture.

Typologies of entrepreneurship

There are characteristics that differ from one person to the next, and these differences will help the company flourish.

• Lifestyle entrepreneurs

The quality of the products and services must be prioritised in order to improve working conditions and processes (Mallett and Wapshott, 2020). The population requires a good standard that corresponds to their lifestyle in order for businesses to benefit from a larger market. Resources must also be well utilised, which will improve the working environment.

• Survival ventures

Long-term visions and missions must be established in order to achieve the correct level of sustainability and, as a result, increased profitability for the business. There are numerous dangers and obstacles that a small or micro firm will face in the market, all of which must be overcome (Kurniasih and et.al., 2019). These small enterprises can quickly attract customers' attention, yet need to have the right knowledge.

• Speculative venture

The company will ensure that their original ideas and creativity are implemented in order to achieve market growth. There are numerous innovations that have the appropriate methods and ideas that are matched. There must be a high level of importance of a solid long-term market foundation.

Entrepreneurial typologies must be recognised in order for entrepreneurs to properly sell their ideas and products. There are hazards involved, as well as a significant expenditure, in order to ensure that good working conditions exist. The relationship between the two is that they must operate well together so that there are fewer challenges to face and the rivalry that exists can be well balanced.

Similarities and differences between entrepreneurial ventures

There are a lot of differences which are present in the entrepreneurial ventures in the market and the further report is going to be discussing them in detail.

Similarities

• All the ventures want to have a stable and sustainable working in the market so that they would be able to gain the loyalty and trust of the clients.
• The company must find funds for investment, and they must continue to advertise themselves in the market in order to secure a favourable position. Businesses must ensure that there is a good venture in the market so that there are good profit margins and working conditions (Bismo, Halim and Erwinta, 2021).

Characteristic traits and skills of successful entrepreneurs

Traits and skills of entrepreneur has to match so that there is going to be an effective success which is going to be there. There has to be a good level of innovation and creativity the products and services would be taken by the clients of the organization. The ideas have to be given in to the market effective so that they can get the right funding for themselves. The following report is going to be discussing the skills and characteristics of Deborah Meaden.

Skills and Characteristic of Deborah Meaden

• Determined

Deborah Meaden knew of the dream she had which had to be covered in order to be able to find the right achievement in the market. It is important for her to be have goal plan and targets set so that she would be able to achieve them on time (Mason and et.al., 2020). Planning and achieving the timelines are very important for the organization to have and that Deborah Meaden got in the firm she opened for herself and for the satisfaction of the clients.

• Sense of direction

There must be good working conditions, which can only be achieved when all employees and the entrepreneur are working in the same direction, which is beneficial to the business as a whole. Businesses must ensure that greater levels of operation are maintained, which is beneficial to Deborah Meaden's ability to meet her long-term goals and objectives.

• Motivated

Deborah Meaden is motivated enough to make sure that the objectives and goals which she is having for herself are being achieved and that would be good for the overall working as well (Soekarno and et.al., 2020). There are a lot of risks and challenges and they all can be overcome easily when the entrepreneur is having clarity of working.

Entrepreneurial personality reflect entrepreneurial motivation and mindset

Good motivational factors have to be present in the personality of the entrepreneur to be able to have the right stability and understanding of the market. There has to be a common trait of motivation which can be found in all and having a one direction to the goals which is present is very essential.

Big 5 model

• Openness

This is a personality attribute that can lead to more new ideas and originality in the entrepreneur's job, resulting in a more competitive market. There are various situations and obstacles that must be addressed, and a solid work-life balance is required.

• Extravert

Deborah Meaden gained a lot of contacts in the market only then she is able to have a good goals achievement which is a great factor for the overall working and the bond which is present is appraisable as well. There is emotions and mental bond with the work which she is having therefore she made the brand so successful.

• Conscientious

Rejections only make the entrepreneur have a good set of working for the future and be more motivated in the future as well. There is continuous processing so that there is a good ambitious which is present for being able to perform well and make the tasks be achieved as well (Harahap and et.al., 2018).

• Neuroticism

In the market, positivity is really important in order to achieve better results, and when results are good, confidence follows. Deborah Meaden is having good refreshing ideas which can make the customers be satisfied. There is meditation and spiritual working which needs to be present so that there are going to be better strictly actions which can be taken.

• Agreeable

There has to be good trust which the clients and employees must have in the organization so that there is going to be good working (Abdul, 2018). Sensitivity and affable has to be present in the company as well.

Maslow’s need theory

• Physiological

There is a basic need which all humans need to fulfil and Deborah Meaden had that in mind. She left from school very quickly because she knew what she wanted to do.

• Safety

Then after Deborah Meaden started her company she thought of not just her safety but also the others in the organization. There is a level of trust and loyalty which can be gained by her in the market.

• Love

Emotional support and a healthy working atmosphere were established, and this made a significant effect, which will be an important issue for the organisation to consider. It is critical to provide support to clients and staff in order to ensure that proper working and functioning is achieved.

• Esteem

Achievements are set by Deborah Meaden for herself in the market which she needs to get so that she would be able to have one sense of direction for the best for the overall achievement of organization (Lasisi, Owens and Udagedara, 2017).

• Self actualization

There are good self analyses which can be done though there is no self actualization as the race of human needs and demands are never ending but Deborah Meaden has made sure that she would help others as well to grow in the market like she did.

Background and experience can hinder or foster entrepreneurship

Different understanding of the culture and other characteristics that are there, it is very important for the entrepreneur to have a decent background from which they belong. Deborah Meaden did not come from a well-known family and does not have a good economically balanced family as well, but she was committed to achieving her aims and objectives in the market (Bamata, Govender and Fields, 2019). Deborah Meaden has seen dips in the past as a result of rivalry and a lack of market experience, both of which must be managed in order to attain the proper level of market stability. No two entrepreneurs think alike, Deborah Meaden came up with her own plan and stuck to it in order to make a long-term difference in the market. In order to be able to locate the correct working, the investment and trust in oneself with the items and services that are built must be there.

Conclusion

According to the aforementioned research, a thorough analysis of the requisite talents and attributes, as well as a full awareness of the market, is required. The items and services must be unique, and they must carve out a market niche for themselves. Businesses must ensure that they are working and positioning themselves effectively .Good background and optimistic thinking would be beneficial to the organisation, and this would be a significant component in the entire working environment.

Reference 

Books and Journals

Abdul, O.E., 2018. Entrepreneurial skills and growth of Small and Medium Enterprise (SMEs): A comparative analysis of Nigerian entrepreneurs and Minority entrepreneurs in the UK. International Journal of Academic Research in Business and Social Sciences. 8(5). pp.27-46.

Anton, S.G. and Nucu, A.E.A., 2020. Enterprise risk management: A literature review and agenda for future research. Journal of Risk and Financial Management. 13(11). p.281.

Bamata, H., Govender, K.K. and Fields, Z., 2019. An empirical study of optimal access to external finance by small and medium enterprise start-ups. Problems and Perspectives in Management. 17(3). p.242.

Bishop, D. and Reeves, K., 2021. How to build a quality management climate in a small to medium enterprise. An action research project. International Journal of Lean Six Sigma.

Bismo, A., Halim, W. and Erwinta, M.A., 2021. Knowledge Management Strategy, Innovation, and Performance in Small Business Enterprise in Indonesia. The Winners. 22(1).

Fletcher, M. and Rosa, P., 2018. The Graduate Enterprise Programme: ten years on. Educating entrepreneurs for wealth creation. pp.59-77.

Harahap, D.A and et.al., 2018. The effect of location and products completeness to consumer buying decision of small and medium enterprise market. In Proceedings of the 2nd Global Conference on Business, Management and Entrepreneurship 2017 (Vol. 1, pp. 30-33).

Kijkasiwat, P. and Phuensane, P., 2020. Innovation and firm performance: The moderating and mediating roles of firm size and small and medium enterprise finance. Journal of Risk and Financial Management. 13(5). p.97.

Kurniasih, D and et.al., 2019, April. The role of stakeholders in the Accountability of Village Enterprise Management: a Public Governance Approach. In IOP Conference Series: Earth and Environmental Science (Vol. 255, No. 1, p. 012056). IOP Publishing.

Lasisi, M.O., Owens, J.D. and Udagedara, S., 2017. Key benefits of enterprise resource planning adoption within small family businesses: a conceptual framework.

Liguori, E and et.al., 2019. Under-researched domains in entrepreneurship and enterprise education: primary school, community colleges and vocational education and training programs. Journal of Small Business and Enterprise Development.

Mallett, O. and Wapshott, R., 2020. A History of Enterprise Policy: Government, Small Business and Entrepreneurship. Routledge.

Mason, C and et.al., 2020. Promoting student enterprise: Reflections on a university start-up programme. Local Economy. 35(1). pp.68-79.

Soekarno, S and et.al., 2020. Performance assessment framework for small and medium enterprise. International Journal of Business and Globalisation. 26(1-2). pp.57-70.

Tibrewal, A and et.al., 2019, October. The Impact of Language Competencies of International Business Performance: Small and Medium Enterprise Perspective. In 42nd isbe Conference 2019 (p. 147). ISBE.

Uhlaner, L and et.al., 2020. Are outside directors on the small and medium-sized enterprise board always beneficial? Disclosure of firm-specific information in board-management relations as the missing mechanism. Human Relations, p.0018726720932985.

VORONKOVA, O.V and et.al., 2018. Current trends in the development of small and medium-sized enterprises and individual entrepreneurship in the Russian Federation. Revista Espacios. 39(41).