Unit 9 Entrepreneurship: Driving Force Behind Successful Ventures
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Introduction- The Essential Role of Entrepreneurship in Business Success
In any firm, entrepreneurship is the driving factor. An entrepreneur is the driving force behind any big firm. Entrepreneurship may make the difference between affluence and a life of misery in a time of economic uncertainty (Aldrich, 2017). Established businesses are also looking for people with entrepreneurial talents. For the sake of its own existence, any company, great or little, must be entrepreneurial. It has been decided that this report would focus on Virgin Group Ltd. Customers and employees alike are treated with the utmost respect and gratitude by this company, which prides itself on delivering outstanding service and keeping its employees excited, eager, and engaged. “This study has provided the management of the firm a thorough understanding of the many kinds of businesses and their characteristics in the context of entrepreneurship”. This paper also contains information on how to succeed as an entrepreneur in the future.
LO1. “Explore and illustrate the range of venture types that might be considered entrepreneurial”
P1. “Examine different types of entrepreneurial ventures and explain how they relate to the typology of entrepreneurship”
“Small Business Entrepreneurship” – “This type of entrepreneurship works with small business start-ups and firms with less financial risks due to the smaller investment”. Everything related to creating a market for a brand-new product or service that is built around a company’s business strategy falls under this category (Kraus, Mahto, and Walsh, 2021).
“Scalable Start-up Entrepreneurship” – Start-ups like this may be very flexible and adaptive, but the entrepreneurs engaged have a clear vision of how they want to improve the world. Investing in this kind of endeavor is the only way to assist these sorts of enterprises develop and thrive in a competitive market like this one. They are searching for a repeatable and adaptable strategy that would help the company succeed.
“Large Company Entrepreneurship” – “In order to get the most out of their limited time in business, most of these sorts of companies must run effectively and continuously” (Lorenzo, Kawalek, and Wharton, 2018). Continued product development and manufacturing are essential for a business’s continued success in the marketplace and its customers.
“Social Entrepreneurship” - These are the individuals who are engaged in the development of goods and services that contribute to the fulfilment of social needs and wants (Dwivedi and Weerawardena, 2018). A whole new kind of entrepreneurship, this one focuses on improving the world rather than creating money for shareholders and the entrepreneur themselves.
P2. “Explore the similarities and differences between entrepreneurial ventures”
“It may be said that there are two distinct forms of entrepreneurship: business entrepreneurship and social entrepreneurship, based on the profitability of the entrepreneur and the aims of the investor and the entrepreneur”. Creating items and services and reselling them to clients are two of the most common pursuits of these business models’ members (Dwivedi and Weerawardena, 2018). Goods and services are tailored to their target market’s needs and wants, and both of them innovate in their products and services to meet those demands. In both cases, the goal is to expand their market share so that they may reach the widest potential audience, but the reasons for doing so are different.
“Small- and medium-sized company” owners are more concerned with establishing a customer base for their goods and services than they are with making money for themselves or their investors. These are the people that are just interested in expanding their company so that they may amass more personal fortune (Appe and Oreg, 2020). Their gains are solely directed toward themselves, with little consideration for the interests of others. This is why they are referred to be “business entrepreneurs,” even if their goods may be revolutionary. These include small and medium-sized enterprises as well as huge corporations and start-up enterprises.
When it comes to social entrepreneurship, it’s all about making the world better while still pursuing the company’s other goals. A philanthropic entrepreneur prioritizes the well-being of others before personal financial gain (Appe and Oreg, 2020). One of the primary goals of these types of entrepreneurs is to generate actual social and economic value, and this is also the primary purpose of these individuals. “In this stream of the flow, the enterprise is more focused on the overall innovation and development of the local communities, and also on the ethos of social good and ethical behavior”.
M1. “Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of entrepreneurship in both the public and corporate sector”
In the United Kingdom, business strategy plans are developed by both the public and private sectors. It is because of these completely developed models that the United States is able to prosper economically. An evaluation of the country’s socioeconomic progress and achievements is necessary to identify their effect. Many employments may be generated in the province’s economic growth via private business (Hayter, Link and Scott, 2018). By offering technical and financial help, public and private organizations work together to foster entrepreneurship.
Emerging economies require inventive and effective techniques for promoting economic growth and capitalizing on the opportunities afforded by these flows. It is impossible to do this without the involvement of private sector companies. Countries like Nepal, India, Myanmar and Africa foster and cultivate a sense of entrepreneurialism across their populations. When the government and industry work together, the business climate of a nation may be positively influenced (Hayter, Link and Scott, 2018). As part of its work, the World Bank’s Business Guidelines department develops policies, assesses the business climate, and works to increase domestic investment. Government and business initiatives in poor nations are based on the elements of the World Bank index, with uncertain outcomes.
D1. “Critically examine the scope, development, and growth of entrepreneurial ventures”
The following sections explain and expand on the scope, growth, and evolution of entrepreneurial ventures:
“Small Business Entrepreneurship” — “This sort of endeavor may include a small-scale start-up that requires relatively little investment as opposed to larger and more complex businesses” (Kraus, Mahto, and Walsh, 2021). In order to keep the market and develop in the market with a new unique product that fulfils all of its demands, the venture has to have the right leadership and entrepreneurial qualities.
“Scalable Start-up Entrepreneurship” – This form of venture would need the firm to have an established strategy, which would attract venture capitalists and allow enterprises to grow. If the tactics are properly designed and implemented, this may be a massive success.
“Large Company Entrepreneurship” – “There is a lot of responsibility and accountability attached to this kind of enterprise, which requires a huge investment as well as a considerable amount of time and effort”. If the firm wants to keep up with the market’s demand and needs, it must continually reinvent its product and service offerings in order to keep up with the market’s growth.
“Social Entrepreneurship” - A vast number of roles and responsibilities must be fulfilled in social entrepreneurship since the endeavors are done in order to benefit the community and the welfare of humanity (Dwivedi and Weerawardena, 2018). So moral ideals and ethical conducts must be taken into account when determining if a project will be successful.
LO2. “Conduct and analyze research relevant to a business research project”
P3. “Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on the economy”
A majority of the world’s workforce is employed by small and medium-sized enterprises. Entrepreneurial enterprises operate independently in both emerging and established nations, according to this study. Assisting emerging countries in their attempts to create wealth and employment (Jela?i? et al., 2021). Successive company concepts are also a major draw for foreign investors. A number of key developmental issues may be effectively addressed at the provincial level using small-scale model solutions. “Small and Medium-Sized Enterprises (SMEs)” may give access to clean water, energy, and education as examples of their services.
Small businesses in underdeveloped countries may help create a more prosperous world if they are given the opportunity to grow. In terms of youth development, small enterprises play a crucial role, since they contribute to the local economy. Large corporations’ benefit from the expertise of small enterprises in a wide range of sectors such as ICT (information technology), green technology, market research, and so on.
“About 27 million individuals in the United Kingdom work for small enterprises”. In addition, the expansion of smaller businesses is on the increase as well. It’s a good point to keep in mind. The number of small enterprises in the United Kingdom has overtaken the number of large firms (Freixanet and Renart, 2020). Furthermore, savvy, inventive, and creative business practices are threatening the vast industry. More over a third of the UK’s income comes from small enterprises.
P4. “Explain the importance of small businesses and business start-ups to the growth of the social economy”
Small and Medium-Sized Enterprises (SMEs) have long been recognized as an important part of the solution to social issues including poverty, illiteracy, and socio-economic inequality. Recent research found that the UK’s “long-term wealth” and “Productivity Increase” need the active participation of Small and Medium-Sized Enterprises (SMEs). As a method to break out of the economic recession, the government feels that supporting small businesses is a good idea. Local, national, and worldwide health goals may be achieved in part by small businesses, which are creating more jobs. SMEs are the engine that propels the whole economy ahead.
“Small businesses contribute to the growth and innovation of local economies by offering future growth opportunities for the communities in which they operate. Small firms also profit by employing individuals who might otherwise be out of work at larger corporations. Numerous small businesses are also capable of swiftly responding in the face of changing economic circumstances” (Peck, Jackson, and Mulvey, 2018). Smaller businesses, according to this hypothesis, are more likely to be sensitive to the demands of their customers and the community. There are still many individuals in the neighborhood who continue to patronize their favorite small businesses, despite the economic crisis. Customers who spend their money at local small businesses are basically reinvesting it in their communities. Successful local businesses create a large amount of money, which means they also pay a larger amount in taxes. An upward trend of 1.8% is seen in net income. In order to solve local community development challenges, small companies are essential.
M2. “Evaluate the differences small, medium and large businesses make to the economy, applying relevant data and statistics”
As a general rule, organisations with less than 500 workers fall into the category of small enterprises. They are not quite as huge or as good at making enormous sums of money as the larger corporations, but they are just as important in boosting local economies around the country and so contributing significantly to the overall expansion of the country’s economy (Abu-Saifan, 2012).
However, medium-sized enterprises, which have expanded sufficiently to break out of the small-scale company category, are the ones that have done so via steady and gradual growth. These companies bridge the gap between small and large-scale enterprises.
It is the large-scale firms, or the fully formed form of a company, that are the ones that have advanced the most (Ackermann, 2012). These involve enormous sums of money and investments, and they are also the main drivers of the national economy. Small and medium sized firms are engaged by them in order to carry out their company activities.
Entrepreneurship, according to many economists, is good for the economy. The most suitable company model might be promoted by unlocking the potential of both economic growths. What a corporation does differs from one to the next (Altinay et al., 2012). Small enterprises and start-ups may readily take advantage of novel concepts. Profit-oriented enterprises, on the other hand, have a better chance of making big profits.
Small businesses in the United Kingdom are the subject of some research.
“Growing a business and adopting a large-scale micro-enterprise model may stifle economic progress, especially in developing countries”.
“The development of “Medium-Sized Enterprises” in a nation, especially in industrialized countries, may have a positive impact on economic growth”.
Government and industry must work together to encourage a balanced mix of small, medium, and large firms throughout the United States (Arregle et al., 2012).
D2. “Critically examine how small businesses have an impact on different levels of the economy (local, regional, national) and in an international context”
“Small-scale businesses are ones that employ a little number of people and generate a small quantity of income compared to large-scale corporations”. To put it another way, it’s a significant number of people on a global, regional, and national scale (Bock et al., 2012). Similarly, their individual contributions to the economy are little, but their combined contribution to the local, regional, and national economies play an important and noticeable role in the growth and expansion of the nation’s economy.
For instance, Encouragement is given to SMEs in the United Kingdom to expand their business operations. As a result of their contributions to the economy of the area and country, they are well-known. There has had a tremendous impact on the economy of the United Kingdom since they are so small. More than 25 million small businesses in the United Kingdom employ 60 percent of the country’s workers (Delgado?García, Rodríguez?Escudero and Martín?Cruz, 2012). Small firms may benefit from thoughtful tax policy and other regulations. For small enterprises in Britain, the lack of cash and government subsidies is killing them.
Corporations were classified as medium and big based on their size. “Starting with the reality that corporate growth and a broad micro-business model may have a negative impact on economic development, particularly in developing nations”. As a second argument, a rise in small enterprises, particularly in industrialized countries, might have a positive impact on economic growth can be taken into consideration (Falck, Heblich and Luedemann, 2012).
LO3. “Determine and assess the key aspects of an entrepreneurial mindset”
P5. “Determine the characteristic traits and skills of successful Entrepreneurs that differentiate them from other business managers”
The skills and abilities that distinguish successful entrepreneurs from other types of company managers are listed in the table below:
Entrepreneurs
Business Managers
· Entrepreneurs have a natural capacity to analyze issues and come up with solutions, which is part of the reason for their success. They have a strong drive to carry out their plans, and they radiate confidence in their abilities. They are not afraid to take chances, both financial and otherwise, and they are unfazed by the prospect of failing (Greene, 2020).
· When faced with a challenge, many people regard it as a chance to learn and improve their answers. As a consequence, these astute businesspeople aren’t afraid to admit when they’re missing something and consider themselves perpetual learners (Nielsen et al., 2021).
· As a result, entrepreneurs are prepared to put in long hours for their businesses. Networking and marketing expertise are two of their greatest strengths. Finally, they must be careful money managers in order to maintain their financial success.
· The best managers are excited about the company they work for and express the company’s distinctiveness to their direct reports in a good light.
· Managers may set priorities and take charge of their teams by making tough choices. Employees need to know that their bosses care about them, therefore they must listen to their concerns and provide constructive feedback (Much, 2021).
· Even more importantly, managers who have integrity, honesty and the ability to take responsibility for their actions are sought out by supervisors.
P6. “Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset”
Personality traits associated with successful entrepreneurs include qualities or techniques that enable them to put in extra effort on behalf of their enterprises in order to minimize their exposure to potential threats or obstacles. Entrepreneurs with a couple of these qualities include those that are enthusiastic about their job, upbeat, creative, daring, and motivated. Entrepreneurial personality traits such as these will be mirrored in the company or the entrepreneurship as a step toward reducing obstacles in the business (HOWARD, 2021). The entrepreneur’s ambition is to do whatever job he has imagined, and he will see these techniques in action as he goes about his company. “The motivation in the company will be expressed in the effective way or concept to enhance or finish the task and put the mentality in front of the full group of stakeholders linked to the association”. “The entrepreneur’s attitude is also influenced by market demand, as the demand for the product or the debut of a new product or service will be mirrored as motivation” (McMullen, Ingram and Adams, 2020).
This would provide the entrepreneur an opportunity to meet the market’s need. For many entrepreneurs, the family business serves as an inspiration to start their own company. Having started a company with your family is a great incentive to start your own business, and if you’ve already started a business with your family, this is a way for you to continue the family tradition. Entrepreneurship is also motivated by a desire for self-determination. It is working from the point of view of starting or providing a concept for a company (Davidsson, 2021). Small-scale businesses are motivated by the government’s financial assistance, which serves as a source of personal pride for those who run them. Motivation to establish or develop a company’s business plan may come in the form of business education, whether it’s for the company’s thinking or for its operations (Berglund, Bousfiha and Mansoori, 2020). Any entrepreneur’s primary driving force is education, and educating key stakeholders on the project or task is an essential step in realising their business goals.
In light of this, managers’ motivation is critical to the performance and growth of the company. People may work more enthusiastically and productively when they are motivated. Financial or non-financial incentives may be used to inspire employees, depending on the needs and expectations of the workforce (Delgado?García, Rodríguez?Escudero and Martín?Cruz, 2012). If you run a company, you should already have this important component in place. A successful entrepreneur has adopted another person’s values and principles (Falck, Heblich and Luedemann, 2012). Doing business ethically is essential for a firm’s reputation. Zuckerberg, Jobs, and Gates are some of the best-known company founders in history.
Several markers of a company owner’s motivating strength are also studied in this research. Work by Steve Jobs seems to have extremely compelling communication properties, inspiring his co-workers to improve their efficiency and performance, for example. Work may be done quickly and efficiently by someone who is highly driven (Altinay et al., 2012). “Job’s speech enthuses and motivates his team members alike. As the CEO of Facebook and the youngest self-made millionaire, Mark Zuckerberg serves as a wonderful example”.
M3. “Explore and examine different lines of argument relating to Entrepreneurial characteristics”
There are several ways in which entrepreneurial characteristics like motivation may be employed to help the company succeed, such as by providing an understanding of work and motivating all of the stakeholders involved in it. The phrase “passion” plays an important function in the company since it benefits the firm. If Virgin group want to succeed in business, they need to be passionate about what you do, and can’t be frightened of the challenges and risks that come with processing the business (Greene, 2020). Entrepreneurs have the ability to foster innovation in the workplace and to come up with novel approaches to achieving professional success. One of the primary characteristics of an entrepreneur seems to be a sense of optimism that allows them to handle the ups and downs that come with beginning a firm (Much, 2021). Good entrepreneurs don’t fear bad situations since they see them as a golden opportunity to get things done or finish the project, no matter how difficult it may be.
D3. “Analyze the characteristic traits, skills and motivational drivers of successful entrepreneurs, supported by specific examples”
These are the characteristics, aspects, features, and driving factors of a successful businessperson:
Motivation: In order to meet these drivers’ needs and goals, the company’s employees and other members of the workforce are required to do so. They are more productive and effective than those who are not motivated to help the firm succeed and expand (Nielsen et al., 2021). Increased profitability and sales may be achieved via increased productivity. Larry Page, the CEO of Google, is one of the most inspiring entrepreneurs.
Flexibility and Open-mindedness: A successful entrepreneur should be able to adapt to different situations, positive or negative, and develop ideas while also having the capacity to overcome barriers and difficulties. Changing market conditions and cultural norms must be agreeable in order for them to be embraced, and foresight is required in order to achieve both of the company’s aims and the company’s competitive advantage identity (HOWARD, 2021). “Jack Maa, the founder of Alibaba, is an example of an entrepreneur that has these attributes”.
LO4. “Apply A Range of Leadership Approaches to A Change Initiative”
P7. “Examine, using relevant examples, how background and experience can hinder or foster entrepreneurship”
To be an entrepreneur, one must have the necessary experience, which might be difficult to get if one lacks relevant background and education. There is a case study based on the person’s prior experience and education. As a result, even though they had no prior expertise in entrepreneurship, they have become renowned as business magnates. Virgin Group Ltd. High school dropout and business tycoon Richard Branson is behind the company (McMullen, Ingram and Adams, 2020). At the age of sixteen, Richard Branson launches a company without any prior business expertise or education. It all began with him opening a music record shop, and then he began his aviation company. Virgin group ltd has a current market value, and its founder is regarded as a business tycoon by many.
“The founder of the Virgin group ltd. began his firm on a tiny scale and with little prior expertise, but it has since grown into a multi-billion-dollar enterprise”. Entrepreneurship requires a lack of expertise, as well as an understanding of the company’s history. When it comes to business acumen, if someone has entrepreneurial expertise from an earlier approach that is no longer relevant or advantageous to entrepreneurship, it will be detrimental to both the nosiness and the entrepreneur (Davidsson, 2021). If an entrepreneur is planning to build a firm based on a company’s prior history, it will suffer from a lack of quality and a financial difficulty in the present moment. Then it becomes a problem for the entrepreneur’s businessmen to get lost in the new company venture.
M4. “Analyze the link between entrepreneurial characteristics and the influence of personal background and experience to specific successful entrepreneurs”
Entrepreneurs throughout the nation employ a variety of ideas and attributes to grow their businesses, but no new entrepreneur is more productive in this competitive market. There are some qualities that an effective entrepreneur has to have in order to work in and run a company effectively (Berglund, Bousfiha and Mansoori, 2020).
Motivation and inspiration: Businesses thrive when their leaders are enthusiastic about reaching their objectives while inspiring and motivating their staff.
Credit management: Business owners have the power to determine how their firm uses money as a function and activity of the business. There must be total openness in the use and investment of funds.
An effective schedule: Schedules are devised to ensure that the organization’s activities and operations utilise resources appropriately, manage time effectively, and make effective use of financial resources (Abu-Saifan, 2012). They must have an effective plan in place and be willing to take risks in order for a successful entrepreneur to thrive in company.
Risk: Entrepreneurs, who are willing to take chances in terms of both time and money, are frequently referred to as risk-takers.
But the personal background and expertise of the entrepreneur, as well as the entrepreneur’s love for the business, all contribute to the success of the firm or the entrepreneur. If you look at an entrepreneur’s traits, one will see that they offer their firm a technique or procedure that they follow. It is not uncommon for successful firms to suffer significant losses at some point in their history. People in the entrepreneurial world are often self-starters.
Since the founder of a new company lacks experience and history in entrepreneurship, it is very likely that the company would fail. In order for a new business to prosper, it must have some past knowledge about the company, its history, and its financial situation (Ackermann, 2012). The founder’s lack of experience is a major role in the characters’ capacity to grasp the company process and maintain their present level of success (Altinay et al., 2012). In order to become an entrepreneur and business creator, the firm’s qualities are the most crucial phrases. If a firm has no past business experience or education, it might nonetheless succeed in entrepreneurship.
D4. “Critically evaluate how background and experience influence entrepreneurs, both positively and negatively, by comparing and contrasting examples”
“Entrepreneurs who have a history and experience in entrepreneurship will benefit from this, as they will be able to get or grasp the full plan or have the capacity to manage the business step by step with the assistance of expertise and background”. “The expertise will include the capacity to drive the association’s activities in a way that meets the needs of the association’s stakeholders” (Arregle et al., 2012). With expertise, the entrepreneur is better able to realize his or her company objectives. There are a number of factors to consider when it comes to an entrepreneur’s history in entrepreneurship that may assist them better grasp how an organization works or what they should do when they join an organization (Bock et al., 2012). The background has a quality that can offer the history of the relationship and a better knowledge of whether or not an affiliation is useful to us or not.
An entrepreneur’s prior job experience has a negative influence on the entrepreneurship if they continue to operate in the same manner as before, which indicates a lack of success in company (Delgado?García, Rodríguez?Escudero and Martín?Cruz, 2012). “Additionally, if the creator is starting a company based on the news of the organization’s prior history, there is a chance that the firm will lose money since the association may be struggling with quality issues at the moment”.
Nevertheless, the company’s image and reputation would suffer if the characteristics of successful entrepreneurs aren’t put into practice correctly. Despite being one of the most successful businessmen around, Bill Gates earned every penny he has earned by working very hard (Greene, 2020). However, he does not look back and continues to confront difficulties and deceptions from his business partner throughout his life. He is the fourth richest person in the world and, according to most accounts and the founder of Microsoft.
Conclusion
“Entrepreneurship and Small Business Management is the subject of the research in the preceding paragraphs”. All the facts and issues related to small business management and entrepreneurship are explored in this investigation. As a result of these findings, it is possible to identify the whole set of character characteristics and talents needed to succeed as an entrepreneur. “It also helps to determine the function of micro and small-scale enterprises in the economy of the country and in the development of the social economy by assessing the influence of these firms on the national economy. Background and experience have an important influence in entrepreneurship, which is also explored in this research. “This research also contributes to a better understanding of the wide variety of initiatives that may be deemed entrepreneurial”. Additionally, this includes a study of enterprises in both the public and private sectors.
As a result, the findings of this study provide guidance to “Virgin Group” executives on a wide range of entrepreneurial activities and investigate the potential economic effect of the proposed firm. Following a thorough assessment, the research focuses on the most critical characteristics of an entrepreneurial mentality. Accordingly, various instances of successful entrepreneurs have been included in the paper, and their entrepreneurial approach has been studied. In this regard, “Virgin Group” may expect the study to be a valuable source of information and surely help it choose whether or not to create and operate the firm in London.
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