Unit 9 Entrepreneurship And Small Business Management

INTRODUCTION

Entrepreneurship can be defined as the process that manages by an individual or a team with identifying opportunities to develop successful results in the business. In this consideration, the person who carries this kind of activity makes higher growth of the enterprise is known as an entrepreneur (Laudano, Marzi and Caputo, 2018). The present study is based on Instacart Inc., which is leading in grocery products and services in the US. It is founded by Apoorva Mehta with his two friends. The company deals with online shopping with the portal and mobile app. concerning this, they are also facing different issues to deal with creative operations in the enterprise. Hence, the report covers differences between entrepreneur and intrapreneur. Furthermore, it demonstrates creativity and innovation with its importance. Moreover, the report will discuss the importance of start-ups businesses and successful entrepreneurs in the world. Report assists to achieve desired results with implementation of entrepreneurship activity at workplace. In respect to this, it can be stated that effectiveness of different businesses also ascertain to promote more creative outcomes. At last, it considers the explanation of rewards and benefits with successful entrepreneurs.

TASK 1

Entrepreneur VS intrapreneur and why become an entrepreneur

A person who develops money factor with starting or running a business by taking the financial risk involved in it is known as an entrepreneur. On the other hand, an intrapreneur is known as a manager who owned operations and functions in the organization with innovative products for development and marketing. To define the central difference between entrepreneurs and intrapreneurs is demonstrated as work that is set among them (Urbano and Aparicio, 2019). Intrapreneur qualities are involved in the entrepreneur. Hence, with the entrepreneurial term, there are different risks associated with using different activities.

In addition to this, it can be stated that many people want to become successful entrepreneurs because it takes a most essential journey. Mainly there is experience developing with the achievement that assists to get more profitability by taking certain financial risks. Furthermore, entrepreneurs are generally driven as per need that assists to get success and control in their destiny (VORONKOVA, KUROCHKINA and BIKEZINA, 2018). From the present case study, it can be stated that Apoorva successfully operate entrepreneurship activities with friends. In addition to this, entrepreneurial activity can be demonstrated as the enterprising actions of human that pursue for generating value in systematic manner. It can be achieve with creation and expansion with economic activity through assess and exploit new products and services within the market. Hence, entrepreneurship is associated with entrepreneurial activity.

Reasons for becoming an entrepreneur

Passion towards learning: Learning must be run continuously. It is the main aim of an entrepreneur. Many people are looking to ascertain certain achievements with their education. As a result, entrepreneurship activity learning continuously develops (Adiyia, De Rademaeker and Ahebwa, 2017).
Creativity for something new: In the corporate environment, creativity is a most essential perspective that helps to become an entrepreneur. In this aspect, it can be stated that effectiveness among people develops successfully.
Conventional ideas: Entrepreneurship activity takes imagination that perhaps with insanity. Entrepreneurs are those who demonstrate participation to make a change in the world. Generally, entrepreneurs’ people perceive the idea as they want to see the world. As a result, conventional ideas are the reason for successful entrepreneurs (Rezaei-Moghaddam and Izadi, 2019).

Characteristics and attributes of an entrepreneur

Motivation: Entrepreneurs are successfully motivated and dedicated to the accomplishment of their aim and objectives. In this way, it can be stated that it is the most effective attribute of them (Ismoilov, Mullabayev and Bakhriddino, 2020).
Vision: Furthermore, vision is also an important aspect that wants to achieve by entrepreneurs. In this way, it can be stated that the elements involved can achieve objectives. Generally public sector entrepreneurship firm promote their effectiveness for improving benefits of society.
Passion: Passion is another essential perspective of an entrepreneur that will help to build significant advantages in business (Jones, Maas and Matlay, 2018).
Confidence: Confidence is also an essential characteristic because it boosts performance to take the risk in the business. In this consideration, it can be stated that in public sector context, different people growth established to promote significant outcomes with different lifestyle activity.

Successful and unsuccessful entrepreneurs

Successful entrepreneurs	Unsuccessful entrepreneurs
Andrew Carnegie	Thomas Edison
Henry ford	Fred Smith
Bill gates	Steve Jobs

Types of entrepreneurship with similarities and differences

Small business entrepreneurship: In small business entrepreneurship, there is a unique and innovative idea used to make creative results. This is considering single individuals such as the owner of the grocery store, travel firm, etc.
Sealable start-up entrepreneurship: In this aspect of entrepreneurship, it can be stated that innovations and cultural aspects successfully build that assists to promote more profitability (Gale, Gelfond and Krupkin, 2016). In this business, high investment is required for promoting brand image.
Social entrepreneurship: In this kind of venture entrepreneurs deals with social services that assist to demonstrate community welfare. Hence, it determined increasing social effectiveness.
Private entrepreneurship: Privately owned entrepreneurship businesses determine development by considering the build-up items and administration with the new and creative offering (Boermans and Willebrands, 2017). For instance, ICICI Bank, Wipro, etc.
Public entrepreneurship: In this aspect, the process of entrepreneurship is taking with innovation in a generation to implement new ideas in the public sector. For instance, political entrepreneurs, executives, etc. in which telecom companies, airline businesses come (Kusakina, Bannikova and Litvinova, 2016).

Differences and similarities

Similarities
Social entrepreneurship	Public entrepreneurship
They are focusing on the welfare of society.	Public entrepreneurship also looking for benefit of general people.
They have no personal motive and not getting profit from people.	Public entrepreneurship is also not taking any personal benefit for public welfare (Al-shami, Muhamad and Rashid, 2019).
Differences
They are creating social services.	They are performing duty as per their post.
They are looking forward to maintaining benefits for society.	They are not developing such kind of benefit to the public.

Role and characteristics of SME

Be prepared to work hard: Concerning promote effectiveness, it can be stated that it is essential for SME to be prepared for doing work hard. In this regard, running a small business needed long hours to promote positive results (Hosseininia and Ramezani, 2016). In term of private business, there is higher profitability achieve with determine hard work.
Good to deal with customers: Another role of SME is good to deal with several customers together. In this consideration, the success of the key depends on promoting positive results systematically. With dealing customer, positive results can be achieve in term of ascertain more significant advantages.
Life-long and update skills: Being dedicated to effective learning, SME promotes its role to perform functions with lifelong and updated skills. Therefore, it increases opportunities to promote positive outcomes (Amato, Baron and Pierro, 2017).

In term of critical perspective, it can be stated that entrepreneurial venture increase competition with local businesses of market. In this regard, there is negative impact can be seen in different enterprises.

TASK 2

1) Creativity and innovation

Entrepreneurship activity is related to creativity. This is because it successfully develops something creative that is original. Furthermore, it is related to a particular idea and representation of that idea. Along with this, innovation is related to creativity so that these elements are interrelated with each other. However, innovation is more specifically with the application of creativity (Alsafadi, Aljawarneh and Zoubi, 2020). Creativity is also successfully established new and unique ideas and innovation is the implementation of that creative ideas. Both perspectives are used for determining a solution for particular issues and problems. In this way, businesses are running more efficiently. Competitive edge in the enterprises also strives to accomplish more profitability.

2) Explain main areas to protect and how to protect their image

Brand name and logo: In entrepreneurship business, brand name and logo assist to promote successful results with taking positive consideration. In this regard, enterprise registers with the trademark for promotion. In addition to this, using this name and logo protect the image of the company and prevent unauthorized use by other parties (Mosbah, Wahab and Almahdi, 2020).
Patent: Patent in the business also protects the enterprise by preventing patent technology from being copied and sold by others by taking permission. It also helps to protect the businesses from manufacturing and importing with ascertaining patent technology (Aldammagh, Abdalmenem and Al Shobaki, 2020).
Design registration: Design registration also develops exclusive rights to entrepreneurs. This registration is also determining authority to owner and creator for a maximum of 10 years (Ramadani, Rexhepi and Ratten, 2018).

3) Briefly explain the contribution of SME to the UK economy

Following are the different contribution of SME to the UK economy:

Contribution to employment: With SME development, it can be stated that entrepreneurship activity increases employment activity. In this consideration, business recruits several people to attain their vision with more than 250 staff members. From the perspective of large businesses, there is no such kind of activity. In micro, it is also systematically ascertained. As a result, GDP growth successfully increases in the UK (Al-shami, Muhamad and Rashid, 2019).
Revenue in the economy: Major contribution of revenue in the economy by SME. Therefore, a 46% contribution is made by small and medium-sized businesses (VORONKOVA, KUROCHKINA and BIKEZINA, 2018).
Impact as an economic perspective: For economic growth, SMEs also take the most essential contribution. In this consideration, innovations are implemented that ascertain several advantages to promote positive results. Effective results will be ascertained to established employment opportunities (Gale, Gelfond and Krupkin, 2016).
Existence of flexibility: Based on economic stability, it can be stated that in the UK day to day activities promoted systematically. It promotes significant changes with systematic goals and objectives (Jones, Maas and Matlay, 2018).

SME generally contribute to accomplish desired results in the country. With this consideration, backbone of healthy economy considered with drive growth and promotes employment opportunities for new activities. In UK SMEs contributed 51% of all turnovers that is generated by private sector in 2018. Furthermore, boosting economy performances with exporting £1.15 billion on annual basis SME determines its effectiveness. In this way, 9 to 12% development is established by the enterprise in UK economy on daily basis.

4) Contribution of small business in the UK

In the UK business, the small business enterprise needs to demonstrate effective results. They are promoting to ascertain the positive impact on the economy. They contribute major participation to ascertain desired results. With this consideration, it can be stated that effective economic conditions improved to attain positive outcomes. It is a helpful perspective for a clear vision that is determined to attain objectives systematically. In addition to this, setting overall goals is an important contribution to gain more profit and revenue. Businesses are generally classified in micro, small, and medium that ascertains the perfect structure of employment opportunity (Adiyia, De Rademaeker and Ahebwa, 2017). Capital is needed to promote effectiveness within the UK. Along with this, the participation of small businesses determined effective financial statements systematically. With perfect partnership activity, different people take participation to attain goals and objectives. In the business, every person takes participation to distribute profitability systematic manner. However, due to declining in UK economy small and medium-size businesses get affected. As a result, more contribution is ascertained effectively with small businesses (VORONKOVA, KUROCHKINA and BIKEZINA, 2018).

Local level entrepreneurship business contributes £80bn for development and growth of the country in positive consideration. Hence, it generate UK, GDP for ascertain creative results. At regional level, 830,000 jobs provided by the entrepreneurship businesses that help to increase more effective results in systematic manner. At national level, new investors attracted by the enterprise that ascertain for promote positive results.

Figure 1 Small sized business in the UK

To consider the above graph, it can be stated that different kinds of small and micro enterprises ascertain higher growth of the organization. With this consideration, it has been seen that small sector businesses get higher growth while medium businesses get very low consideration of growth in their enterprise (Al-shami, Muhamad and Rashid, 2019). Rate of growth of SME in UK develop at high rate such as 99.3% by small businesses to gain desired level of outcomes. Furthermore, employment opportunities also successfully lead to create significant advantages at workplace of UK.

5) Importance of start-ups and social enterprise

Start-up and social enterprise are considered the most important participation in the UK. In this consideration, BREXIT is one of the major considerations in the UK to take place. In this way, the UK out from the EU that create a major impact on business operations. Hence, the economy of the county is also getting affected. This is because SME is majorly getting affected to promote its operations and functions in new areas. The main issue within SME is that it is difficult to trade with other countries (Gale, Gelfond and Krupkin, 2016). This is because without the EU businesses are prohibited to promote functions and operations in new areas. Due to following certain rules and regulations concerning trade with other nations, several issues take place. There is a difference between start-ups and social enterprise. Start-up businesses are run on a very low amount and social enterprise is considered for social benefits. Start-up enterprises run with establish ascertain on a small scale. Established with the start-up makes higher growth by taking their own decisions.

Concerning taking place of BREXIT, the economic conditions of the country are developing with reducing poverty, employment effectiveness, etc. More revenue to the government is also incurred that helps to promote desired results at the workplace. As a result, start-up businesses are determining an important part in the growth of the country. Furthermore, social enterprises are also focused on wealth distribution that is the most effective consideration for business development (Jones, Maas and Matlay, 2018). It also accelerates the economic growth of the UK being profitable in terms of the development of employment opportunities.

6) Advantages and disadvantages of the small and medium enterprise to the UK

For small and medium enterprises in the UK, there is an advantage to determine higher growth and less cost labor availability. In this consideration, it can be stated that employment opportunities also develop within the country that assists to promote positive results at the workplace (Aldammagh, Abdalmenem and Al Shobaki, 2020). Furthermore, it can be stated that there are several disadvantages with a small and medium enterprise such as a lack of more effective knowledge of staff members. Government support is also low with small businesses so that it is also creating major issues concerning work with ascertaining creative results. In the UK, new data promoted to develop significant advantages with different regions. The country promotes £3.22 from public revenue that create impact on country economy. However, sometimes it creates negative impact due to changes in customer needs and requirements.

There is more time required to promote larger business operations so that it is also creating a disadvantage. In this consideration, another benefit is established with creative ideas promotion positively (Al-shami, Muhamad and Rashid, 2019).

TASK 3

1) Characteristics and skills

Entrepreneurship consists of effective functioning with ascertaining a different kind of skills and characteristics that increase effectiveness. With innovative ideas, different entrepreneurs are getting effective promotion to operate significant functions (Adiyia, De Rademaeker and Ahebwa, 2017).

Characteristics

Risk-taking: Risk taking is one of the important characteristics of a successful entrepreneur such as Bezos. In this regard, successful entrepreneurship is depending on when the owner can take risks easily whether it is financial or any other (Rezaei-Moghaddam and Izadi, 2019).
Decisive: For Bezos, it is essential to promote effective functioning with a decisive characteristic that helps to take perfect decision making. In this regard, they can take decisions that are beneficial for promoting business results from a creative perspective (Boermans and Willebrands, 2017).
Leadership skills: Leadership skills are demonstrated as an essential component to lead whole team members by Bezos. Therefore, the successful entrepreneur also promotes his leadership qualities so that objectives can be achieved systematically. As a result, it is the most effective consideration (Adiyia, De Rademaeker and Ahebwa, 2017).

Skills

Time management: Successful entrepreneur needs to focus on time management skills that assist to promote the desired level of outcomes at the workplace. In this consideration, it can be stated that proper time must be implemented as per work so that success can be achieved easily to Bezos who is successful entrepreneur of Amazon (Gale, Gelfond and Krupkin, 2016).
Strategic thinking: Another essential skill in Bezos determines is strategic thinking that helps to promote better performances. With this regard, it can be stated that as per working policies they need to do work for ascertaining desired results.
Efficiency: Efficiency is another important skill that must be developed with ascertaining desired results at the workplace. In this regard, a successful entrepreneur can promote their participation systematically.

Differences between manager and entrepreneur

Manager	Entrepreneur
The manager has successfully owned a business based on salary without taking any risk.	On the other hand, entrepreneurs successfully promote the functions of the business by taking a risk from their perspective.
Focus on managing a smooth business.	Besides this entrepreneur focuses to expand business in new areas (Aldammagh, Abdalmenem and Al Shobaki, 2020).
Less motivation	Higher motivation
The manager is risk-averse	An entrepreneur is a risk-taker person in business

2) Explain briefly personal entrepreneurial tendency

The personal entrepreneurial tendency is related to a natural perspective for promoting responsibility with innovation. Generally, several entrepreneurs do not perceive such kind of personal tendency within the business. Along with this, there are several kinds of things that need to handle and reproduction from the process in which they get failure. For getting successful results, every entrepreneur needs to maintain an effective tendency that is related to positive outcomes (Rezaei-Moghaddam and Izadi, 2019). To successfully lead with innovations, it is important to determine activities that increase innovations and responsiveness that are required for the promotion of start-up businesses. It involves certain kinds of skills and characteristics that essential to run operations of the entrepreneurial venture in a competitive environment.

3) How an entrepreneur and personality reflect its mindset and motivation

Entrepreneurial personality is a most essential component that is more effective for the promotion of effective business functions. In this regard, it can be stated that it is also reflected in the mindset and motivation of the owner. It generally includes a group of skills that are used for the promotion of opportunities that are used to overcome issues and problems. Concerning gain success in the business, it can be stated that personality reflects on the motivation of the person effectively (Aldammagh, Abdalmenem and Al Shobaki, 2020). All entrepreneurs also taking the participation of their staff members so that innovative ideas can get easily. For a better mindset in terms of reflection determine on personality among different enterprise functions.

From market competition, Bezos is successfully motivated to promote Amazon in different areas of the world. In this regard, creative skills and learning reflect to its mindset and motivation.

TASK 4

1) Successful entrepreneur and show environmental factors hinder or foster his or his business

Jeff Bezos is one of the successful entrepreneurs and CEOs of Amazon Company. He is successfully owned his business by making major contributions to the development of the organization. He was born in Albuquerque and getting a study in electrical engineering. From the mid-90s, he was taking participation to start an eCommerce website. As a result, in this consideration, he was a successful entrepreneur from the whole globe. He is one of the largest richest men who get several benefits in terms of entrepreneurship. With this consideration, it can be stated that he is also promoted an effective working culture that helps to increase creativity. As per the working and upcoming culture, he has also focused on many employees.

Furthermore, as a successful entrepreneur, Jeff Bezos possesses creative leadership qualities that assist to gain more profitable outcomes. Furthermore, he worked hard so that goals were accomplished with different characteristics. He serves best to different customers from the Amazon website so that it impacts a positive impact on different customers. With this regard, different retain services handle by him with motivation, decisive, leadership skills, etc. (Boermans and Willebrands, 2017). Along with this, time management skills are adopted by him that are determined by creative results. With these qualities, Jeff Bezos is successfully leading as an entrepreneur in the whole world. Hence, he had contributed to his target and goals.

Jeff Bezos demonstrated his success by ascertaining a different range of rewards. This is because he is a successful CEO of Amazon Company. He always provides satisfaction to different customers by building his own company and receive several benefits. He gains more profitability in many aspects. He is also working with flexible working hours that assist to promote the desired level of results (Aldammagh, Abdalmenem and Al Shobaki, 2020).

2) Using selected entrepreneur to whom referring and show how risk will be addressed

Successful entrepreneurs are also facing different issues and problems that create risk in his life. Along with different rewards and benefits, responsibilities also come with it. Jeff Bezos also faces risk that creates an impact on his life. In this consideration, flexible working hours reduce personal life satisfaction that face by a chosen entrepreneur as the biggest problem. Furthermore, Amazon also working for a longer duration so that in starting time there are several issues and the problem occurred in from of its CEO (Boermans and Willebrands, 2017). Along with this, there are several problems also occur with financial risk. As a result, potential losses take place with variations that exist in the market. These kinds of risks are faced by successful entrepreneurs that impact more profitable results in the workplace.

However, the above risks create a major problem that affects an entrepreneur’s life. Entrepreneurship activity demonstrates that people are getting several positive aspects. However, it also includes different issues that need to be solved. Creative ideas and opinion of Bezos influence to start-up the business systematically. Sometimes higher loss also bears by entrepreneurs that are also a major issue in front of them. Besides this, due to different people involvement to increase burden so that it negatively impact on ideas of the successful entrepreneur. These risks must be addressed to show its less impact on results (Aldammagh, Abdalmenem and Al Shobaki, 2020).

CONCLUSION

From the present report, it can be stated that an entrepreneur is defined as a successful person who took a different kind of risk to perform different goals and objectives. With this regard, it can be stated that new ideas are generated by him or her with creative thoughts. On the other hand, an intrapreneur is another essential characteristic that demonstrates to operate a successful business. Furthermore, the report summarised different kinds of reasons to become a successful entrepreneur such as passionate, learning, etc. Moreover, similarities and differences are also explained among different entrepreneurship businesses. In this way, private, social, public, small, etc. entrepreneurship businesses run with creative operations. Along with this, the report provides different kinds of skills and characteristics such as decisive skills, creative skills, etc. that assists to promote a positive impact on gaining desired results in entrepreneurship business. Successful entrepreneur and his effectiveness explained at the end of the report in which his reward and risk determined.

REFERENCES

Books and Journals

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Aldammagh, Z.J., Abdalmenem, S.A. and Al Shobaki, M.J., 2020. Business Incubators and Their Role in Entrepreneurship of Small Enterprises. International Journal of Information Technology and Electrical Engineering (ITEE Journal), 9(1), pp.47-59.

Alsafadi, Y., Aljawarneh, N. and Zoubi, K., 2020. The mediating impact of entrepreneurs among administrative entrepreneurship, imitative entrepreneurship and acquisitive entrepreneurship on creativity. Management Science Letters, 10(15), pp.3571-3576.\

Al-shami, S.S.A., Muhamad, M.R. and Rashid, N., 2019. Women’s entrepreneurs’ micro and small business performance: insights from Malaysian microcredit. International Journal of Entrepreneurship and Small Business, 38(3), pp.312-338.

Amato, C., Baron, R.A. and Pierro, A., 2017. Regulatory modes and entrepreneurship: The mediational role of alertness in small business success. Journal of Small Business Management, 55(sup1), pp.27-42.

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Gale, W.G., Gelfond, H. and Krupkin, A., 2016. Entrepreneurship and Small Business Under a Value-Added Tax. Brookings Institution, Washington, DC.

Hosseininia, G. and Ramezani, A., 2016. Factors influencing sustainable entrepreneurship in small and medium-sized enterprises in Iran: A case study of food industry. Sustainability, 8(10), p.1010.

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Mosbah, A., Wahab, K.A. and Almahdi, H.G., 2020. The influence of length of stay on immigrant entrepreneurship. International Journal of Entrepreneurship and Small Business, 40(3), pp.309-321.

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