Exploring Entrepreneurial Business

Executive Summary

Entrepreneurial business has small, investment and small number of staffs. Entrepreneurs are the high risk taking individuals who love to explore the new opportunities in new market in term of extending their market and upholding brand image in the domestic as well as in the international market. Several factors such as culture, personal background and the educational background can have positive and negative impact on the activities and abilities of entrepreneurs. In terms of dealing with new market, entrepreneurs need to have important skill such as communication skill, interactive skill, analysing skills and interpersonal skill. Entrepreneurial business has small investment as well as small number of employees with having high market risk such as changing market trend and buying behaviour of the customers. This report is going to discuss different types of entrepreneurial business with using the example of three different types of business such as Apple as the large multinational organisation, Barwa bank as large corporate and Cupcake as the small business. While describing the typologies of the entrepreneurship business, the report will analyse the overall impact of different types of entrepreneur business on the overall economy. Finally this study will analyse the factor that are associated with fostering and hindering the overall business decision and operation of the entrepreneur business. For business dissertation help, understanding these nuances and impacts is crucial.

Introduction:

Entrepreneurship can be referred as planning, designing, launching and operating a new business in the market which is generally the small at the initial stage. Entrepreneurial business has small investment as well as small number of employees with having high market risk such as changing market trend and buying behaviour of the customers. This report is going to discuss different types of entrepreneurial business with using the example of three different types of business such as Apple as the large multinational organisation, Barwa bank as large corporate and Cupcake as the small business. While describing the typologies of the entrepreneurship business, the report will analyse the overall impact of different types of entrepreneur business on the overall economy. Finally this study will analyse the factor that are associated with fostering and hindering the overall business decision and operation of the entrepreneur business.

Explore and illustrate the range of venture types that might be considered entrepreneurial. [LO 1]

Definition and scope of entrepreneurial business:

Entrepreneurial; business is newly launched business that has small investment and number of staffs (Haynes and Campbell, 2015).. Entrepreneurs are the individuals who are associated with launching the new business in market with using small investment with the intention of having high market growth and huge market profit at the end of the year. In this context, Apple is the multinational high profile technology based company which while started it business journey has very small number of staffs as well as small investment. On the other hand, there are another two companies such as Barwa Bank and Cupcake, in which the firmer is large corporate operating in Doha, with large investment ad large number of staffs and the later is the small business which operates it small business in the small locality of the UK.

The scope for entrepreneurial venture in the local as well as international market is bright, as entrepreneurs are highly optimistic and enthusiastic about their business success. According to Ekpe and Mat (2015) mentioned that, entrepreneurial business has strong business opportunities in the new market as the entrepreneurs love to explore new strategies and marketing decision that would be highly relevant to the overall market needs in the new market. in addition to this, entrepreneurs on taking small channels in their business which assist their staffs to shape their skill as well as professional standard in order to meet the overall, organisational goals.

The typology of entrepreneurship:

According to Fini and Toschi (2016), typology of entrepreneurship business can be defined as the relationship between the specific types of business and its subjects. Through understanding the typology of business, it is possible to understand the features, intention, objectives and the overall working process of the business. In addition to this, through analysing the typology of the entrepreneurial business on can understand the growth strategy, lifestyles and characteristic features of micro, small and medium sized business.

While discussing the growth strategies and lifestyles of entrepreneurship business that operates in a corporate sector, it can be mentioned that, Apple is the multinational technology based company which has high profile growth strategies, huge investment and high number of staffs, it operates in the large corporate sector which mainly focuses on grabbing high market profit and large number of customers in the domestic as well as in the international market. On the contrary Ekpe and Mat (2015) argued that, sometimes large corporate have very simple lifestyles which is due to their intension to mainly focus on the social welfare rather than focusing on the market expansion. Unlike small and middle sized entrepreneurial business, the growth strategies of Apple is associated with setting high profit marking decisions and operation which will assist the company to grab high level of competitive advantages in the international market. On The other hand, as a large corporate house, Barwa Bank set realistic growth strategies that will assists the marketers to improve the overall economic stability of this company. As mentioned by Ismail and Zain (2015), through discussing as well as analysing the typology of the different entrepreneurial business, it is possible to differentiate different business based on their growth strategies, lifestyles and operation process. In this context, the growth strategies of Apple can be compared with the operation and lifecycle of Barwa bank, in which it is seen that although they are the large entrepreneurial companies the former is based on the vision of being the number 1 technology based company in the international market, on the other hand the later aims to improve its economic condition by enhancing its customer-base and strengthen its competitive advantage.

Through discussing typology of differing types of entrepreneurial business, it is possible to analyse and compare the roles, characteristics and operations of medium and large entrepreneurial business. In this context, the Cupcake is the small entrepreneurial business, which has small number of staffs as small investment as compared to the Apple and Barwa bank that are large and middle sized entrepreneurial organisation. In this context, the Cupcake has the vision and mission of operating its business in local market to grab customer’s attention. Unlike the Cupcake, the mission and vision of the Barwa bank as the middle sized corporate organisation is to improve its overall economic status by grabbing the strong customer base. On the contrary, apple, as the large as well as high profile corporate organisation has the mission to grab top position in the international market by grabbing strong competitive advantage.

Serial entrepreneurs:

Serial entrepreneurs are the people who always come up with the innovative ideas and business decision that are taken in term of dealing with the new market risk and changing environments (Verheu et al. 2015). For example, the marketers of a small business, the Cupcake, can be referred as the serial entrepreneurs as they come up with the innovation, ideas and marketing strategies in order to operate their business in right manner which will assists marketers to gab the high level of profit and success.

Intrapreneurs:

Intrapreneurs are the employees of an entrepreneurial business who work under the entrepreneurs. According to Eddleston et al. (2016) intrapreneurs do not have the authority to take any initiatives decision for their organisation rather they are obliged to inform about the decision regarding the business process which assists the organisation to maintain well-organised work environment.

Owner managers:

Owner manager is the proprietor of the business who manages the overall activities and business decision of the small business (Leffel et al. 2016). For example, the proprietor of the Cupcake can be referred as the owner managers which are associated with taking effective decision for the business manage all the business process in order to assist the business to run the smooth operation in the new market. for example, the owner of Barwa bank, can be referred as the owner manager who mange the overall activities and business functions of the organisation in order to assure that the entire business goals are met accordingly in right manner.

Social enterprise:

Social entrepreneurial business is associated with developing such market strategies and decision that promotes the social wellbeing and community welfare ((Malmström et al. 2017). Social entrepreneur are the people who operate a business in order to help the society in terms of meeting its social, economic and healthcare needs, rather than focusing on the overall business profits.

For example, unlike the two selected companies Apple and Cupcake, the other company, Barwa bank can be considered as the social, entrepreneurs who are associated with social activates such as improving the overall social and economic condition of the society such as giving home loans, education loans and agricultural loans. In addition to this, this bank is also associated with corporate social responsibilities such as child care development women empowerment, children education, which assist entrepreneurs of this company of thus company to work on the social needs and meet them accordingly.

Social entrepreneurial business is associated with development of socio-economic condition of entire community (Leffel et al. 2016). Through meeting the social needs of the community people such as housing facilities, education, employment and healthcare, the social entrepreneurial businesses are associated with improving the overall living standard and economic condition of the community people. For example, Speakset is the social entrepreneurial business in the UK, which works on meeting the health needs of the community people by providing the free healthcare assistance to the NHS staffs, service users and community people. Unlike Speakset, the Apple and Barwa bank are the two multinational companies which are although associated with corporate social responsibilities , can be considered as the social entrepreneurs because their main focus is to profit-making and market expansion rather than community welfare.

Assess the impact of small businesses on the economy: [LO 2]

Small entrepreneurial business has strong as well as positive impact on the overall economic condition of the country in which it is operating. According to Malmström et al. (2017), small entrepreneurial business is associated with developing innovative and creative ideas which are needed to grab strong customer base and investors attention which assist the government to have opportunities to grab foreign investment into the small business which not only improve the over economic condition of that business but also improve the overall financial condition of the country. For example, the selected small entrepreneurial company, the Cupcake, can have the potentiality to impact on the overall, economic condition of the entire country through developing innovating marketing and business strategies that will impress the international investors to choose the country for their international business operation. In this context Leffel et al. (2016) stated that there are several factors such as size, profit, growth rate and turnover id small entrepreneur business which have direct impact on the national economy. The Cupcake, that operates its function as small business in the UK local market, is going to have the innovative marketing and growth strategies in order to deal with ever-increasing demand of different types of cakes in the UK market. In this context, thus small business has made effective strategies for employing new staffs it h market,, which will improve the economic standard of the community people in the UK. In addition to this, marketers of the Cupcake are going to set the effective marketing and promotional strategies that will grab attention of international investors that will strengthen the economy of the UK.

Determine and assess the key aspects of an entrepreneurial mindset [LO 3]

Entrepreneurs have different features and traits which impact on their activities, psychologies and behaviour:

Strong determination:

Entrepreneurs are strictly determined to achieve the organisational goals in grabbing high level of success in the local as well as in the international market (Leffel et al. 2016). These personal characteristics assist entrepreneurs to develop strong organisation policies and business decision which are associated with coping up the changing market trend. In this context, entrepreneurs of Apple are determined to grab the number 1 position in the electronic market by setting innovative and highly relevant marketing strategies.

Passion for marketing:

Passion for business is something that encourages as well as motivate the entrepreneurs in operating the business gaining the strong market success (Yusof and Jain, 2017).. Passion is important character of an entrepreneur which assists the individual to work hard on conducting business research on the new market and setting effective organisational strategy. For example, being a new as well as small entrepreneurial the Cupcake will work hard on their marketing and business strategies in order to make the strategies for coping with changing market trend.

Resilience:

According to Leffel et al. (2016), entrepreneurs need to be highly resilient in order to adapt to any market condition. Resilience assists the entrepreneurs to deal with any market changes, risks and market constraints. In this context, Barwa Bank believes on becoming highly resilient in order to deal with any market condition as well as with any changes in the market. The marketers of this organisation are engaged with developing innovating marketing strategies and decision that assist them to cope up with any resistance and risk in the new as well as in the existing market.

Flexibility:

Entrepreneurs need to be highly flexible, which will assist them to adapt in any market situation (Leffel et al. 2016). In this context, entrepreneurs of Apple are highly flexible in operating their business in any market situation, In this context, the marketers first make overall, research on the market type and condition which assist the, to set relevant market strategies to deal with the changes in the market.

Skills of entrepreneurs:

Following are the skills that the entrepreneurs need to hold while operating ad dealing with the new market;

Communication skill:

The entrepreneurs need to have strong communication skill which will assist the business to make strong connection with dealers, customers, suppliers, investors and clients (Yusof and Jain, 2017). In this context, entrepreneurs of Barwa bank believes in maintaining transparent communication system in the workplace as well as outside the workplace which assist this company to make effective connection of the marketers with their staffs, dealers, customers and investors in order to make clear flow of the information regarding the organisational activities, products and services.

Time management skill:

Entrepreneurs need to have proper time management skill which assists them to complete their task within time that is important for being punctual in running the overall business and taking effective market decisions (Eddleston et al. 2016). The Cupcake is the small entrepreneurial business in the UK, which believes in shaping time management skill of its staffs in order to take the right as well as relevant decision within proper time which will assist this business to deal with any market risk in right manner.

Interactive skill:

Entrepreneurs need to be highly interactive which will assist them to make proper interaction with the market in which they going to operate their business, society and customers (Eddleston et al. 2016). This skill assists the entrepreneurs of Apple, to understand the market trend and changing needs of customers in the international market and changing social perception in the community.

Analysing skill

Analysing skills is important for entrepreneurs which assist them to analyse each matter with proper concentration which improve the knowledge and understanding of the entrepreneurs regarding the matter. This sill is highly effective in analysing the demand and supply changes in the market which is important to be evaluated in order to make the right market decision to grab strong customer base and high level of competitive advantages. In this aspect, Barwa bank is the large corporate organisation which focuses on shaping the analysing and judgemental skill of the staffs in order to analysing the overall market trend and changing customer needs in order to grab strong market success.

Judgemental skill:

Entrepreneurs need to have strong judgmental skill, which assist them to analyse the overall market trend and the changing demand of customers. Through using this skill, entrepreneurs can make proper evaluation of different condition in the market thereby make effective decision to deal with the condition. in this context, the entrepreneurs of Cupcake need to focus on improving the analysing and judgemental skill which assist them to deal with any market situation, through using the skill, marketers of thus business can make effective strategies that will relevant with the overall market condition, through using the judgemental skill,. Marketers of Cupcake will be able to analyse that how the changing market trend will impact on overall business decision and marketing operation of this company. Therefore, thus skill, assist the entrepreneurs of the Cupcake to develop strategies in order to maintain the sustainability of the company.

Examine the different environments that foster or hinder entrepreneurship: [LO 4]

There are several factors that hinder or foster the entrepreneurship:

Personal background:

People with strong educational background have chances of having strong professional and personal skills that are needed in launching the new entrepreneurial business (Leffel et al. 2016). However there is lack of evidence that can prove that there is strong connection between the educational background and entrepreneurial business. in this context, it can be stated that Cupcake, is the small entrepreneurial business operating in the UK, which can improve the overall skills and knowledge of its staffs by conducting the educational and self-assessment training in order to enhance their knowledge on the overall business activities. On the contrary () argued that, sometimes people with entrepreneurial background have more tendency of launching the entrepreneurial business than that of who don’t have the entrepreneurial background. In this context, it can be stated that, Apple owners do not have any entrepreneurial background still they are one of the top most companies in technology field.

Experience:

Experience is the one of the most important factors which hinders as well as foster the business activities in the entrepreneurial business ((Malmström et al. 2017). If people have positive past experience such as proper family background, family support, positive learning environment proper education and social support, then the people can be highly productive and passionate about the business. On the other hand, if individuals have negative experience such also bereavements, lack of social support and poor family support, this pose adverse impact on the communication skill, analysing ability ad cognitive skills of people. in terms of relaying thus evidence with the practical field it can be stated that, the entrepreneurs of Cupcake must have positive experience in their past live which assisted them, to operate the business in successful manner in the UK market.

Culture:

Culture plays important role in improving the intellectual skill, cognitive ability and inter personal skill of entrepreneurs (Leffel et al. 2016). If people have supportive and positive organisational culture thus would highly productive for the business. On the other hand, if the person has negative, superstitious and violent culture, it will spoil the psychological and physical wellbeing of the individuals. In this context, the entrepreneurs of Apple believes in maintaining positive and supportive culture in their workplace, which assist the workforce to make innovative and creative decision in order to improve productivity and profit of the company.

Conclusion:

From the above-mentioned discussion it can be concluded that, entrepreneurs are the person who analyse the new market and launch small business with taking high risk. Entrepreneurial business has small, investment and small number of staffs. Entrepreneurs are the high risk taking individuals who love to explore the new opportunities in new market in term of extending their market and upholding brand image in the domestic as well as in the international market. Several factors such as culture, personal background and the educational background can have positive and negative impact on the activities and abilities of entrepreneurs. In terms of dealing with new market, entrepreneurs need to have important skill such as communication skill, interactive skill, analysing skills and interpersonal skill.

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