In this rapid changeable business environment all small and large organisations constantly struggle to improve their performance efficiency through the support of positive entrepreneurial skills. In small business process, entrepreneurship is operated in a interchangeable way. This task discusses the small business case scenario, from the standpoint of different entrepreneurial ventures. Aspects of entrepreneurial characteristics are discussed through understanding its comparison with the skill of business manager. This study can develop a strategic dimension of small business in order to gain long term sustainability.
Various types of entrepreneurial ventures and its interrelation with the typology of entrepreneurship
In this modernised business process, small business organisation has enhanced positive entrepreneurship chunk to foster standard performance at all level. As per the case scenario, Richard Branson has suggested the best tactical way in regards to successful business. As per his comment, entrepreneurship is required to recognise the gap in the production and marketing strategy within the organisation. It is required for both small and large scale business process. This report enlightens the different entrepreneurships ventures and its range within public and corporate business process.
Types of entrepreneurial ventures
In order to understand the in-depth view of this conception, different type of entrepreneurial ventures need to be recognised.
Figure 1: Entrepreneurial ventures
(Source: Morris, 2015)
Start up business is primitive field, where entrepreneurial implication is required to crate positive mindset in regards to sustainable performance. According to Bruhn et al., (2018), entrepreneurs of start-up business should have the clear understanding of business vision within changed as well as transformed market. During start-up, entrepreneurs are taking support of external financial investor for developing the business venture in a precise way. It has been visualised that often entrepreneurs are taking support of merger & acquisition with other small companies to strengthen their business stability in competitive market. In this scale, entrepreneurs are facing difficulties while the incorporated business solution has no surety to tackle different consequences. Therefore, explicit decision can hamper the growth as well as performance of such start-up companies.
Entrepreneurship of small scale business
It has been visualised that, in the upcoming market environment in the UK, most of the business will take the form of small businesses. As per the report of 2017, 5.7 million businesses are operating in UK. In this scale, over 99% businesses are small as well as medium sized business. In addition, it has been also reported that 33% employment and 22% turnover is accounted by the micro-businesses (files.parliament.uk, 2018). Among 5.4 million micro businesses, employment rate also dependent on their performance (Dilworth, 2017).
Figure 2: Share of Enterprises in UK
(Source: files.parliament.uk, 2018)
In this case, entrepreneurs are hiring the employees from local place. Entrepreneurs primarily not have any ambition to build a business worth $100 million. They are primarily accelerating this business for enhancing internal profit through the collaboration of positive team work.
In this business case, entrepreneurship strategy is prioritised on solving the social problems. As per the opinion of Bruton et al. (2015), entrepreneurs are applying such skill through understanding the possible changes within social perimeter. This type of business is operated as non profit business but they are supportive to make positive environment for the hybrid companies, who want to make sustainable profit. In this case, managerial aim has been structured to make positive business environment rather than making maximum profit share.
Large scale entrepreneurship
Large scale entrepreneurship is considered as a part of corporate objectives. In this case, companies are trying to create innovation for sustaining long term success. Therefore, entrepreneurs want to maintain competitive position in this market. The theories are applied here for evolving new technologies as per the current trend of consumers. Change on business innovation or disruptive innovation has been taken by the entrepreneurs due to rapid change in consumer trend.
Interrelation of entrepreneurial typologies with mentioned ventures
As per the viewpoint of Burns (2016), typologies can be utilised for understanding the relationship between type as well as subject. For the entrepreneurs and small business managers, this relation can be recognised based on the choice of activities. For all types’ typologies are needs of power, need of achievements, and attitude to profits as well as decision making style. In this scale, entrepreneurship dimension is dependent on the level of self-concept, creativity, commitment as well as purpose. In terms of the value, these typologies are required to be applied based on entrepreneurial characteristics. Therefore, mentioned ventures has positive link with the typologies to understand the way or method for marinating long term success. In this case, typologies are related with lifestyle entrepreneurships, corporate entrepreneurships, individual entrepreneurship and social entrepreneurships. These typologies are required to create value within incorporated business model of entrepreneurs. Individual are related to small and medium scale business and corporate is related with the large business process
In the current form of business, large scale businesses are seeking money first; charities are seeking the impact on social parameter. As per the opinion of Cassar et al. (2015), social entrepreneurs want to maintain balance within the profit and external impact. Social entrepreneurship covers the direction of decision making strategy. Through understanding the typologies, it can be said that major differences are visualised in individual and corporate entrepreneurships. According to Chen et al. (2017), for small scale and start-up business process, individual entrepreneurship typology needs to be understood. In individual entrepreneurship, entrepreneurs involve local partners and often family members. However, personal risk status is relatively high in such entrepreneurship venture but the entire ownership is under control of the owner. On the other hand, Dees (2017) commented that corporate entrepreneurship is linked with the large business operation, where other associates are also involved. Therefore, entrepreneurs have to pay attention on the partners for making any decision on business purpose. However, corporate entrepreneurs can offer employee freedom in regards to various opportunities. This type of ventures is dependent on the ventures rather than loss.
SME business process is dependent upon the human capital rather than internal resources. Both small scale and large scale entrepreneurial ventures are dependent on the consumer change. In this case, decision has been taken based on the changed trend of consumers.
Diverse range of entrepreneurial ventures in regards to incorporated way in both public as well as corporate sector
The comparative analysis has been displayed that the entrepreneurship has both positive as well as negative consequences. As per the opinion of Drover et al. (2017), entrepreneurship as well as entrepreneurship management in the public sector is an important segment, where entrepreneur’s interest is prioritised on resource constraints. In the dynamic business field, organisation needs to generate new economic activity for maintaining stability. Here, entrepreneurial strategic range is diversified in regards to tolerant of responsiveness. Social entrepreneurship is ranged from broad to narrow and it refers to innovative activity for profit sectors. Corporate sector entrepreneurships defined as a part of economy for generating profit. It is not owned by government oriented services and government property. These companies are handling the entire strategic dimension based on their own decision as well as philosophy. They are not directly do business with the company’s clients. In case of corporate sector, entrepreneurs are specific individuals who are innovating as well as producing the goods that will benefit the company at all level. On the other hand, public sector corporations are selling their shares in the stock market. In this case, strategic dimension is different to hold long term economic growth.
In the above section, different concept of entrepreneurship has been discussed but now conceptual understanding is required to recognise the scope as well as developmental growth in business. Entrepreneurship is the basic concept to foster standard business process. As per the opinion of Giroux (2016), entrepreneurs can maintain the business standard through recognising the risk in business process. These risks can be related with the certain economic downfall as well as change in social parameter. In this competitive business market, organisations often struggle against the threat of various consequences (Spartz and Weber, 2015). After the Brexit, consumer’s perception on spending becomes reduced as a result of inflation. This status can be identified by the entrepreneurs to resolve barriers in marketing. Through understanding the social conception, entrepreneurs can direct the entire business objectives toward the dimension of long term success. In order to maintain competitive stability, entrepreneurs play the key role on marketing innovation. Their dynamic integration is relied upon four major elements, which are mentioned as follows.
- Charisma for attracting capital as per the exploration
- Development of different marketable innovation
- Developmental of different marketing skills
Through maintaining these core elements, entrepreneurs can maintain the consumer’s expectation. It can be fostered through creating positive change in the marketing function. Therefore, entrepreneurship activity has positive scope for fostering efficiency in business process.
It can be deduced that various entrepreneurial ventures are related with the typologies of lifestyle
entrepreneurships, corporate entrepreneurships, individual entrepreneurship and
social entrepreneurships. These components have separate
strategic differences as well as similarities. On the other hand,
entrepreneurial strategy is required in their dynamic integration for fostering
standard business growth.
In this jeopardised business environment, organisations are always try to create more positive business tactics. In this scale, entrepreneurship is required to be taken towards fruitful direction. This task delivers the conceptual understanding on entrepreneurial characteristics and its impact on business process. This analysis is based on the case scenario of Nom Foods.
Steph Croft Simon has founded the Nom Food, which was the first organic popcorn brand in UK. The organisation has delivered their product as per the consumer’s perception in UK market. Now, the analysis is required to reflect an image of their entrepreneurial characteristics. Entrepreneurs and managers are playing important role within the business community. As per the opinion of Grimm et al. (2017), both managers and entrepreneurs are sharing same characteristics but their traits are different at all level.
Figure 3: Characteristic skills
(Source: Hietanen, 2015)
Entrepreneurs have to maintain positive environment through their skill of motivation. This motivational characteristic is required to boost up the subordinates work as well as effort. They can recognise the gap in employee performance and can empower them for achieving the committed objectives. As per the case scenario, owner of Nom Food has positive capability to motivate employees. Strong and positive collaboration of employees is the basic reason of their success in UK market. Steph Croft Simon has maintained a sustainable workplace through the support of motivational traits.
Creativity and Persuasiveness
This characteristic trait is required for developing the ideas in regards to invention as well as innovation. Through creativity entrepreneur can introduce a new business or a old business with standard modification. As per the case scenario, Nom Food has been introduced in spite of available same product companies within the industry. As per the entrepreneurial view in case, organic popcorn product will be preferred by the consumers as it is free from artificial flavours and refined sugars. Therefore, she has the creative idea for operating business within changed market trends. Here trend is prioritised on consumer’s health.
Risk and Tolerance
These characteristics traits are important for the entrepreneurs to identify the possible risks in the emerging market. As per the case scenario, over the last five years popcorn has enjoyed positive economic growth but penetration is not maintained as per committed business standard. In this case, entrepreneur has done market research as primary focus to innovate different product concept. Therefore, characteristics skill of her is positive.
Comparison of entrepreneurial traits with managers
The focus of the entrepreneur is concerned primarily on necessary components of start-up business. In this scale managerial focus is prioritised on business sustainability. In this case, Steph Croft Simon has undertaken positive idea on product creativity and marketing plan. This conception is focused entirely to stable a start-up company like Nom Foods. Entrepreneurs have tended upon visionaries. They see potential market for a product and turn the vision into the reality. In this case, mangers are concern o himself with the other’s vision. In the case study of Nom Food, entrepreneur has taken standard approach through executing standard strategic vision at all level.
Aspects of entrepreneurial personality and its reflection on entrepreneurial mindset as well as motivation
The personality traits are dependent on the entrepreneur’s characteristics trait. As per the opinion of Hietanen (2015), entrepreneur’s personality has positive link with the strategic end of business mindset. In business process mindset is an derivative of service improvement as well as innovation. The personality aspects and its link with the Nom Food business management is as follows
Improvement personality of an entrepreneur is related to create transformation on own strategic vision as well as business dimension. As per the case scenario, Nom Food owner has created strategic innovation on the current product which is ‘Organic Popcorn’. From this standpoint it can be said that the entrepreneur is very much sincere to take effective decision on business improvement. She has understood that through improving the product, Nom Food can get strong brand value. This scenario reflects the tactical mindset from the angle of improvement ideology.
Artistic personality of an entrepreneur is required to execute creative decision on business essentials. This is required to product design, workplace development as well as service planning. As per the case scenario, Steph Croft Simon has designed the product through innovation. She has designed the product of ‘organic popcorn’ with standard decision on production process. As the product will be free from artificial flavours, the entrepreneur has positive attribute to get suitable ingredients. She has also planned the product plan based on consumer tend in current market. Therefore, artistic personality has been fostered with standard image.
It is true that visionary personality is required as an entrepreneur to structure the mind set on business outcome. This means is the developed product or service will be suitable for consumers or not (Mauer et al., 2017). Therefore, vision is required to understand stability of a start up or small business organisation. In this landscape, entrepreneur of Nom Food has displayed positive attribute on product as well as service process design. As a part of consumer driven business approach, Owner has delivered their products through taking primitive priority on consumer’s health. Therefore, this are reflected image of entrepreneurial mindset in regards to different personality.
Entrepreneurs initiate the plan for business decision through recognising the economical risks. In this case characteristic traits of an entrepreneur play important role to maintain positive business standard. Jamali et al. (2017) argued that, entrepreneurs are facing issues in business process due to several consequences from political, legal, social as well as economical background. In support of this argument, Kearney and Meynhardt (2016) demonstrated that characteristic skill of an entrepreneur is significant to maintain profitable business organisation.
An entrepreneur decision may create positive or negative impact but often such decision may not be supported by the associated stakeholders. Kellermanns et al. (2016) argued that entrepreneurial decisions need to maintain the level of stakeholder’s interest. In this case stakeholders are supporters, teammates, customers and others. In order to resolve operational conflict entrepreneur has to maintain ethical standard on all decisions. On the other hand, Kromminga (2016) commented that negotiation skill is required for understanding the competitive forces. This skill is required in market intuition, where entrepreneurs have to undertake standard objectives for product as well as services. Often, business process cannot be stabled as per the committed vision. In this case, negotiation skill is required for handling all sorts of burden within the market.
Now these arguments are discussed about the different required skill or attributes. Now the question is ‘is such skills are present from the birth of an individual, who is now an entrepreneur?’
The answer is no in response to this question. In the viewpoint of Kuratko et al. (2018) entrepreneurship skills are not the part of person’s instinctive skills. This attributes are developing in an entrepreneur based on personal experience as well as impact of family background. Through practical understanding in different scenario, entrepreneurs can understand different dimension of skill implication. During such practical implication, entrepreneurs can understand the required field for applying required ideology.
Gene speaks but now days experience and proper training enables an individual to develop their ownership skills. An individual who never belongs from a business background can even success in its own business. An individual belonging from a business background might fails to perform better activities because of lack of proper knowledge of running a business. Running an organization needs proper skills and labours and if an individual feels that, he/she can control those activities without and conception, he/she can never succeed in the future. Entrepreneurial characteristic helps an individual to handle the odd situations and to make accurate decision-making in order to run the business in the successful manner, while experience helps the entrepreneur to understand the upcoming hindrances that the organization can face (Markman, 2014). This allows the individual to take proper measures from before and to overcome the odd in the most tactful way.
Background of an individual supports the individual to run the business confidently, but if the individual lacks proper skills of being an entrepreneur then the individual can face a huge loss. This can even lead to disseverment of the organization. Experience of an individual can even choke an organization because the entrepreneur might have a bad experience with him/her in past and might treat the employees in the same manner, which can limit the organization to function in the desired manner. On the other hand, experience can even guide the entrepreneur to guide the employees in the required manner, which can aid the business to perform their best and to coordinately. As for this case study, the owner of the business was having proper education regarding what she was doing. This aided her to develop their products in the desired manner and her educational knowledge has helped her in marketing for their business in the best way. This allowed her to develop their business in a unique manner (Love and Roper, 2015). This has helped her in flourishing and sustaining their business in the industry. This shows that background actually never matter that much if it comes for skill development. Yes, background can provide the support for funding and sources of promotion very easily, which is a drawback that an individual face who does not have that support. Other than this, experience and skills are the essential element that an individual must possess to develop and to tackle the odds of the startup business.
In the current scenario, Steph Croft-Simons has launched Nom Popcorn in 2015. She has taken different dimension of marketing approach through implicating her positive attributes, which are prioritised on both consumer perception as well as organisational profit. In this case, the entrepreneurial characteristics are not inborn. She had taken standard business objectives for achieving the target business vision. She has displayed a perfect example of different characteristic traits to identify the gap in market performances. Owner has not only applied her skill to stable the market but also she has taken initiatives through recognising possible business outcome. In this landscape, motivational characteristics are important to foster sustainable workplace. As commented by Li and Rama (2015), without the support of employees, organisation cannot maintain the standard performances. In this case, Croft-Simon has maintained these fundamental requirements. On the other hand, risk driven approach has been applied properly by her. Over the last years popcorn market has not gain positive growth as per expectation. In this case, she had taken sincere attribute on market research for understanding the risk in upcoming business performances. Therefore, these skills are the primitive factor in regards to business success.
It can be deduced that entrepreneurial traits has positive role to recognise the gap in business performance as per the committed objectives. The entrepreneur of Nom Food has developed positive standard based on personal attributes and skills, which is required to maintain strategic mindset.
As per the gathered information of the study, the chosen organization has a small structure and the organization is following the needed entrepreneur strategies to grow and sustain its business in the market of UK. The chosen organization and the owner of the business have the needed characteristics, which has helped the business to flourish within the chosen market. The development of the product is another expertise that the owner of the firm holds, which allows the business to process their business activities in the needed approach. The skills and characteristics of the entrepreneur have guided the business process and have helped in meeting the decided goals and objectives.
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