Entrepreneurship and Small Business Management Report

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
P1. Different types of entrepreneurial ventures and their relation to typology of
entrepreneurship...........................................................................................................................3
P2. Explore the similarities and differences between entrepreneurial ventures..........................5
P3. Assess and interpret relevant data and statistics to illustrate how micro and small
businesses impact on the economy..............................................................................................6
P4. Explain how important small businesses and business start –ups will contribute to the
growth of the social economy after ‘Brexit’................................................................................8
P5. Carry out a mini-research to determine the characteristics, traits and skills of two
successful entrepreneurs..............................................................................................................9
P6. Assess how aspects of the entrepreneurial personality as discussed in P5, reflect
entrepreneurial motivation and mindset.....................................................................................11
P7. With practical examples, examine how background and experience can hinder or foster
entrepreneurship.........................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship and Small Business Management is an important part of a country’s
economy. This can be defined as the business opportunity that can be settled in by acquiring the
financial risks with an expectation of generation of profits, employment and revenues. An
entrepreneur is an individual who has a vision to convert its dream into reality by working
towards achieving their goals through complete ability for developing and managing the entire
venture. These are a great source of economic booster that helps small owners’ in bringing
sustainable performance of businesses. This report is based on different types of entrepreneurial
ventures and their relationship with respect to its typology. This also include the impact of small
and medium sized enterprises on the United Kingdom’s economy. Furthermore, the overall
assessment after Brexit on UK’s economy. Lastly, there is a description on famous entrepreneurs
namely J.K. Rowling and Sir James Dyson who showed motivational mindset in inspiring others.
MAIN BODY
P1. Different types of entrepreneurial ventures and their relation to typology of entrepreneurship
Entrepreneurship is defined as the methodology of conceptualizing, designing,
developing, executing, launching and running for setting up of an innovative new business.
There are many types of ventures along with typologies such as follows:
Small Business Entrepreneurship: These are the most common type of entrepreneurship, mostly
all companies come under this with half people employed in this sector are from non-
governmental side. Here, the owners are self-employed such as store-runners, travel agents,
cafes, boutiques etc. and provide a platform to laborers to earn some money (Storey and Greene,
2010). Moreover, these focus on making consistent profits so that their family-owned businesses
remain evergreen in the marketplaces. Their existence is at small scale, thus their funding is done
through bank loans, friends, and more.
Scalable Startup Entrepreneurship: This refers to those individuals who are ready to bring
innovation at an accessible level by attracting potential venture capitalists so that they can
establish themselves in the market. It is risk taking entrepreneurial venture where growth of high
returns is at maximum profitability. In regard to this, the main purpose is to hire the brightest slot
from the available options to fuel up the instant expansion of their startups, for e.g. E-commerce
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companies, who shifted their offline services into this online scalable type, clothing and apparel
for gaining profits and sales volume.
Large Scale Entrepreneurship: These are considered as established ones that comes under the
corporate entrepreneurship, which are mainly dependent on the offerings made by grabbing
current market opportunities and trying to create new ideas for overall sustainable performance
of organizations. Here, their shelf life has finite number of cycles involving parameters like
competition, customers’ demands, emergence of technological advancements etc. For e.g. Tech
companies like Apple, Amazon etc.; retailers like Tesco, M&S and more.
Social Entrepreneurship: This type of entrepreneurship concentrates on creation of products and
services on basis of societal pressures. Their ulterior motive is public welfare to make this world
into a better place (Dees, 2017). It has been classified on basis of three categories such as
profitability, non-profitability and hybrid. It gets drive by the perseverance to manage the
problems in context of community. Examples are educational programs, non-profit organizations
etc.
Typologies of entrepreneurship:
Serial
Entrepreneurship
This often defined as the one who comes up with ideas and
concepts by responsibly distributing tasks on the basis allocation
of resources for minimum profit generation with sales volume.
They are known for innovation and bringing new conceptions on
the table.
Aggressive ventures They are the ones who are helping those companies to recover
from poor state in terms of capital, investment etc. They
contribute in the Capitalism of venturing firms by renovating
aggressively into industrial marketplaces. Their main purpose is
to earn profits and only profits.
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