Enterprise and Small Business Management

This document provides an overview of enterprise and small business management, including the concepts of entrepreneurship, different types of entrepreneurial ventures, the difference between an entrepreneur and manager, and the influence of Maslow's pyramid and the Big 5 model on entrepreneurial success.

ENTERPRISE AND SMALL
BUSINESS MANAGEMENT

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
SECTION 1.....................................................................................................................................3
Concept and different entrepreneur in business...........................................................................3
Types of entrepreneurial ventures...............................................................................................4
SECTION 2.....................................................................................................................................5
Difference between an entrepreneur and manager......................................................................5
Maslow’s pyramid and determine correlation in entrepreneurial characteristics and success....6
Big 5 model: The OCEAN model...............................................................................................6
Influence on fostering and hinder entrepreneurial success..........................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Enterprise is a task which is risky and requires a lot of effort and these are mostly found
in small businesses in the market. The report would consist of the working of small businesses
and enterprise and importance of entrepreneurship in business. The working of JUNIQE
company is also going to be discussed with the help of big 5 model, Maslow’s chart and the
factors like education and finance having an impact on businesses.
SECTION 1
Concept and different entrepreneur in business
 Entrepreneur
Entrepreneur is a person who is ready to take risks for a new venture they come up with in
the market. There are new ideas and innovation which is involved in his factor which has a
different way of looking at situations and products in the market.
 Entrepreneurship
In the hope of profit there are financial risks which are taken in ideas of business activities.
The actions in entrepreneurship are done by entrepreneur. There are a lot of situations and issues
which rise in a start-up which have has to be done on time so that the demands of the customers
and customers are going to be satisfied and loyal.
Example of entrepreneur’s of UK
 JK Rowling
She is an author and an entrepreneur who has written the great legendary book Harry Potter
series which have been featured as movies as well. She is a teacher who started writing and that
changed her life completely (Hanggraeni and et.al., 2019).
 Philip Green

Philip Green is currently the CEO of Arcadia Group which is a retailer and includes a lot of
brands in the company like Evans, Topshop, etc. Philip, at the age of 15 left school and he started
working at the age of 21. He was exporting and importing jeans and now is one of the most
famous and successful entrepreneur in the country.
Types of entrepreneurial ventures Large Start-up entrepreneurship
The focus of these ventures is on the services and new products because this is a great risk to
be able to capture the market and there is a lot of investments which are done in these businesses.
They have to get back the investment which has been put in the company for better functioning.
 Scalable Start-up entrepreneurship
To make the customers get new experience in products and services these ventures are got in
the market so that the customers can have better options. They believe that they can change the
world and the customers want according to their products.
 Small Business Entrepreneurship
There number of employees is less because the owners have started this business on a small
investment and the profitability is not high in the market. The focus is on getting in more
customers in the business so that they can generate more profits which can be used for
investment for expansion.
 Social entrepreneurship
With the help of the products and services these businesses try to solve the issues and
problems of the society by providing social facilities (Abd Razak, Ab Rahman and Borhan,
2016). The company wants to make the lifestyle of the people better by providing them with the
right products and services at a good price as well since these businesses do not focus on the
profitability.
 Corporate sector

These sectors are run privately and can be owned by public or individuals. These businesses
are in the market to gain profitability and to give the customers good quality of products and
services. These are large businesses in the market and are scalable entrepreneurship venture.
SECTION 2
Difference between an entrepreneur and manager
An entrepreneur is a person who takes a lot of risks in market so that they can make their
products and services are able to have a place in the market. There is innovation and creativity
which is involved in the products. Managers are the decisions making, set objectives and
implementing changes in the organization according to the workforce. Entrepreneurs are more
focused on the working and planning for the business to be able to stay stable in the market
whereas the managers make sure that the company is being able to reach the demands and
expectations of the customers on time so that they can have a strong reputation for themselves in
the market.
Lea Lange has the skills and knowledge of a manager which is why she is able to make
JUNIQE world famous in no time. She has a good understanding of the customers which are in
the market so that the products and services of the company can be improved for better
functioning. There are new designs and colours which are appreciated by the customers which
have to be appreciated and improved upon by businesses (Wang and et.al., 2019). There has to
be a sense of confidence in the entrepreneur in the factors which are being improved by the
company in the market so that there is going to be a good capture of the market. There are a lot
of decisions in the organization like a manager which have to be taken so that organization can
operate effectively and efficiently in the market for a long run.
Maslow’s pyramid and determine correlation in entrepreneurial characteristics and success
There is a model which has been given by Maslow’s which helps to understand the needs
and wants of a human being which are divided into five stages being physiological, safety, love,
esteem and self actualization. These can help an entrepreneur to be able to have a good

functioning and understanding of the employees effectively in the market (Alomari and et.al.,
2018). The entrepreneur will have to motivate the employees from time to time so that the
increase in demands and needs of the customers can be taken up. Satisfaction of the employees is
very important only then they will be further satisfying the customers of the organization
effectively and accordingly. Safety is the second step which will have to be provided to the
employees in the company so that they can give their best. Healthy environment to work in is
very essential for the productivity to be maintained.
There has to be a sense of self actualization in the entrepreneur only then they will be
able to get trust and confidence in the leaders. The unemployment in the country is also going to
reduce and the company will be able to have good functioning for a long run. There is going to
be a good sense of direction as well if the characteristics in the entrepreneur are good and
effective for a long run in the market. When there is a trust and loyalty of the employees in one
organization then the turnover will not be high and the operations will be able to take place
effectively (Androshchuk and Tsarenko, 2016). The competition in the market is increasing
which is why the company will have to get in changes and improvement so that they can get a
reputations and brand recognition in the market.
Lea has been using the Maslow’s motivational theory for themselves so that there is
going to be a good functioning. From her speeches there is an evidence that she is being
motivating herself and understand the employees so that there is going to be a good motivational
factor.
Big 5 model: The OCEAN model
There are five factors which are involved in understanding the personality which would
be discussed in the further report so that there is a better understanding.
 Openness
There are a lot of improvements which have to be done for which innovation and creativity is
essential and having openness in business would be helpful for the further growth. Lea is having

openness in the business which is helping the business be able to get in more artwork which can
be created for capturing the market effectively (Choi and et.al., 2016).
 Conscientiousness
There has to be a passion present towards working in that industry and Lea loves to work in
furniture design and decoration which is visible in the dedication she has in her work. Lea is very
hard working and has goals to achieve in this market for herself and there is a plan in hand which
has to be achieving with the people who have this trait.
 Extraversion
For a business to be able to work one will have to have the skills of being extraversion which
Lea is having and her imagination is very good which is present through her work. This extrovert
factor is going to help the business be able to have a good functioning and the situations in
business can also get solved and Lea gets a competitive advantage because there is a lot of
exchange of knowledge and experience which can be learnt through this factor. In parties and
meetings there is a lot of interaction so that there is going to be a good functioning and the
company will be able to operate effectively.
 Agreeableness
Working with these kinds of people is a great gift because there are lesser conflicts and more
ideas can be generated in this factor (Wang, 2018). Solutions for problems and issues are present
which is going to be a great factor for the business as well. Lea is having a supportive teamwork
which is agreeing to the changes because Lea has made the working environment acceptable for
them according to the workforce.
 Neuroticism
This trait is the reflection on the instability and emotional factors of the employees which
would affect the company in a negative approach which will have to be controlled for good
operations. The situation will have to be understood and Lea is good with that so that the
company can achieve their objectives.

Influence on fostering and hinder entrepreneurial success
Lea Lange is a very successful entrepreneur from German who is just have 65 employees
working in the organization. She started with her own knowledge of the interiors and established
a taste and innovation in this field so that there is going to be a good functioning. The drawback
of Lea is that she did not have experience of the market which is why she could not develop
herself in the market. By having good knowledge and skills there will be a lot of opportunities
which are present for the entrepreneur to be able to gain profitability. Experience in the market
does make a lot of difference in getting knowledge and skills which is going to help the business
be able to make the right decisions (Burns, 2016). The employees of the organization have to be
motivated and encouraged from time to time by the entrepreneurs of the organization so that the
performance in the business can be well maintained. Right decisions have to be made for the
techniques and methods which must be used in the company to get a competitive advantage.
To have higher profitability in the organization there must be good development and
improvement in the products so that the company can make a reputation in the market. For the
further satisfaction of the customers there are investments for improvement which have to be
made so that the customers are going to enjoy the products and get loyal. The background of the
entrepreneur has to be strong or something they learn something from so that they can use it in
the market. Lea is an outgoing person who is able to convince the customers very fast which is
why she is sure about the measures and investments which she is putting in the organization. She
is very motivated in this industry which also gets are an advantage to be able to expand her
business further and the risks taken by her are measured so that the new ideas can capture the
market effectively (Ahmed and Manab, 2016). Unique ideas can make businesses be able to
grow if the right measures are taken which Lea has and she also has experience in the market and
products and services she is providing to the customers in the market. From her work and
pictures on social media is the evidence that the people have for the work which is being
happening by JUNIQE.

CONCLUSION
There are a lot of decisions which have to be taken by small businesses and entrepreneurs
in the market so that there is a good functioning. There are different types of ventures which are
present in the market and the business must make decisions according to them. There has to be a
good understanding of the customers and the market so that the changes in the products and ideas
can be generated in the market which would make the profitability in the market increase. There
are solutions which will have to be on a daily base in a entrepreneurship so that they can operate
effectively in the market.

REFERENCES
Books and Journals
Abd Razak, N., Ab Rahman, Z. and Borhan, H., 2016. Modeling firm resources–enterprise risk
management relationships. World Journal of Entrepreneurship, Management and
Sustainable Development.
Ahmed, I. and Manab, N.A., 2016. Influence of enterprise risk management success factors on
firm financial and non-financial performance: A proposed model. International Journal
of Economics and Financial Issues. 6(3).
Alomari, I.A and et.al., 2018. Effect of enterprise resource planning systems and forms of
management control on firm’s competitive advantage. Asian Journal of Accounting and
Governance. 9. pp.87-98.
Androshchuk, D. and Tsarenko, I., 2016. Impact of stakeholders on the process of management
the enterprise (Doctoral dissertation, КНТУ).
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Choi, Y and et.al., 2016. Optimizing enterprise risk management: a literature review and critical
analysis of the work of Wu and Olson. Annals of Operations Research. 237(1-2).
pp.281-300.
Hanggraeni, D and et.al., 2019. The Impact of Internal, External and Enterprise Risk
Management on the Performance of Micro, Small and Medium
Enterprises. Sustainability. 11(7). p.2172.
Kaušpadienė, L., Ramanauskaitė, S. and Čenys, A., 2019. Information security management
framework suitability estimation for small and medium enterprise. Infinite Study.
Wang, F and et.al., 2019. Big data analytics on enterprise credit risk evaluation of e-Business
platform. Information Systems and e-Business Management. pp.1-40.
Wang, H., 2018, June. The Role of Business Management Training in Improving Enterprise
Management Level. In 2018 International Conference on Sports, Arts, Education and
Management Engineering (SAEME 2018). Atlantis Press.