Entrepreneurship and Small Business Management

This document discusses different types of entrepreneurial ventures, their relation to the typology of entrepreneurship, and the impact of micro and small businesses on the economy. It also explores the importance of small businesses and startups to the growth of the social economy.

ENTREPRENERUSHIP AND
SMALL BUSINESS
MANAGEMENT
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.......................................................................................................3
P2 Explore the similarities and differences between entrepreneurial ventures...........................5
TASK 2............................................................................................................................................6
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy................................................................................................................6
P4 Explain the importance of small businesses and business start-ups to the growth of the
social economy............................................................................................................................8
TASK 3............................................................................................................................................9
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers............................................................................................9
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset................................................................................................................................10
TASK 4..........................................................................................................................................11
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14
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INTRODUCTION
Entrepreneurship is considered as a dynamic procedure of change, vision and development. This
needs an application of passion as well as energy towards formation and execution of new thoughts and
innovative solutions. Moreover, it is a method of looking for opportunities of enterprises under conditions
of risk in terms of equity, time, resources and others (Barringer, 2015). The main objective of this report
is to acknowledge about definition and scope of entrepreneurship, various entrepreneurship typologies
and its relation with entrepreneurial ventures, distinguish and similarities among entrepreneurial ventures.
In addition to this, impact of micro and small business impacts UK economy growth as well as
importance of small and start up business are explained. Apart from this, entrepreneur’s skills and traits as
well as its experiences and background can hinder and foster are also discussed in this report.
TASK 1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship.
Definition of Entrepreneurship
Entrepreneurship is regarded as the pursuit of beyond resources it currently control, that creates
scope for the aspect to be applied in equal manner to non –profitability enterprises and to intrapreneurship
into huge commercial as well as public sector firms for reflecting entrepreneurial attitudes amongst
individuals.
“Entrepreneurship is whole about turning that excites them in life within capital so that it can perform
more of it as well as move forward with it.” – Richard Branson.
Different concept of Entrepreneurship
Entrepreneurs: They are ones who recognises an opportunity as well as manage and arrange a
business, considering risk in context of good returns.
Intrapreneurs: It is considered as staff initiatives from below within firm to consider something
new and innovative that is formed through subordinates without being asked, desired or perhaps even
provided permission through top management to perform so (Bennett, 2014).
Owner managers: They are considered to be an individual who manages and develops a business
fundamentally for personal objectives. Moreover, it has to undertake whole risk and responsibility and
focused towards stability not on development.
Difference between entrepreneurship and intrapreneurship.
Intrapreneurship is also called corporate entrepreneurship as well as venturing. It is considered as
a practice of creating a new venture into an existing firm, for exploiting a new opportunity as wel as
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develop economic value. On the other hand, it is an act of creating a new venture outside an existent
company.
Various entrepreneurial ventures
 Survival ventures: These are considered as the ventures which can able to facilitate basic
subsistence to entrepreneurs. The main intent of respective venture is to sustain as well as
accomplish the financial obligation of firm. Moreover, this kind of venture can be registered or
not registered, business do not own any kind of specific premises or infrastructure and it has some
assets (Bhachu, 2017). Some of the examples of this are Amazon sellers, cleaning ventures, free
lance photographers and many more.
 Lifestyle ventures: These are considered as microenterprises which allow its owners to comply a
desired patter of living like taking vacations, supports college costs and others. It facilitates an
avenue for particular entrepreneurial cultures development. For example: small takeaway, small
retail stores and many more.
 Growth firms: These types of ventures are established with an objective of growth, generally
through entrepreneurs. Sometimes a lifestyle firms may turn into growth unintentionally. It
mostly likes to succeed as well as success for longer times. It may have to face various issues and
cries as it develops few of them are assumed but some are not at all expected.
Various entrepreneurship typologies
Small business entrepreneurship: This is considered as an entrepreneurship that do not has or
facilitates the scale for attracting venture capital. It identified its businesses such as small business loans,
friend and family. Moreover, they are the one who operates its own ventures and hire local staff or family.
For example: Consultants, travel agents and many more.
Scalable start up entrepreneurship: These are considered to be an entrepreneurship that initiates
a firm and hopes that its vision could change the world. It generally grabs the attention of investment
venture capitalists and financial investors (Blackburn, Hart and Wainwright, 2013). It hires effective and
competent staff. Moreover, its job is to seek for scalable business model and when they identify it, its
concentration upon scale needs more funds for rapid growth. For example: Amazon, Face book and
others.
Large company entrepreneurship: It has finite cycle of life and develops through performing
innovation , providing new products which are variants across its core goods. As the tastes and
preferences of the tastes and preferences of the customers’ changes, trending new technologies and others
may forms pressure for more disruptive innovation, this is mostly required through large firm for
developing that all their new products are to be sold into new marketplace to new clients. For example:
TESCO and others.
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Social entrepreneurship: These are considered as an innovators who concentrates upon
developing new product or services which resolve the issues of society as well as accomplish their
requirements (Bridge and O'Neill, 2012). Its main intent is to develop the world an effective place not to
gain market share and wealth for founders. They may be profit, non profit or hybrid.
How the ventures can be classified or related to the different types of Entrepreneurship with
examples.
 Survival ventures: It is related with small entrepreneurship as both intent to sustain for longer
period and meets its financial obligations For example: cleaning firm, small e-bay etc.
 Lifestyle ventures: It is related with small venture as they both seek for changing the world and its
lifestyle. For example:. Consultants, travel agents.
 Growth ventures: It is related with large ventures as both are intent to sustain into market for
longer duration through innovation. Moreover, both are high risk taker. For example: TESCO etc
P2 Explore the similarities and differences between entrepreneurial ventures
There are various differences and similarities among entrepreneurial ventures some of them are
discussed below:
Differences among various entrepreneurial ventures
 Size:
o Survival- The size of respective ventures is small.
o Lifestyle- The size of lifestyle venture is micro.
o Growth- The size of growth venture is large.
 Purpose:
o Survival- The main purpose of survival venture is to sustain for longer period and meets
its financial obligations. Moreover, it is a profit making firm.
o Lifestyle- Its main aim is to attain a level of productive activity which affords appropriate
income to owners. Also, it s a profit making ventures.
o Growth- It main intent is to develop their business for longer duration. Also, it is a profit
making firm but some are social enterprises as well.
 Sector:
o Survival- It is a corporate sector firm.
o Lifestyle- It is considered to be corporate sector firm.
o Growth- It is both public as well as corporate sector ventures.
 Risk:
o Survival- In this risk is more in comparison to Lifestyle ventures.
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o Lifestyle- In this risk is not more.
o Growth- In this risk is high.
 Examples:
o Survival- Small eBay/ Amazon sellers, Cleaning ventures, Baby Sitting/ Child minding
ventures, Free lance photographers.
o Lifestyle-Small retail stores, Small takeaways, Clothing Boutiques, Photography shops,
Local Dry Cleaners.
o Growth -TESCO, NHS and many more.
Similarities among various entrepreneurial ventures
All entrepreneurial ventures operate for gaining profit and in order to sustain for longer duration
into competitive marketplace by fulfilling the needs and desire of people. Moreover, All entrepreneurial
ventures borrow capital from various venture capitalist as well as investors in order to explore its firm at
potential marketplace. In addition to this, All of them work towards serving innovative services or
products with usages of creativity and new ideas. Apart from the above, all perform for the upliftment of
society as whole firms are aimed to enhance individuals’ standards of living with its product or services.
Conclusion
From the above analysis, it has been concluded that entrepreneurship is a method of looking for
opportunities of enterprises. Moreover, survival, life style and growth are some kind of entrepreneurial
ventures. Also, there are some typologies such as small, large, scalable and others. All ventures are
different but there are some similarities among them.
TASK 2
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses impact on
the economy.
Organisation are categorised as private and public. Almost whole firm small and micro are private.
Micro business is considered as sub characteristics of small enterprises and creating several types of
sectors (Chrisman and et. al., 2012). It is a firm who have assets as well as sales approx less than
£250,000 per year. Small business is considered as an entity that perform its activities at smaller scale and
having less that 50 staff. Moreover, its annual revenue is about less than £5 million. Some types of small
business are sole traders, partnership and many more.
How micro and small business are impacting UK economy growth.
Both micro and small business are considered as the backbone of an economy as it forms various
opportunities of job for enhancing the person living standards. Also, this has been determined that SME’s
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plays crucial role through developing several opportunities for nation. So, some of their contributions
towards economy at national, international and local level are mentioned below:
SME’s accounts for above 99% of whole population in every main sectors and is distributed in
similar way towards overall population of business. In year 2016, among fifth (975,000) of whole SME’s
were conducting their business into construction in comparison with less than 1% into mining, utilities
and quarrying industry. Moreover, some considerable SME’s are performing into Scientific, professional
and technical practices in about 15 % as well as around 10 % were in repair sector wholesale and retail
trade (Small business statistics, 2019).
Although, In respect of number of SME’s; construction is considered as the largest industrial sector. Also,
wholesale and retail trade had higher share in both turnover and employment as well. In addition to this,
at the initial of year 2016, among whole SME employment about 15% accounted by Whole and Retail
trade. Moreover, about a third of SME turnover was spread around 3 more industry that is manufacturing
(10%), professional, scientific and technical (10%) and construction (11%).
Illustration 1: Role of Start-ups and Small Businesses
(Source: The Role of Start-ups and Small Businesses in Today’s Economy, 2018)
As per the above graph, small enterprises are responsible for 99.3% of whole private sector
business at initial year of 2016 as well as 99.9% were SME’s. The whole employment into SME’s was
around 15.7 million and 60% of overall private employment within United Kingdom. Its annual turnover
was approx £1.8 trillion and 47% of whole private sector turnover into UK. Moreover, the employment
within small businesses was about 12.5 million (48%) as well as turnover was around £1.3 trillion (33%).
In addition to this, as per the European commission’s SME performance review states that Gross value
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added of small and medium enterprises about £473 billion or 49.8% of United Kingdom economy. Also,
in large businesses the employment was approx 10.5 million (40%) as well as turnover was around 2.0
trillion (53%).
Conclusion
From the above it has been concluded that small and medium enterprises has impact upon UK
economy such as employment, turnover and others. All they contribute towards respective economy in
various manners.
P4 Explain the importance of small businesses and business start-ups to the growth of the social economy.
Social economy is usually developed through rich firm’s diversity like associations, foundation and
many more. It is mainly developed to create benefits to person of society in effective and efficient way
(Decker and et. al., 2014). The start up as well as small business assists into the development of society
that created numerous opportunities within marketplace. Some of their importances are highlights below:
Importance of small and start up business to social economy growth.
Creation of employment: This has been determined that small and start up firm facilitates various
opportunities for job into nation through contributing up to about 16.3 million individuals within
employment industry. Also, both businesses efficiently enable person to enhance its living standards
through providing them various opportunities of employment. In addition to this, approx into whole
segment both of them perform their activity that basically covers above 60% of United Kingdom private
sector. Through performing its practices into whole segment small and start up business facilitates crucial
opportunities of employability which will drives them towards developing important enhancement within
whole net income of person.
Develop living standard: Both start up and small business effectually facilitates opportunities of
job to person at local as well as national level in respect of United Kingdom. It has been determined that
these firms plays vital role into maximisation of country’s economic growth in effectual way. Further, this
has been stated that through contributing towards employability that enhance the living standard of
people. Therefore, this has been also determined that both entities effectually contributes towards
providing efficient sustainability towards country which further enable them into market expansion at
global and regional level.
Revenue generation: It has been analysed that both start up and small business performs to to
generate revenue through business development and expansion and many more. Moreover, this plays vital
role for enhancing the UK economy. It have been determined that both perform to gain profitability and
gain revenue as well as contributes towards sustainability.
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As per the above discussion, it has been determined that small and start up business contributes
effectively towards UK economy. As it enhances the person living standards, employment opportunities
also, this benefits country towards raising its marketplace at global level.
TASK 3
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate them from
other business managers.
The successful entrepreneurs have various skills and traits that makes different from business
managers (Drucker, 2014). Some of its skills and traits are discussed below:
Kiran Mazumdar- Shaw:
Traits
 Always ready to fight criticism: This is her crucial traits which kept her developing more and
more. As she wants to become master brewer but no one hire her by saying that it’s a man job. It
did not deter her and moving forwards make her successful entrepreneurs. This trait makes them
different from business manager as they are not ready to fight against criticism it only follow the
path of their superiors.
 Overcoming entrepreneurs’ barriers: As she faces a hard time in identifying a work area and
convincing individuals for joining it. She however determines for overcoming whole
entrepreneurial barriers and develops herself a large level by growing their business. The business
manager do not has to face any barriers related to entrepreneurs as it has to tackle the
management barriers. So, this differentiates them from business manager.
SKILLS:
 Team work: It is considered as one of the vital skills of Kiran Mazumdar- Shaw. She cannot able
to reach where she is at present today but without her team work and dedication towards her
working help her to reach a certain heights. As business manager are performing towards the path
of their higher authority and works for developing team. So, this differentiates them from
business manager.
 Risk taking ability: Kiran Mazumdar- Shaw possesses courage as well as ready to take risk that
showed when she considered is as a challenge for showing male fraternity as no one provide a job
because she is a woman. And prove to all man that a woman can manage a whole business
without any assistance from them. The business manager generally to not take risk they perform
with safe side. So, it differentiates them from them.
Distinguish among Entrepreneur and Business manager.
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Entrepreneurs are person who recognises an opportunity as well as manage and arrange a business,
considering risk in context of good returns. Whereas managers are individuals who are accountable for
encouraging as well as supervising staff and for guiding the firm’s progress.
Conclusion
As from the above, it has been concluded that both entrepreneur and business manager have
different characteristics, traits and skills. As entrepreneurs are always ready to fight against criticism
whereas business manager as they are not ready to fight against criticism it only follow the path of their
superiors. Moreover, entrepreneurs are having skills of team work as they mostly try to perform their task
with team with full dedication and on other side business manager are performing towards the path of
their higher authority and works for developing team. So, all these differentiate business manager from
the entrepreneurs.
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and mindset.
Definition of Entrepreneurial Motivation and Mind set and its importance
Entrepreneurial motivation is considered as a quest of new venture development and willingness
for sustainability that firm is directly associated with a motivation of entrepreneurs. On other hand,
entrepreneurial mind set is referred as a specific way of thinking where person approach challenges as
well as mistakes (Eriksson and Rataj, 2019). It is important as this has been determined that an
individual’s which has entrepreneurial mind sets are basically drawn towards opportunities and
innovation. So, this have been evaluated that a successful entrepreneurs such as Kiran Mazumdar- Shaw,
Bill Drayton, Katsighiras and many more has five personality traits which are described with the help of
OCEAN MODEL:
 Openness: As for assuring effectual success, this is essential for entrepreneurs to have the
personality traits like Openness. With assistance of this, it can become capable to maintain
balance between emotions as well as adventures at framework of organisation. With having
respective personality traits the entrepreneurs such as Kiran Mazumdar- Shaw, Bill Drayton,
Katsighiras may become capable to maintain balance among adventures and emotions which
motivates them to become successful as well as set their mind to develop its business in effective
and efficient way.
 Conscientiousness: It is considered as one of the most crucial aspect through which entrepreneurs
may perform its activities with more flexible way. For example: With having respective
personality traits the entrepreneurs such as Kiran Mazumdar- Shaw, Bill Drayton, Katsighiras etc.
motivates themselves to perform their activities in flexible way and set its mind for becoming
successful in their entire life.
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 Extroversion: It is considered as the types of personality traits that develop effectual connection
with persons for dully maintaining formal relation among their staff. With having respective
personality traits the entrepreneurs such as Kiran Mazumdar- Shaw, Bill Drayton, Katsighiras and
many more get motivated and set their mind for becoming successful by developing formal and
effective relationship with its team and employees.
 Agreeableness: For attaining the success for enterprises, this is vital for entrepreneurs for
developing faith with employees. This is advantageous for them in order to influence their staffs
to become agreed upon whole decision that are made through them for effectiveness of firm. With
having respective personality traits the entrepreneurs such as Kiran Mazumdar- Shaw, Bill
Drayton, Katsighiras and other are motivated and mind set to make effective decision and
influence its team or colleagues to perform effectively and attain achievements.
 Neuroticism: This is considered as the crucial personality traits. Accordance with this, it is vital
for entrepreneurs to consider neutral decision making into tough and difficult situation. It will
enable them for resolving the individuals and staff grievances in most effectual way. With having
respective personality traits the entrepreneurs such as Kiran Mazumdar- Shaw, Bill Drayton,
Katsighiras and many others get motivated to formulate neutral decisions within any kind of
difficult circumstances and set up their mind to solve or get solution of employees grievances as
well as become successful.
Therefore, all these five personality traits assists some entrepreneurs like Kiran Mazumdar-
Shaw, Bill Drayton, Katsighiras and many more for becoming successful in effective and efficient
way. Thus, all these personality traits drive them towards motivation as well as mind set of
entrepreneurs for attaining the personal and professional objectives. In addition to this there are
various, motivational driver that can be utilised for encouraging them and setting its mind in effective
and efficient way. Such as self esteem, social needs and others.
TASK 4
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship
Entrepreneurship is considered as a willingness to undertake risks with intent for resolving the
problems faced through society at large scale. In this respect, this is broadly considering that educational
background as well as experience of person that affect upon entrepreneurship (George and Bock, 2017).
In context of this, it is has been determined that there are some entrepreneurs such as Kiran Mazumdar-
Shaw, Bill Drayton, Katsighiras and many more. Their background experiences are discussed below
which hinder or foster them to become successful:
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Domestic entrepreneurs
Tina Katsighiras is considered as one of the best example of local or domestic entrepreneurs. She
initiated her business named as Amanti Cupcakes in year 2013 and sells sweet treats such as brownies,
cupcakes and scones with the assistance of social networking site like Facebook as it is undertaken as a
low cost way to test out business ideas. She general takes order and delivers into respective customers in
their local residents. She work from home in North of England (Entrepreneurship and Small Business.
2020).
Background and experiences:
As last 2 years Tina’s seen that her treat soar is in demand and two mum was invited her in a
prestigious Downing street event which is celebrated as part of small business. So, she had got an idea an
open her own cafe and leave the job. She follows her dream after her father got suffered from stroke. And
own Saturday that dreams came true with hungry consumer que on street. Her youngest son named as
Charlie cut the ribbon for opening the vintage tearoom in official way. So, the event that she attends and
experience will foster her to leave her job and start a bakery and named it on the behalf of her mother
memories. Moreover, she used to got up at morning as well as her life was not going to changes any more
as she did something. She is a half Greek and comes from a long line of successful chefs. She also trained
to cater after leaving school and always tried to enjoy baking. Individuals come s to her fro their birthday
and Christmas cakes. So, all these motivate and foster her to become successful into the field of bakery
and cakes.
International entrepreneurs
Kiran Mazumdar- Shaw is considered to be one of the richest women in India. She is the founder
of Biocon which is a biotech firm as well as largest manufacturer of insulin. Moreover, it is listed under
stock exchange and entered into around thousand of licensing agreements in respect of R&D. Presently,
its turnover is about 24,000 million.
Background and experiences:
Kiran Mazumdar- Shaw went to do her post graduation course and trained as brewer in Australia
after taking degree in Zoology. After returning to India she wishes to follow her father’s footstep as a
brew master. While performing into brewing sector for couple of years her identified her career blocked
through sexism. So, in year 1978 she decides to establish a joint venture which develops enzymes within
India. Thus, she started Biocon with Irishman Les Auchincloss into the garage of her rented house in
Bangalore. From their firm is stilling leading and won various wards and in year 2010 she listed in the top
50 business woman. Therefore, this foster her to become successful entrepreneur. In addition this she got
various more awards such as in year 2003 her firm Biocon to become the first firm for formulating human
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insulin upon Pichia expression system. Also, funded various amount to support health insurance coverage
for Indian villages and others. Moreover, her keen interest and studies help her to develop enzymes
effectively. All these aspects motivated and foster her to become successful.
Social entrepreneurs
Bill Drayton is regarded as an effective example of social entrepreneur as well as is the founder
and current Chairman of Ashoka: Innovators for the public, it is an entity that is dedicated towards
researching social entrepreneurs as well as facilitating them effective help.
Background and experiences:
Bill Drayton background was helpful in order to shape him as a successful entrepreneur. During,
President Jimmy carter management, he offered as an assistant administrator of EOA in which he was
engaged in introducing of emission trading amidst another kind of reforms. Moreover, he performed into
a kind of visiting profession at Harvard and Stanford University. The experience of an entrepreneur has
crucial affects upon entrepreneurship process. Also, he chaired two firms such as Get America working as
well as Youth venture. He worked as an administrative consultant and manager for McKinsey &
Company for about 10 years. Therefore, this experience fostered to establish its own venture in which he
may facilitates assistance to some social entrepreneurs which help them to develop into marketplace
effectively and efficiently.
Conclusion:
As from the above, all entrepreneurs whether it is domestic, international and social have some
background and experiences which foster them to become successful entrepreneurs. For example, Bill
Drayton, Kiran Mazumdar- Shaw and Tina Katsighiras.
CONCLUSION
As per the above report, it has been concluded that entrepreneurship is essential as it is looking for
opportunities of enterprises under conditions of risk in terms of equity, time, resources and others. In
addition to this, survival, life style and growth are some kind of entrepreneurial ventures. Also, there are
some typologies such as small, large, scalable and others. All ventures are different but there are some
similarities among them. Small and medium enterprises have impact upon UK economy such as
employment, turnover and others. All they contribute towards respective economy in various manners.
Apart from this, Entrepreneurial motivation and mind set is essential as this has been determined that an
individual’s which has entrepreneurial mind sets are basically drawn towards opportunities and
innovation.
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REFERENCES
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Routledge
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Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business, strategy and
owner-manager characteristics. Journal of small business and enterprise development. 20(1).
pp.8-27.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small business.
Palgrave Macmillan
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economic goals in small firms. Entrepreneurship theory and practice. 36(2). pp.267-293
Decker, R. and et. al., 2014. The role of entrepreneurship in US job creation and economic dynamism.
Journal of Economic Perspectives. 28(3). pp.3-24.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Eriksson, R. and Rataj, M., 2019. The geography of starts-ups in Sweden. The role of human capital,
social capital and agglomeration. Entrepreneurship & Regional Development, 31(9-10), pp.735-
754.
George, G. and Bock, A. J., 2017. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Kelley, D. J., Singer, S. and Herrington, M., 2012. Global entrepreneurship monitor 2011 global report.
Global Entrepreneurship Research Association, London Business School.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning
Ramadani, V.,2013. Entrepreneurship and small business in the Republic of Macedonia. Strategic
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