Entrepreneurship and small-business Management - Assignment Sample

ENTREPRENEURSHIP AND
SMALL-BUSINESS MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P.1. Various kinds of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship.....................................................................................................................1
P.2. Explore the similarities and differences between entrepreneurial ventures....................2
TASK 2............................................................................................................................................4
P.3. Micro and small businesses impact on the economy and illustrate it with graphical
representation.........................................................................................................................4
P.4.Justify the importance of small businesses and business start-ups to the growth of social
economy.................................................................................................................................6
TASK 3............................................................................................................................................7
P.5. Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.......................................................................................7
P.6. Aspects of the entrepreneurial personality and reflect entrepreneurial motivation and
mind set..................................................................................................................................9
TASK 4..........................................................................................................................................11
P.7 Explanation on how the background and experience can hinder or foster entrepreneurship.
..............................................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is the ability of a person to start a new business venture in order to
attain profits by taking risks. It is the process of starting a new enterprise where goods and
services are being traded. This report will focus on Various kinds of entrepreneurial venture and
their typologies. Moreover, it covers similarities and differences between entrepreneurial
ventures. Importance of small businesses and business start-ups to the growth of social economy
will also be described briefly. Furthermore, this project will also determine the characteristics
traits and skills of successful entrepreneurs i.e. Jack Cohen, owner of TESCO has been chosen
and how he is different from another business manager.
TASK 1
P.1. Various kinds of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship.
Entrepreneurship is a process of starting and managing a new business in order to earn
profits. Entrepreneur is a person who come up with a new business idea and take all the risks and
necessary steps for its formation with a motive of earning profits and growth in the future.
Types of entrepreneurial ventures:
Craftsman Entrepreneur: These business person has high technical experience and are good at
professional skills. But such entrepreneur is not good at communication. Below are the
characteristics of Craftsman entrepreneur:
 Such businessman does not take high amount of risk.
 Organization is managed by them in such a way as if they are managing their families
 Maximum two to three capital resources are used by such business person in order to
establish new venture (Durst and Roth, 2018).
 Does not plan the future growth in advance.
Growth oriented owner- entrepreneur: Such businessman focus on growth of the venture.
Growth is measured by calculating the following aspects:
 Increase in sales of the company
 Profits percentage should be increased
 Covers maximum market share by preparing a target market
 Focus on quality of product and services in order to sustain in market in long run.
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Growth oriented entrepreneur are always highly motivated towards their work and they never
feel sense of satisfaction. These people have the highest level of energy and are good at
multitasking. He will always find a new opportunity in order to attain growth of venture.
Manager or innovator: Manager of firm is lifeblood of organisation. He is a person who
handles the entire system and activities of an enterprise. Innovator is an individual who comes up
with a new idea to start a business and takes all the required steps to start a new firm.
Owner refusing growth but seeking efficiency: People who does not focus much on growth of
the enterprise rather it has complete focus on efficiency and its betterment. Quality of product
and making it with more efficiently by use of labour and machineries is the focus of such
businessman (Laukkanen and Tornikoski, 2018).
Risk oriented entrepreneur: Individual who take more risk than the average business man.
Such entrepreneur has great vision and takes all the opportunity comes in their way. They focus
on taking higher risk in order to earn more incomes and growth. There is a phrase that more will
be the risk greater will be the return. So such entrepreneur takes higher risk and enjoy higher
returns. But failures are also to a great extent by such people.
Family oriented entrepreneur: A business that is run by whole family or it can be said that
where all the people working in the firm belongs from same family. In such kind of enterprises
cost of governance comes very low, because accounting work or any other legal work is
managed by their own family members. Human capital is their first resource because entire
family coordinates and work together.
Visionary entrepreneur: This business man has long termed vision who see all the conditions
and aspects before taking any decision. Those who have better vision are more successful in the
future, because those who are good at determining things tends to have less failure in life.
P.2. Explore the similarities and differences between entrepreneurial ventures
Basis Craftsman
Entrepreneurial
venture
Family oriented
entrepreneurial
venture
Risk oriented
entrepreneurial
venture
Meaning These business have
high technical
knowledge and are
People works for their
family business in
such enterprise or it
These business man
take more risk than the
average business
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good at professional
skills.
can be said that under
such business all
working individual
belongs from same
family.
person.
Risk taker Such enterprises do
not take high amount
of risk
These establishments
take limited risk as per
size and objectives of
business
Such business takes
the highest amount of
risk in order to achieve
maximum profits.
Capital Maximum two to three
capital resources are
used by such firms
Maximum capital is
raised from within the
family. It is called
social capital.
Capital can be raised
from any source by
such businesses. Such
as owners fund, public
shares etc.
Future growth Does not plan future
growth in advance.
These plan growth as
per the requirement of
family and its business
Growth is focus of
such enterprise and for
that business-man
takes all necessary risk
to achieve the same.
Management Organization is
managed by them in
such a way as if they
are managing their
daily work.
Complete management
is seen by the family
members.
Management is seen
by the managers of the
enterprise and they
take all the decisions
related to firm.
From the above table it has been illustrated that All the enterprises are different when it comes
to risk taking because every business is established for earning higher profits. Management
handling techniques are not same because all has their own leadership qualities or techniques of
motivating employees. Every business raise capital from different sources which is feasible to
them. This all aspects differentiate them from each other.
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Similarities between the above three enterprises:
 All businesses have same objectives and goals of attaining success in the future, No one
works for failures.
 Every firm believes in online advertising through social media platforms like Facebook,
Instagram etc.
 All three organisation believes in taking opportunities seriously and working on them to
achieve success in the future.
 A person comes with an idea to start his own venture, they have to go through all the
legal proceedings of starting new business
M1 Range of entrepreneurial ventures
There are different stages of entrepreneurial ventures which are defined below.
Entrepreneurial: An entrepreneur is the one who comes up with an idea for establishing
a venture and starts it by taking all necessary steps. It is something new which does not associate
with existing business model.
Intrapreneurship: Intrapreneurship is like entrepreneur in a bugger organization. They
are usually highly self-motivated, proactive and action-oriented people who easily take decision
or initiatives of their own, even within the boundaries of an organization, to take innovative
products or services.
D1 Critical examination of scope development and growth of entrepreneurial ventures
As per Jones (2018), every ventures focuses on growth and development thus it takes maximum
possible risk in order to attain higher profits. Higher the risk more will be the return and growth
in venture. Whereas, As per Caputo (2018), More risk can be lead to failure of establishment.
TASK 2
P.3. Micro and small businesses impact on the economy and illustrate it with graphical
representation
Small and micro business are lifeline of United Kingdom. This kind of firms require less
capital investment and number of working employees are also less. These concern have a few
resources, employees and have a very little working capital for investment. In United Kingdom,
majority of firms have less than 10 people working with them. In United Kingdom, more than 15
million of the country are working with small and micro enterprises. Micro and small business
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have earned around 25 million pounds as annual turnover in UK. In 2016, private business has
got increased till 97000 in numbers (Torrès and Thurik, 2018). Such private sector businesses
have great contribution in GDP of whole nation and it provides employment opportunities to all
people of the country who are in need.
Such kind of organization has following impact on the economy of UK:
Impact on local economy: In London, Micro and small industries carry more than 50%
of overall market. Huge activity of these concern plays a crucial part in entire economy of the
city and also contributes to its position as major world-wide business centre. Micro and small
scale enterprises makes up to 48% of business aggregate of the city (Impact of small business on
economy, 2017).
Impact on national economy: In United Kingdom, small and micro firms covers around
71% of the business. In the economy of United Kingdom, 35% of employment is carried by
small and medium sector firms and have 19% turnover of overall businesses in UK. At national
level, around 4.2 million establishments are at micro and small level which has less than 10 and
25 employees respectively (Spence and et.al., 2018)
National level Total business Ratio of SSI
United Kingdom £5.4 million 94.00%
The whole employment in United Kingdom are as follows:
Nation Total Employment Ratio of SSI
United Kingdom £16 million 65.00%
Impact on international economy: Micro and small business have great prospective at
contribution of growth at international level. Large number of products are being exported by
these undertaking. Micro and small business has higher contribution in increasing overall
exports of United Kingdom. Internationally, 75% business is improved by such small firms.
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Illustration 1: Impact of small business on economy
(Source: Impact of small business on economy, 2017)
P.4.Justify the importance of small businesses and business start-ups to the growth of social
economy
Small businesses play a major role in the economy of United Kingdom. Around 25
million business are set up which are of small nature in the entire country. These firms are set up
in order to earn profits and revenue, but it has a huge contribution on the economy of nation.
Below are some points which will show impact of these enterprises on social economy
Standard of living: Small businesses has played the best role in improving standard of
living of people. One of the main reason of betterment of living standard is by giving
employment to unemployed people. But other than that innovative ideas have been adopted by
small firms and this helped society in enjoying new and different products and culture. All this
has a great impact on improving life style of citizens of the nation (Jones and et.al., 2018)
Balanced regional development: Small businesses are being set up in those areas which
are less developed and backward in every aspect. Setting up of these small scale industries has
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helped in improving infrastructure such as roads, water supply, electricity etc. Employment
opportunities are also created in those areas and that leads to improvement of regions.
Authorities of nation also promote this kind of development of regions which are under
developed by providing various benefits and rebates to new start-ups (Lerner, Verheul and
Thurik, 2018).
Exports: To expand a business, person thinks of exporting products outside the nation so
that international market can also be covered. This will help in economic development of the
nation by currency inflows in the country and bigger markets are being captured. Economic
revenue will lead to development of society at large. Thus, exports of articles will improve the
social condition of the country.
Create jobs: Start up means establishing a new business and that leads to one less job
seeker in the nation. And many employment opportunities are opened and provided by that
single new start up. Creating job and giving employment to people will help them in earning on
their own and living a life with better facilities and that will improve the social economy of
country (Lee, 2018).
Creativity: Start-ups always focus on coming up with an innovative idea so that in can
survive in this existing world. Creative new products bring change in mind set of society.
Adopting of innovative products will bring a change in society and will help in development of
the same.
Growth domestic product: Starts ups plays a very important role in the GDP of the
nation. It has increased 35% of GDP of country. Social development has been seen by the
increasing GDP of the country. Increasing GDP to a great extent by small enterprises resulted in
social development of the nation (Importance of small businesses, 2016)
Environmental benefits: Small businesses needs less working capital. Less resources are
being used by the organisation because amount of capital invested is low. Hence, they make
optimum utilisation of resources. This results in saving of resources as well as controlling the
wastage of environment (Laudano, Marzi and Caputo, 2018.)
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M.2 Differences small, medium and large businesses make to the economy, applying relevant
data in addition, statistics
All the three businesses contributes to a great extent to the economy. This businesses give
employment to people as well as increases gross domestic product of the nation.
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D.2 Critically examine how small businesses have an impact on different levels of the economy
As per Spence (2018), small business has helped in higher growth of economy by way of
giving employment opportunities to people. It has also contributed in the GDP of nation.
Whereas, As per Laukkanen (2017), small businesses has developed unfair competition between
companies.
TASK 3
P.5. Determine the characteristic, traits and skills of successful entrepreneurs that differentiate
them from other business managers
Jack Cohen and Sam Wolten are being taken to conduct the research and know their
skills traits and characteristics of being successful in their life.
Jack Cohen: He is the founder of TESCO which is a chain of super market. Jack Cohen
was Born in London and became the fourth Biggest retailer in world. In starting Jack Cohen has
made specialisation in Food but later on he moved TESCO in every area such as electronic
items, Music systems, etc.
Sam Wolten: He is an American business-man who has founded Retail store named as
Walmart. He has all the characteristic if being a successful business man and that is reason he
has become biggest private employer in the World. During a time, He was the richest man in
America (Torrès and Thurik, 2018).
Below are the skills and traits of both entrepreneurs which has made them successful in their life.
Skills:
Innovative: To become a successful business man, a person is required to come with different
and innovative ideas. Every person wants to have their own business, so one needs to be different
and come with an innovative idea in order to sustain in this competitive world.
Motivation skill and positive behaviour: Businessperson should always have skills of
motivating other person because he needs to motivate employees in the company for doing better
work and for taking out the maximum work from them. A Person should always have positive
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attitude towards everything in life that will result in attaining success (Braunerhjelm, Ding, and
Thulin, 2018)
Characteristic
Education: In decision making or in managing a business education plays a vital role. A person
who is educated has a better vision and knowledge about the market. Educated people have a
personality of taking decision with patience and they study the behaviour of consumer with great
aspect.
Not afraid to take risk: A business man should always have an ability to take risk
because higher the risk more will be the return. Risk and reward are always simultaneous to each
other. A risk taker is a person who stakes everything in the hope of attaining higher profits and
growth. Jack Cohen is a risk taker with a great vision and mission in business. That is the reason
behind his success and becoming fourth Biggest retailer in entire world (Trehan, Higgins and
Jones, 2018)
Believer of perfection: Sam Wolten was a such a perfectionist and that is the main
reason behind his success. Work with discipline and perfection make a person more successful.
Jack Cohen is a risk taker with a great vision and mission in business. That is the reason behind
his success and becoming fourth Biggest retailer in the world.
Traits:
Acceptable and flexible: A successful entrepreneur has the ability to accept all changes
with time. A business person is not flexible as per needs of the consumer then it will result in
failures (Characteristic traits and skills of successful entrepreneurs, 2017).
Jack Cohen has the ability of accepting every changes with time and that Behaviour has made
him opened chain of retail stores and made him a successful entrepreneur.
Passion for Positive change: Business man should have such skills that he should accept
every change with a positive attitude. They should have desire to change the world with their
product or services. Jack Cohen has idea of changing the community system by making available
all products under one roof. This is the biggest reason behind his success.
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P.6. Aspects of the entrepreneurial personality and reflect entrepreneurial motivation and mind
set
Here is the reflection of entrepreneurial motivation and mind-set affected by
entrepreneur's personality. Big five personality traits are being described here to make
understand the personality of entrepreneur and to know reason behind their behaviour.
Openness: Openness is that attitude of an individual where he wants to try every new
thing that he can try. An entrepreneur should always be open with his ideas and must take
decision after considering every aspect related to it. Here an example is illustrated of Jack
Cohen is a big open minded person, who has always tried new aspects in business with
acceptance of all the innovative and different ideas. Openness will help the entrepreneur in
changing mind set easily. Flexible mind will always help in motivating one self.
Conscientiousness: People with this behaviour are likely to be very much aware of their
actions. Business man with this attitude are careful towards the work assigned to them. They are
very responsible people for all the duties given to them. This report has shown brief description
on Sam Wolten, who is very goal oriented person and is completely serious towards every work
he thinks of doing and this behaviour made him a successful person (Five big personality traits,
2016)
Extroversion: This kind of person are good at communication skills and are high at their
energy level. It is easy for such people to start conversation and are very socialise in their life.
People with such quality traits will become great leaders who can motivate their subordinates
with their communication skills. For Example: Sam Wolten had an extrovert personality which
makes him a successful leader and who motivates all his employees with his communication
skills (Acs, Mickiewicz and Szerb, 2018.)
Agreeableness: The person with this ability is very cooperative with people and those
who lack this personality are very competitive and they manipulate others to achieve success.
This kind of People are helping and contribute to happiness of other individuals. People who are
good in attribute of agreeableness are always kind and caring about others and highly motivated
to help everyone in need. For example: Jack Cohen has a nature of helping other people, he has
made so many donations to charitable trust and that is the reason he has become such a famous
entrepreneur of world.
Individual who are high in Agreeableness are:
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 Very caring for people.
 Loves to help and become part of others happiness
 Show concern to people who are in trouble.
Neuroticism: People with this trait are not stable with their emotions, mood swings is
common in such kind of people. Such kind of people are bad at emotions and they get very
troubled while cracking any deal or while taking any risk in business. This is not a sign of
successful businessman. So a person should always have control over his emotions and he must
be practical enough to take all the decisions related to an organisation.
Individual who are high in neuroticism are:
 Stress taker
 Easily get sad
 Feel drastic mood change
 These people are not emotionally stable
Illustration 2: Five big personality traits
(Source: Five big personality traits, 2016)
M.3 Different lines of argument relating to entrepreneurial characteristics
As per Liang and Dunn (2013), Entrepreneurs are always highly dedicated towards their
work. It is the basic characteristic of entrepreneur to work hard for attaining success and growth
in the future.
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As per Lee (2018), Entrepreneur is a person who is always realistic along with a risk taking
personality.
D.3 Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs,
supported by specific examples.
Visionary: A business-man must have a good vision to check the business future and growth.
Confidence: A person must be confident enough about the work he is doing. Less confident
people can never attain higher success in their life. Sam Wolten was very confident about all
decisions he took in his life and that is the reason behind his success
TASK 4
P.7 Explanation on how the background and experience can hinder or foster entrepreneurship
Background of a person decides career and achievements of an individual. Success can be
achieved fast with support of family and friends. People who are close to an individual help in
taking right decisions at right time in life. But those who does not have family who supports
them, then it is very difficult for the person to start work on their own. It is really difficult for a
person to start and implement work without any support from back (Shelton and Minniti, 2018).
John Cohen is the best example to make understand about background theory of an
Individual. He has seen big failures in life in the starting days of his career. But he has a
supportive family who made him a successful person. John Cohen has a personality of openness
who accepts every new idea and innovation and implement the same in his business. Along with
that he has faced so many difficulties in terms of Sales and marketing, because it is very hard to
have your own start up but somehow he managed and achieved great success with the help of his
knowledge and disciplined behaviour (Farhat and et.al., 2018).
Additionally, various society issues are faced by entrepreneurs because big business
person who thought of expanding in every nation faced lots of difficulties. As, every faith has a
contrastive culture. But perfect management and disciplined nature with problems has helped
them in achieving success in life.
Factors influencing decisions to start a business:
 Personal background: At the point of a person's career, his Background helps in
taking right decision at right time in order to achieve success. In order to achieve
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success in business it is essential that an individual have good knowledge and
education regarding undertaking a business.
 Education: In decision making or in managing a business education plays a vital
role. A person who is educated has a better vision and knowledge about the market.
Educated people have a personality of taking decision with patience and they study
the behaviour of consumer with great aspect.
 Dependant on one or more key employees: Employees with different ideas and
innovative thinking helps in being different from other organisation. Two companies
can be same in all the respect but can never be same with their human resource
department.
 Innovative skills: Business man should always be innovative with his idea and
thoughts. Being different can help the entrepreneur in attracting more customers
towards its product and services (Howell, 2018).
 Idea: This is the first thing that comes in the mind of an individual before starting a
new business. Innovative and creative idea helps the individual to stand in this world
of high competition.
The risk and reward of business start-up:
Business person takes so many risks in order to gain profits. Here are some major risks that are
faced by an entrepreneur during the lifetime of a business.
Financial risk: A business person faces high risk of raising capital and proper
management of finance is required to be done. To buy asset for the organisation it needs lots of
funding which is raised through various sources such as Public shares, loans etc. This involves
high risk which is mitigated by an entrepreneur in order to attain objectives and goals.
Legal risk: Many laws are established in order to restrict and allow activities of business
person. Risk is faced by a person in order to gain more benefits. That is the reason of taking high
risk which is imposed by government (Pham, 2018).
Start-ups may not be around long enough: A new established business faces lots of
risk of setting up and executing their new business idea. There is no guarantee that a business
with an innovative idea will succeed.
Here are some advantages of setting up start up even after involving lots of risk.
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Faster implementation: New business man and small start-ups gets work and different
projects very easily. These new firms enjoy many benefits of tax and laws of being a new firm in
market. Subsequently, taking all the risk it also enjoys rewards of being a start-up.
Market share: Start-ups comes up with an innovative thought and implement it by
dealing in new products and services. This helps the firm in covering targeted market place
(Farhat and et.al., 2018).
M.4 Link between entrepreneurial characteristics and the influence of personal background and
experience to specific successful entrepreneurs.
Bravo in nature: John Cohen is very motivated towards work and this helped the business-man
in attaining success.
Hard work and Disciplined: There is no shortcut to success. One has to do Hard work in order
to achieve their goals and objectives. Work that is done with discipline is always a quality work.
Sam Wolten was a very disciplined man and has attained all the goals that he has dreamed with
time (Henning and McKelvey, 2018)
D.4 Critically evaluate how background and experience influences entrepreneurs, both
positively and negatively, by making comparison.
As per Farhat (2018), Background of people helps them in motivating. It leads to achievements
of the person. Whereas, as per Jones (2018), if someone does not have a good background of
family and friends than it is really hard for the person to see the future in positive way.
CONCLUSION
From the above report it can be concluded that there five types of personality traits but all
entrepreneurs carry different characteristics which help in knowing their nature in leadership and
motivational qualities. This report helped to understand about the characteristics traits and skills
of successful entrepreneurs that differentiate them from other business managers. Furthermore, it
can be summarised that background and education of a person helps and plays a great role in
achieving success. Start-up has helped the people in improving their standard of living by
providing them innovative products. Many environmental benefits have been provided by small
businesses by utilising the resources optimally.
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