Entrepreneurship and Small Business Management Study

Entrepreneurship and small business management
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Table of Contents
Introduction................................................................................................................................4
Part 1..........................................................................................................................................5
Introduction................................................................................................................................5
P1 – Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.....................................................................................................5
P2 –Explore the similarities and differences between entrepreneurial ventures........................7
P3. Present, interpret and assess relevant data and statistic to illustrate the impact micro and
small business have on the economy.........................................................................................9
P4. Explain the importance that small businesses and business start-ups on the growth of the
social economy.........................................................................................................................11
M1 - Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding
of entrepreneurship in both the public and corporate sector....................................................12
M2 – Evaluating the differences that small, medium and large businesses make to the
economy, applying relevant data and statistics........................................................................14
D1 – Critically examine the scope, development, and growth of entrepreneurial ventures.. . .16
D2 – Critically examine how small businesses have an impact on different levels of the
economy in a local, regional, national and international context.............................................17
Conclusion................................................................................................................................18
Part 2........................................................................................................................................19
Introduction..............................................................................................................................19
P5. Determine what makes a successful entrepreneur. You could consider examples of
successful entrepreneurs and determine the character traits and skills they possess. Similarly,
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you could explore whether entrepreneurs are born or made and whether entrepreneurship
skills can be learned over time.................................................................................................20
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset. You may wish to consider how personality is shaped by family upbringing,
lifestyle, cultural differences and personal motivation and drivers amongst other factors......22
P7: Examine, using relevant examples, how a person’s background and past experiences can
hinder or foster entrepreneurship. Factors to consider may include level and type of
education, national culture, economic circumstances and character traits. The risks and
rewards of starting a business should also be considered........................................................23
M3. Develop your response to P5 and P6 by exploring and examining different lines of
argument relating to entrepreneurial characteristics................................................................24
M4. analysing the link between entrepreneurial characteristics and the influences of personal
background and experience to specific successful entrepreneurs............................................25
D3. Analysing the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples........................................................................26
D4. Critically evaluating how background and experiences influence entrepreneurs, both
positively and negatively, by comparing and contrasting examples........................................27
Conclusion................................................................................................................................28
Conclusion................................................................................................................................29
References................................................................................................................................30
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Introduction
In the reported study, various concepts and conventions relating to the small business
enterprise have been discussed. Federation of small businesses is a UK based organization
which represents small and medium-sized business. In addition to this, the reported study also
highlights the reputation of small businesses as well as professional start-ups in an effective
and efficient manner. The entrepreneur is an individual who runs a minor business, supposing
all the risk and recompenses of an endeavor. The overall aim of this report is to explore the
wide range of business ventures. In simple words, entrepreneurship can be defined as way or
method for identifying skills and abilities to start a new business. This report also discusses
various types of entrepreneurial ventures including their impact on the economic rate. In
addition to this, the reported study also highlights the impact of micro and small business
financial rate of local, regional, international level.
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Part 1
Introduction
This section of the reported study talks about the various types entrepreneurial ventures relate
to different types of a typology of the entrepreneur. Different environments are also discussed
in this report that can be responsible for fostering or hindering the value of entrepreneurship.
In this report scope, progress, and growth of commercial ventures are analyzed in an effective
manner
P1 – Examine different types of entrepreneurial ventures and explain how they relate to
the typology of entrepreneurship.
The entrepreneurial endeavors are generally focused on providing effective services to an
early stage of the firm. As per the words of Audretsch, et. al. (2017), the role of
entrepreneurial ventures changes from time to time. Different types of entrepreneurial
ventures are described below:
Small Business Entrepreneurship- In the current era, small business like the grocery store,
salon, food vendor and others are making the huge chunk of start-ups all over the world. They
usually hire local employees or their family ones to run their business in a systematic way.
Their businesses are hardly profitable in a marketplace (Audretsch, et. al., 2017).
Scalable Start-up Entrepreneurship- These type of entrepreneur starts a company knowing
from day one that their mission and vision can be able to change the whole world. Their role
is to search for a repeatable and scalable business model.
Large Company Entrepreneurship- According to Charman, et. al. (2017), corporate
entrepreneurship is a method of developing new and effective ideas for leading the business
ventures along with improving its profit and productivity rate. Their main aim is to increase
economic rate in minimum resources and raw materials. They also develop their ventures for
the satisfaction of their target customers.
Social entrepreneurship- The role of social entrepreneurs is to make effective services and
goods for their customers at affordable price. They used to solve the social needs and
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problems by identifying the people and activities which are responsible for empowering them
in an effective manner (Charman, et. al., 2017).
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P2 –Explore the similarities and differences between entrepreneurial ventures.
The small corporate manager and entrepreneur are mostly used interchangeably. The
entrepreneur completely plays a different role than a manager of a small corporation.
Capitalists are the one who starts the business but the managers are the one who runs that.
According to Galli, et. al. (2017), entrepreneurs try to create the values for the shareholders
of their business. For increasing the equity of the Federation of small businesses they are
allowed for the intentional dispensations. Entrepreneurs try to create more energy for the
progress of the business. On the other hand, the supervisors of the small business feel
satisfied with whatever they are doing for running the association. Many of the times the
managers get sentimental by looking for the benefits of the society or community (Galli, et.
al., 2017).
The entrepreneurs are the self-motivated force of launching and planning the new
organization. They are the people who handle all the issues which are happening in the
process of designing any kind of products. The entrepreneurs determine the most efficient
method of production so that they can find the perfect customers. According to Krishnan, et.
al. (2017), the managers of the small organization is the one who operates an organization
which is surviving from the starting stage. An objective of FSB is to keep the association
growing and operating the business in an efficient way. Most of the entrepreneurs hire the
managers so that they can get help in building their small business into a large unit. Managers
are the one who recognizes that their creations and visions can help the company in achieving
all the targets in best possible manner. The entrepreneurship mainly involves the process of
being recognized and able to accept the risk in which they may get the failure. For the
entrepreneurs, failure can get considered as the loss of money and the situation from which
they get disappointed. But the managers are the one who carries the capabilities of facing all
the risks of failure in every manner. A manager of the small business deals with the pressure
of working with efficiency for building the large association in the competitive market
(Krishnan, et. al., 2017).
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(Source: Why To, 2015)
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