A Report on Entrepreneurship and Small Business Management Concepts

This report provides a detailed analysis of entrepreneurship and small business management, covering various types of entrepreneurial ventures, including small businesses, large companies, social enterprises, and scalable start-ups. It explores the similarities and differences between these ventures, their roles, and objectives. The report also examines the impact of small businesses on economic growth, highlighting their contributions to job creation, innovation, and infrastructure development. Furthermore, it delves into the influence of small businesses on the development of the social economy, focusing on their role in improving local markets and enhancing awareness. The report concludes with an examination of the characteristics, skills, and attributes of famous entrepreneurs like Richard Branson and Philip Green, analyzing how their backgrounds may have fostered or hindered their careers.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Types of enterprising venture and its categorization .......................................................3
P2 Similarities and differences between various entrepreneurial ventures ...........................4
TASK 2............................................................................................................................................6
P3 Effect of small business over economic growth ...............................................................6
P4 Influence of small business on the development of social economy ...............................8
TASK 3............................................................................................................................................9
P5 Characteristics, skill and attribute of famous entrepreneurs.............................................9
P6 Application of model to examine entrepreneur motivation and mind set .....................11
TASK 4..........................................................................................................................................13
P7 Hinder or foster entrepreneur background and experience ............................................13
CONCLUSION .............................................................................................................................14
REFERNCES ................................................................................................................................15
.......................................................................................................................................................16

INTRODUCTION
An entrepreneur is an advanced , risk taking individual who determines a necessity of
market and discovers a mode to fill up it, whether by utilising their personal skilfulness and
passionate, the cognition of others to execute their goal in an amended way. In other words, they
are regarded as those individual who seeks a possibility and commit in it in order to gain a
earnings and implement a best strategic decision to enhance a increased level of productivity and
profitability within prescribed time limit (Astebro and et.al., 2014). Along with this, each
entrepreneurial venture is divided into many types and each of them has their own size, purpose,
scope, objective for accomplishing business goal in an effective way. Additionally, this report
encompasses different kinds of entrepreneurial venture with their purpose, intent of
establishment, influence of small business over economic development and well as over social
economy's growth. Finally, brief of skill, potentiality and traits of well known entrepreneurs and
also determine whether their background hinder or foster their career is also mentioned here.
TASK 1
P1 Types of enterprising venture and its categorization
It is divided into various categories which are different from each other according to their
size, scope, purpose and many other factors. There are defined about the diverse type of
entrepreneurial ventures:
Small business: This is a most common or famous business form which is established by
an individualist or a unit of multitude. As this is the smallest form of the business due to which
the business activities conducted at a small scale. The primary intent of this association is to earn
income by satisfying the needs of customers. It has wide scope as it is the initial level of any kind
of business and other it provide huge benefit to the economy like it provide job opportunities and
higher living style to the people. In this business form limited employees are employed which are
approx 100 employees and their revenue is also less than £5 million. The example of this
business in UK are Clarasys, WAA Chosen etc.
Large business: In this form of the business organisational activities are conducting at
multinational level. As it is the astronomical form of the business due to which they have to
tough competition in the marketplace (Audretsch and Caiazza, 2016). They have great scope in
the economy as large organisations are focus on the serving a range of products due to which

they are able to make higher market-share. Also they are contributing in the alteration of the
system as because they are providing business opportunities, focus on equal development etc. In
this type of organisation almost 5000 employees are employed and approx 1.5 million turnover is
incurred. Tesco, Asda, M&S are the examples of this business form.
Social enterprise: As it can be understand by their name that they are working for the
social development or welfare. The main aim of this enterprise is to do social services not
earning profit due to which they are contributed in the development of the economy. They have
huge scope in the economy as because they are working with the purpose of make a world
healthier place. For instance, Auticon, Change Please etc. are working for providing the best
services to the society.
Scalable Start-up: In this venture those firms are included who are working with the
purpose of change the world. Their main focus on the employed talented and skilled employees
which will help them to accomplish the goals. They are focussing on the long term objectives
rather the limited aims and targets. Facebook, You tube are the examples of this business (Autio
and Fu, 2015).
Typologies of entrepreneurship:
Entrepreneurship typologies are very beneficial for the company as it help them to
enhance their overall effeciency and improve the organisational performance. There are defined
different type of typologies:
Lifestyle enterprise: This refers to those busienss who are conducting their operational
activities with the purpose of acheiving a particular level of revenue. In this category small
business form is included as they are conducting their activity to earn profit on daily basis.
Growth firms: In this categor those firms are included which are conducting their
activities at the large scale so that the growth of the business as well as economy can be increase.
The large and scalable business forms are comprised in this category as they both are conducting
their activities at large scale with huge benefits to the economy development.
It has been demonstarted that the entrepreneurial ventures are grealty related to the
typolgies of the entrepreneurship (Ayandibu and Houghton, 2017).
P2 Similarities and differences between various entrepreneurial ventures

Basis Small Business Scalable Start up Large Company Social
Entrepreneurship
Meaning It is defined as
those business
that have up to
250 employees
with an aim of
enhancing the
economic growth
in an innovative
or creative style.
It is consider as
one of the most
important factors
for entrepreneur
considering
starting new
business or
hoping to take
existing firm yo
next level by
increasing profits
over time,
growing revenue
for enhancing
market share or
size in a better
way.
This concept is
relate with those
working culture
which believes
that development
of novel ideas and
opportunities as
well as to expand
the market in an
effective manner
in order to
enhancement of
competitive
position or the
strategic renewal
of an existing
business.
It is concern with
those
establishment
who pursue
innovative
technologies or
opinion in order
to enrich the life
standard of
community or
society in an
impressive
manner.
Roles Their primal role
is to make use of
available
resources in order
to gain
competitive
advantage.
They adopts an
innovative ideas
and seeks for
repeatable
business model
which will in turn
to attain higher
growth and
enhancement.
Their main aim is
to deliver high
and best quality
of products and
services for
acquiring
increased level of
customer
satisfaction as
well as obtaining
They are highly
dedicated to bring
awareness among
community or
society regarding
products or
services
(Blomsma and
Brennan, 2017).

profit
maximisation.
Objective To gain high level
of profit for
surviving.
To encourage
their investors to
put their active
participation
towards business
goal by providing
enough financial
support to their
innovative or
advancement of
technology
(Ebeiyamba
Oluchukwu,
2014).
Their essential
objective is to
deliver best
quality of
products or
services as well
as makes an
attempt to attain
latest or advanced
technology in
order to gain
competitive
advantage in an
innovative and
creative manner.
Its main goal is to
fulfil the
requirement of
community or
society by
providing social
welfare product
or services in
order to bring
increased level of
customer
satisfaction as
well as enrich the
life status of
people (Godwin,
Neck and
D’Intino, 2016).
TASK 2
P3 Effect of small business over economic growth
Small business refers to those group of organisation which is severally owned and direct
institution that is restricted in size i.e. 500 employees with an aim of accomplishing business
goals or objective in an innovative style as well as to enhance the living standard of people or
social group (Hamari, Sjöklint and Ukkonen, 2016). Moreover, according to the recent market
report of UK it has been signified that small business are reasoned as the major players for their
development as it benefits them in different prospect like employment possibility, adaption of
advancement in technology increase market share or size and so on. Furthermore, there was a

growth of employment among UK community i.e. it rises to around 99% of all businesses which
add value to firm's brand image. Some of the effect of small business within UK economy are as
follows:
Acquire innovative products- This determinant is on of the crucial segment for the
development of societal system for which small business makes an effort to evaluate current or
emerging trend of industry and deliver requisite products in an advanced and creative manner.
Along with this, it help them to boost the proficiency of firm as well as enhance revenue segment
of social economy (Jones, Borgman and Ulusoy, 2015).

Providing number of job opportunity- Small and start ups businesses has an significant
role in creating tremendous job possibility for every respective that assist social economy to
improve life style of society in an amazing or amentaceous manner. generating various job
opportunities for the people of the society.
Enrich infrastructure: In this aspect, small business put their huge contribution towards
an enlargement of national income of an individual which directly reflect in their growth in
economy situation ( Khanin and Turel, 2015).
P4 Influence of small business on the development of social economy
Social economy is a division of economics that centring over relation between societal
demeanour and competency. Along with this, it analyze how cultural standard, morals, rising
popular opinion and different doctrine impact user action and form public purchasing tendency
(Morris and et.al., 2018). Thus, small business and start up companies are playing a crucial role
in an enlargement of market share and size in a better manner. Some of the benefits are discussed
below:
Improvement of local market- Recently, it has been viewed that due to Brexit there was
immense impact over establishment productivity and proficiency as well as over economic

growth. However, small and start up concern plays a vital function as they expanded their
business operation to various location with foremost attribute of products which help them to
increase increase level of customer satisfaction which reflects in an enrichment of profitability
which positively affected the social economy.
Enhancing awareness- In this aspect, small business makes an initiative to create
awareness regarding fluctuation or financial crises within economy which help social economy
to improve the fulfil of community requirement in an trenchant way (Omri, Frikha and Bouraoui,
2015). Therefore, due to this, it enable firm to introduce innovative profits based on customer
demand or need in order to add positive attitude among the mindset of each individual.
TASK 3
P5 Characteristics, skill and attribute of famous entrepreneurs
Success is ascertained by execute milestones and content for the concern as it takes huge
effort or contribution for an individual to gain prosperity or flourishing in career in an impressive
manner. However, there are many features, attribute and ability which defines an enterpriser
success and distinguish them from other enterprise managers. For this study, Richard Branson
and Philip Green has been considered who are come under successful and famous entrepreneur
in the world. Hence, Richard Branson is known as successful entrepreneur who is a founder of
Virgin Group which is the world’s largest company across the globe (Webb, Ireland and Ketchen
Jr, 2014). Whereas, Philip Green is another entrepreneur who a chairperson of Arcadia Group as
well as Topshop and BHS. Some of their features are explained below:
Entrepreneur Characteristics Description
Richard
Branson and
Philip Green
Competitiveness The industries are exploding vastly and every
entrepreneur senses that to gain better outcome in their
career. Therefore, Richard Branson and Philip Green
bring off their trades with the aim of gaining competitive
advantage within existing industry. In addition, this
highlights the maintaining proper record of organisations
success which assist them contrary from other business
managers (Zahra and Wright, 2016).

Innovators To achieve success in life, innovation has a significant
role as it lead them to attain high productivity within
competitive marketplace. In case of Richard Branson
and Philip Green, both are best-known for innovative
nature as they manufactured tremendous modern
products for their customers which makes them to stand
apart from another business managers.
Entrepreneur Traits Description
Richard
Branson and
Philip Green
Adaptability As per the existing scenario of business environment
which shows that it is not stable in nature. However,
Richard Branson and Philip Green are very much open to
acquire any changes or modification within an industry
as they were enable to pact with the altering environment
and fulfil customer’s need as quickly as possible (Zervas,
Proserpio and Byers, 2017). Additionally, it is because
the primary purpose of the products manufactured by
them is to combat with increasing individual demand or
needs which makes them unique from other business
managers.
Disciplined Richard Branson and Philip Green always pursue
organised working style in order to eliminate an issue of
conflict or ambiguity within business premises.
However, their prevailing plan of action aid themselves
to perform different from other business managers
because it assistance them in accomplishing towards their
planned goals.
Entrepreneur skills description
Richard Risk taking It is related to failure or loss which is considered as on of

Branson and
Philip Green
the primal feature in entrepreneurship. Therefore,
Richard Branson and Philip Green are alike from other
business managers because of their risk taking attitude it
lead them to achieve growth and enrichment in their
career as well made them one of the topmost
entrepreneur among competitive world.
Leadership It is a ability of an individual to promote multitude so
that they can employ with full keenness and assurance for
the accomplishment of business objectives or vision.
Hence, Richard Branson and Philip Green pretence
strong leadership skills for which they implied
democratic leadership styles that prompt them to concern
personnel in decision making process by sighted their
views, persuasion, problems, etc. that proved them
contrary from other business managers.
P6 Application of model to examine entrepreneur motivation and mind set
An entrepreneur is embraced with specific set of attribute, cognition, knowledge which
outlined their action and attitude in the direction an obtaining their vision in a amended
demeanour without any deterrent. In addition to this, these peculiar ability enable each individual
to supervisor their capability as well as help them to overcome their weakness and enrich
strength for attaining profit maximisation with optimum utilisation of available resources in an
efficacious mode. Henceforth, implication of Big Five model plays a vital role in every personnel
as it is regarded that the dimension of these concepts underlies traits that make up an individual's
overall personality.
Openness: This trait is concern with those grouping who wishes or desires to acquire
novel things and enjoy several experience as it involves traits like being perceptive and ingenious
or having a mixture of interest. This is the reason such kind of personality are able to examine
every personnel ability as well as aid them to make effective decision in order to generate better
working culture within business premises. Hence, in regard of Philip Green as they constituted as

adaptable and adjustable nature personality who always seeks a platform that leads them to grow
and enrich and that is why it has been significant evident that he is one of the richest and
flourishing entrepreneur in the global.
Conscientiousness: Under this, it comprises those individual that have a broad state of
carefulness are dependable and efficient. Some of the quality which includes in this are
organised, methodic and thorough. In addition, it has been signified that these manpower manage
or handle very difficult issue consciously and ensure it improve everyone morale in order to
obtain increased level of productivity. Henceforth, Richard Branson was famous was recognised
as a creative thinker as he make an attempt to determine existing marketplace trends or demands
and founded on that apply effective determination which guide them to achieve high level of
proficiency.
Extroversion: In this aspect, manpower are highly prefer to interact or mingle with each
other like talkative, assertive and tries to build a long lasting relationship with them in order to
accomplish profitability ratio in a improved manner. Hence, this trait enable managers to
provide all relevant information to their subordinate as well as help them to control over conflict
of interest or ambiguity within business premises. Therefore, Philip Green has an quality of
maintaining transparency with their personnel or followers which assist them to acquire best
positioning among competitive marketplace.
Agreeableness: Under this, it is associate with those trait who are friendly, cooperative
and compassionate, kind, affectionate and sympathetic that help them to get along with every
situation and enable to add value towards brand image. Additionally, in case of Richard Branson
to proportion the cognition and authorization in an enterprise and ensure a positive mindset to
improve the business operations more effectively and also to gain competitive advantage in an
innovative and creative style.
Neuroticism: It is also refer as emotional stability as these dimension relates to degree of
negative feeling for which leaders has to compact with unexplained or complex business
situation and utilize an effectual conceptuality for incur increased level of motive and add value
to public as well as rise business’s brand image within desired time frame in an innovative and
creative style.
However, this model help entrepreneur to ascertain each personnel capacity and based on
that implement best strategic decision during company complex situation in a better manner as