Entrepreneurship and Small Business Management on UK - Assignment Sample

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Contents
INTRODUCTION........................................................................................................... 3
TASK 1........................................................................................................................ 3
P1 Types of entrepreneurial ventures and their relation with typology of
entrepreneurship..................................................................................................... 3
P2 Similarities and difference in different entrepreneurial ventures.......................5
TASK 2........................................................................................................................ 6
P3 Interpret and Access relevant data to acknowledge impact of small and micro
business on economy.............................................................................................. 6
P4 Importance of small businesses and business starts-ups in growth of social
economy.................................................................................................................. 9
TASK 3........................................................................................................................ 9
P5 Determine characteristics, skills and traits of entrepreneur which differentiate
them from business managers................................................................................9
TASK 4...................................................................................................................... 11
P6 Assess how entrepreneurial aspects reflects personality, mind-set and
motivation of entrepreneurs..................................................................................11
P7 Examine how background and experience of entrepreneurs can foster or
hinder entrepreneurship........................................................................................ 12
CONCLUSION............................................................................................................ 13
References............................................................................................................... 14

INTRODUCTION
Entrepreneurship is defined as setting up and managing new business venture in order to
earn high revenues and profits so that a person can live a standardized life. Entrepreneur is a
person which generates new ideas and perform different activities to develop a service or
product. This report is written in context with entrepreneurship and management of micro and
small businesses that enables and entrepreneur to live a stable life (Akehurst, Simarro and Mas‐
Tur, 2012) . This assignment is going to cover various entrepreneurial ventures and relation with
their typologies. Difference and similarities among business ventures are discussed. Beside this,
statistics and numeric data denotes the impact of different businesses on UK economy.
Importance associated with different businesses are also discussed. Different traits,
characteristics and skills of entrepreneurs are mentioned along with role of experience and
background in hindering or fostering entrepreneurship is mentioned.
TASK 1
P1 Types of entrepreneurial ventures and their relation with typology of entrepreneurship
Entrepreneur is an individual that manages and runs a business with the aim of sustaining a
good earning and livelihood. An entrepreneur does not have heavy investment due to which he
has to perform business activities with limited resources and effective planning. There are
various entrepreneurial ventures that have different type, size, scope etc. Some of these ventures
are mentioned below:
Various kinds of business ventures
Small business
These businesses require less human resource, investment and they are small in scale and
size. The have high operational strength due to which business person operating them achieves
high profits and revenues by providing high quality products and services to their customers. In
case of size and scope, these business operates at small level and have narrow scope. These
business are managed under proprietorship or partnership. Main motive behind these business is
to earn good living standard. Small business employee less than 50 employees. For example,
Rowlinson Knitwear (Bakeman and Hanson, 2012).

Large business
These type of businesses works at high level and offers wide range of services and
products to their customers. This is the reason these business earns very high revenues and profit
margins. In case of size, operations and scope, these business possess no limitations due to which
their scale of operating business is high. To manage these businesses, high investment and man
power is required. For example, TESCO, H&M etc.
Social enterprises
These business are started and managed in order to offer welfare to the citizens at local
and national level. These firms aims to create those concepts in reality that will benefits the
needy people in fulfilling them. Business in this sector have high scope and they operations are
performed with the help of government. These organisations do not work to attain high profits
and contributes in social economy at local and regional level. For instance, Oxfam, save the
children (Barringer, 2015).
Typologies of entrepreneurship
Different businesses have different typologies that is associated with development and
effectiveness of business. In this context, different typologies are discussed below:
Lifestyle Enterprise
These organisations operate to increase living lifestyle of people and fulfilling their needs
by offering high quality services and products. These business offers job and employment
opportunities to people, local residents do not face issues related with finance. This business
typology is a part of social venture which is managed with the purpose of supporting local
citizens in UK.
Growth firms
These businesses are managed with the purpose to attain high profitability. Entrepreneurs
operating these businesses develops concepts to enhance overall revenues and profit margins. By