Entrepreneurship and Small Business Management

Entrepreneurship and Small Business Management

Table of Contents
INTRODUCTION......................................................................................................................3
MAIN BODY.............................................................................................................................3
TASK1.......................................................................................................................................3
P1 Identification of various branches related to entrepreneurship and discussion about their
typology..................................................................................................................................3
P2 Identification of differences and similarities between various entrepreneurship ventures.
................................................................................................................................................5
TASK2.......................................................................................................................................6
P3 Identification of statistical data related to contribution of small and micro business and
their impact on economy........................................................................................................6
P4 Identification of various aspects related to small and micro business within the
economy and their impact on social economy.......................................................................8
TASK3.......................................................................................................................................9
P5 Identification of different characters tricks and skills of various entrepreneurs and
manager for successfully managing the business...................................................................9
P6 identification of various aspects related to entrepreneurship personality and how it
impact the mind set of individual for entrepreneurship motivation.....................................11
TASK4.....................................................................................................................................12
P7 identification of the data related to the impact of various backgrounds and experience of
different opinion on fostering and hindering entrepreneurship............................................12
CONCLUSION........................................................................................................................13
REFERENCES.........................................................................................................................15
Books and journals...............................................................................................................15

INTRODUCTION
Entrepreneurship is describe the capability of individual person to grip opportunity at
Marketplace and the organisation bring new ideas with minimal risk that must be linked with
the organisation and boost the level of profitability for accomplishing goals as well as
objective. It is connected to the overall improvement of small scale organisation and that help
in a completion of goal by integrating various ability as well as state of an individual person.
In present assignment the selected business organisation is small which is located in UK.
There is also a discussion regarding various entrepreneurship and also description regarding
various typology of entrepreneurship at Marketplace. There is also explanation regarding
very similarity as well as differences among entrepreneurship venture. In middle of
assignment there is an explanation regarding various aspects of micro as well as small
business and their effect on Economy. The significance of small business helps in considering
the needed skill of an entrepreneur to grip different opportunity. At last they also explain
regarding entrepreneurship personality and there are various factors which provide
background as well as culture that Foster or hinder the opportunity for an individual
person(Runyan and Covin, 2019).
MAIN BODY
TASK1
P1 Identification of various branches related to entrepreneurship and discussion about their
typology.
Entrepreneurship is a capability of an individual person they focuses on designing,
introducing as well as operating the innovative business with some new ideas and also taking
risk for increasing profit margin.
The various concepts of entrepreneurship
Serial entrepreneurshipit has been described as an individual person who bring
innovative ideas and operating new organisation. They are considered as a differ from a
typical entrepreneur who bring only a single idea to launch a new company but they focuses
on bringing innovative ideas for performing day to day functioning of organisation.
Intrapreneurs are described as behaviour of an individual person who carries out
their work within a large business organisation. They focus on taking risk and bring
innovative ideas in order to handle reward by adopting various techniques.

Owner-manager Owner are considered as those person who are liable for performing
their values and duty in relation to legal issues while monitoring or controlling inventory for
achieving goal as well as objective in future period of time.
There are different entrepreneurial venture that is going to be mentioned below:
Survival venture is described as a new business venture that focuses on survival and
maintenance of organisation and also their main purpose is to satisfy the financial obligation
in good way. The basic example of this kind of Survival venture is like to MOMA food
which run their business at small level at UK and also arrange fund for its various operations.
Lifestyle venture these are those ventures that focuses on lifestyle which must be
duplicated by various followers. They focus on regulation which is built by entrepreneur and
there are various examples in relation to Lifestyle ventures such as SGS product UK.
Growth venturethese are considered as that organisation that focuses on growth and
captured the larger market share for success of organisation (Daniel, 2016).
Scope, growth and development of entrepreneur venture
There are various venture that main objective is to increase the profit margin in future
period of time. There are various kind of venture like survival, lifestyle as well as growth
venture and their main motive is to survival as well as maintenance of organisation and the
lifestyle venture want to increase the standard of living of individual person within society
and the growth venture focuses on increasing the grown in future period of time which will
be beneficial for particular organisation.
Entrepreneurship typology
Small business entrepreneurship these are those kind of venture who have a small
amount of funds for investment. They recruit local subordinate for conducting different
function of organisations such as grocery store, consultant,and travel agents and so on.
Scalable start-up entrepreneurship these are those kinds of entrepreneurs who
operate their organisation by improving a vision and also attract large number of investor
who focuses on carry out various activities in good way and also captured larger market share
so there are various example such as Amazon, Facebook, Google that is the good example of
scalable start-upentrepreneurship.
Large company Enterprises are considered that business organisationthat provide
innovative product to its customer. They focus on providing good quality product and also
they customise the goods as per the need of customer and also implement innovative

technology for gaining competitive edge. There are various example of this kind of
organisations such as TESCO, Sainsbury’s and so on.
Social enterprise isthat enterprise that focuses on appropriate utilisation of resources
of society and also they fulfil the requirement of society in good way.
These are considered as common examples of typology of entrepreneurship that is
connected to enhancement of entrepreneurship in present times.
P2 Identification of differences and similarities between various entrepreneurship ventures.
Similarity and differences between various ventures
Similarity
 Survival venture the primary purpose of Survival venture is to survive or maintain
their business for a longer time period.The main purpose or objective of the
organisation is to survive and maintained within Marketplace for performing different
functions in good way. It helped them in increasing profit margin or sales in future
period of time.
 Lifestyle venture focuses on surviving or maintaining business for a longer time
period.They focus on changing lifestyle of an individual person and provide the goods
and services as per needs. It help in boosting profit margin in future period of time.
 Growth Venture emphasized on improving the growth and profitability level of
organisation.
Differences
 Survival venture they take investment from different friends as well as family in
small amount for survival of organisation and also their help in fulfilling various
objective.
 Lifestyle venture is the kind of venture who takes the loan from banks as well as
other financial institution.
 Growth venture this is type of venture in which they need large amount of fund for
investment for performing different work within business organisation.

TASK2
P3 Identification of statistical data related to contribution of small and micro business and
their impact on economy.
Categorise organisation into Micro business as well as small business
Small and micro organisation imposes direct impact on economy at UK and also they
offer various advantages into economic(Mandel and Noyes, 2016). Small scale business
organisation focuses on contributing their efforts towards GDP and also offers employment to
individual person of society at UK. There are various points that are going to be mentioned
below:
Online:https://www.merchantsavvy.co.uk/uk-sme-data-stats-charts/
Employment as per the graph it has been analysed that there is various numbers of
people who are unemployed at UK. It is also been analysed that there is a comparison among
large and medium scale business organisation and also the contribution provided in micro and
small organisation at UK is more than large as well as medium organisation. From the above
mentioned graph it has been analysed that micro as well as small business organisation offer
more than 130000 job opportunity to individual person in comparison of large business
organisation they provide 105000(Chatterjee, Gupta and Upadhyay, 2018).

Online:https://www.merchantsavvy.co.uk/uk-sme-data-stats-charts/
Contribution towards GDP it has been analysed that micro as well as small
organisation provides their efforts or contribution in respect of GDP. It helps in boosting the
efforts towards GDP of UK that provide support to economy.
P4 Identification of various aspects related to small and micro business within the economy
and their impact on social economy.
Explain social economic is described as a process in which there is a various
organisations such as corporate mutual Association as well as Foundation that is connected to
the organisation who share the common value such as privacy of an individual person as well
as social goals in respect of membership as well so on that is connected to the Social
Organisation.
‘WHY’ small business organisations are vital for the growth of the social economy
Creation of employment small as well as medium scale organisation imposes direct
impact on social economy that offer variety of opportunity in relation to job within business
organisation because there is a largest contribution and boosting their small as well as
medium organisation are important part of the economy within UK and also offer opportunity
for individual person in relation to job and increasing number of functions and activity.
Innovation is important for small as well as micro scale organisation because it is
necessary for company to offer innovative goods to its user at Marketplace and also focuses

on improving customer base by providing new goods to its user. They also focus on bringing
innovation in social economy in which the organisation operates their business.
Engage important number of people involving from disadvantageous group there
is a number of advantage for small as well as micro scale organisation towards social
economy where they engage various number of individual person involving the organisation
disadvantageous group that performing various function or activity of organisation by using
appropriate utilisation of resources and also the focus on operating or running their business
in innovative manner(Chen and Thompson, 2016).
Leading the way on diversity these are that type of organisation which depends upon
a small activity and function and also they have different subordinate who focuses on
performing functions in good way. The company focuses on performing their business and
also employ various work force as well as manager for boosting productivity level.
Meeting social purpose small as well as medium scale or organisation also
contributes their efforts towards society and they fulfil the social obligation by offering
various resources to them. The new start-upoffers various facilities to people in society for
boosting advantages. This is advantageous for business organisation because it assists in
improvement of separate identity by adopting social concept.
It has been analysed that this small as well as micro scale organisation imposes direct
impact on Economy of UK it imposes direct impact on the GDP as well as employment of
UK and also it imposes direct influences on social economy and various factor that is given
above.
TASK3
P5 Identification of different characters tricks and skills of various entrepreneurs and
manager for successfully managing the business.
Characteristics traits:Characteristic traits are considered as those aspect that focuses
on the individual behaviour with different characteristic which are considered as a good or
bad and in favour and against of business organisation which is considered as a descriptive
adjective of individual person like patients, jealousy and so on.
Characteristics skills: Characteristic skills are the integration of social skill
communication skill of an individual person which will bring social intelligence in individual

person and also it help in carry out various function of Organisation in good way(Hashim,
Raza, and Minai, 2018).
Characteristics of both entrepreneurs named as Sir Richard Branson and Philip Green
Sir Richard Branson
Motivator: he focuses on encouraging its subordinates in business organisation for
accomplishing vision as well as mission in good way.
Communication: he always focuses on appropriate communication within business
organisation where inflow outflow of information can be done in good way eliminating
conflict and grievances (Allen and Truman, 2016).
Sir Philip Green
Innovation: he is considered as a leader who brings innovative ideas within business
organisation. He is a kind of entrepreneurs who focuses on taking effective experiment and
success.
Focused: He focuses on increasing productivity and efficiency level. They provide
effective services or facility to its user in good way.
Difference between characteristic traits and skills:
Sir Richard Branson Sir Philip Green
Trait
s
 Innovation: He is considered as a
well-known tycoon and he bring
innovative ideas at workplace for grab
the opportunity and removal of threat.
 Feedback approach: he regularly
build trust in taking feedback from its
client for presenting Organisation in
good way.
 Innovation: he is considered
as a leader who brings
innovative ideas within
business organisation. He is a
kind of entrepreneurs who
focuses on taking effective
experiment and success.

Skills  Motivator: he focuses on encouraging
its subordinates in business
organisation for accomplishing vision
as well as mission in good way.
 Communication: he always focuses
on appropriate communication within
business organisation where inflow
outflow of information can be done in
good way eliminating conflict and
grievances (Allen and Truman, 2016).
 Focused: He always focuses
on increasing productivity and
efficiency level and also they
provide effective services or
facility to its user in good way.
Distinguish between the Entrepreneur and the Business Manager
Entrepreneur Business Manager
Entrepreneur is considered as that individual person who
takes all kind of risk within organizationwhile conducting
organization functions(Baric, Franic and Polak, 2016).
Manager focuses on managing activity and
function of organization but is not responsible
for taking risk.
The also emphasized on exploring the ideas of business in
global Area where the main focus of organization is to
achieve the objective.
The main purpose of manager is to carry out
the various functions and activity of
Organization in good way.
The main motive of entrepreneur is to accomplishing
objective of organization by integrating performance of an
individual person.
The manager focuses on implementing
innovative ideas and also he has power to give
order to its employees for performing task.
From the above mentioned analysis it has been assessed that there are different kind
of characteristics, skills as well as traits which is necessary for an individual person in
handling the various activity of organisation and it is also helpful in bring innovation within
business organisation. They focus on fulfilling the vision as well as mission of organisation
by assessing various needs within an organisation. There are various skills such as
communication, motivation that build good working environment. It is the only reason of
becoming a successful entrepreneur at Marketplace.

P6 identification of various aspects related to entrepreneurship personality and how it impact
the mind set of individual for entrepreneurship motivation.
Entrepreneurial Motivation Mind-set: It has been described there are various
challenges which is faced by business organisation for improving skills as well as knowledge
of an individual person and explain appropriate method by imposing continuous
practicesLicha and Brem, 2018).
Its importance to successful entrepreneurial ventures
 It helps in achieving the vision and Mission of organisation.
 It also helps the entrepreneurs in handling the various situation as well as resources
under certain conditions.
 It also helps the entrepreneurs to improve the approaches by resolving all the
problems in better way.
Example of motivational drivers include
Need for Independence this is a kind of motivator within an individual person in
respect of entrepreneurship skill for becoming successful entrepreneur. It is necessary to have
an Independence or freedom for operating their business in good way.
Need for power and control is considered as that kind of motivation with an
individual person for becoming successful. There are different kinds of restriction which
imposes direct influence on individual person while conducting their work at workplace.
Therefore the organisation focuses on removing all these restriction by grabbing opportunity
in relation to entrepreneurship.
Need for achievement it is a kind of motivation that help in achieving goals as well
as objective of organisation by carry out various function in a good way. It assists
organisation in carry out their work in good way(Farahani and Alvandi, 2020).
Need for wealth creation Entrepreneurship carry out their work in an appropriate
manner by facing or handling risk in good way for increasing profit. Wealth generation is a
kind of motivation that help individual person in boosting wealth and also carry out various
organisation with new ideas. It has been analysed that the motivation is necessary for an
individual person for success of Organisation in future period of time. There are different

kinds of motivational driver which boost the encouragement level of an individual person and
also involved need of power Independence as well as control and so on.
This is considered as a most important factor which focuses on skill as well as ability
of an individual person for becoming successful entrepreneur. SundarPichai well known as a
CEO of Google he bring innovative ideas within business organisation and he is belong from
poor background and his mother is housewife but he have a capability to use the resources in
appropriate manner and also grab the golden opportunity for boosting career(Audretsch,
Kuratko and Link, 2016)
TASK4
P7 identification of the data related to the impact of various backgrounds and experience of
different opinion on fostering and hiding entrepreneurship.
People’s background and experience can hinder or foster entrepreneurship
Unemployment is the main reason for improving the opportunity of entrepreneurship
at Marketplace and also different unemployment individual person believes that they operate
their business for earning more and more money and also focuses on bring new ideas within
organisation. For example if employment rate is increased then it imposes direct impact on
the profit of the company. It decreases the sales as well as opportunity level in future period
of time that is must for GDP level of country.
Culture imposes direct impact on the background of entrepreneurship it helps the
individual person in learning regarding various skill as well as capability and also improves
various Concepts for improving the knowledge. For example it is necessary for entrepreneurs
to follow the culture in order to bring the ideas which will be beneficial for the employees
and if employees will be happy then it increases the productivity of the company in future
period of time which will be beneficial for organisation.
Family wealth focuses on grabbing the opportunity in relation to the entrepreneurship
at market place there are a good example of this such as Mukesh Ambani is well known as an
Indian Billionaire and he is co-founder of Reliance. He has a skill to increasing wealth as
well as reputation of company in front of audience at Marketplace. Their son Akash Ambani
is a successful entrepreneur and operates their business in successful manner.

School dropout is considered as those heritage or culture of an individual person that
bring various opportunities at marketplace. For example Mark Zuckerberg and Bill Gates are
college dropouts and they are considered as a co-founder of Microsoft as well as Facebook.
That they both are bring innovative ideas that help in boosting profit at Marketplace and
accomplishing values in mind set of other person who follow them(Qian and Jung, 2017).
From the above given various factor it has been analysed that it is necessary to
consider the background as well as experience of an individual person to hinder or foster
Entrepreneurship at Marketplace.
CONCLUSION
On the basis of above given report it has been analysed that entrepreneurship venture
as well as a typology of venture imposes direct impact on organisation.Entrepreneurship is
describe the capability of individual person to grip opportunity at Marketplace and the
organisation bring new ideas with minimal risk that must be linked with the organisation and
boost the level of profitability for accomplishing goals as well as objective. It is connected to
the overall improvement of small scale organisation and that help in a completion of goal by
integrating various ability as well as state of an individual person. In present assignment the
selected business organisation is small which is located in UK. There is also explanation
regarding very similarity as well as differences among entrepreneurship venture. In middle of
assignment there is an explanation regarding various aspects of micro as well as small
business and their effect on Economy. The significance of small business helps in considering
the needed skill of an entrepreneur to grip different opportunity. At last they also explain
regarding entrepreneurship personality and there are various factors which provide
background as well as culture that Foster or hinder the opportunity for an individual person.

REFERENCES
Books and journals
Runyan, R.C. and Covin, J.G., 2019. Small Business Orientation: A Construct
Proposal. Entrepreneurship Theory and Practice, 43(3), pp.529-552.
Daniel, A.D., 2016. Fostering an entrepreneurial mindset by using a design thinking approach
in entrepreneurship education. Industry and Higher Education, 30(3), pp.215-223.
Mandel, R. and Noyes, E., 2016. Survey of experiential entrepreneurship education offerings
among top undergraduate entrepreneurship programs. Education+ training.
Chatterjee, S., Gupta, S.D. and Upadhyay, P., 2018. Empowering women and stimulating
development at bottom of pyramid through micro-entrepreneurship. Management Decision.
Chen, L.W. and Thompson, P., 2016. Skill balance and entrepreneurship evidence from
online career histories. Entrepreneurship Theory and Practice, 40(2), pp.289-305.
Hashim, N.A.B., Raza, S. and Minai, M.S., 2018. Relationship between entrepreneurial
competencies and small firm performance: are dynamic capabilities the missing
link?. Academy of Strategic Management Journal, 17(2), pp.1-10.
Baric, M., Franic, J. and Polak, M., 2016.Tackling undeclared entrepreneurship in a transition
setting: the case of Croatia. International Journal of Entrepreneurship and Small
Business, 28(2-3), pp.255-274.
Licha, J. and Brem, A., 2018. Entrepreneurship education in Europe-insights from Germany
and Denmark. International Journal of Entrepreneurship and Small Business, 33(1), pp.1-25.
Farahani, H. and Alvandi, M., 2020. Explanation of entrepreneurship small business
challenges in rural area, The case of study: Bijar, Iran. Scientific Journals Management
System, 20(58), pp.105-119.
Audretsch, D.B., Kuratko, D.F. and Link, A.N., 2016. Dynamic entrepreneurship and
technology-based innovation. Journal of Evolutionary Economics, 26(3), pp.603-620.
Qian, H. and Jung, H., 2017. Solving the knowledge filter puzzle: Absorptive capacity,
entrepreneurship and regional development. Small Business Economics, 48(1), pp.99-114.
Allen, S. and Truman, C., 2016. Women in business: Perspectives on women entrepreneurs.
Routledge.