Entrepreneurship and Small Business Analysis Report - [Course Code]

This report delves into the realm of entrepreneurship and small business management, examining different types of ventures, their typologies, and the similarities and differences between them. It explores the economic impact of micro and small businesses, analyzing relevant data and statistics to highlight their significance. The report also emphasizes the importance of small businesses and business start-ups in fostering the growth of the social economy, discussing the traits and skills of successful entrepreneurs and how entrepreneurial personalities reflect motivation and mindset. The report also touches on how background and experience can both hinder and foster entrepreneurship, providing a comprehensive overview of the subject matter.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
ACTIVITY -1..................................................................................................................................1
P1 Different types of venture and related typology................................................................1
P2 Similarities and difference between different ventures.....................................................2
M1 ..........................................................................................................................................4
D1 ..........................................................................................................................................4
P3 Interpretation of relative data and statistics to identify how micro and small businesses
affect the economy.................................................................................................................4
M2...........................................................................................................................................6
P4 importance of small businesses and business start-ups in growth of social economy......6
D2...........................................................................................................................................7
ACTIVITY- 2..................................................................................................................................7
P5 Traits and skills of successful entrepreneurs.....................................................................7
P6 Assessing how aspects of the entrepreneurial personality reflect motivation and mindset of
entrepreneurs..........................................................................................................................8
M3...........................................................................................................................................9
D3...........................................................................................................................................9
P7, M4 & D4 Background and experience hinder and foster entrepreneurship.....................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is the process of launching, designing and running a new business. An
entrepreneur is the person who have the skills to anticipate current and future needs to bring
innovative product and services in the market. Entrepreneurship and small business development
are the fields which are constantly requiring and evolving the creative minds that are willing to
lay with considerable level of risk. This report is based on Make it Work which is global
consultancy firm that advices budding entrepreneurs on how to be successful with their
ventures. This file also discuses about the different types of ventures and how they relate to
typology of entrepreneurship and similarities and difference. The report also identify the scope of
development and growth of ventures. This report also discusses about the data and statistics to
identify how micro and small business impact the economy.
ACTIVITY -1
P1 Different types of venture and related typology
Micro business- There are more than 5.7 million small business in the country. They
make up 99.7% of all the enterprises and provide employment more than 50% of all non
governmental employees. Many kinds of small business are there in UK such as- internet
commerce store fronts, travel agents, grocery stores, plumbers electricians, consultants.
Entrepreneurs are the person who runs their business and they hire local workers for business.
Entrepreneurs s can not provide the scale to attract the venture capital they expand their business
with the help of family and financial loans (Hechavarria and et.al., 2019).
Large – there are many large companies in UK they have finite life cycle. They should
expand their business through innovation in their service process and by providing new products.
Change in customers preference, technologies and laws, all these factors can affect the
innovative ides because it is critical process for a large company to adopt a new process
completely. Large company culture and its size affect the innovation process, it is difficult to
execute the innovative idea. Global business consultancy is advising top large companies to use
the different processes for their business.
Scalable starts up- instead of small business, scalable starts up are what entrepreneurship
involves itself into. This type of entrepreneurs starts a company with a vision to change the
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world. They already know that their company or innovative idea can be useful to affect the
economy potion of the country.
Medium- in UK, there are less number of medium organisations. They are contributing a
big effort in growth of economy of UK. Medium enterprises are expanding their business to help
with small enterprises.
Related typology:
Male and female entrepreneurship- male and female business owners are equally
driven by the motivations to be their own boss and do the best for their family. It is very
important to recognise that differences are still exists between men and women at all stages of
the business life cycle. For an example- in the starting of a business means are likely to be
motivated from the financial reason. Women have the tendency towards life styles they are more
passionate about their work life. Male entrepreneur give the priorities on the business
development activities such as- expanding business, opening new offices.
On the other hand female entrepreneurs focuses on the accountability, social responsibility and
governances responsibility. They like to find new solutions for the complex problems. They
spend a lot of times concentrating on empathy which are relating to their customers.
Social entrepreneurship- This type of entrepreneurs are the person who focus to solve the
social problems by creating new products and services. Aim of this entrepreneurship is to take
the world on a better place through providing the social service.
P2 Similarities and difference between different ventures
Similarities:
Similarities of all three ventures explores in what organisations are related to each other.
 All three ventures always try to find out the opportunities for the innovation.
 They try to provide the best qualities of their products and services.
 They also understand the needs and expectations of the customers.
 All the entrepreneurs basic aim to expand their business. It shows the similarities in their
aims and marketing process for the business.
 For their marketing activities similar processes are used. Small business entrepreneurs
runs their business on their own level they can collaborator with other large companies to
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expand their business. Instead of this next similarity is their financial goals entrepreneurs
always try to find out the resource to achieve their financial goals (Pergelova and et.al.,
019).2
 Financial risk is big similarities of ventures they invest their capital behind the business
activities. Next similarity is about making financial strategies. Strategies are the
combination of lower the risk and near term income potential. All the venture are
different but they are important for the economic growth of the country they equally
participate their role for maximise the profit.
Difference between ventures
Basis of comparison Micro Medium Large
Aim
Contribution in the
economic growth
The aim of micro
entrepreneurship is to
fulfill the fundamental
requirements such as-
food, cloth etc.
These types of
business do not play a
big role in the
economic growth of
the country. They
innovate a new
product, after lowering
the cost of the product
the can earn money.
The aim of medium
business is to expand
their business from
providing the new
products and service to
the customers to
maximise the profit.
This types of
contribute their by
creating employment-
such as required jobs.
They play an
important role in
growth of GDP.
Aim of large business
to expand their
business across the
world. Aim of large
enterprises depends on
their structure because
the can be non- profit
organisation.
Large businesses have
a big impact of the
economic growth of
the country. Their
exports import process
of the goods from
other countries can
affect the financial
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state of the country.
M1
Corporate sector- corporates sector has a big contribution on the economic position of the
country because private sect is a part of national economy because it includes all the private
firms that are ruining for the purpose to increase the revenue by developing many services and
products wit the advices of “Make it work” consultancy.
Public sector- main purpose of this sector is to provide the services of the local citizen. There
are many companies which are working to provide the services for a free. This types of firms are
generally operated by the government of that country (Saebi, Foss and Linder, 2019).
D1
However, it has been critically analysed that small businesses has not so many jobs in
their enterprises as compare to medium and large firm. Large enterprises have many scopes to
expand their business in the market by creating the new products and services. They can easily
develop a new products and services as compare to small enterprises. Small business has less
contribution on the economic growth of the country as compare to this large organisations are
playing a big role in the economic growth of the country. “Make it Work” consultancy is helping
the new innovators of the small firm to how they should expand their business through various
ideas.
P3 Interpretation of relative data and statistics to identify how micro and small businesses affect
the economy
Small and micro businesses companies are the main source of the countries to maintain
their economic position of the country. SMEs small medium size enterprises has the number of
employees approx 250. According to a business group small and medium business are
contributing the 15.2 million emolument in the UK. There are 5 million this business in the UK.
It has also founded that small medium enterprises produce the dis- proportionate amount of
growth. There have been big number of starts up business in 2012. Micro and small are the large
and integral prat of the economy of UK. There are 99% businessman are classified as micro
business This type of business create many jobs and opportunities, it helps to lowering the cost
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and encouraging the innovations. According to business report they are representing 99.9%
business in UK. (Source: The growth of small business ventures, The new York times, 2018)
It is a backbone of the economy because there are 5.7% million micro small businesses in
UK. That is overall more than 99%of the corporate sector. They are contributing 73% of private
job creation in UK (Gupta,Wieland and Turban, 2019).
Employment creation- according to the research it is one of there best source to crate
the job in UK. Micro business employ more than 24.3 million people in UK. that shows the 60%
of all private sector employment.
Contribution in innovation- micro and small business have a big contribution to
innovate something for service industry. Micro and small business are providing the business
solutions by innovating new process and services. Many entrepreneur start their business with an
innovative idea it can be helpful to increase the productivity of firm as well as it can affect the
economic condition of the country. So it has been identified that small and micro business has
positive impact on the economy. They are contributing a big effort to rise the economic state of
the country.
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M2
From the statistical data it has been evaluated that small and micro business has positive
impact on the economy. They are contributing a big effort to rise the economic state of the
country by providing the job opportunities to the people. They are also contributing in
innovation. There are approx 5.7 million firms in UK which are providing the employment more
than 24.3 million of people in the country. While on the other side, large companies share a small
portion of their part in order to raise the UK economy such that the tax collected by the large
firm only help for the growth of economy. Make it Work consultancy is advising the new
innovators through all this statistical and relevant data.
P4 importance of small businesses and business start-ups in growth of social economy
There are more than 5.7 million small enterprise in UK. That account more than 80% of
UK jobs. Small business are encouraging the people of society to improve their living standards
by providing them employment. So they can be able to full fill their needs and wants. Small
business has direct impact on the society, as the customer demand change all the companies
make adjustments to keep their customers more happy and satisfied. Small business are
contributing significantly in bring the improvement in their service and delivery process. By
provide the surety about the demands and expectation of the customers small business can
contribute their efforts in growth of socials economy.
Small business has potential to grow their business by understanding the social demand.
It will be very easy for them to change their production process. They can easily change their
services. They can also make the communities to know about the social requirements. Small
companies can improve their financial state by collecting the feedbacks of the customers. They
can improve their services and product qualities through collecting the data. Small companies
can innovate the new social products to make their image strong in the market.
Economic growth- small business has a big impact of the economic state of the country.
For an example- wall- mart and Ben and jerry both were small firm of the country. But now they
are playing a big role to contribute their effort. Small enterprises are helpful to provide the
resources, products and services to maintain the balance between demand and supply (Jimenez-
Castillo and Hoy, 2019).
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D2
Impact of small business on local, regional and national level- by creating the many job
opportunities a small companies can contribute in economic growth of the country. It can be also
helpful for the business as well because small companies will hire the nearby regional people.
Small businesses increase the GDP growth of the county. They also collaborate with other big
companies to increase their profitability. According to a report through more than 10,000 small
enterprises are providing the skills capital and mentoring small business need to grow and create
the employments to contribute in global economy.
ACTIVITY- 2
P5 Traits and skills of successful entrepreneurs
Peter Jones- is a successful entrepreneur as well as business with interest in media,
mobile phones, televisions and retail. Peter is the commander of the order of the British empire.
Peter started a business in which he started making personal computers under his own brand.
Passion- peter Jones is passionate about their work. This trait helps to put extra efforts
into the business to make it successful and flourish. Sometimes people searching and finding the
new things to implement the strategies that can make their business better.
Strong work ethics- peter Jones has an understanding about all the processes of the
company. It indicates towards the successful entrepreneurs who always their mind in the
business activities and work place.
Creativity- it is one of the biggest trait of which should be present in a successful
entrepreneur. Peter Jones has so creative maid he always finds out the opportunities to expand
their business.
Leadership skill- peter Jones has leadership skill he has the evangelistic quality. This
quality helps to influence the people through various sources. It also helps to take the command
or employees in hands.
Risk taking- peter Jones has seems more comfortable with the risks by compare to other
business leader.
Communication skills- effective communication skill can attract the more customers.
Effective communication skills are helpful to communicate with other person.
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Financial management skills- it is very required to mange the financial state of the
company. Peter Jones has an ability to maintain the financial state of the company.
The traits and qualities of Peter Jones are different from other managers as he is having
good abilities of risk taking and effective leadership.
Traits and skills of bill gates :
Focus- Bill gate has an interest in making software. Bill gates work harder to dominate
the industry.
Big picture- gates always take the practical approach for setting their goals. He keeps a
big picture of his visions and missions.
Creativity – leaderships of gates encourage and empower the people because he knows
that individual ideas can create many opportunities for the business.
Risk taking- bill gates has seems more comfortable with the risks by compare to other
business leader.
Financial management skills- it is very necessary to mange the financial state of the
company. Peter Jones has an ability to maintain the financial state of the company (Honig and
Hopp, 2019).
The abilities of Bill gates are different from other managers as Bill gates is good
management skills. Along with it, he is having good creativity skills.
P6 Assessing how aspects of the entrepreneurial personality reflect motivation and mindset of
entrepreneurs
Entrepreneurial personality is directly reflect the motivation and mindset of the
entrepreneurs. Such that entrepreneurs are those actors who have an ability and also carry out
innovations in order to run their business in well manner. For this reason, the blue ocean theory
is quite useful in order to identify the that the personality reflects motivation and their mindset of
an entrepreneur. In this theory, the management does not take any decision for the company but
it is the duty of an entrepreneur to take better decisions for the welfare of a firm. As the blue
ocean strategy is represents the that new spaces should be describe as blue ocean and as
compared to the struggle for the survival in red ocean.
In the same manner, Bill gates is quite confident from his personality and always try to
inspire or motivates their employees in order to perform well. His friendly nature and
interpersonal skills are always makes him different from others. On the other hand, Peter Jones
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who is also another top entrepreneur and optimism in nature. This personality trait help them to
change their mindset and he also have great vision that helps to keep change their mindset in
order to lead their own business at further level of success.
Therefore, their certain personality traits are directly reflect to the motivation and having
an energetic personality and great enthusiasm will also help to keep their mindset in positive
side. Moreover, the personality also plays a vital part in mindset such that Bill Gates have
motivational skills which directly reflect his management culture and his skills exactly shows
that person's personality reflect motivation and their mindset as well.
M3
As per the view of entrepreneurs characteristics are not about the personality trait but it
also means that what they actually posses that makes them different from other managers. They
are the person who are innovators of the firm and lead a business at further level of success
because of their vision. On the other side, critic that entrepreneurs characteristics is defined as
those leadership skills which are posses by the person that helps them to lead the business
towards a success. They should posses decision making skills which help them to deal with any
change to lead in their business.
D3
As Bill Gates is quite focused in his work and he is creative and innovative which is one
of the most important trait in an entrepreneur. Beside this, he also cares for their employees and
have good and effective communication skills that helps to deal in adverse situation. Moreover,
his motivational skills and leadership skills are considered as a motivational driver that makes
him different from other entrepreneurs. He also has passion towards his work and always
motivates their employees to perform well that is also considered another great skill which is
posses by him (Honig and Hopp, 2019).
P7, M4 & D4 Background and experience hinder and foster entrepreneurship
Below mentioned are the ways background and experience of Bill gates and Peter Jones
hinder and foster entrepreneurship:
Gates is one of the best known entrepreneur of the personal computer revolution in 1975
gates and Paul launched Microsoft which has become the world largest software company. In the
age of 13 bill gates has written his first software program after the Mother club donation was ex
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hasted b, bills and other students sought time on system including DEC PDP minicomputers. At
the end of his ban 4 students has offered to find bugs in CCC software in exchange for extra
computer times. Bill gates has launched it s first retail version of Microsoft Windows on 1985. In
1975 gates has a primary responsibility of product strategy. It was the stage where bill gates was
confused to make a particular decision about Microsoft. In 1981 industry has complained that
gates is being notorious for not being reachable by phones. Gates has a quality to overcome from
any situations.
Peter Jones was appointed as a commander of the order of the British empire. In 2009. In
2005 Jones and Theo aphoristic, a fellow panellist on Dragon den brought gift expensive
company. In 2006 peter Jones foundation has started a charity to supports to advancement of
education in young people. Nowadays Peter Jones is one of the biggest successful entrepreneur
with interest in mobile phones, televisions and retail sector. He is the investor of Dragon dem
American television series.
CONCLUSION
From the above study it has been concluded what different types of entrepreneurs are
there such as small, micro and large. Also, the report tends to explain their typology briefly. The
statistics and relevant data of different venture have also been concluded from the usage of right
evaluations. Along with it, the report also concludes the characteristics of the successful
entrepreneurs and their motivational drive with the usage of specific examples. It also concludes
the background and experiences of entrepreneurs which hindered and fostered their
entrepreneurship.
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