Entrepreneurship and Small Business Management

This document discusses entrepreneurship and small business management, examining different types of entrepreneurial ventures, their impact on the economy, and the skills of successful entrepreneurs. It also explores the differences between small, medium, and large businesses and their contribution to the social economy.

Entrepreneurship and
small business
management(

Table of Contents
INTRODUCTION:..........................................................................................................................1
Lo 1:.................................................................................................................................................1
p1: examine the different types of the entrepreneurial ventures and explain how they relate to
the typology of the entrepreneurship. .........................................................................................1
P2: explore the similarities and differences between the entrepreneurial ventures....................2
M1: investigate the diverse range of the entrepreneurial venture to demonstrate an
understanding of entrepreneurship in both the public and corporate sectors.............................2
D2: critically examine the scope, development and growth of entrepreneurial ventures...........3
Lo 2:................................................................................................................................................3
p3: interpret and assess relevant data how micro and small businesses impact on the economy
.....................................................................................................................................................3
P4: explain the importance of small businesses and business starts -ups to the growth of the
social economy............................................................................................................................4
M2: examine the difference small, medium and large businesses make to the economy
applying relevant data ................................................................................................................4
D2: critically examine the how small business have impact on different level of the economy.
.....................................................................................................................................................5
Lo 3:.................................................................................................................................................5
p5: determine the different characteristic traits and skills of successful entrepreneur that
differentiate them form the other business manager...................................................................5
P6: how the aspect of the entrepreneurial personally .................................................................6
M3: explore and examine the different lines of the argument relating to the entrepreneurial
characteristic...............................................................................................................................7
D3: analyse the characteristic traits and motivational drivers of the successful entrepreneurs.. 7
Lo 4:................................................................................................................................................7
p7: examine how the background and experience can hinder or the foster entrepreneurship.. . .7
M4: analyse the link between the entrepreneurial characteristics and the influence of the
personal background...................................................................................................................7
D4: critically evaluate how background and experience influence entrepreneurs :....................8

Conclusion :....................................................................................................................................8
References: ......................................................................................................................................8

INTRODUCTION:
An entrepreneur refers to the person who takes the risk in the market by developing the new
business and bear the different kinds of the risk and earn the profits in lieu of providing the
goods and services. He is a person who convert the raw material into the effective good so that
they can carry out all the business at larger scale and enjoy the profits. In the another words,
entrepreneurship refers to the methods where the different kinds of the good are produced under
the various venture. Entrepreneur is a person who comes up with new and innovative goods at
the market place to attract more customer at the market place to have enhance profits margin.
Under this reports, the Morrisons is know as the one of the largest supermarket in the UK market
place as it provide the different kinds of the goods and service to the customer . Further examine
the impact of the different kinds of the business on the economy and skills which are needed to
be successful entrepreneurs in the market place.
Lo 1:
p1: examine the different types of the entrepreneurial ventures and explain how they relate to the
typology of the entrepreneurship.
There are different types of the venture in the market which are carried out in the most effective
and profitable manners so that good are provided to the customer and capture the market place.
Some of the effective ventures are stated as below:
small business : under this ventures, it induced the grocery stores, consultants and any kinds of
services in the market place . This people are one who run their own business in the market at the
small scale and earn the desire profits in the long time frame.
larger enterprises: here the companies who works at that the larger level are included and
which are ready to offer the new and advance product to its customer at the market place. Here
the change in the customer taste and preferences are examined and effective changes are made in
the good to achieve the desire results.
social businesses: under this type, the entrepreneurs are the person who provide the creative and
innovative goods that will solve the issues of the society and full fill the needs of the social
people at the larger scale. (Wirsching, K., 2019)
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scalable stage: here the entrepreneur have the creative vision about the market place and change
the whole market in the profitable and effective place where the enterprise can earn the desire
level of profits in the market in the long run.
Typology entrepreneur:
male entrepreneur: the different business are carried out by the male person in the market place
to achieve the tragedy market and profits in the business.
Female entrepreneur: here the female perform the effective service to carry out the business in
the tarted market places so that business can be started up in the market place.
P2: explore the similarities and differences between the entrepreneurial ventures.
Basis Small business Larger business Scaleable business
Goal Independently owned
business and
performed activities
to earn the profits in
the market place.
Creating revenue for
the organisation and
its shareholders.
Business which are
carried out as general
motors and etc.
The company are
formed to generate the
wealth for the investor
in the market
Kinds of business Restaurant , retail
stores
Electric motors Medical device and
life saving medicine
Capital providers. Micro loans, and bank
loan .
Depends on the size of
the company.
Risk capital , family
and personal funds
Outcomes : Generate the payroll
taxes,.
Improves the lives of
the people.
Crate the revenue ,
jobs and works
Similarities
Basis Small business Large business Social enterprise
Meeting the societal
need & the
requirements of social
These are small
organisations that have
been built up with a
There are some Large
businesses that are
build up with a goal of
They are willing to
enhance the quality of
living standard of
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upliftment objective of
satisfaction of the
requirements of
customers. It is also
related with a
objective of creation
of more employment
opportunities that
helps in more
economic
development of the
country.
offering different types
of services and
products that is used
for satisfying the
needs of their target
segment of customers
at a large scale. There
are more innovation
bought by such
organisation as they
have the responsibility
of creating to a large
part of society. They
also posses a major
mission of achieving
higher profitability.
people in society.
These organisations
are those that have a
objective of working
towards society
upliftment and welfare
of people apart from
the
M1: investigate the diverse range of the entrepreneurial venture to demonstrate an understanding
of entrepreneurship in both the public and corporate sectors.
In the public and corporate sector, there are various kinds of the venture which have wide
range of profits in the market . Both the sector goes in hand to hand in the market place as these
sector create the more business in the market where the organisation can earn the profits in the
present market and are able to capture the international market place . The private sector is a
place where the business are owned and managed by the individual to earn the profits by giving
demanded product in the market place. The public sector, is controlled and managed by the
government in the market which is either fully or partly owned by the centre or state level.
D2: critically examine the scope, development and growth of entrepreneurial ventures.
The scope and development of the venture in the market place is large and wide as it provide the
platform to perform the task in the better manner and achieve the desire level of outcomes in the
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organisation. The growth rate vary from the one venture to the another venture so that they are
able to expand and grow their business at the different level in the market and increase their
profits margin by performance their task and work in the better ways to serve the customer and
earn the profits and grow their outcomes in the market place in better ways.(Semercioz, F., 2017)
p3: interpret and assess relevant data how micro and small businesses impact on the economy .
Under the small business , they have maximum capabilities of the 50 worker at the work place
and minimum of the 5 employees at the company and working to achieve the set goals and
objective in the most profitable manners. In the market place, these companies have less amount
of the turnover in its activates. In the competitive industry, the these small business have huge
role in increasing the UK economy at the large extend in the market .
small business : it is refers to the business which have around 50 people in the management
which generate the income of around 5 million, which is further used to increase the market
share.
Medium business : here 250 worker are working in the organisation and create the worth
around 22 million to capture the larger market place across the nation.
Large business: under this sector, the organisation works at the international market where they
offer the product and service at the scale to earn the market people which helps in having
sustainable profits.
The contribution of the micro business is around the 93% in comparison of the larger business in
the market . The employment opportunities which is provide by the small business is 48%
whereas it is around 40% by the larger companies in the market places. The turnover is another
concerned as it holds the 53% in the larger business whereas the 33% in the in the medium
organisation. It is also seen that organisation have small and micro business development in the
UK market place so that results can be seen in the organisation.
P4: explain the importance of small businesses and business starts -ups to the growth of the
social economy.
With the help of the new small business and start ups, the social economy have grown to the
large scale. In the relation to the Morrisons the organisation are able to contribute towards the
growth of the UK market by offering them required kinds of goods and service in the targeted
market place. Some of the important benefits of the small business are stated as below:
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standard of living : with the expansion in the small business mode, the people are able to earns
the income which leads to improved and better standing of living in the nation or at the
international market place. This also helps in increasing the domestic market for the people
where they can start their own business to earn the income and increase their living conditions.
Innovation: it refers to the process where the small enterprise comes with the innovative idea
about the goods and service which they can offer in the market place to earn the desire profit
margin and its also attract more customer towards the organisation goods .(Ratten, Dana,. and
Ramadani, 2017)
Lo 2:
Low overheads: there the business is carried out at the low scale which reduces the cost and
another expense like the rent payment, electricity and etc. the reduction in these cost will leads to
more profits for the organisation in the market place and enhance the economic environment of
the UK market.
Stipulation of employment : due to increase in development of the small business, that will
leads to more employment opportunities for the people which will give them a effective source
of income in the market place . These worker have a effective skills which leads to perform
better in the task and stay focus on earn the common objective in the long run. (Laudano,,
Marzi. and Caputo, 2018)
M2: examine the difference small, medium and large businesses make to the economy applying
relevant data .e
Their is large and wide impact on the economy of the market by the operational activity
performed by the small, Medium and large enterprise . As the small business offer the effective
turnover which helps in improving the economic improvement by offering the new jobs to the
people in the market place so that they can enhance their market share in the targeted market
places. Small and medium enterprise provide 98% of the current jobs in the market place that
will leads to improve the disposable income of the people of the economy. Whereas the large
business provide the most skilled and capable employees which helps in completing the task in
the productivity manners so that they can take the competitive advantage in the market place .
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D2: critically examine the how small business have impact on different level of the economy.
The small enterprise is a business where the large number of the people is employed to
perform the different kinds of the task at the work place to achieve the desire level of profits.
These small organisations contribute around 65% in generating the new employment in the
economy. The federal government helps in development of the economy as it helps in tax cuts
and job act 2017. It allows the 18 to 20 % standard deduction on the verified income which is
used for the development of the nation. The small enterprise have impact on the local, regional
and national level as it improves the living conditions of people by giving them the employment
at various place according to their skills .
Lo 3:
P5: determine the different characteristic traits and skills of successful entrepreneur that
differentiate them form the other business manager.
Entrepreneur refers to the person who has great vision about the new and advance ideas to
provide the new good and service which will solve the problem of the people and they are able to
earn the profit in the long run.
Characteristic:
Self -beliefs: this is important and essential characteristic of the entrepreneur as they
believe in their ideas and have good confidence level in them to achieve the their set targets
within the time period. With the references of the Louis Vuitton, he have good level of self-
beliefs which helps him to face the challenges in confidence in the market. This differentiates
them from business manager as they can face issue of company instantly. But if manager face
problem then they follow the strategies and report to top management to about the issues and
then work accordingly.
Passion: This is one of very popular characteristics of an entrepreneur in which they are
able to work consistently towards their objectives. If entrepreneur are working towards their
passion they have to regularly work towards their sole objective. It helps them in having a
difference in attitude as compared together business managers. They are passionate about their
objective and mission that they never lose hope in all adverse situations of business by making
any type of inappropriate decisions. Due to having this skill, the person is able to accomplish its
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set business goals but the business manager with the help of this quality, force is workforce to
attain set project aims.
Traits :
Creativity : the entrepreneur needs to have creativity skills which will helps him to solve the
issue in the proper and effective manner and also provide the goods and service which holds the
unique quality in the market . In the context of the Henry Ford, he is person who has creativity
minds to provide the good which are effective in the automotive vehicle in the market place.
Confidence: It is a trait that has to be compulsorily present in a entrepreneur as it will help them
in taking right decision at right timing also it will help in achievement of higher self confidence
to perform all the necessary work with a positive outcomes. With this ability, Henry and Louis
feel motivate regarding their business objectives and work to attain them. But the business
manger with this skill work regarding the completion of project so that target of individual can
be achieved.
Skills:
learning skills: this quality helps the entrepreneurs to learn the new skills as they are always
eager to learn the new skills which will improve their work and come with the new and
innovative product at the market place. These skills and knowledge can be learned by from the
co-worker, friends and from the personal experience which will helps them to perform better in
the market place.
Thinking innovative: Entrepreneur must posses the strength of innovate thinking this the base
of their venture. They have to be capable enough to have Continuous improvements and
application of creative thinking towards the work that has been assigned to them in the course of
their entrepreneurial journey so that they are able to offer something different to their target
segment of customers.
This quality needs to be in the great entrepreneur so that effective and productivity product can
be made in the market which will satisfied the need of the customer and organisation are able to
earn the revenue in the market place.
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P6: how the aspect of the entrepreneurial personally .
The entrepreneur has the good quality and great personality which helps them to perform the task
in the most profitable and effective manners. In order to understand the personality of the
entrepreneur the ocean model is used to discuss the all the attribute of the person.
Openness: here the entrepreneurs are open to learn the new skills and abilities that will help
them to have more opportunities in the market place so that they can increase the market share in
the targeted market share. These people are open to new experience at the work place to enhance
their business at the various location.
Conscientiousness: the entrepreneurs focus on maintaining their time management abilities
and the inspire its worker by its behaviour at the organisation place so that good example is set in
the market and people are motivated to perform better in the task.
Extraversion: here the entrepreneur are the person who are extravert in nature they like to share
their ideas and thoughts so that work can be completed in less time period and in the most
effective manners.
Agreeableness: these people are most helpful in their nature which helps them to perform with
the large number of the employees at the work place and different kinds of the clients at the
market place.
Neuroticism: here the person is emotional unstable and unhappy in their work which harm their
work in getting the desire level of profits in the market place and these people gets irritable and
experience the unhappiness in their work. ( Ratten, 2017)
M3: explore and examine the different lines of the argument relating to the entrepreneurial
characteristic.
He is a person who are able to create the new and innovative goods in their organisation to earn
the profits in the market . According and as per the trait theory, the great entrepreneur are a
person who are born with such personality as these skills are inherited them . They also have to
face the issues and challenges in the work place but they are able to overcome them in lesser
time period so that desire results can be seen in the market place.
D3: analyse the characteristic traits and motivational drivers of the\ successful entrepreneurs.
To get the successful entrepreneur, they needs to have effective skills and abilities which helps
them to achieve the desire results in the most profitable manners. They need to be creative at
their work and have a innovative minds to dissolve the issues at they come up in the given task .
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Lo 4:
p7: examine how the background and experience can hinder or the foster entrepreneurship.
At the work place, there are different kinds of the events which make the entrepreneur to either
hind or foster their entrepreneurship as their career in the present as well as in the long run.
Their are different events which helps in shaping the different kinds of the entrepreneurs in the
market place.
In the context of successful entrepreneurs, Louis following are discussed :
family background culture and experience: the family members places the effective roles in
making the effective entrepreneurs as these people are able to take the first step towards the
innovative ideas in the market place. The Louis left the home when he was 13 years ago and he
belong to the working class and he starred his own business after gaining experience form some
good organisation where he learn about the various kinds of the skills and abilities which inspire
he to take the entrepreneurship as the career in his life
M4: analyse the link between the entrepreneurial characteristics and the influence of the personal
background.
Their is effective connection between the entrepreneurial characteristic and his family and
childhood background where they are able to learn the skills which are needed to make to run the
business in the most effective manners and in the profitable manners. The good characteristic are
developed by having the effective experience in their personal life or they have good family
background who are always inspiring to take the business in the effective manners. Their is link
among the family background and personal experience which enhance their work at the
international market place. The characteristic are build on the experience person have from this
life which helps them to perform better in the work place and achieve the desire results in the
most profitable manners . (Ayandibu, and Houghton, 2017)
D4: critically evaluate how background and experience influence entrepreneurs :
The background and experience make the effective entrepreneur and they have positive and
negative impact on the experience of the entreprene Ratten, V., 2017 ur as positive side motives
them to contribute to the economy by providing them with the new goods and service at the
market place. The negative aspect is that organisation have not good and experience
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entrepreneurs which make them less effective at their work and focus on issue which damage
the organisational objectives in the long run.
Conclusion :
According to the above discussion, is is stated that there are different kinds of the
entrepreneurial venture in the market place which are ruined by the entrepreneur who are willing
to take the risk and give innovative product to the customer in the market place. To get the
success in the business the some of the important traits are discussed which helps them to
achieve the desire profits in the long run and increase the economy of the nation . Also
discussed as many attributes of the several form of business at international levels.
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