Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
Entrepreneurial ventures..............................................................................................................3
Differences and similarities among entrepreneurial ventures.....................................................5
LO2..................................................................................................................................................6
Data and statistical Analysis of SMEs in the UK........................................................................6
Importance of small business in the growth of social economy..................................................8
L03...................................................................................................................................................8
Characteristics traits and skills of successful entrepreneurs........................................................8
L04.................................................................................................................................................10
Impact of environment on Entrepreneurship.............................................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship refer to the deals to run the business, develop it and organize the business
enterprise despite to the all uncertainties in order the large profit making. It can be done by
making a new business with new plans. Those who take risk and exercise the process of
entrepreneurship are known as the entrepreneurs who shows the abilities of working different
and determinant for a start-up following all the risk and make the profit out of it. Entrepreneur
are always busy in developing new ideas and new innovation to do business rather than working
on the old ones.
Small and Medium seized enterprises are worked by the individual who desire to take the risk
and have a will to work and strive hard for the bigger organizations. The report will explain the
entrepreneurs and describe the entrepreneurship ventures and their similarities and the
differences in the working. Further it will explain the factors background and the experience of
the well-known entrepreneurs (Monitor,2016).
LO1
Entrepreneurial ventures
Entrepreneurship refers to the creation of a business or enterprise while establishing it
from scratch to grow and generate profit. The purpose of entrepreneurship is to initiate a social
change and bring innovation in products and services by bringing out solutions and transforming
the world. An entrepreneur is a person who creates the business and bears risks and enjoys
rewards. In generally, the individual is termed an innovator who creates new goods, services,
business procedures and ideas. Entrepreneurs play a significant role in the economy to utilise
their skills, providing local employment and contributing to tax (Parker, 2018).
Intrapreneurship on the other hand refers to the combination of entrepreneurial skills in
an organisational context where an employee takes up an innovation project for the organisation.
The difference between entrepreneurs and intrapreneurs is that an intrapreneur uses the funds and
resources of the organisation and is not completely independent. The entrepreneur establishes
and runs the firm from ground up, entire responsible for his business and is independent and
authoritative (Gawke, 2019).
Types of ventures
Private: Private enterprises are businesses which are owned and operated by an individual or
group of individuals and the government has no control over it. Such businesses are motivated to
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earn profits and grow their business. They can be sole traders, partnerships, vendors or large
companies and conglomerates. Examples: Tesco plc, Pentland group, JCB etc.
Public: Public sector enterprises consists of various organisations owned and managed by the
government of a country and can have either partial or whole ownership. The economic activities
of the country are carried out by these organisations (Jewkes, 2019). Examples: National Health
Service, Civil Aviation Authority etc.
Social: Social entrepreneurship refers to an organization which creates products or services to
bring out solutions for social needs and issues. The goal of such organizations is to make the
world better and not only to gain profits. They can be non-profit organizations or hybrid compa-
nies. Example includes an organization- Safepoint Trust which redesigns medical tools and intro-
duces inexpensive items for underfunded clinics around the world.
Typologies of entrepreneurships
Lifestyle entrepreneurs: Such entrepreneurs establish businesses to further their individual goals
instead of focussing on acquiring wealth. Lifestyle entrepreneurs create business around their
own personal interest or hobby during their spare time. Such businesses are not intended for high
growth and generally have few employees. Examples: A small home baked goods seller or a
second-hand book store.
Internet based entrepreneurs: Such entrepreneurs run the business online and utilise the internet
and technology to support, manage and run their daily operations. The business activities such as
sale of products or services are conducted via a website or application. They can also be home-
based. Examples: iTunes, Amazon sellers, eBay etc.
High potential entrepreneurs: High potential entrepreneurs operate large companies and employ
around 20 to 500 workers. Such companies are fast-paced and undergo high growth rates. They
tend to introduced and develop innovations and latest technologies and therefore have good
funding chances. Examples include fast growing tech companies and large technology
companies like Facebook and Google.
Different sized entrepreneurships
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