Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT........................................1
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
Entrepreneurship..........................................................................................................................3
Different Types Of Entrepreneurial Ventures..............................................................................4
Statistical information about small, medium and large businesses of UK..................................6
Importance of Small Business in Social Economic Growth........................................................9
PART 2..........................................................................................................................................10
Examples of real life entrepreneur and their skills and traits.....................................................10
Aspects of entrepreneurial personality through OCEAN model...............................................11
Impact of Background and Experience on Entrepreneurship....................................................12
CONCLUSION..............................................................................................................................13
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurship is the risk taking capacity of individuals or groups to establish a
business in order to make profits. This report will highlight the concept of entrepreneurship, the
difference between entrepreneur and intrapreneur and various types and typologies of
enterprises. The statistical information regarding number of SMEs in UK on the basis of region,
size, industry type, registration with VAT, employment and turnover has been discussed in brief.
The importance of SMEs in the social growth of the economy is evaluated and examples of
successful entrepreneurs are taken to describe certain skills and traits. OCEAN model is used to
describe essential traits that an entrepreneur should possess. Various factors like culture, family
and personal motivation have been determined to assess the entrepreneurial personality.
PART 1
Entrepreneurship
Entrepreneurship can be defined as the process of establishing and developing a business
venture and readiness to operate a new business venture with capacity to take risks and face
uncertainties in order to make profits(Parker, 2018).
Economically, entrepreneurship is related to land, capital, natural resources and labor. The vision
is discovery and ability to take risks establishing a venture in the dynamic and competitive
marketplace.
Entrepreneur is someone who has the capacity and desire to develop and administer a start-up
business considering the risk entitled with it. Entrepreneurs are generally the people with
innovations and ideas who tend to replace the tradition marketplace. The approach is intuitive
and resources and capital are raised by the person from scratch and works independently.
On the other hand, an intrapreneur is an employee of a company who has been charged to
undertake innovations of products, processes and services. The approach is restorative and the
person uses resources and capital provided by the organization(Kraus and et.al., 2019). There is
no creation of new enterprise and the intrapreneur is dependent on the organization.
Various activities linked to entrepreneurship are :1. Risk bearing: Any business involves some degree of risk. Production of goods and
services in the business is concurrent to future demands which can be uncertain due to

ever-changing trends and tastes of consumers. If the estimations and analysis come out
wrong, losses can be incurred.2. Ideas of Businesses: An entrepreneur conceives the idea of establishing a business by
using the skills, competencies and knowledge and conduct an extensive study of market
conditions and business sphere.3. Estimation and Prediction: After the study, the entrepreneur works upon how, what and
when of business activities and conducts strategic planning, organizing, prediction and
estimation of availability and allocation of resources and factors to be considered for
development of the business.4. Supervision and Control: Administrative activities and day-to-day business operations
have to be supervised and targets have to be attained by the entrepreneur. A vision and
overall management of the business is a primary activity of entrepreneurship.
5. Innovation: It is a quintessential function undertaken by an entrepreneur. There is usage
of information, intuition and data for designing a product, discovering new marketing
needs or new revolutionary practices in a industry. This creativity results in invention and
innovation(Smith, 2020).
Some famous and successful entrepreneurs business venture are: Sun microsystems,
Conglomerate Virgin group, Zennstorm, Admob, Infonautics Corp., Alando, Harpo productions
and many more.
Different Types Of Entrepreneurial Ventures
Different types of ventures:
Social: Social ventures are more concerned towards dealing with any environment related issues.
The main emphasis of the business is on dealing with any issue related to society. The example
includes National hospital service of UK.
Public: Public ventures are government hold organisations. These organisations focuses on
meeting up different requirements of society. The example of the public companies- marks ans
Spencer plc.
Private: This entrepreneurship is a self-employed small scale business based on own work
inputs. This can be managed along with family or a spouse. Example: McLaren Technology
group(Morris, Neumeyer and Kuratko, 2018).