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Entrepreneurship and Small Business Management

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Added on  2023-04-04

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This report focuses on entrepreneurship and small business management, discussing different types of entrepreneurial ventures, the impact of small businesses on the UK economy, and the characteristics and skills of successful entrepreneurs like Elizabeth Gooch and Tom Mercer. It also explores the differences between social entrepreneurship and lifestyle entrepreneurship.

Entrepreneurship and Small Business Management

   Added on 2023-04-04

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Entrepreneurship
And Small Business
Management
Entrepreneurship and Small Business Management_1
INTRODUCTION.......................................................................................................................................2
TASK 1.......................................................................................................................................................3
P1 Different types of entrepreneurial ventures related to the typology of entrepreneurship ventures.....3
P 2 Explain similarities and difference between Social entrepreneurship and Lifestyle entrepreneurship
.................................................................................................................................................................4
D1 Development and growth of entrepreneurial ventures in the UK.....................................................4
TASK2........................................................................................................................................................5
P4. Importance of small businesses and startups to the growth of UK economy.....................................5
M2. Evaluation of differences between small, medium and large businesses making UK economy.......6
D2. Impact of small business at various on UK economy.......................................................................7
TASK3........................................................................................................................................................7
P5 Determine the most likely characteristic traits and skills of Elizabeth Gooch and Tom Mercer,
stating how they are differentiated from those of business managers......................................................7
P6 Aspects of the entrepreneurial personality of Elizabeth Gooch and Tom Mercer reflecting their
entrepreneurial motivation and mind set..................................................................................................8
M3 Examining different lines of argument relating to entrepreneurial characteristics...........................9
D3 The characteristic traits, skills and motivational drivers of successful entrepreneurs........................9
TASK 4.....................................................................................................................................................10
P7. How personal background can hinder or foster entrepreneurship....................................................10
M4 The link between entrepreneurial characteristics and the influence of personal background...........11
D4.Comparing and contrasting the personnel background and experience of Donald Trump...............11
CONCLUSION.........................................................................................................................................12
References.................................................................................................................................................12
INTRODUCTION
Entrepreneur is the most important part of a business. He runs the business at his own risk and
gives new innovative idea for making the profit and capturing the market. Generally he is seen as the
Entrepreneurship and Small Business Management_2
innovator or leader of new ideas and business process . He takes the initiative that is necessary for
bringing the new idea in the market and make the decision that are necessary for running the business.
The present report is based on entrepreneurship and small business management that is very important for
running the business (Carlsson, 2012). . The below report is based on types of entrepreneurial venture
and difference between social entrepreneurship and lifestyle entrepreneurship and explains that how
entrepreneurship affects the economy of UK and importance of small business and start ups to the growth
of the social economy in the UK and it explains that what is the skills and traits that are required in an
entrepreneur.
TASK 1
P1 Different types of entrepreneurial ventures related to the typology of entrepreneurship
ventures
All entrepreneurs are not same. There are different different types of entrepreneurship which
are as follows-
Small business entrepreneurship- It is that business that is run by only by one
person .He is responsible only for any profit and loss. There are no sharing in profit and
loss. For example – Grocery store ,Travel agents etc. They hire the family members or
employees for take care of business.
Scalable Startup entrepreneurship- It is not like a small business .They start their
company that is known to everyone from the first day and their vision is to change the
world (Höglund,2013) They hire the people who are intelligent and bright and it attracts
the investment.
Large company entrepreneurship- Large companies are those companies that required
large amount of investment for starting the company . Change in customer
taste ,preference affect this company and increase pressure.
Social entrepreneurship- Social entrepreneur are those person that produce the products
and services according to the need of society .They run the business for the benefit of
society .
Typologies are of interest of researchers . These are useful when there are case studies
related to entrepreneurship . Some typologies of entrepreneur are as follows -
Carlson has established three types of business that is innovation , imitation and
repetition . In innovation ,entrepreneur establish the business without any copy of
others. They creates uniqueness in their business. In imitation ,entrepreneur copied of
others and in repetition ,entrepreneur repeat their business activities .
According suchdev ,he describes the different types of entrepreneur like
“administrative entrepreneur and independent entrepreneur .”
Arpin has classified small business in to three parts which are as follows- Traditional
,entrepreneurial {promotion – oriented} and administrative .
Entrepreneurship and Small Business Management_3
P 2 Explain similarities and difference between Social entrepreneurship and Lifestyle
entrepreneurship
Social entrepreneurship is that organization that objective is to improve the human life and
environment of the societies .It’s objective is to do social welfare with profit earning. It can be structured
as profit organization and non –profit organization and may take the form of co-operative and charity
organization etc.
A lifestyle entrepreneur is that a person who does the business for improving the life style of it’s
own or the other people of the society. Its main objective is that to run the business for maintaining the
level of income and reputation in the society.
Similarities between social entrepreneurship and life style entrepreneurship – Here
Elizabeth Gooch and EG Solution PLC is a social entrepreneurship while Tom Mercer and
MOMA Foods is a life style entrepreneurship. Both have similarities which are as follows -
Social entrepreneur and life style entrepreneur runs their business for income or profit generating
(Hoof and Nandram, 2012).
Both have aim that to provide the best services to the societies so that society ‘s
environment and standard can increased .
Both are working for the improvement of the society or benefit to the society.
Both makes strategies for surviving in the society.
Difference between social entrepreneurship and life style entrepreneurship –
Social entrepreneurship has prime objective is to serve the society after it to earn
the profit while life style entrepreneur has objective to set and maintain the level
of income and standard in the society .
Social entrepreneur makes the strategies for the societies while life style
entrepreneur makes the strategy for own that how to support the life they want to
live (Arpin and et.al., 2016).
Social entrepreneurs are limited by location ,work ,and time while life style
entrepreneurs are free to work everywhere and anywhere for maintaining the life
and income.
Social entrepreneur wants to serve the societies while life style entrepreneur
wants that they should have sufficient amount of money for travelling in the
world.
D1 Development and growth of entrepreneurial ventures in the UK
UK has become more successful country in entrepreneurial ventures . It has higher ranking
because of entrepreneurial venture ‘ abilities and attitudes etc. In UK ,mostly people want to start their
business and they are showing their business skills ,attitude and they are more innovative and risk taker .
Researcher has found that UK is very powerful country in entrepreneurial venture because it is providing
more employment to the people (Sachdev, D., 2016). Now a days ,people of this country have more
Entrepreneurship and Small Business Management_4

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