Entrepreneurship and Small Business Management

This report focuses on entrepreneurial ventures and typologies of entrepreneurship, their impact on the economy, and the evaluation of different types of businesses. It covers topics such as small business entrepreneurship, scalable start-up entrepreneurship, large company enterprise, and social entrepreneurship. It also discusses the impact of businesses on national, international, and social economy, and provides relevant data and statistics. Get study material and solved assignments on Entrepreneurship and Small Business Management at Desklib.

ENTREPRENUERSHIP
AND SMALL BUSINESS
MANAGEMENT

INTRODUCTION
Entrepreneurship defined as setting up of the enterprise for taking financial risk in hope
of profit. This termed out as ability to manage and run activities in business to generate income.
Therefore, small business management work autonomous and operated firm. They usually
operate in small area and its profit depend on industry (Akhmetshin and et.al., 2018). It is entity
that can be suitable to operate on small scale to serve local community to provide profit to
owners of company.
The present reports will lay emphasize on entrepreneurial ventures and typologies of
entrepreneurship, impact on national, international and social economy. Thus, report will also
determine key aspects of entrepreneurial mindset and skills and motivational drivers of
successful entrepreneurs. Lastly, report will definehow background of person fosters and hinders
entrepreneurship.
PART A
1. Critical examination of differ kinds of entrepreneurial ventures and typology
Entreprenuer are those businessman who take risk to earn profits (Antoncic and et.al.,
2015). Thus, types of entrepreneurship ventures defined in below contexted manner as are-
Small business entrepreneurship- In present era, the most of the business enterprise are small
business setups (Bronfenbrenner, 2017). It is the enterprise that is barely profitable and generate
revenue for fulfilling own needs. Therefore, this enterprise are usually funded on loans. They are
of various categories like grocery stores, consultants etc. This is the enterprise that can be set
with help of financial assistance from family, savings and financial investment that provides
short term loans. For example- The small grocery, stationary, saloon comes under the catergory
of small and medium enterprise. Henceforth, they need low amount of capital to start their
business activities.
Scalable start-up entrepreneurship- It is enterprise that takes an innovative idea and searches
for scalable and repeatable business model that leads to high growth and profitable company.
The main aim of this enterprise is to bringing up the innovation that assists to change the world.
However, funds to this kind of enterprise comes from venture capitalist (Coffie and Blankson,
2018). However, the examples of scalable enterprise are as Facebook, Instagram and online

shopping for electronics etc. Additionally, this can be stated that the one and foremost focus of
this enterprise is on innovation and this aids to shape business functions.
Large company enterprise- It is enterprise that sustain innovation, offering new commodities
that are differed around their core commodities. Additionally, large scale enterprise takes loan
from banks, financial institution etc. Therefore, new commodities are offered for fulfilling needs
of people (Czarniewski, 2016). For example- Tesco is British leading supermarket chain that is
engaged in grocery services. In order to start their business function, the firn need to have large
amount of funds.
Social entrepreneurship- This is defined as entrepreneurship in which an entrepreneur focus on
improving social life of people by offering products and services (DeTienne, McKelvie and
Chandler, 2015). It can be non-profit, profit and hybrid. It is concept that can be applied to the
wide range of enterprise that can be varied in size. For example- Oxfam is the enterprise that
works as NGO and promotes poor children education and women welfare. In order ot set up, the
funds can be arranged with charity, financial institution etc.
Typology of entrepreneurship-
 Serial- It is an entrepreneur that comes up with new ideas and start new business. Thus,
they are significant in day to day undertaking of business activities.
 Survival- It is defined as enterprise that can be set up in small entity manner. In this,
entreprenuer earn short anount of profit that can aids to run business activities
effectively.
 Lifestyle- In this, an individual creates business with goals of altering their personal
lifestyle not with the aim for sole purpose of making profits. However, Lifestyle
entrepreneur mainly focuses on life rewards to people to encourager their passion for they
are doing.
 Aggressive growth venture- It is kind of investment fund that seeks to return the highest
capital gains (Edwards-Schachter and et.al., 2015). However, these are the that holds
stock of companies with the potential for rapid growth.
2.
The similarities and dissimilarities to different types of entrepreneurial venture defined in
below contexted manner as are-

Basis Small scale
enterprise
Scalable
enterprise
Large enterprise Social enterprise
Goals The main aim of
small scale
enterprise is to set
goals to operate
and grow
business despite
the product and
service offered.
Thus, business
owners must set
both short term
and long term
goals to expand
business activities
and to reach
customers.
The main object
of this kind of
enterprise
provides
innovative
services to
customers (Elo,
2016). Thus, they
put their major
focus on
innovation that
leads to earn
maximum
profitability.
The large scale
enterprise main
aim is to earn
maximum amount
of profitability.
Thus, main object
is to segment the
market function
in order to
become the
market leader.
The main aim of
this enterprise is
to maximize the
improvements in
financial,
environmental
and social well-
being.
Exit value They can exit the
business by
giving liability to
other companies
to use their name
or close the
business.
They can exit the
business by
giving the patents
right to other
person to use the
company name in
exchange of their
own name (Belz
and Binder,
2017).
They can exit by
merging the
business with
other companies.
The enterprise can
be exit in respect
of winding up of
company and also
selling its
products through
organising a
charity function.
Leadership role Leaders had to
play the vital role
They helps
employees to set
In this the major
role of leaders is
The role of
leaders is to form

in perspective of
attaining the
innovation in the
products which
attract the large
number of
customer base
towards the
products and
services.
the clear vision
and mission
regarding
achieving the
common goal.
They influence
employees to
understand the
importance of
working together
and helping each
other to reduce
risk (Terjesen,
Hessels and Li,
2016).
needed in respect
of maintaining the
culture values and
norms. This helps
them to make the
environment
motivating and
also influencing
employees to
work with
coordination.
the business
strategies and also
motivate
employees to
uphold the
organisation
vision in better
perspective.
Scope The scope of their
business is to
prefer the
autocratic
machine to
accomplish the
task so that they
can save cost by
reducing man
power.
The scope is to
select the skilled
person to cope up
with the work
load or also
provide training
so that employee
can individually
accomplish the
task.
The scope is to
mange the cost
effectively of the
company by
reducing the
energy of the
company and
increasing the
man power (Belz
and Binder,
2017).
The scope is to
find out the latest
opportunity
through which
they can enhance
the business at
large scale. This
can be done by
adapting
innovative
technique and
upgraded
technology in
enterprises.
Financial They can borrow In this perspective They can mange They can manage

resources money from
friends and family
to get smooth
running of
business (Dutta
and Folta, 2016).
they can take
helps from
companies by
selling their
innovative ideas
and products to
get more funds in
business.
the company in
respective of
boring loan from
banks as they get
easily finance
because they are
largely owned
business.
the company
through linking
up with NGO or
conducting any
charity function
through which
they manage the
funding easily.
Size 10 to 50
employees
It can be more
than 50 but less
than 200.
More than 250
employees
They didnt carry
any specific
number but they
are covered with
large number of
employees
Start up capital It can be $3,000. It results to
$15,000
It can be $8,000 Capital invetsed
can be $2,000
Key similarities between entrepreneurial ventures-
The all enterprise are set up with aim of earning profit. Thus, large, scale and social enterprise
can start up their business with help to borrow funds from bank, financial institution etc.
However, small business enterprise set up their business with arrangement of funds from their
own saving, borrowing from friends and families. Apart from social enterprise, all other entities
earning profitability to gain large amount of productivity and to expand their business activities
in marketplace.
Therefore, social enterprise contribute their part of profit in order to promote better well-
being to society. One of the similarity among all entities is to earn maximum profit by rendering
better services.
3. Impact of business on national, international and social economy
There are many regions in the UK, In order to have effective comparison the two UK
regions are chosen. Thus, impact will be analysed as-

national economy- it refers to entire nation economy through which country GDP is identified.
Socail economy – it refers to the economy that is derived from society.
Comparision of impact of SMEs in London and South-west regions-
London South west
In London maximum number of the enterprise
are private and about 99.8% private firms
consist of SMEs. Therefore, the growth of 3%
SMEs has seen in London. The rate of
employment has been increased to 49.8%.
However, this has reaches to 2.3 million jobs.
Additionally, it can be stated that the economic
impact has become positive due to creation of
jobs. Henceforth, the turnover has reached to
47.7%.
In this region, the more than 70% private
enterprise come under small medium enterprise
business. Henceforth, almost 49% employment
in south region comes from small medium
enterprise. Thus, rate of employment
opportunities in micro is 18.56%, 18.2% for
small and 15.2 % for the medium enterprise.
Henceforth, industrial sector as retail,
manufacturing and construction SMEs are
earning the highest amount of turnover. In
south-west, almost 3% growth was in Small
medium enterprise. Addition, almost 550
enterprise classified into SME.
Hence, it can be summarized that SME has played a vital role in economy of nation. It
has highly contributed in it. It has generated the positive impact om the economic condition in
London and South west region. Additionally, London is more developed as compared to other
region due to rise in SME
UK SME import and export
Comparision the impact with help of utilising two different sectors-

Retail Construction
The 16% of the organization in retail sector
comes under small medium enterprise.
Additionally, the almost 560 businesses are
engaged as SMEs. So, it holds 10% of total
enterprises. Additionally, high amount of
contribution to SMEs are deniable. The
turnover generated by the retail sector is higher
than the construction sector. In United
Kingdom, 69% small medium enterprise have
made profit. Therefore, 8% has also faced loss.
Additionally, the high amount of the
profitability has impacted the retail industry in
positive aspect.
There are about 1000 SMEs are there in
construction industry. It consists of 5% of total
business. Additionally, 8% individuals are
employed by small medium enterprises. Thus,
construction sector provides the maximum
employment opportunities. It is positve impact.
In the UK construction business, 74% Small
Medium enterprise have seen profit in the year
2018. Thus, only 3% firm has faced loss.
Compare the impact of SME's for two EU countries-
France Italy
This is country is dominated by Small Medium
enterprise. They hold each sector in France and
made contribution to the overall growth. In
France, SMEs has provided employment
opportunities to various people. It aids to
reduced employment. These Small Medium
enterprise has contributed 529 billion Euros in
2017. Henceforth, economic contribution
towards Small medium enterprise is having
positive impact on economic health of France.
The major amount of growth and domination is
acting is as positive impact on industries of
Italy. However, income of the 471.5 billion
Euros. Additionally, contribution of Small
medium enterprise is less if its compared with
France. Thus, it is point that is quire enough to
indicate positive impact. Henceforth, it is 52%
of Total turnover.
Hence, it can be concluded that UK regions are compared in case of impact made by
Small medium enterprise. Additionally, London economic condition is improved. Small Medium

Enterprise have become more profitable when its get compared retail sector. So, it can be said
that Huge economic contribution given by Small and Medium enterprise in both France and
Italy.
4. Evaluation on impact of different type of business with use of relevant data and statistics.
Small business enterprise plays crucial role to create job opportunities and drive
economic growth in small and under developed regions. Socio-economic termed out as field of
economics that primarily considers relationship between social behaviour and economics. Small
medium enterprise consists of 250 staff and revenue generated is €50 million. Therefore,
enterprises consists of small, micro and medium organisation.
Micro- Micro private enterprise has contributed to UK economy. In the year 2017, this
enterprise has grown up to 5416 number of entities. It has also provide employement
opportunities to about 8800 people. Therefore, more than 96% of the business held in UK by
micro enterprises.
Small- As per the information gained from the parliament of UK, there are 210 enterprise as this
has increased the size of small businesses. The total number of 4100 people are working under it.
Turnover of this enterprise has reached to 590 billion pounds.
Medium- There are almost about 34 companies in UK that employs 3400 employees.
Additionally, the contribution is around €600 billion out of 15% turnover.

However, it has been concluded that SME play significant role in contributing the
economy of UK. Thus, it has increased the employment and this also aids to contribute towards
the economy of United Kingdom.
There are number of enterprise in the UK that are small and medium enterprise. Thus,
small medium-sized enterprise mainly contributes 47% of revenue to the UK economy and
increased economic growth (Kaushik and Chanu, 2017). Additionally, this supports to examines
the social norms, needs, trends and preference, etc. of people.
Therefore, small business entities aids to improve social and economic condition of
nation. They generate job opportunity and reduce unemployment rate. Henceforth, large business
enterprise also crucial to the overall economy as they share a major portion in country GDP (Lee
and et.al., 2016). Therefore, they employ more employees and provide essential products and
services to people.
The decision of leaving European union following the referendum have wide scale
implication for businesses across the industrial spectrum. Therefore, Brexit has huge impact on
business operation and it is critical for business and trade leaders. Hence, it can be stated that
Brexit has profound international impact on the world at the large level. Additionally, Brexit
constitutes the fundamental change in the British Foreign policy.
Illustration 1: Small business in UK
(Source:Essential Facts You Should Know about SMEs in the UK, 2019)

From the given above statistical data, it can be stated that Total employment in SME was
about the 15.7 million and 60% of the all private sector employment in the economy.
Thus, small business enterprise are vital to the success of the economy not because they
provide success stories for the future but also aids to meet out the local needs. Thus, capital
invested in small enterprise aids in reducing the unemployment from the country and to provide
employment opportunities to individuals. One of the foremost advancement of business in local
economy is to boost employment in the region. Therefore, employment level influence range of
standard of living, disposable income and new enterprise start-ups. Hence, small business
enterprise highly contributes to growth to vitality in several crucial areas of economic and socio-
economic development.
Hence, it can be stated that SME tends to foster environment that aids to invest new
commodities and to improve the way things are getting done. Thus, owner of small business
entity finds the alternatives ways of doing things. Effective innovation approach leads to greater
the business activities in effective manner (Giaoutzi, Storey and Nijkamp, 2016). Additionally,
success of the small enterprise aids to foster the creativity with help of developing the new
commodities of the enterprise.
Additionally, majority of the business anticipates that Brexit woo impact by reducing
sales and increasing cost.
Henceforth, he has taken a huge risk as virgin in order to diversify the business activities to more
than the 10 Industries. According to Branson, he has faced so many situational influence that
motivates him to cross the thin line between concentration and remarkable personalities. Richard
has also stated that, risk is things that aids to an individual to not only find out his capabilities but
also supports to be become a competent person. Risk is one of the essential part to gain the
success towards the work.
PART B
1. Characteristics traits and skills of successful entrepreneurs.
The skills of entreprenuers:-
communication- it is basic skill that is required in entreprenuer
leadership – this skill is required ifro entreprenuer to lead a business.

Entrepreneur is person who put their extra effort to conduct the business activities to
accomplish the desired goals and objectives (Pittz and Hertz, 2018). Hence, creativity,
persuasiveness, vision and versatility, risk tolerance and decisiveness all are the successful traits
that aids to conduct entrepreneurial activities effectively. In the present era, the entrepreneur as
Richard Branson and Carl June are both successful entrepreneur, and they accomplish success
with helps to their skills and traits. Thus, Richard Branson known to be as founder of Virgin
group. His career start at the young age and dropped out of the school to find out the magazine
called student. In the year 1971, he was just 21 and has his street store for Virgin records in
Oxford street, London. In his career, he has showcases the number of leadership skills and values
that distinguish him from his peers.
Additionally, the luckiest person is the one who has potential to adopt the greatest risk.
Successful entrepreneur don't fear failure, but they need to learn from it. In order to become the
competent person, successful entrepreneur must have capabilities to undertake innovative
approaches with help of implementing new and creative ideas (Kaushik and Chanu, 2017).
there are some entreprenuer that are born with entrepernuer personality traits. For
example Donald Trump is a born entreperenuer as he possess traits of an entreprenuer.
On the other hand, Carl June is the founder of cancer immunotherapy. It raise $100 from
the investors including Sean Parker institute for cancer immunotherapy. Currently, he is director
of the centrer for cellular immunotherapy and also director of Pennsylvanian and investigator of
the Navle Academy. He also maintains the research laboratory that studies various mechanism of
the lymphocyte activation and it is relate with immune tolrance and adoptive immunotherapy for
chronic and cencer infection. The Idea was that T cells would be reprogrammed to express
chimeric antigen receptor proteins and it aids to tuned patients to unique tumour antigens that
results in CAR T cells. His idea was very ambitious and also based on promising research from
the pas few decades. Additionally, there are number of the common and exceptional traits of the
entrepreneurs that aids them to be a sensational personalty and to accomplish the success
throughout their life. Thus, characteristics and successful traits to entrepreneur are defined in
below contexted manner as are-
In order to become the successful entrepreneur, an individuals needs to be a starter, they
need to undertake the changes and to become the competent individual by executing all changes
to lead development.

 They must have capabilities to undertake proactive actions. Therefore, reactive actions ca
lead to face money and time wastage decisions (Lee and et.al., 2016). For becoming a
successful entrepreneur, this is crucial to people to set organization vision, mission,
procedure.
 An individual needs to be much more aware about capacity and expectation of the
outcomes.
 Therefore, individuals who waste their time in throwing the stone to braking dogs mainly
catches those bricks and it impacts their own capability.
 A successful entrepreneur must have attitude to perform towards to goal.
 On the other hand, successful initiator makes its decision in such manner that do not have
any adverse consequences to the individual, group, society and nation.
2. Define how various characteristics of entrepreneurial personality reflect entrepreneurial
motivation and mindset.
Entrepreneur personality defined as full of life and energy. They are individuals who are
taking initiatives to pushing boundaries with help of using new things. Entrepreneur motivation
termed out as activities that motivates entrepreneur to adopt better skills and ideas to exert high
level of efforts. Thus, personality and mindset of Carl June and Richard Branson can be
discussed with use of models as-
BB & K Model-
It is model that aids to classifying investor personalities. Henceforth, this defined as-
The Adventure- The individuals who willing to put one best and go for it because they have
confidence. Thus, Carl June has the ability to invest new ideas and undertake experiment that can
aid to people to fight against cancer.
The celebrity- The individualist are afraid of being left out. Thus, they create their own idea
about the things in life. Similarly, Carl June has developed his own idea was that the T-cells to
express the chimeric antigen receptor that tuned patients to unique tumour antigens.
The individualist- They are the personalities who have certain degree of confidence as being
careful, methodical and analytical. Thus, he is dedicated personality that develops the new
immunotherapy that harness the immune system ability to fight pancreatic cancer.
The guardian- In order to build confidence and forecast the future they tend to look for
guidance.

The Straight arrow-They are the individual who are well-balanced and cannot be placed at
specific quadrant.
3. Critically evaluation on about person background and experience that influence entrepreneurs
both positively and negatively by comparing and contrasting examples.
Carl H. June was born in 1953 and is the american Immunolgots and oncologist. He is
also considered to be the well-known researcher which conducted the deep study on T cell
therapies for providing the better treatment of the cancer. He is currently engaged with the
Richard W. Vague professor of Immunotherapy in the department of the medical facilitates. June
completed his graduation from US navel academy in 1975 and in 1979, he carries the medical
degree from Baylor College of Medicine.
The major motivation behind choosing their profession is examined after attending the
Immune Cell Biology Program. The reason behind choosing this topic for conducting research
came from having the deep knowledges about the medicines and also its importances in recent
times. Due to having the excellent knowledge, he is awarded with various trophies and rewards
and also organize various seminar regarding the medical field.
On the other hand, the one of the successful entrepreneur named, Sir Richard Charles
Nicholas Branson born on 18th July 1950. Therefore, he is an English commercial enterprise rich
person, creator, etc. Moreover, he started Virgin institution that manages more than 400
companies and expanded services in more than 10 countries.
Furthermore, Branson has become the successful entrepreneur at his younger age. Thus,
he has learnt creativity from his mother. She designed wooden boxes. Hence, he has established
his first business at 16 and that turned into an achievement as magazine called student (Pittz and
Hertz, 2018). In the year 1970, he developed a mail-order record enterprise and also took
initiatives towards by opening many outlets as Virgin statistics. Henceforth, from the
background of Richard Branson it has been cleared out that the entrepreneur background enables
in setting a business and assist to accomplish their desired goals.
CONCLUSION
By above aforementioned project, it can be concluded that entrepreneurship defined as
process of running business activities. Thus, entrepreneur has the ability and capacity to organize
and manage venture to gain certain amount of profit. On the other hand, small business

enterprise independently managed and owned company that is limited in size and termed out as
small medium-sized enterprise.
The present report is based on the business activities of the Entrepreneurship and small
business management. Furthermore, report has laid emphasized on business activities to high
entrepreneurial venture and various typology of entrepreneurship. Hence, study has also covered
the significance of small enterprise on economy and impact of Brexit on national, local and
international level has also been defined to ascertain the contribution towards society.
Additionally, report has also explained the traits and skills of successful entrepreneur and
focused on entrepreneur mindset with use of BB & K model. Lastly, study has highlighted
background and experiences of Carl june and Richard Branson that influence entrepreneurs both
positively and negatively to accomplish their desires.

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