Entrepreneurship and Small Business Management

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Entrepreneurship and
Small Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
LO....................................................................................................................................................1
P1 The range of entrepreneur ventures types and considers as the entrepreneurial....................1
P 2 similarities and difference between entrepreneurial ventures...............................................3
LO 2 ................................................................................................................................................4
P3 The impact of small business on the economy......................................................................4
P4 Importance of small business and business start-ups to the growth of the economy............6
LO 3.................................................................................................................................................6
P5 The key aspects of the entrepreneurial mind set...................................................................6
P6 Personality dimensions and personality traits through open model ......................................7
LO 4.................................................................................................................................................8
P7 Background and experience can hinder and foster the entrepreneurship..............................8
CONCLUSION................................................................................................................................9
...................................................................................................................................................10
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship is a process for designing, launching and running a business which is
often initially a small business and also the individuals and people who creates the business are
generally called the entrepreneurs. Small business are those where less then 500 employees has
been working and also beneath the industries annual receipts cap. The report will study that the
range and types of the entrepreneurial ventures and also the impact of small business on the
economy. Furthermore, this report will study the key aspects of entrepreneurial mindset and the
way entrepreneurial background, experience and education foster and hinder entrepreneurship
(Kirzner 2015).
LO
P1 The range of entrepreneur ventures types and considers as the entrepreneurial.
Entrepreneurship:- The term entrepreneurship refers to the designing, launching and
running the new business which is initially a small firm. It is the willingness and capacity to
organise and develop the ventures along with the risks in order to make high profit. There are so
many risks which has been involving on launching and starting a business such as the bad
decision of business, economic crisis, lack of funding and also the market demand and al et
combinations of all the things.
Entrepreneurship typologies
Small size social ventures:- small size ventures private equity form and which has been
deploys the capitals across the multiple sectors and also to the geographical regions for the basis
of the opportunities which has been early stage investment. Small size social ventures has been
undertaken by the firms to the organisations which has been established the social entrepreneurs
and also seeks to provide the systematic solutions for achieving the goals and objectives. For
example; A Courier business which has been moves the packages from one location to another
and charging a small amount of fee for that(Dees, 2017).
large size social ventures:- large size social ventures has been described as the more complex
and highly oriented rather than the small size ventures. It needs so much high rate of capitals for
establishing the business and organisations. There are lots of employees and workers which has
been working there. For example; Royal Dutch Shell which is commonly known as the Shell, it
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is gas and oil company which has been manufactures six types of the oils and gas super majors
and it is 5th largest company measured in 2018.
high growth firms:- High growth form has been growing faster than the peers and also the
boarder of the economy. There are no hard and fast rules for defining the growth which has been
generally raised the annual revenues more than the average of the industry over the sustained
period. For example; google place their image in the market so easily with the higher rate of
revenues and also image of the company in the market.
Established company:- the term has been refers for generally applies the individuals which has
been start the new business but also extend the individuals which are employees within the
establishes firms. For example; Tesco is one of the multinational groceries and also the
supplying chain of the supermarkets. The activities of the organisations is a fundamental element
for the fundamental strategies(Katsura, 2016).
Entrepreneurship ventures
Entrepreneurial ventures where an individuals runs and start the business with planing
and limited resources and also it has been responsible for the all the rewards and risk of his and
her business ventures. it has been encompasses the new products and services rather the existing
business models.
Lifestyle firms:- the term life style refers to setting up the business which has been run
by its co-founders with the aim of sustaining the particular level of incomes and no more. It has
been provided the foundation.
Social enterprises:- Social enterprises are those organisations which can applies the
commercial strategies for maximising the improvements in social, financial and well-being of the
society and it has been involved the social entrepreneurs for maximising the profits and impact
on the revenues of the external stakeholders.
Aggressive growth firms:- this is a mutual funds company which seeks for the capital
gains which has been investing in the aggressive capital growth shares. The investments which
has been held for the funds of the companies for demonstrating the high potential growth. The
strategies of the business has been categorises in so many ways such as the aggressive
investment and strategy means making the portfolio managements which only attempt for
maximising the returns for taking the higher degree of risk for the growth of the firms.
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Public sector entrepreneurship:- it is an inventive, alternative approach for leading the
changes in the returns of the public and it has been designed for the future of private
entrepreneurs ans also the public leaders who need to build the new ventures which has been
operating and selling the traditionally public domains (Storey, 2016).
P 2 similarities and difference between entrepreneurial ventures.
Similarities and
differences
Lifestyle
MAX
Social enterprises
NHS
Public sector
Tesco PLC
Annual growth
rate
MAX is lifestyle firm
where its annual
growth rate is 450
million items and
products has been
produced per year over
13+billions.
NHS is a social
enterprise and its
annual growth rate
and budget is around
116.4 billion.
Tesco PLC is one of the
public sector and the growth
rate of the Tesco is 2.1%
from 2.4% in previous
years. The net income of the
Tesco is 1,208 million and
the revenue cost is 57,491
million.
Technology
investment
MAX is using
technology strategy
where it adapting new
tools and involves big
data for making new
fashion trend clothes
and retailer managed
outpace to its direct
competitors.
NHS invest on the
mobile technology
toolkit resource where
customers can
download and invest
toolkit where it
involves all resources
and download all the
resources.
Tesco PLC digitally
transformed the customers
experience, model of
business and operating the
models in business through
the technology
investment(Cooper and
Folta, 2017).
Managerial style MAX has been
adapted transformation
style for encouraging
employees and is
expected
NHS follows an
academic philosophy
where it adopted
modern managerial
style for improving
Tesco PLC has been
adapted democratic
managerial style which is
already know n as the
participant leadership style.
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entrepreneurial
culture.
the staff and
employees
This styles for motivating
employees and from all that
it provide better service to
the customers.
Organization
structure
MAX has been
adapted multi
divisional
organizational
structure.
NHS has been
followed a
Hierarchical structure.
Tesco PLC has been
followed a hierarchical
structure which mainly
focuses on different
departments of the
Business.
LO 2
P3 The impact of small business on the economy
Micro business:- Micro business generally defined as the small business which has been
refers to the forms where only 9 or fewer employees which has been working there and also
having the balance sheet and turnover less than the particular and certain amounts. It has
generally 96% employees level 33%, the turnover is 21% in the year of 2018. the small business
In the small business enterprises the business employees small number of workers and it does not
have the high level and volume of the sales. Such type of enterprises is basically private owned
and operated the sole of the proprietorship, corporations and partnerships of the business. The
main reason behind people turning towards the traditional 9-5 jobs or stating its own personnel
ventures. Predictable, UK has the highest ratio of the small business enterprise which was
calculated as per the 1000/- residents in every region of the country(Cooper and Volta, 2017).
Small business:- Small business are privately owned by the partnership, corporations and also
sole proprietorship which has fewer employees and also less annual incomes than the regular size
corporations and businesses. There are 566000 businesses of small business enterprises which
are 99.9% of the total business of the UK and it also created 8802000 opportunities for their
employment for micro business, 4083000 of small business and 3399000 for medium business,
the total of 60% opportunities. Such employment increases the opportunities for setting the living
of standards of the workforce. It has generated the turnover over 1994 billion pound every year
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which is 52% of the total revenues (Henschel and Valencia, 2018). Out of which 808 billion
pounds belong to the micro business, 590 billion pounds belongs to the small business and 595
billion accounts for the medium of business.
Illustration 1: Statistical data of small and medium scale enterprises in UK
Small business and micro business can impact and also contributing in the local economies for
easily bring up the growth and innovation to the community and societies at the time of
establishment of the enterprises and it critically evaluating in the contributing of the growth of
the economy for all the new vacancies of the job(Read and teal, 2016). The data which has been
collected through the graph from the small scale business and also the micro business whereas;
Small business Medium
business
large firm
Turnover 33.00% 14.00% 53.00%
Employment 28.00% 12.00% 40.00%
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Assets growth 99.30% 0.60% 0.10%
P4 Importance of small business and business start-ups to the growth of the economy.
 Culture of the economy
 cash flow
 innovation
 meeting purpose
 customers happiness
 clearly defined the roles and rules
 consistent team quality
Creation of the employment:- it is a type of strategy where employees has the agenda for
creating the opportunities and jobs for the employment,. it has been included the creation of the
interventions which direct short and long term creation of the job. Interventions are those which
foster the self-employment and also the macro level policies. It has been included the
opportunities of the employment clause in the tendering procedures and contracts. Alongside the
groups worth the local marketers and also the shareholders for responding towards the effective
major concerns skill enhancement and apprenticeships, training and development for the creation
of the job schemes (Aldrich, 2017).
LO 3
P5 The key aspects of the entrepreneurial mind set
Entrepreneurial mind set:- the mindset of the entrepreneurial is simple has been done that the
discipline has been allowed them to continuously reaching the goals and objectives. The mind set
of the entrepreneurial is all about providing the values to the business. The term entrepreneurial
mind set has been refers to the specific and particular mind set which has been oriented the
human conduct towards the entrepreneurial outcomes and activities.
Difference between traits, skills and motivational drivers of the successful entrepreneur.
Personnel characteristic and skills:- It has been involved the Peter Jones, William Bill Dayton
and Sir Richard Branson(Cooper, 2017).
needs for achievement:- Peter Jones, William Bill Dayton and Sir Richard Branson are
remarkable personalities which has been recognised in the whole world. They are always things
to achieve the new things and also the knowledge and skills. According to the Sir Richard
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Branson individuals think that the more thing which is important the education is not make the
personnel success and growth.
Self confidence:- To be self-confident which means for securing the abilities and yourself.
Whenever we are doing something it helps in self-confident. Confidence is one of the feeling
which having the trust in something and someone. Its necessary to have the self-confident
because it is a need of each and every persons life such as the Peter Jones, William Bill Dayton
and Sir Richard Branson has been facing so many failures and now they are confident for
growing in future life.
Motivational drivers
Motivational drivers are those from which employees get the satisfaction and sometimes it has
been controlling others. It has been lead and persuade for motivating for the leadership and
positions of power.
 Clearly define goals:- Its important to defined all the goals and objectives clearly that
the process which has been started with so many careful considerations which want to be
achieved and ends up with the hard work which has been done by others.
 Teammates:- It has been the main important part of the successful entrepreneur because
when all the individuals has been working in a team then its easy to achieve the goals and
objectives and it also motivates the team mates for understanding the other team mates
and appreciate their handwork(Kirchner, 2015.).
 achievement:- Employees with this driver want more satisfaction for completing the
projects successfully. It also want the exercise their talents for attaining the success.
Achievement is one of the most important motivational driver as it should be high
achievers and also many of C-suite executives. Common occupation for the people has
been motivated for the achievements such as the professional athlete, inventor, CEO,
entrepreneur and executive director.
P6 Personality dimensions and personality traits through open model
 Openness:- Individuals who are like to learn the new things and also the enjoying so
many experiences which usually score high in their openness because it always involves
the imaginative and insightful which having the wide range of interest. Openness help in
the person straightforward and also prefer familiarities rather then eh novelty.
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 Conscientiousness:- individuals which has the high degree of the Conscientiousness are
promoted and reliable. This trait has been included the methodic, organised and also the
thorough. In this person score with the more disciplined, dutiful and also prefer the
planning behaviour at the current situation.
 Extraversion:- in this it gets the extravert energies for interacting with others and
introvert it gets the energy for themselves. it also involves the traits of the talkative,
energetic and sympathetic. Those person which has high score on the energy for exposing
the external world.
 Agreeableness:- In this personality traits individuals are cooperative and friendly with
others. Where people with the low agreeableness may be more distant and it has been
included the affectionate, being kind and also sympathetic. Those person who are with
the high score in this personality traits are trustworthy, kind, helpful, generous ad also
hesitate for compromising their interest according to others.
 Neuroticism:- it has been refers the sometimes it called the emotional stability in the
individuals. This dimension of the personality traits related to the negative emotions and
emotional stability where people score high in the neuroticism it often experience the
instability in the emotions and also the negative emotions of the person. it involves the
treats of tense and being moody(Deems, 2017 ).
LO 4
P7 Background and experience can hinder and foster the entrepreneurship
Local Entrepreneur (Peter Jones)
Personnel background and experience:-Peter Jones is local entrepreneur of UK where he
posses business involvement in a wide variety of industries from property, cellular telephones,
and relaxation to broadcasting and media. Further, in 2009, he become appointed Commander of
the Order of the British Empire (BE). currently and considered as the chairman and leader of
telephones global group. Moreover, in 2007, he introduced a book titled Business leader,
published by means of Odder Houghton, which have become a UK bestseller (Linda,
Sporangium and Salem,2018). Further, the father of Peter Jones is also an entrepreneur who
owns office in Windsor and was an engineer, and both of his parents worked full-time to serve
their family, thus, the family background of Peter Jones foster him to become the famous
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entrepreneur and expand their business interests. Further, in television sectors he introduced
many shows like dragon den's, American inventor, tycoon and many other television shows
which made him successful business person in every field of his interest.
Social Entrepreneur (William Bill Dayton)
Personnel background and experience:-William Bill Dayton is a social entrepreneur of UK.
Further, he is responsible for the upward thrust of the word social entrepreneur, however, Dayton
is the founder and present day chair of Ashore that is Innovators for the public, a 501(c)(3)
corporation devoted to searching and fostering social marketers international. Moreover, Dray
ton's philosophy of social marketers are individuals with revolutionary answers to society's
maximum pressing social issues. According to him, Social entrepreneurs are not contented
simply to give a fish or educate the way to fish. they will no longer rest till they've modified the
fishing enterprise (Jones, Comfort and Hillier,2017). Due to his family background he got
inspiration to become a social entrepreneur as Dray ton's mother migrated to US from Australia
and his father was an American citizen who became an explorer. Furthermore, providing public
service and strong belief run through the records of his family background along with various of
the soonest anti-slaveholding reformer and girl's leaders in the U.S. Further, Dayton has acquired
many honours and declaration for his achievements. Further, he become elected one of the
MacArthur Fellows for his performance, consisting of the founding of Ashore that means
Innovators for the public (Hell and eternal, 2016).
International Entrepreneur (Sir Richard Branson)
Personnel background and experience:- Sir Richard Branson is a British entrepreneur, author
and the philanthropist as well. Furthermore, he started his business venture at the early age of 16
years as a magazine named as student, furthermore, he initiated mail order recorder business. He
got inspiration to become entrepreneur from his family background as his mother was a ballet
dancer and an air hostess, whereas his father was attorney and her mother was also an
entrepreneur who operates a business by selling wooden tissue boxes and paper bins (Bikes, Riva
and Premiere,2015). Thus, from such business background he got encouragement and knowledge
of how to become successful entrepreneur and to run a business venture.
CONCLUSION
Entrepreneurship term refers to the setting up the activities or business and businesses
and it also taking the financial risk in the hope and demand of revenues and profits. this repost
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has been concluded the illustration of the entrepreneurial ventures and it might be consider as the
typologies of the entrepreneurial and also the impact of the small business on the economies.
Moreover, it will conclude that the key aspects of the entrepreneurial mindset and also the skills
of personality traits and the mindset of the entrepreneurial is simple has been done that the
discipline has been allowed them to continuously reaching the goals and objectives. The mind set
of the entrepreneurial is all about providing the values to the business It will conclude the
different environments that hinder and foster the entrepreneurship.
REFERENCES
Books and Journals
Linda, M., Sporangium, SH and Salem, SNR., 2018, January. The Influence of Entrepreneur
Competencies and Business Ethics on Growth Business (Case Study Local Food In
Sumatra). In 1st Economics and Business International Conference 2017 (EPIC 2017).
Atlantis Press.
Jones, P., Comfort, D. and Hillier, D., 2017. A Commentary on Pop up Hospitality Ventures in
the UK By Peter Jones. Athens Journal of Tourism.4(3). pp.203-216.
Hell, E and eternal, 2016. Social entrepreneurship and business ethics: Does social equal
ethical?. Journal of business ethics.133(4). pp.619-625.
Bikes, V., Riva, B. and Premiere, I., 2015. The social entrepreneur as a promoter of social
advancement. Proceed-Social and Behavioural Sciences.185. pp.469-478.
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Costello, NEE, Jones, MKV and McDougall-Colin, PP, 2015. Is International Entrepreneurship
research a viable spin-off from its parent disciplines. Rethinking entrepreneurship:
debating research orientations, pp.78-100.
Fisichella, A. and Magnanimity, G., 2016. International entrepreneurship: theoretical
foundations and practices. Springer.
Aldrich, H., 2017. Learning together: National differences in entrepreneurship research. The
Blackwell handbook of entrepreneurship, pp.5-25.
Bar ringer, BAR, 2015. Entrepreneurship: Successfully launching new ventures. Pearson
Education India.
Burns, P., 2016. Entrepreneurship and small business. Pal grave Macmillan Limited.
Cooper, A. and Volta, T., 2017. Entrepreneurship and high‐technology clusters. The Blackwell
handbook of entrepreneurship, pp.348-367.
Cooper, ARC, 2017. Networks, alliances, and entrepreneurship. Strategic entrepreneurship:
creating a new mindset, pp.201-222.
Deems, JG, 2017. 1 The Meaning of Social Entrepreneurship. In Case studies in social
entrepreneurship and sustainability(pp. 34-42). Rutledge
Azanian, HR., Drazin, R. and Glynn, M.A., 2017. Implementing strategies for corporate
entrepreneurship: a knowledge‐based perspective. Strategic entrepreneurship: Creating a
new mindset, pp.173-199.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Read, S., Sarasvathy, S., Dew, N. and Wiltbank, R., 2016. Effectual entrepreneurship.
Routledge.
Storey, D.J., 2016. Entrepreneurship and new firm. Routledge.
Online
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Statistical Data of Small and Medium Scale Enterprises in UK. 2017. [Online]. Available through:
<https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-medium-businesses-in-the-
uk>.
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