[DOC] Entrepreneurship and Small Business Management Assignment Sample

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Contents
INTRODUCTION...........................................................................................................................3
TASK...........................................................................................................................................3
P1 Examine the different types of entrepreneurial venture that might be related to typology of
entrepreneurship. .........................................................................................................................3
P2 Explaining the similarities and differences between entrepreneurial ventures .....................5
P3 Statistical data of small and micro business and their impact on economy .........................7
P4 Demonstrate the importance of small business and business startup will contribute for
growth of social economy after ‘Brexit’ .....................................................................................9
P5 Characteristics, traits and skills of two successful entrepreneurs which different from other
business managers. ....................................................................................................................10
P6 Successful entrepreneurial personality, feeling and behavior differences ..........................13
P7 Examine background and experience can hinder or foster entrepreneurship.......................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship is a risk taker, a person who established their new business by taking
risks of own money to start up new project. Bill gates and Arianna Huffington are the example of
entrepreneurs. Strong work ethic, good leadership and creative thinking is their skills which they
are needed. Open minded, self-starter, competitive and creative is the qualities of successful
industrialist. In managing the small business, they played an important role. In this project Joe
woods is an entrepreneur they make a financier partner of their business, the owner of
organisation established an IT business. Entrepreneurship and small business management
provide a different type of learning knowledge to people who need to established a new business
in marketplace. Joe wood is an American football coach. This unit explore the variety of venture
type that influence entrepreneurial (Schaper, and et.al., 2014). Evaluate the impact of small
business on economy and also determine key aspects of entrepreneurial. At last it observes the
different environment that foster or hamper entrepreneurship.

TASK
P1 Examine the different types of entrepreneurial venture that might be related to typology of
entrepreneurship.
Research executive of the company need to search a lot of different ideas for services or
products. Entrepreneurial is a single person who run company business with some limited plans
and assist. Joe woods is responsible for every rewards and risk of her business. As the partner of
their venture they need to the best ideas to owner. There are 4 types of entrepreneurship venture
first is Small business entrepreneurship, second medium startup entrepreneurship, third is large
organization entrepreneurship and last forth is social entrepreneurship.
1. Small venture entrepreneurship: Entrepreneur start up a small business in United states.
This type of entrepreneurship has low budget for making their products. Such as grocery
shops, travel agents, plumbers and electricians etc. they all worked for low price, they
cannot be able to established their own large business in country. These people can hire
for local workers. Their description of growth is to feed their members in family this is
the profit of their job. Small business entrepreneurial cannot able to take over an
organization and make profit in millions (Lee, and Lee, 2015). They collect funds to
family members and friends or taking some loans for starting their small shop of any
field in marketplace.
2. Medium startup entrepreneurship: Establishing new business in marketplace
entrepreneur has a vision to achieve profit in their business. It defines that person
individually start their business within the aim of making profitability. They make some
innovation for growth of company. But at the point of starting new project they also
face risks as same as the small venture does. Entrepreneur is starting medium venture
they have funds more than small venture enterprises.
3. Large company entrepreneurship: In this type of venture owner have a large amount of
money to finance or run their business. Their main motive is to earn profit and create
new ideas of earning money. They also face some issues in establishing new company
in marketplace. For having high funds, they can make innovation on large level. They
also use different techniques for growing organization better than the others. Large

industry can make changes in their services according to their customer’s demand and
also create new strategies or plans which is very helpful to fight against their business
competitors. Through making innovation in their products they can able to supply their
services at anywhere. But on the other side its get difficult on some points to execute the
other functions and activity of ventures.
4. Social entrepreneurship: Entrepreneur of social business provides their services and
products according to needs of people. They make those products who resolve the issues
and problems at social level. Their motive of providing service is nonprofit able like
scalable startup. They do not work to earn profit or market share in business or to make
profitability for company. It performs their business activity just to give better services
to customers by felling their basic need and requirement.
Typology is a method of dividing such things into various types, like to separate
people in two groups bad or group people’s groups. There are different types of
typology which effect entrepreneurship. Serial and scalable typology is related with
entrepreneurship. Through this process they can divide person according to the
capability of their investment in business growth. It works for raising company
productivity.
Ventures relate to typology of entrepreneurship:
Serial entrepreneur is related with individual person who run their business without
taking advice of other, they also make decision of closing and modifying its business in another
purchasing products. This typology is related with ventures by taking risk in firm. Small ventures
is based on serial entrepreneur that continuously come up with new thoughts and ideas for
staring business and increase profit For example: Hazev restaurant is a small venture that give
their services to many people in country. Lifestyle typology is related with large venture that
help to understand people perspective and ways of conducting their affairs For example:
TESCO is large venture that give their effective work performance and offer goods according to
people needs and demands. Thus, Female typology is related with medium size ventures that run
their business effectively by supply good quality products and services and also run entire

process individually For example: Inkpact is medium size venture that provide handwritten
notes for businesses by putting the personalize back into communication.
Scalable typology define the process of establishing business before having all the
information from day one. Ventures take risk for investing money in business.
CONCLUSION
In this section it has been concluded that different types' entrepreneurship perform their
different style of working that increase their business profitability. It also explains the relation of
all ventures with typology of entrepreneurship.
P2 Explaining the similarities and differences between entrepreneurial ventures
Similarities of entrepreneurial ventures Differences of entrepreneurial ventures
There are many similarities between
entrepreneurial ventures. They all invest
money for making profit in business. Large
venture entrepreneurship and small venture
entrepreneurship both impact on every step
of making profit (Beckmann, Zeyen and
Krzeminska, 2014). In business they all
take risk for inverting money level. Most of
investor need to achieve business goal and
objectives in company. At all the level of
entrepreneurial ventures take opportunities
with their own potential of managing
business. They reward people for their
work performance according to the budget
of organisation. Another similarity of
ventures is that they all make their own
They all are self-employed and make
money, but using different techniques.
Large and medium size business face equal
issues at financial level, but they fight
within different risk and policies of
marketplace. Small entrepreneurial impact
on ventures by gaining limited income
source from their business. Large
entrepreneurial ventures focused on wealth
of company and their production profit.
They both performed with in high impact of
economy. Their innovation and growth are
different, their goals are different, so at the
last all the differences divide
entrepreneurial ventures. On the bases of
employee compensation and recruitment

financial strategy to achieve business
objectives. Small, medium and large all
entrepreneurship ventures run their or
performed their work for decreasing
employee turnover and increasing profit for
industry. They all need to achieve success
in establishing new ventures. Large
entrepreneurial ship ventures and medium
entrepreneurial ship ventures apply
promotional techniques and also need to
expand their business for making profit and
increasing growth of firm. By using new
technology both are worked according to it.
Similarity in between entrepreneur ventures
is that both explore marketplace to get
general information who to promote or
managing business according to new trends
by making products according to their
customers’ needs and requirement.
both work within different ways. Large
ventures pay reward better than small
ventures to their workers who give high
performance work in organisation.
Difference are depending upon income
source of company. Compensation
encourage or motivate workers to
performed high quality work. It impacts on
entrepreneur ventures; it also increases
success in business. On the base of
financial planning large, medium and small
venture collect funds within family or at
their own base. Some already have many
funds to invest, but other need to collect
with different places. They apply different
and various type of strategy in their
business to attract customers towards their
products and services. In marketplace they
need to established good brand image.
Starting any new business is a risk at every
place either its marketing, selling or
promoting against competitors.
M1
Entrepreneurial ventures played an important role in business activity. Entrepreneurship is
the process of running business successfully it effects in public corporation sector. Small,
medium, large and social entrepreneurship purpose of making profitability in marketplace
by selling products.

D1
Entrepreneurial ventures growth and development are based on entrepreneurship. Business
success is very important for whole organization. Through investing money and making
new strategy get help in developing business more than other firm.
P3 Statistical data of small and micro business and their impact on economy
Statistical data define the numbers of percentage in business growth. UK small and
medium size organisation impact on economy sector. Small or micro business run by individual
entrepreneur. It can be shown by explaining their statistical data. In United Kingdom small
business run through 5.7 million private sector ventures at 2017. Their employing business
improved by (+3%) 41,000 since 2015, and non-employing ventures by (+4%) 155,000. Small
business grow faster in their rate in UK. It impacts on economy sector. By accounted for 99.3 %
of all private business. In small business there are 16.1 million employments, or 60% of private
sector (Blauth, Mauer, and Brettel, 2014). Their annual turnover was $1.9 trillion. Before brexit
small and medium business impact economy by helping to hire employees and giving them a
chance to earn or make profit for small business. Brexit process effect badly over the population
of UK. They face a lot of issues to established their business or run without any support of
financers. Statistical data of micro and small business in industries was reflected their account
which is at 99. 5 % least in every industry areas of business.

Figure 1Statistical data
Source: UK Small Business Statistics. 2018
Small business is very important in economy sector in UK. It combined turnover of 1.6
trillion at 2015. It works for UK economy as a backbone. SME’s role is to provide job facilities
to people for the purpose of making stability on economy. At the time of recession, they played
an important role for saving people’s by providing employment in their business (Gandomi, and
Haider, 2015). They do not take any high turnover, it has only few employees at workplace.
They are mostly essential for any economy. SME’s are the source of growth at all over the place.
They assure for good flow of money through economy. They encourage to make competition in
between the other companies.
Impact of UK small and micro business on economy: Recession decrease the efficiency of UK
business. For stabling their economy sector small and micro business help them through provide
job to people in country. SME’s help them in to increase their financial conditions. The
advantage of this business is that it brings new entrepreneurs within different skills and ideas.
After providing services it increases economy growth in some countries such as Japan and Korea
etc (Goss, 2015). but on the other side SME’s face issues about taxation at that condition when

government does not give any focused to build friendly entrepreneur policies. They give many
job opportunities to people in UK for stabling their economy sector. Small and medium business
gain money by trading process which help them to increase Foreign investment. SME’s growth
boosts their productivity in UK. They get hire people as employee in their business for saving
social economic conditions of UK.
P4 Demonstrate the importance of small business and business startup will contribute for growth
of social economy after ‘Brexit’
After the process of brexit UK need support to stable their economy condition. Small
business contributes through giving some facilities, they play an important role in the growth of
social economy. It helps people by giving jobs and encourage them to make innovation in the
process of success. It creates confidence among them to performed better than British enterprise.
Brexit decrease income source of UK, it also divides their business financer. The role of small
business is to developed economic sector of UK. It is the best opportunities for UK people for
joining business as an employee. They provide job facilities for men and women both within
their best services equally. It increases local employment and growth of financial sector. They
manage low overhead.
This local employment gain trust of their loyal people. Small business function is spark
innovation and create job (Drucker, 2014). Benefits of this business is that they provide unique
offers to people, resource of experts and save local money as well. Their features are small
market area, limited employee, solo ownership etc. small business contribute to economic by
giving services for their growth and create innovation for whole community in establishing their
business. By provide opportunities as an employ to people who does not have any jobs or
resource’s to feed their families. After brexit UK economy cannot be able to perform their role in
any field due to recession. This process spoiled UK economy. These effect can be reflected since
last two years. After the separation economy get effect by low currency, it increases the cost of
products and services. The impact of brexit is also get effected on small and medium business of
UK economy.
Thus, at the last unemployment grow higher (Guerrero, Cunningham, and Urbano,
2015). The main role has been played by small business because they help people of United
Kingdom by provide employments in their work areas such as grocery shop, plumber jobs, and

electrician job etc. they pay money for their hard work, it can have improved economy financial
condition. Separation decrease work force in every company, but after providing jobs persons get
start working with full of energy and power which raise company workforce and also grow in
their productivity or making profit. Making new ideas and planning of establishing new business
help in developing economy. This progress make stability in country among their people life.
M2
It defines the relevant data and statistics of small, medium and large businesses. Small
business organization have 1,500 employees in firm, medium business company has 100- 999
workers are performed at workplace, at last large size firm have 1,600 people are worked in
industry at same work areas.
D2
Small business impact on local, regional and national levels of economy. They provide
employment in economy of UK after brexit. It can have improved economy financial condition.
This progress make stability in country among their people life, at every level of economy.
P5 Characteristics, traits and skills of two successful entrepreneurs which different from other
business managers.
Entrepreneurs means a business man or a woman who established their own business for
the purpose of making profit. In this type of business, they are responsible for every risk in each
step of expanding their work. There are many successful entrepreneurs in the world such as bill
gate, Larry Ellison, Michael Bloom berg, Larry Page etc. they all run their business successful.
1. Bill gates: he is the very successful and richest person in the entire business world. He
built the world biggest software company and also innovate Microsoft.
Characteristic of bill gates:
 There are many characteristics which define a successful entrepreneur. First, is passion
and motivation, bill gates are very passionate about their work and doing innovation in
their business by creating new ideas and thoughts. They give high performance worked in
their company within great workforce. Without any passion person cannot give their

performance with energy. Bill gates is very successful businessman because he is
passionate about their work.
 Second, ability to take responsibility, at the time of establishing their business in
marketplace they also face some problems in work. But they not get afraid at any
situation. He has an ability to take overall responsibility of their business or innovation
which they create through their software company. They take decisions for making
business more effective than other. But at the time of failure he also faces it situation. He
is very motivated for their employees; they give reward to workers for good performance
at workplace. He does not get afraid to take risk in business word.
 Third, long standing commitment, in successful entrepreneur commitment is the key for
succeeding in business. Bill gates main motive is to make their software industry better
than other competitors' company’s. He wants to sell those services and products in
marketplace which give better experience to customers.
 Forth, is self-belief in business world entrepreneur need to belief them self before starting
a new business. Bill gates is a person who belief them self that he can do any work which
helps to achieve or expand their company work in the world. He had a high level of self-
confidence, also motivate their employees to perform harder than the other employee of
another industry. They have an ability or confidence to achieve its set goals.
Traits of bill gates:
 Bill gates is a philanthropist: he is a man within true spirt of work. After took retirement
at the CEO position, they had a future plan in their mind. Through philanthropy entire
plan getting a very big impact in all over the world. Queen Elizabeth 2 honored him as
honorary Knighthood, in 2005.
 Founder of Microsoft is highly competitive: Steve jobs and bill gates have a strong
relationship between them.UK Small Business Statistics. 2018 He gives support to Steve
at their tough time. But know apple was successful, he does not make any relation
between them because he is the competitor of bill gates in marketplace.

 Voracious reader: he believes that reading is the best way to increase knowledge of
person and also learns something new or different to others. On the bases of knowledge,
he can achieve a huge success at global level. He reads 50 books around every year. $200
million of bill gates philanthropic currency goes to his programs.
Skills of successful entrepreneur: to get straits uccess in business every entrepreneur need
creativity in their work. Bill gates have a skill of doing something creative in software
company. They make innovation and creation in software, by these services they give a lot of
new technology to people in all over the world. They have a good communication skill; at
workplace they make healthy communication between there workers because this is the best
way to motivate all of them to work hard for achieving business objectives. They also had
leadership quality among themselves. For all of this work of bill gates he is better than any
other manager of business company.
2. J.K Rowling: she is among one of the most successful British writer. At the present she
worked as researcher for amnesty international. She is the author of ‘Harry potter’.
Characteristics:
She is very serious or passionate about their work. Their books are mention in top
successful seller in United Kingdom. The book series has been sold more than 450
million copies. She loves reading new books and novel, this learning process help her to
increase their knowledge level. After the rejection of 12 publishers she never gets
demotivate and work harder more than other writers in UK. She is a versa tiler or very
professional in their work. J.K Rowling is the first writer in history who achieve net
worth of $1 billion.
Skills :
She has a motivation spirit in themselves. Rowling is a single parent, upbringing her
child alone. They have a great resiliency. At the tough time they carry a lot of passions,
still get rejected by 12 publishers. Preparing a book take a lot of motivation and hard
work. After taking divorce she never broke their true spirit of work. She is a risk taker,
women. This effort make her a successful business entrepreneur in UK.

Traits of J.K Rowling:
Any person does not make with the quality of good leadership. Rowling follow their
work schedule properly. She does not work at any business company, so that is why she
need to work with their writing schedule which is the trait of writer. They can express
their ideas through writer character in books.
P6 Successful entrepreneurial personality, feeling and behavior differences
Bill gates and J.K rowling have different feeling and behavior in business. They both carrying
different way of performing their work at workplace. Bill gates is and business man it runs its
business by implementing new strategy and planning. On the other side J.K Rowling is an writer
they have different style of performing their work. They have different personality people but
within same goals of achieving success and growth of business.
M3
Passion and motivation, ability to take responsibility, long standing commitment are
different lines of entrepreneurial characteristic. It defines the quality of person and ability
of doing their high performance work by focusing on business.
D3
Characteristic traits, motivational and skills are the base of successful entrepreneurs, they
have motivation skills that help to grow in business as well as in its life. Successful
entrepreneur has to be passionate in its work.
P7 Examine background and experience can hinder or foster entrepreneurship
Bill gates background and experience, they belong to middle class family. Where they
face many financial problem in life. They are very close bound between their mother. They get
higher education at Harvard university. They took experience with in surviving in their life. At
some point their social communication hamper their work (Gallucci, Santulli, and Calabrò,

2015). But still face issues they worked hard and give high performance to established their own
software company. They also take experience through education.
J.K Rowling is very famous writer in UK. She gets struggle at every stage of life, after
taking divorced social community create many barriers in their life. By learning or taking
experience at the process of facing issues they get all the knowledge who to achieve success in
life through motivation. Some of community comments hinder their work for some time but still
she does not demotivate themselves.
M4
Entrepreneurial characteristic is very important for making business more effective. It is related
to its background. Its behavior and skills are very helpful in managing their employees
performance at work place. Motivation techniques make them successful business man.
D4
Back ground experience help in making person stronger than now. It effects in present situation
because background give a lot learning point in life it inspires person to perform highly effective.
Some time it impacts on positive and negative way on entrepreneurs.
CONCLUSION
Above this study it has been concluded that an entrepreneurship is very important part for
establishing business. In this study it describes different type of entrepreneurial ventures and
their relation between typology. After this it also mentions the difference and similarities
between ventures. This study defines the process by introducing or analyze how SME's
contribute for increasing and developing growth of economic in UK. At the has been concluded
the experience and background of entrepreneur, also who it hampers or foster their
entrepreneurship.

REFERENCES
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Online
UK Small Business Statistics. 2018 [ONLINE] Availablethrough:
<https://www.fsb.org.uk/media-centre/small-business-statistics>