Entrepreneurship and Small Business

This report explores the range of venture types in entrepreneurship, assesses the impact of small business on the economy, determines the key aspects of an entrepreneurial mindset, and examines the different environments that foster or hinder entrepreneurship.

ENTREPRENEURSHIP AND SMALL BUSINESS

Contents
INTRODUCTION...........................................................................................................................3
LO1 Explore and illustrate the range of venture types that might be considered
entrepreneurial…………………………………………………………………………………….3
P1 Discussion of different types of entrepreneurial ventures and explanation about the ways
those relate to the typology of entrepreneurship..........................................................................3
P2 Exploration of the similarities and differences between Entrepreneurial ventures................4
M1 Investigating diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both public and corporate sector..................................................................5
LO2 Assess the impact of small business on the economy………………………………………6
P3 Interpretation and assessment of relevant data and statistics to illustrate the ways micro and
small businesses impact on the economy....................................................................................6
P4 Explanation of the importance and business start-ups to the growth of the social economy. 8
M2 Evaluation of the differences make by small, medium and large businesses to the UK’s
economy through relevant published data and statistics..............................................................9
LO3 Determine and assess the key aspects of an entrepreneurial mindset…………………….9
P5 Determination of the characteristic traits and skills of successful entrepreneurs that
differentiates from other business managers...............................................................................9
P6 Assessment of the ways aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset..............................................................................................................10
M3 Exploring and examine different lines of argument relating to entrepreneurial
characteristics............................................................................................................................11
LO4 Examine the different environments that foster or hinder entrepreneurship………….11
P7 Impact of experience and background on successful entrepreneurship...............................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is terms as the setting up of a business in order to have the growth and
development of business along with proper financial assessment with different level of risk. The
ventures of entrepreneur can have different level of ownership and structure which is need to
have various level of skills and characteristics for business management. In this report there will
be major discussion on ranges of venture that should be considered in entrepreneur ventures
along with having the proper assessment of impact of small business over the economy. The
report will have also had key points to be discussed in ways of entrepreneur mindset with having
proper examination of different environment that can turn to be opportunities or challenges
towards the entrepreneurship development of business. The skills needed in order to have proper
setup of busin4ss will be having proper elaboration and personal background which can affect
the development of business in longer productivity.
LO1 Explore and illustrate the range of venture types that might be considered
entrepreneurial
Discussion of different types of entrepreneurial ventures and explanation about the ways those
relate to the typology of entrepreneurship.
The entrepreneurial ventures are discussed to have solution to any significant issues with
their product of services and have the growth at exponential are different types as follows such as
-
Small business entrepreneurship- In these types of the start-up business the number of owner
and employee are very low as comparative to different entrepreneurship. More over the ways of
raring the generation of revenue in not much as these organizations are continuously paying
major focus of their clients or customers by developing their respective projects and services.
Particularly these types of business organization have major development with family member of
close friends as the respective level of partners. Hence, the small business has been setup by
providing the innovation level of idea and level of creativity in competitive environment in more
specific direction.
Scalable start-up entrepreneurship- These businesses have the establishment with innovative
ideas along with having proper focus in order to have development in their respective products
and services. In these types of entrepreneurship, the owner has the belief that their innovative
idea will help in changing the perspective of world. These businesses have the search of
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investors such as venture capitalist. The company have the major search for brightest level of
mind in growing their business so that they can build up the certain standards to set up a scalable
business model. UK has been set up as the country which is basically known as the bets places to
have establishment of start-ups which palsy more level of influential role.
Large company entrepreneurship the large level of company have the finite number of
life cycle along with having proper focus in order to have development in their respective
products and services in order to have customer sustainability and longevity of the business. Due
to rapid changes in the trends of the customer the large company is had the major focus on the
disruptive innovation for creating the new level of products which is considered as totally new to
market. Hence, the large organization makes the disruptive innovative more difficult ways to in
analysing the needs to change trends of customer. In UK have there major following of large
companies such HSBC Holdings (£134 billion), Unilever (£132.9 billion) and many more BP
(£110.8 billion).
Social entrepreneurship these are the social of voluntary organization which are
majorly focusing on the different level of issues for delivering their food products and services.
These organizations focus on creating a better world for the people and can be for-profit, non-
profit or hybrid. It is community interest which having more of environmental interest such as
the trustee-based company.
Exploration of the similarities and differences between Entrepreneurial ventures
Factors Small business
entrepreneurship
Scalable start-up
entrepreneurship
Large company
entrepreneurship
Social
entrepreneurship
Objectives These company
don’t have the
structured goals
along with
objective and
work which is
achieving the
lessees level of
profitability and
The company is
aiming in
provide the
innovative
product which is
constantly in
order to have
achievement of
high level of
The organization
id aiming to have
the order to
sustains the
variable level of
products with
more of research
and development
along with
These
organization
have the goals in
in providing the
quality of
products with
services in order
to make the the
world a better
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growth. profitability with
the level of
investors.
marketing and
services.
place to live.
Risk The risk in thus
type of the
company is low
as compare to
indifferent as
comparative high
with same sized
organization s.
There is high
amount of risk of
financial
investment in
order to pressure
in return by
investors in order
o achieving the
high sales
volume.
These types of
business have the
medium level of
risk as because
the company is
having to sell
high volume due
to their brand
value.
There are
involvement of
risk is not high as
the business
often get the high
often get support
from government
and public due to
their vision.
Employees Employee
working in these
company are not
more than 50.
It depends on the
structure and size
of company.
Employee are
more than 1000.
It mainly has
depended on size
of the company.
structure The company
often work out as
the social
proprietor so
there is no proper
formation of
structure to run
the company.
Mainly has ben
identified s the
corporatism and
private limited.
The structure
turns out to be
more complex
and can be part
of private limited
and public
limited.
It is one of the
trustee-based
company.
Investigating diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both public and corporate sector
The public sector organization is the one which is being controlled by the government in both
directly and indirect manner. There is huge level of investment by the government in those
companies along with different organization working as private in order to provide the strategic
development. On the other hand, these types of company have been established in different
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sector in providing the aim of quality level of products and services to their targeted customers.
These company have their major emphasis on the social welfare and development rather than the
profitability of the respective company. On the other hand in corporate sector this organization
are privately run company which is owned by individual. The company use to develop the major
marketing strategies in order to have proper enhancement of the profitability and longevity of
company. Many of the organization has been attached to corporate structure that is majorly
focussing on sustainable development to gaining the competitive advantage by developing
strategies over their competitors.
LO2 Assess the impact of small business on the economy
Interpretation and assessment of relevant data and statistics to illustrate the ways micro and small
businesses impact on the economy
In each economy of a r particular country, there is the existence of micro, small business which
is capturing the large part by having major contribution in the development and growth of
company. There is continues level of increase of number of small and micro business which is
increasing over the time which is generating higher level of revenue with providence of varsity
of product and services to this potentials customers.
There is higher number of small and micro business which is in different industries as per
statistic and there are more than 4.5 million SMEs are established throughout the United
Kingdom, which is almost 99% of all the businesses in the country. These businesses have the
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major contribution in the GDP of country. With the development of all business there is
96%consderdeatsion of micro level of business which is employing less than 10 people. This
business is providing the 33% employment along with 22% of the total turnover.
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As per the above graph it can be stated as the there is large number of the small and micro level
of business as compensative to medium and small enterprises. The company is airing more than
37% of the total turnover which is enabling the providence of profitability and employability in
the country.
The small and micro business has bene catergoried as the various level of innovators , non
innovators aong with being expoter and non expoters. These business business have the ide of
maximation of genrtasion of revenue in terms of with innovatsion and without so thet amny of
them can have exposrt the prducts anlong woth foreign curreiences in order to have proper
contribution towrads the economy of the UK.
Explanation of the importance and business start-ups to the growth of the social economy.
In order to have the maintained of growth in social economy, the start-up business have the
major influence in the respective deferent countries. These businesses have the establishment
with innovative ideas along with having proper focus in order to have development in their
respective products and services. As comparative to the well establishes business the start-up
pays the major attention in order to have meet certain requirements the people comparatively
other businesses. The start-up business has the criteria in order to have the capturing of customer
more fact as comparative to different business along with managing in order to have generation
of major revenue in particular short period. In the particular prices the company has to pride a
large amount o business taxes redemption which is turning out to be more beneficial for
development of company in longer run. The business will directly or directly helps in generating
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the level of employment in company as theory are not able to provide e high salaries to the
employees due to lack of capital and those hires some of the lesser skilled employees with lower
salaries that is also helpful in decreasing unemployment problem.
Amy of the start-up have the joint activities as CSR which is related to social, environmental
and economic problems to enhance brand value of the start-up company. the business used to
have the providence of education to the people in rural areas or with poor financial conditions.
these help the company in improving the economic growth along with high level of GDP
contribution with development of various business in country.
Evaluation of the differences make by small, medium and large businesses to the UK’s economy
through relevant published data and statistics
In UK, there are large number of small business as compare to high level of business which is
capturing the large parts of the contribution of GDP in country. These businesses have the
establishment with innovative ideas along with having proper focus in order to have
development in their respective products and services. As comparative to the well establishes
business the start-up pays the major attention in order to have meet certain requirements the
people comparatively other businesses. With the development of all business there is 96%
consideration of micro level of business which is employing less than 10 people. This business is
providing the 33% employment along with 22% of the total turnover. The establishment of
company in different countries are the part earning foreign currencies. The large business has the
consistency of having complex business activities along with having employments of large
number of employers as compared to anther organization. The large company have the large
number od spending upon the CSR activities. The small one is trying to have innovative products
as compares to large companies in order to meet the trends of customer and gain attraction and
enhancement of business growth. The large one also have the large level of exporting of material
as comparative to smaller ones and also employ high number of candidates in the UK that is
helpful in reducing unemployment.
LO3 Determine and assess the key aspects of an entrepreneurial mindset
Determination of the characteristic traits and skills of successful entrepreneurs that differentiates
from other business managers
There are presence of different characteristics of the among the entrepreneur in list of their traits
and skill which is essential in order to have the particular set of development and enhance the
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growth in respective manner. . in order to have the particular setup, there is need for different
procedure that should be take in consideration along with respective needs which is completed
single handily due to lack of the first capita. The characteristics on the personal level for the
entrepreneur are following as such there should be proper ability in order to have proper
generation of idea along with appropriate ability to take respective risk with range of proper that
may be the suppliers The owner should have the clearance in generation of mission and vision of
company along with proper motivation in order to achieve the various level of goals. There is
requirement of good management skills which has been related to various resources which have
proper consistency of human and financial one. There should be personal skills of an
entrepreneur which have proper communication skills in order to have proper interaction
distributors, clients, employees and more. There is the basic need proper leadership skills on
order to have proper mitigation of path towards the motivation of employee in order to achieve
the vision and mission of company. There should be proper development of negotiation skills
which will be helpful in dealing with clients along with having proper mitigation of internal
problems. This will be helpful in having proper management skills in order to have proper
completion over the task management in order to have success.
Assessment of the ways aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset
The personality of an individual entrepreneur is very important in order to have the particular set
of development and enhance the growth in respective manner. There is the existence of proper
motivation among the business person in order to have proper deal with different existing issues
along with level of risk associated with it. There is the involvement of various characteristics
which is helpful to a respective employee in order to have proper generation of new ideas along
with appropriates implementing it which helps in creation of revenue. There is need to have
development of ability in order to take the risk and have proper allocation of resources. They
need proper setting up of gaols along with vision and mission in order to have proper
development of various strategies which helps the businessman in order to have proper
identification for resources in order to have increase in generation revenue. Therefore, they need
to be self-motivated in order to have proper running business in proper managing the risk related
to have mindset to achieve in order to run the goals continuously. There are the examples Ms
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Rana Harvey set up the Monster Group which is been progressed very fast along with creation
skills and major contribution. There is highly level of passionate and motivated in order to have
the run business and as chemist. There is business s as a laboratory so that she can work
effectively without getting bored. There is existence of self-belief and maintain the various
discipline in conduction on work and the work single-handedly. This helps in making finance of
business effectively along with proper allocation to different task. This help in proper planning
in order to make the appropriate level of strategies which helps in dealing the various risk in
order run the operations. On the other hand, there is Zac William who is the owner of the of
Grad Touch that provides support to the students and provide consultancy services to the
organization s to get skilled employees. He is having the good level of communication skills in
order to have proper providence of skilled employees along with risk tasking abilities in order to
have proper establishment of business. There is the existence of innovative idea which will help
students in finding the level of good job with providing efficient employees for the businesses.
Exploring and examine different lines of argument relating to entrepreneurial characteristics
There is the existence of various level of similarities within the skills and traits of an leaders.
The entrepreneur have the proper set in goal of business which have proper deal sing of risk
which is make with fitter plans and development. There is the need of people such as employees,
investors, suppliers, distributors and more single-handedly. There is the basic need proper
leadership skills on order to have proper mitigation of path towards the motivation of employee
in order to achieve the vision and mission of company. There Is the proper allocation of
resources in order to proper the guidance with proper communication skills to have proper
conflict management. examples Ms Rana Harvey set up the Monster Group which is been
progressed very fast along with creation skills and major contribution which is turned oy=ut the
level of motivation with hard work and effective; level of planning and manage the organization
by dealing with different problems to grow the business.
LO4 Examine the different environments that foster or hinder entrepreneurship
Impact of experience and background on successful entrepreneurship
The personal experience and background of the individual plays an important role in
making the entrepreneurs successful. These experiences helps individuals to develop trait which
can assist people to learn from. For instance Jeff Bezos who is known as CEO of e-commerce
giant Amazon is one of the most successful entrepreneur. In the initial stages of career he worked
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in telecommunication services where he was working on developing network for international
trade. Later on he was promoted as the director of customer services. The experience gained
from these services helps Bezos to have close outlook of the customer needs and international
trade. The background of an individual help them to gain expertise and knowledge of particular
subject. This knowledge is effective and necessary in making ventures successful (Serafimovska,
Popovski and sofijanova, 2018). For instance Jeff Bezos had interest in technical innovations
from the childhood. He used to do experiments with electrical devices. Later when he graduated
in electrical engineering and computer science his acquired knowledge helped him to come up
with the idea of online book selling. It is very important for the entrepreneurs to learn from the
experience and to identify the potential opportunities. They must also have risk taking abilities.
The experience can also contributes to these skills. For instance Jeff Bezos did not faced any
major risk failure and thus it made him confident regarding his strategies. Thus when many
people and stakeholders advised him to not expand Amazon Books into complete retailer of
various types of services he was very firm on his decision. This risk taking ability is one of the
most essential and integral trait of successful entrepreneurs. However on the other hand if
entrepreneurs have long history of failure in innovative idea then it may affect their convenience
in taking risk. The lack of appropriate background to the venture can affect the tactics and
decision making (Joseph, 2017). The technical familiarity of Jeff Bezos helped him to
understand the usefulness and scope of the digital tools and network based services. Thus it can
be stated that learning from the experiences and background can enhance the decision making
ability and functional efficiency of entrepreneurs.
CONCLUSION
It can be concluded from the above report that for becoming a successful entrepreneurs it
is required that individuals must have in-depth knowledge of small business and factors which
can influence the success of new ventures. There are different types of ventures and each have
significant impact upon economy. The environmental factors as well as personal traits of
individuals also influence the success of entrepreneurship. It has been also analysed that different
entrepreneurial ventures have different scope and growth opportunities. Thus prior implementing
any idea these must be analysed fro achieving greater success. It has been also evaluated from
the above discussion that small businesses also have significant contribution to the economy so
such type of ventures must be encouraged and supported. It can also be concluded that
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personality traits, motivation and skills are important factor in development of entrepreneurial
mindset and their huge success.
REFERENCES
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Psychology Press.
Brenkert, G.G., 2017. Entrepreneurship, ethics, and the good society. In Entrepreneurship (pp.
85-128). Routledge.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability (pp. 34-42). Routledge.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management.
Pearson. Schaper, M.T., Volery, T., Weber, P.C. and Gibson, B., 2014. Entrepreneurship and
small business. Storey, D.J. ed., 2016. Entrepreneurship and new firm. Routledge.
Joseph, F., 2017. Why the" end of the startup era could be great for enterprenuers.
Serafimovska, h., Popovski, v. and sofijanova, e., 2018. Implications of the educational system
on the development of enterprenuership and the innovation of enterprises in the republic
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