Entrepreneurship and Small Business Management

Entrepreneurship and small
business management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1. Different Types of entrepreneurial venture type and relate with different typology............3
P2. Difference and similarities between entrepreneurial ventures..............................................6
LO2..................................................................................................................................................7
P3. Relevant data and statistics to illustrate micro and small business impacts..........................7
P4. Importance of small and micro business in socio economy growth......................................8
TASK 3..........................................................................................................................................10
P5. Skills and characteristic traits of successful entrepreneurs.................................................10
P6. Role of Entrepreneurship on the motivation of entrepreneurs............................................11
P7 Impact of different environments in hindering or fostering the entrepreneurships..............12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship can be defined as the ability of individuals to create new and innovative
business ideas that is involved in specific amount of risk so that supreme amount of profitability
can be achieved. In this report will outline different types of entrepreneur ventures based on the
scope, growth and development of the certain business operation. It will also discuss about
impacts of small and micro business on UK’s economy. it will also explain different
characteristics and traits of the successful entrepreneur i.e. Issa brothers who are British
billionaires. They made money in the petrol station and became successful to buy UK’s
supermarket giant Asda from US owners Walmart. So, they are currently known as successful
entrepreneur and co-founder of Asda. In this report will discuss about Issa Brothers and traits
which have made them successful entrepreneur in the modern era.
LO1
P1. Different Types of entrepreneurial venture type and relate with different typology
Small business entrepreneurial ventures
There are various entrepreneurial ventures that operates by owners without evolving
government activities at small scale. Such entrepreneurial ventures are controlled by individuals
or more than two partners and provides various type of services and products to the customer.
The major goal of these companies is to earn high revenue in the business market and establishes
good relationship with the customers by providing product and services (Defourny and Nyssens,
2017). There has a great example of Next plc. It is a small entrepreneurial venture which is
headquartered in England, UK. It is a British multinational footwear, clothing and home
accessories retailer organization. It operates in different countries such as UK, Europe, Asia and
Middle East by it’s 500 retail stores. It majorly focuses on user’s need, expectations and
experience and provides them values by providing desirable product and services on time. This
company has specialization for the clothing product segment such as kids wear, westerns and
traditional and others so that it enables to meet each customer’s expectation weather they are
male, child or female and old aged people. It has established good brand image in the customer’s
mind by offering high quality product and services to the customer. It has highly skilled staff
who helps to in fulfilling company’s commitment in the UK market due to this company often
gets competitive advantage in the business market. It has wide range of product segment that
supports in differentiating its brand image from the existing competitive brands. The main motto
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of the small entrepreneurial ventures is to maximize profitability of the business by offering
values to the customer’s money.
Large business entrepreneurial venture
Such entrepreneurial ventures are run by the owners or partners but profit shares between
owners and shareholders in respect expanding business in the global market for the development
prospective. These type entrepreneurial ventures are controlled by shareholders who are elected
by general public so that they can fulfil their needs and expectations time to time. The main
objective of the business is to offer value to the public money and in exchange generate high
revenue over the proposed product line. There is a great example of Asda plc that is a large
business entrepreneurial venture. It is headquartered in UK and operates into the retail sector
(Morris and et.al., 2018). It deals with wide range product line such as clothing, furniture,
grocery, mobile facility, home accessories, footwears, pet suppliers etc. and offers its services
and products across the world. The main goal of the company is to improve customer’s shopping
experience by offering products at affordable price and in return earns lifetime loyalty from them
for the brand and its product. Such companies gradually expand its business because it has main
aim not to compromise with the quality of products and services which impacts people lifestyle.
So, managers and co-founders of the Asda plc always adapts emerging changes successfully in
the business so that people gets high standard quality products and services which givers values
to their money.
Social Entrepreneurship
It is a social type entrepreneurial ventures that is organized for offering best quality
services and supports to the public in the form of medical support, financial support and others
so that they can live their life like other potential people. More than 165,800 social
entrepreneurship ventures have established their business in UK (Miller-Stevens and et.al.,
2018). there is the great example of charitable company I.e. Oxfam. It was founded in 1942, UK.
The main goal of the company is to enhance individual life by diminishing or root out all social
evils such as gender inequality, poverty and unemployment rate. This ventures always prefer to
fight against the injustice with people who unable to fight for their rights and supports them by
providing education support, financial supports and others. This organization allows number of
people to offers their service as volunteer. However, they do not get any salary against it. So, it
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