Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT.............................1
INTRODUCTION................................................................................................................5
P1 types of entrepreneurial ventures and their relation with their typology..........................6
P2 Differences and similarities among the lifestyle entrepreneurship and social
entrepreneurship.....................................................................................................................6
P3 Impact of micro and small business impact on the UK economy.....................................7
P4 Importance of small business and business start-up to the growth of the social economy:
................................................................................................................................................8
TASK 3....................................................................................................................................10
P5 Characteristic of Elizabeth Gooch and Tom mercer......................................................10
P6 Entrepreneurial personality and mind-set......................................................................11
TASK 4....................................................................................................................................11
P7 Entrepreneur background and experience......................................................................11
CONCLUSION.......................................................................................................................12
REFERENCE.........................................................................................................................12

INTRODUCTION
Entrepreneurship and managing business goes hand in hand .when he entrepreneur
manages his business operations effectively and efficiently he gets success. This report
revolves around the understanding of the cognitive knowledge of the skills needed in the field
of entrepreneurship and managing the small business. It involves the deep understanding of
various attributes that the entrepreneur that are successful and their behaviours, types, and
attitudes, and how these all helped in making the business successful and contributing to the
national economy(Ross and Lashley2010). This report gives an insight to the influence of
national culture and the economy on entrepreneurship that includes the exploring personal
traits of entrepreneurial and the impact that they have on situational factors like background,
education, and other life experiences. Further it is also discussed that about the role of small
firms on the economy and what are the risks and rewards of starting a new venture for which
investigation is needed and it reflects the own enterprising and entrepreneurial characteristics.
P1 types of entrepreneurial ventures and their relation with their
typology.
There are four types of entrepreneurial ventures and these are :
Small business entrepreneurship: these are the type of entrepreneurs who run a home based
business and this includes carpenters, part time worker, consultant, grocery stores, travel
agent, plumber, hairdresser, electricians tec. These are small scale business and usually
anybody can run. They rely on local markets and usually prefer local persons for job . their
hard work brings them profitability. They work hard to feed their family and its not
something that could takeover the industry(Storey and Greene 2010)
 They didn’t get funding from big capital ventures. They are usually funded by the
family members and friends.
 Scalable start up entrepreneurship: they are new start-ups unlike small scale business
they are found by the new investors . they hire the bright and the best investors. They
work for searching new scalable and repeated model of business. Then after this they
want to focus on and give attention on expansion and venture capitalist. They are
involves in small percentage entrepreneurship. Risk capital is attracted towards it.
 Large company entrepreneurship: these are limited companies . their business is going
through offering new products, innovative ideas and working for gaining core
competence. They believe in changing the taste of customer by launching new
product, technology, contestant, legislative etc.it enters through disruptive innovation,
it means when the small companies enters the market and disrupt the business of big
already existing companies. Here new companies enter the market and captures the
whole market.
 Social entrepreneurship: these are more like non profit organisations and they work
for social causes and provide social services to the society. They solve the problems
of society. Their motive is not to earn profit but to make society a better place and
wants to work for their betterment. They does not float their shares in the market .

they usually works for education, environmental causes and for safety and health
purposes.
P2 Differences and similarities among the lifestyle entrepreneurship and social
entrepreneurship.
Entrepreneurial ventures can be determined by the nature of business they have and
by their size and type of business. These entrepreneurs have certain similarities and
difference on the basis of their roles and objectives.
Role: they work on different levels in different sectors on the basis of large, small,
and scalable entrepreneurial ventures. So that’s create a differentiation amongst these. Small
scale entrepreneurial ventures plays a role in providing all the necessary products and
services for the society on the ground level and have limited profits(Stokes ,Wilson and Wilson
2010). Whereas on the other side scalable entrepreneurial ventures works on higher level and
works for more profits and reduce the efficiency of work. These large companies do the
research part to analyse the needs and demands of the customers but they somehow lacks in
the research part in context of efficiency and reliability of the actual needs of customers. they
differ on the basis of characteristics.
Objectives: almost all the independent private enterprises such as small, lifestyle, and
established business organisations works for the objective of achieving profit maximisation,
by reducing the cost of production and serve products and services to the customers on high
margins to earn higher profits. They as their objective wanted to have greater market shares
and high visibility in the market. .they look for the opportunities in the market and invest in
the most appropriate one for the purpose of getting bigger share in the market. Most of the
small scale firms looks for the opportunity for their growth and and for share in the market
also with the motive of earning higher profits and as they are new to the industry they have to
go with lots of formalities that occur when they are new in the market(Storey 2016). They
have to go with the entry level difficulties. they have to fought for their share in the market
and gets the rivalry of already existing firms.
P3 Impact of micro and small business impact on the UK economy
Small and micro business has contributed growth to the U.K economy .Most of small
business are Most of the people in U.K re earning their livelihoods from the small business
setups and after brixit there was no better time for the U.K people to start their business
setups. The economic climate in U.K may be favourable one to start up the business the
actual needs of the small business is to sustain a healthy economy. The performance of the
U.K economy is the key to the assessment of the effects of the brixit on the UK economy.
( Harvard Carraher 2015) The UK wanted to leave the European Union and does not want to
follow the rules and regulations of the European Union. The impact on small business from
the gross domestic products is wider because they were the life cell of the U.K economy.