(Doc) - Entrepreneurship and Small Business Management Assignment Solved

Entrepreneurship and Small
Business Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
1. Types of entrepreneurial ventures......................................................................................1
2. Similarities and differences between entrepreneurial ventures..........................................3
3. The way micro and small business impact on economy by collecting and presenting
statistical data.........................................................................................................................4
4. Importance of small businesses and start-ups....................................................................6
5. Determination of traits, characteristics and skills of two successful entrepreneurs that reflect
motivation and mind set.........................................................................................................7
6. The way background and experience can hinder or foster entrepreneurship.....................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is known as the willingness and capacity to establish, organise and
manage all activities related to a new business. In this context, an individual or group of person
starts a company or business with new ideas to achieve their desired goals and objectives. Small
business starts with an idea or concept and it also includes various types of services, products
and advanced technology. In other words, it is a systematic process in which all outputs of an
organisation are delivered to the end consumers. This report is fully based on HTK Ltd. that is
situated at Wherry Quay, Ipswich, UK and provides cloud based horizon, loyalty hub and
enormous amount of data. This report covers various types of entrepreneurial ventures with their
typology. It also includes impact of small and micro businesses through presenting the statistical
data. Further, it contains importance of a small business and any start-ups that contribute for the
economic growth of a country. Also, it covers different traits, skills and characteristics of any
two successful entrepreneurs. Lastly, it includes experience and background of entrepreneurs that
foster or hinder entrepreneurship.
1. Types of entrepreneurial ventures
Entrepreneurial venture
Entrepreneurship is the study through which new business is created and ways through
which needs and requirements are satified (Storey, 2017). An entrepreneur is considered to be
person who converts an idea into reality which helps to provide innovative products and services
for customers. Small scale entrepreneurship: Small businesses are of different types such as travel
agent, internet commerce, car repair and plumbers and so on. They are anyone who run
personal business with limited amount of capital. They hire local employees of family
and friends at local level. On the other hand, small scale businesses collect their fund for
family and relatives. It deals with the effective business operations and focuses on
managing work on management to achieve profit. Scalable start-up entrepreneurship: The entrepreneurs are very focus from the first day
of business. Entrepreneurs set vision and mission about any particular activity and
increase market share. In addition, such entrepreneur have ability to attract financial
investor to invest them and improve financial growth. Their job is find to small business
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model. There are some change to cover financial risk and increase growth of organisation
(Mamabolo and Kele, 2017). In scalable entrepreneurship to so something new and
innovative. It will help to manage the work and some techniques will improve internal
performance of employees. There are major changes that will depend on financial the
resources and expansion in market share. Social venture: In this context, social venture creating product and services to be solve
some different kinds of problem and fulfil need. In addition, such kind of entrepreneur
are main was development of nation as well as society. There are many numbers of
problems are employment, some financial support to different organisation. It must be
improve current as well as future conditions improve.
 Large organisation entrepreneurship: There are large organisation entrepreneurship will
focus on every single factor, which is beneficial for organisation growth. There are many
other factors like updated technology, change in taste and preferences of customer, new
competitors and legalisation policy etc. All such factor play a most role in separate filed
and work upon them (Amato and Pierro, 2017). There are focus is depended on level of
innovation is fit internal working department. Some organisation will be focus on large
organisation size as well as future must be change as per ability and other factors. In large
organisation size, culture and structure of internal work place are more important for
motivate employees.
On the other hand, different entrepreneur typologies are as follows: Growth entrepreneur: In this context, growth entrepreneur are managed work in proper
way. They need to make lager amount of investment in particular business. In addition,
provide capital form some different external source and help to manage growth rate. They
always focus on try to rise level of money and looking to shake things up and reinvent
their business to grow faster.
 Lifestyle entrepreneur: The main aim of lifestyle entrepreneur are focus on change
lifestyle of consumer. They will create a business with as purpose of something new and
change personal life style not for sole purpose. To become a lifestyle entrepreneurship, if
to select a profitable target audience, to build a simple foundation. It will manage work as
per overall development and management must be change for increase market share.
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2. Similarities and differences between entrepreneurial ventures
There are many differences and similarities between number of entrepreneurial venture,
which is provided new techniques and development of business environment and increase
number of profit.
Large Small Scalable
Differences
Large venture are more focus
on improve profitability and
managed resource on time.
There are some changes in
internal working environment,
which is help to gain the share
of market as well as improve
some change as per the need of
internal environment (Dees,
2017). There are business
wanders which are built up
with a point target of minimax
gainfulness and picking up
piece of the overall industry
when contrasted with
contenders. Business tasks of
these ventures ordinarily
works on huge scale. These
endeavours are set up by
taking budgetary assets from
investors and speculators, in
this way chance is presented to
all people instead of one single
business visionary. These
The main aim of small sector
business is maintained
financial positions of
organisation as compare to
other sector. They are mostly
focus on earning profit. Small
organisation are for the most
part settled with a point of
boosting gainfulness and their
essential targets is strived and
manage in showcase for
producing incomes keeping in
mind the end goal to achieve
the regard needs of their
relatives. These are considered
as business wanders which are
exceptionally presented to
chance keeping in mind the
end goal to keep up their
budgetary position in market
and they generally centre on
procuring benefits. These
business are built up by
singular business person by
In this type of business is very
low risk, because they are not
invested big amount and
manage work. On the other
hand, they are not able to sell
their share into market. These
start up wanders have the
essential targets of meeting the
prerequisites the necessity of
commercial centre through
improvement of an imaginative
item. These a business wanders
contains generally safe since
they are set up at low
speculations. These
undertaking are set up on the
whole different people together
with a point of expanding
benefits. Adaptable business
wanders get money related
assets from investor and other
budgetary establishments.
They are likewise not capable
issues their offer in advertise.
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endeavours generally get
money related assets from
investors, budgetary
institutional, financial
speculator and securities.
making venture of their own
capital or obtaining from
advertise at possess dangers.
Similarities
Large Small Scalable
Large business organisation is
only focus on earn more and
more profit and do something
with the help of innovation.
In this small business focus on
generate more and profit for
improving the quality of
performance (Freel, 2018). It
does not involve any
government department.
This business is making the
across the world and manage
overall development of market
share. To be improve profit
and managed work on time.
There are some differences between public and private sector organisations like:
Public venture Private venture
The public organisation is issue the share to
public and improve level of profit.
In private venture own and control by two or
more person. They are focus on investment of
organisation share in market and gain financial
resource.
3. The way micro and small business impact on economy by collecting and presenting statistical
data
Micro environment and other factor is give direct impact on economic factor to manage
work and improve level of working environment. HTK Ltd. is small sector organisation, single
owner and hire the less number of workers. The small and medium enterprise play a most
important role to cover the cost and other financial resources for increase then cost level must be
high, which is beneficial for organisation. Micro economic factor are play a most important role
to cover the cost and other benefit as well.
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There are some developments of marketing authority that are played for managing work
as well as growth rate must be change for long period. Small sector enterprise regulate their
business form small level and continues innovation creativity in business sector (Small business.
2017). Nowadays, this small sector business is the main source of growth of UK. They are help
smaller city and change economic condition. Only one person is take a decision about each and
every thing in business. There are managed the level of work improve current as well as future
performance of organisation. Some important factor are as follows:
 Provide employment opportunities: In this context, small business help to provide new
employment opportunities. This encourage about to do work and increase financial
performance of organisation. HTK Ltd. must be change as per the need of overall
development of market rate. Small sector is help to manage the cost and other sector and
overall development of market share (Hornsby and Simmons, 2018). HTK Ltd. will be
manage cost and hire new employees for increase level and work will be more efficient.
Small business or private has also achieved an important development as 23 million of
small business organization exists in UK and they are answerable for creating 74% of
new occupation in last 21 years and also supply the most new jobs in small gathering.
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Illustration 1: Micro business impact
(Source: Small business, 2017)

 Continuous innovation: In this context, to be focus on continuous innovation play a most
important role for overall development. Small sector organisation use some innovation to
techniques to solve business issue and improve current carrying into action of
organisation (Hornsby and Simmons, 2018). In 2017, all most 75% small business used
digital technology for improve economic condition. Continuous invention is more than
conscionable additive alteration. It relates to the ongoing, gradual development that
happen in our activities, trading operations, and creative activity.
 Rise GDP: In small business is focus on level of GDP will be rise or not. In addition,
GDP is high means that the country is increase the amount of production, which is
beneficial for economic conditions of country. HTK Ltd. will help to decrease the
unemployment level and manage work. On the other hand, GDP rate cross 7.5 % in year
2014. There are some increase the level of wages and important for increase the level of
demand into market.
On the other hand, innovation plays the most important role to cover cost and manage
growth rate for increasing performance level. Moreover, external financing source are most
important to collect it. Small business help to learn, recover and rebuild, which is provided
beneficial and new growth. Start-up may be able to innovate new technology and thinking level
must be change for it (Wang and Zhao, 2017). Economic factors must be focus on improve
condition level and manage resources on time. Some rates continue change as per the change in
economic condition.
4. Importance of small businesses and start-ups
Small business will help to contribute in the growth of economic conditions after
‘Brexit’. They focus on improving the level of quality of services to be provided by customers
and manage work on time (Dugguh, 2017). It will be beneficial for economic and small business
organisation. Small business that keep our economic is moving as well as create job opportunity,
which is help for economic growth in smaller graphic area. Strong business is strong preference
to hire local employees. It helps to provide advice and opinion about rising fund and economic
condition change for short period. Moreover, small business generates innovative products which
help for economic condition must be change for it. Use digital technology: In addition, new start-up use some different kind of innovation
technology to solve any kind of problem and change the thinking level or behaviour of
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competitors. In small business only few customer are provide services as well as improve
economic condition must be change for it. Provide employment opportunity: It is beneficial for local population that reduce the
unemployment level and strong preferences to hire new employees. It will be change as
per the need of current as well as future performance of small business must be change
for it. Turnover: It is one of the important parts for each and every organisation. There are
many kinds of new business are fail (Hornsby and Simmons, 2018). Turnover is only
factor that will be five to chance to learn, educated about business, etc. which is
beneficial for long run business. There are many changes must be increase current as well
as some different conditions must be improve and economic benefit.
 Future growth: Small businesses also more flexible a can be start a new small business at
any time. In such kind of business not much more money will be required to start a new
venture (Ribeiro-Soriano, 2017). Small businesses that grow into large businesses often
remain in the community in which the business was first established. There are greater
diversity have level of economy and easy to handle all such kind of conditions.
5. Determination of traits, characteristics and skills of two successful entrepreneurs that reflect
motivation and mind set
For deciding the qualities, characteristics and abilities required for effective business
persons, two UK's best business people, Peter Jones and Bill Gates have been considered for this.
In this context, different characteristics, traits and skills of such entrepreneurs are described as
follows:
Characteristics:
 Risk takers – It is the best characteristic of every successful entrepreneurs. They take
risk in order to gain competitive advantages and growth of their business. To become risk
takers and entrepreneur can reach at the height of success and beat the competition. Both
the entrepreneurs Bill Gates and Peter Jones are risk takers for their respective business.
 Flexible and adaptable – They are being passionate for their business and dedicated for
doing work so that they become successful in their respective business. They adopt
difficult condition and ready for it to solve several problems. Every successful
entrepreneurs must have this type of characteristic and flexible in conducting their
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organisational activities. In this context, Bill gates and Peter Jones are adaptable and
flexible.
Skills:
 Well trained - A business visionary for being effective must be restrained to make each
walk towards the accomplishment of their objectives and goals. They must be engaged
toward influencing business to work and to keep away from any sort of diversion from
objectives. By train Peter Jones was prevailing in business and turn into an awesome
business visionary. Training provide motivation to each and every business to improve
current as well as future changes must be done.
 Self-starter - Entrepreneur ought to be proactive and ought not to sit right for consent
from somebody. They should begin themselves if something it should have been finished.
Both the business people have begun their own organizations from its start.
 Effective planning skill – It is essential quality or skill that is useful for managing the
organisational activities. Every entrepreneur should have this skill and make planning for
all activities and justify the objectives and goals of business. Bill Gates and Peter Jones
are the effective planner and achieved all targets and objectives of their supportive
business.
Traits:
 Ability to raise and manage money – It is the essential trait for every growing
entrepreneur because money is the core element for doing business. To become a
successful entrepreneur, they should possess the ability to manage and raise all money
related things. Both the successful entrepreneurs, Bill Gates and Peter Jones have this
type of traits and expanded their business for achieve further growth.
 Assurance - Entrepreneur resolved and focused around making progress and undertaking
to achieve their objectives. The two business visionaries are resolved as confronting
numerous awesome misfortune they never left their expectation and will and with their
assurance they have made incredible progress.
 Disciplined – Entrepreneurs are disciplined and focused on their organisations for
achieving desired goals and objectives. This type of trait provide profitability and
eliminate any type of distraction and hindrances to their targets. Peter Jones and bill
Gates are well disciplined for accomplishing their goals of business.
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To make discussion about such type of skills, traits and characteristics must useful for
every entrepreneur to become successful in their respective field. These entrepreneurial features
may reflect and useful for the entrepreneur's mind set and motivation. They can learn from such
traits and characteristics and make growth in their business.
6. The way background and experience can hinder or foster entrepreneurship
Entrepreneurial personality and background help to greatly diminish the ways in which
people can earn more income. In this context, Peter Jones and Bill Gates is very hard worker in
their life and achieve certain success with accomplishing their organisational goals. They are
change other business man mind set, which is help to developed new business skills and other
sector.
Background:
Peter Jones: Peter Jones is British entrepreneur and business man with interest in mobile
phones, media, television, etc. He set a business under in which personal computer under his
own brand. Jones founded other business in between 2004 to 2008 an online retailer
specialization in a sales of wine and champagne to corporate sector clients.
Bill Gates: Bill Gates is an American business magnate, investor and principal founder of
Microsoft Corporation. During his journey at Microsoft gates held position of chairmen and also
being the largest individual.
Way in which background and experience can hinder or foster entrepreneurship:
Peter Jones and Bill Gates are very poor in their childhood life and they never expect that
they become rich but it is right that they hope for it and work hard to achieve certain success. In
this context, there are some points that describe it more, that are as below:
 Lack of education – It is an essential element that describes as, many successful
entrepreneurs have lack of education and didn't get primary education. It is the basic need
to run a business in competitive market and important for every entrepreneur to become
successful.
 Lack of utilities – There are several things that are essential for operating a business and
achieve all desired goals and objectives. It is not necessary that every entrepreneur have
all facilities and utilities so that it can be hinder for successful entrepreneurship. To run a
business, there are different types of products required to accomplish customer's
preferences.
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In this context, to survive better life and make growth of an entrepreneurial business,
there are certain points that are useful for achieve desired success for new entrepreneurs. These
are describes as follows: Thought Process: Idea goes about as the greatest influencer for settling on choices with
regard to beginning a business. Thought is the greatest factor that is in charge of business
achievement (Hornsby and Simmons, 2018). For instance, Google, with centre thought of
an intelligent web seek, which was at that point actualized by numerous contenders,
because of its business visionary arrangement, and execution timing were controlling.
Entrepreneur is a person who focus on each and every factor and idea converted into
reality. They are able to take risk and manage work as per the need of economic
environment and change to do something new in overall business. There are different
types of entrepreneur may be focus on particular factor and manage work to increase
internal and external improvement of growth rate. Work hard to earn desired Net worth: For beginning another venture it is important to
have a working capital, which is first phase of financing (Shelton and Minniti, 2018).
Measure of capital acquired organizations while consolidation chooses the extent of
organizations whether it will be miniaturized scale, little or medium-sized undertaking. Able to done work under competitive culture: If the way of life of a country backings
and aides being developed of smaller scale or little scale endeavours, at that point it
would impact a business person to begin another wander. Better Financial Condition: Economic circumstances of a nation or country additionally
impact choice to begin another wander. Financial circumstances, for example,
development, swelling, work, and so forth can be motivation for the choice of beginning
another business. For instance: If there are less work openings, them it would impact a
business visionary to begin their own organizations. Able to Relationships: In new companies there, it is vital of for the business visionaries
to have positive association with its representatives and their clients. With this better
administrations can be given to clients and sound condition for workers.
 Growth and Performance: Start-ups and private venture wanders don't need to sit tight
for anybody's directions, because of which choices taken can be actualized fast for
achievement of the business.
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Entrepreneurial personality reflecting motivation and mind-set
The main 5 personality traits
Conscientiousness
Standard features of this dimension include high levels of thoughtfulness, good impulse control,
and goal-directed behaviours.
Openness
This trait features characteristics such as imagination and insight. People who are high in this
trait also tend to have a broad range of interests.
Extraversion
Extraversion (or extroversion) is characterized by excitability, sociability, talkativeness,
assertiveness, and high amounts of emotional expressiveness.
Agreeableness
This personality dimension includes attributes such as trust, altruism, kindness, affection, and
other prosaically behaviours.
Neuroticism
Neuroticism is a trait characterized by sadness, moodiness, and emotional instability. Individuals
who are high in this trait tend to experience mood swings, anxiety, irritability, and sadness.
CONCLUSION
This report concluded different types of entrepreneurial ventures to understand the way
for regulating such types of ventures. It also discovered various differences and similarities in
such entrepreneurial ventures. Further, it concluded effectiveness or impact of small and micro
businesses on the United Kingdom economy with statistical data. It also included importance of
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start-ups and small organisations in contribution to growth of social economy. Furthermore, it
describes various traits, skills and characteristics of successful entrepreneurs that reflect the
entrepreneurial mind-set. Lastly, the report concluded experience and background of successful
entrepreneurs that can foster and hinder for entrepreneurship.
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REFERENCES
Books and Journals
Storey, D., 2017. Six steps to heaven: Evaluating the impact of public policies to support small
businesses in developed economies. The Blackwell handbook of entrepreneurship,
pp.176-193.
Mamabolo, M.A., Kerrin, M. and Kele, T., 2017. Entrepreneurship management skills
requirements in an emerging economy: A South African outlook. The Southern African
Journal of Entrepreneurship and Small Business Management, 9(1), pp.1-10.
Amato and Pierro, 2017. Regulatory modes and entrepreneurship: the mediational role of
alertness in small business success. Journal of Small Business Management, 55, pp.27-
42.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability (pp. 34-42). Routledge.
Freel, M., 2018. Entrepreneurship, Innovation and Small Business. Blackburn, R., Clercq, DD,
&.
Wang, Z. and Zhao, Y., 2017. Entrepreneurial Social Responsibility. The SAGE Handbook of
Small Business and Entrepreneurship, p.423.
Hornsby, 2018. Entrepreneurship everywhere: Across campus, across communities, and across
Borders. Journal of Small Business Management, 56(1), pp.4-10.
Dugguh, S.I., 2017. Entrepreneurship and small business: Strategic approach to alleviating
poverty and corruption in Nigeria. GSTF Journal on Business Review (GBR), 3(1).
Ribeiro-Soriano, D., 2017. Small business and entrepreneurship: their role in economic and
social development.
Dennis Jr, W., 2017. Research mimicking policy: Entrepreneurship/small business policy
research in the United States. The Blackwell handbook of entrepreneurship, pp.64-82.
Bhagavatula, S., Mudambi, R. and Murmann, J.P., 2017. Management and organization review
special issue ‘The innovation and entrepreneurship ecosystem in India’. Management and
Organization Review, 13(1), pp.209-212.
Powell, G.N. and Eddleston, K.A., 2017. Family involvement in the firm, family‐to‐business
support, and entrepreneurial outcomes: an exploration. Journal of Small Business
Management, 55(4), pp.614-631.
Shelton, L.M. and Minniti, M., 2018. Enhancing product market access: Minority
entrepreneurship, status leveraging, and preferential procurement programs. Small
Business Economics, 50(3), pp.481-498.
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Online
Small business. 2017. [Online]. Available through: <https://www.tmcfinancing.com/es/small-
business-vs-large-business-who-is-better-at-job-creation/>.
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