Entrepreneurship and Small Business Management - Assignment Sample

Entrepreneurship and Small Business
management

Executive Summary
Entrepreneurship is the way in which an entrepreneur set up its business through
managing several risks like financial or managerial. Entrepreneurial venture can have different
structures of ownership therefore, entrepreneurs have different skills or characteristics so as to
managing or running the business. Experience and background can provide positive or negative
impact on the entrepreneurship which can foster or hinder their ventures. Present case study is
discuss about skills and mindset needed for establishing the business along with this, positive
impact of small firms in growth of social economy is also included in this report.

Table of Contents
Executive Summary.........................................................................................................................2
INTRODUCTION ..........................................................................................................................4
TASK 1............................................................................................................................................4
P1& M1: Different types of entrepreneurial ventures............................................................4
P2 & D1:: Similarities and difference between entrepreneurial ventures..............................6
TASK 2............................................................................................................................................7
P3 & M2: Interpretation and assessment of relevant data and statistics to illustrate the way in
which micro and small businesses impact on the economy ..................................................7
P4 & D2: Importance of small businesses and business start ups to the growth of social
economy.................................................................................................................................9
TASK 2..........................................................................................................................................11
P5 & D3: Characteristics, traits and skills of successful entrepreneurs...............................11
P6 & M3: Entrepreneurial personality reflect entrepreneurial motivation and mindset......14
TASK 4..........................................................................................................................................15
P7 & M4 & D4: The way in which background and experience can foster entrepreneurship15
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Entrepreneurship can be defined as the activity of setting up business through taking
financial risks for earning profitability. In other words, it refers as the functional activity of
individuals in which they have to start new business through implementing their new and
innovative ideas so that they will earn profitability in future. In addition to this, individual who
have specific knowledge, skills and capabilities of designing things as per their requirements are
known as an entrepreneur. Present assignment is based on Urban Tandoor which is established in
Bristol, UK by the young Indian pioneers. Restaurant offers enjoyable, memorable dining
experience in Indian style to their customers. This report will covers influence and contributions
of small business organisations in the growth of UK economy after Brexit. Characteristics, traits
and skills which are required for individuals to become a successful entrepreneurs will also
discussed under this project. This project will also discuss about the two successful entrepreneurs
along with the elements which encourages them to become successful entrepreneurs.
TASK 1
P1& M1: Different types of entrepreneurial ventures
Entrepreneur: An individual who have specific skills and abilities of generating new and
innovative ideas and has more capabilities of implementing it to setting up the new business are
called as an entrepreneur. Business concept is directly linked with goods and services which are
mainly produced or manufactured by the owners to sell the end users for fulfilling their needs
and satisfaction level. Main goals of entrepreneur behind setting up a business is to gain high
profitability but for this, they have to provide their maximum efforts in execution of all business
operations in more efficient manner (Barringer, 2015).
Entrepreneurial ventures contains assorted size and scope and are handled by
entrepreneurs with having assorted purposes. If entrepreneurs have some new ideas and concepts
therefore, they can easily achieve growth and success within a small period of time. New
products and services can easily grab attention of ample number of customers that brings
motivation among the entrepreneurs to develop new ideas and enter in the market with effective
resources. So that, larger number of customers can easily attracted towards their products and
services. Several kind of typology of entrepreneurship which are given as under:

Small size social venture - It consists of those businesses which are operating by the
entrepreneurs at small level. Hence, it can be said that scale of this kind of business are small.
Their generation of revenue are more depended on the sector or division in which they are
operating their services. They enter in the market with an objective of earning livelihood due to
operating at small scale. Main example of these are, funeral care in UK.
Scalable start up entrepreneurship: It is a kind of business in which entrepreneurs start
their business with an objective of changing the sector or world. Main investors of these firms
are owners and they recruit best employees so that new and better ideas will be gained from them
which helps the firm in rising their businesses. In this kind of organisations, business is started at
small scale due to risk of capital return but after succeeding in it, more investors are allocated for
getting investment from them. Main examples of these firms are TESCO
High growth firms: This kind of organisations are operated at large scale hence, it
requires a huge amount or resources for handling the business operations in more smooth
manner. These kind of organisations have to offer new products and make innovations in the
existing products on regular basis so that customer base in market will always maintained.
Example of this kind of entrepreneurship are google, Facebook etc.
Large size Social ventures : In this, entrepreneurs create products and services with an
aim of fulfilling social needs along with solving the problems of society. Main objectives of
these kind of entrepreneurs are to make a better world not to generate profitability. Main example
of these entrepreneurship are NHS which provide services in UK (Baum, Frese and Baron,
2014).
Types of entrepreneurship: All above defined entrepreneurial ventures are related with
different types which are given as under:
Lifestyle Enterprise: Main reason behind formation of this kind of ventures is to
improve life standard of living people of a specific place where company is operating its business
operations. These firms not only provide employment opportunities to local individuals but also
raise their standard of living.
Managed Growth: In it, business operations or functions are managed and controlled by
both men and women in equally manner so as to achieve growth and success in new business in a
small period of time. Both of them have right to take decisions for betterment of organisation.

Social enterprises – These organisations are those who makes strategies so as to
maximizing improvement in financial, social well being of societal individuals. These
organisations are setup for making well-being of living individuals of society.
P2 & D1:: Similarities and difference between entrepreneurial ventures
There are various entrepreneurial ventures such as small business, scalable start-up, big
entrepreneurs and social entrepreneurship which have some difference and similarities are given
as below:
Basis Life style Managed growth Social Enterprises
Annual growth They less focuses on
growth whereas,
they emphasizes on
profitability for
personal income.
While, these kind of
entrepreneurs are
formed on the basis of
growth.
These ventures are
incorporated for satisfying
the needs of societal
individuals due to which
they can't make their focuses
on growth and success of
firm.
Organisational
structure
Entrepreneurs of this
kind does not make
any kind of
organisational
structure within their
firm.
These firms have
effective organisational
structure and they
performs their activities
in organised way.
Whereas, this kind of
ventures performs their
duties under the rules and
regulations of government so
that any difficulty wouldn't
be faced by them in their
operations.
Source of Finance Entrepreneurs of
these type allocate
financial resources
at their own level.
They allocate their
funds from financial
institutions like banks,
crowd funding etc.
These entrepreneurs gets
money through raising funds
and organising campaigns.
Exit Strategy These firms run on
the basis of passion
of entrepreneurs
therefore, they have
These firms have to
follow proper rules and
regulations at the time
of stopping their
They have exit plans due to
which they can easily
stropped their functions in