Entrepreneurship and Small Business Management: A Comprehensive Analysis

This report delves into the diverse world of entrepreneurial ventures, examining their types, similarities, and differences. It explores the crucial role of micro and small businesses in driving economic growth, analyzing their impact on local, regional, and national levels. The report further investigates the characteristics and skills of successful entrepreneurs, using case studies of Sir Philip Green and Sir James Dyson to illustrate how personal traits and experiences influence entrepreneurial success. By analyzing the link between entrepreneurial characteristics and personal background, the report critically evaluates how experience can both hinder and foster entrepreneurship.

Entrepreneurship and Small Business Management
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Table of Contents
Introduction.................................................................................................................................................4
LO1.............................................................................................................................................................5
P1: Examine different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship......................................................................................................................................5
P2: Explore the similarities and differences between entrepreneurial ventures.......................................7
M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both public and corporate sector...............................................................................9
D1: Critically examine the scope, development, and growth of entrepreneurial ventures......................10
LO2...........................................................................................................................................................11
P3: Interpret and assess relevant data and statistics to illustrate how micro and small business impact on
the economy..........................................................................................................................................11
P4: Explain the importance of small businesses and business starts-ups to the growth of social economy
...............................................................................................................................................................13
M2: Evaluate the differences small, medium and large businesses make to the economy, applying
relevant data and statistics.....................................................................................................................15
D2: Critically examine how small businesses have an impact on different levels of the economy (local,
regional and national) and an international context...............................................................................16
LO3...........................................................................................................................................................17
P5: Determine the characteristic traits and skills of successful entrepreneurs that differentiate them
from other business managers................................................................................................................17
P6 Assess how aspects of the entrepreneurial aspects personality reflect entrepreneurial motivation and
mindset..................................................................................................................................................19
M3: Explore and examine different lines of argument relating to entrepreneurial characteristics.........21
D3: Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs,
supported by specific examples.............................................................................................................22
LO4...........................................................................................................................................................23
2

P7: Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship....................................................................................................................................23
M4: Analyse the link between entrepreneurial characteristics and the influence of personal background
and experience to specific successful entrepreneurs..............................................................................25
D4: Critically evaluate how background and experience influences entrepreneurs, both positively and
negatively, by comparing and contrasting examples..............................................................................26
Conclusion.................................................................................................................................................28
References.................................................................................................................................................29
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Introduction
This report explores the various forms of entrepreneurial businesses along with a detailed
analysis of their differences and similarities. This report also contains a detailed explanation
regarding the importance of SMEs and their impact on the economy of the UK region with the
appropriate facts and figures. Also, this report analyses the importance of small, medium and
large companies in developing the economy of the UK region. In the later parts, the report
evaluates the characteristics and qualities of successful entrepreneurs by considering the
examples of Sir Philip Green and Sir James Dyson for this study. The impact of these traits while
taking the important business decisions has also been discussed.
4

LO1
P1: Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship
Entrepreneurship includes initiating new ventures, acquisitions, and any major changes made by
small or large enterprises. Hence, entrepreneurship not only deals with starting an enterprise but
it also contains the risks taken by entrepreneurs to explore the opportunities for growth and
development of the firm (Bressler, 2015).
There are different types of entrepreneurial ventures are:
Small Business Entrepreneurship:
Small businesses are usually the start-up ventures in which the invested capital is limited and the
main objective is to drive the change in the business by developing new systems and innovation.
Although large organisations are considered to provide the required assistance and drive the
economy, small firms also play a significant role in driving changes and creating job
opportunities (Amolo and Migiro, 2017).
Family Entrepreneurship:
These enterprises are the businesses which are operated and managed by a single or a few
families headed by the senior members of the family. They are bound by a strong emotional
relationship and the decisions are taken after considering the suggestions provided by each of the
senior members.
Corporate Entrepreneurship:
These ventures are developed to identify and explore the new avenues of growth and
development by adopting strategies such as starting a new venture with an established firm,
changing the business practices, and changing the structure of the existing firm. These changes
are made to enhance the competitiveness and ability of the company to adapt to the changing
circumstances.
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Social Entrepreneurship:
These ventures are aimed at providing the solutions for the various issues faced by the
communities, such as medical services, providing training and development to the people,
providing technical education, etc. (Austin, et. al., 2012).
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P2: Explore the similarities and differences between entrepreneurial ventures.
Features Small Business Large Corporations Social
Entrepreneurship
Purpose The purpose is to
generate profits by
producing goods and
services
The objective is profit
generation and
investing in new
avenues to enhance
the market share
The objective is to
provide resolve the
issues of the society
Scale of operations Limited and goods
and services are
produced for a limited
geographical area
(Amolo and Migiro,
2017).
Operates by
manufacturing the
products and services
at large scale
The services are
catered to fulfill the
needs of the
community and
hence operations are
limited to a locality
Ownership The business is owned
and operated by an
individual or few
individuals who share
a common interest
Shareholders are the
real owners however,
the decisions are
taken by the board of
directors
The services can be
provided by an
individual, a firm or
multiple organisations
and these are started
by the government in
partnership with
private parties
(Austin, et. al., 2012).
Capital Investment Limited capital is These firms usually The amount of
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invested since they
produce a limited
quantity of goods and
services
invest a huge amount
of investments by way
or mergers,
acquisitions, and joint
ventures
investments depends
on the types of
facilities provided.
Hence, the capital
investment can be
limited or huge.
Market Share Their market share is
very limited (Amolo
and Migiro, 2017).
The majority of the
market share is
dominated by the
large firms and they
even expand their
operations in foreign
countries.
Since they operate to
provide the services,
the market share
depends on the scale
of the operations.
Timescale These are vulnerable
because they face
threats from large
companies and hence,
the timescale of
operations cannot be
predicted
Since they diversify
the operations, they
sustain for a longer
period of time.
As many firms are
operated by
partnerships, they
usually survive for a
longer period of time
(Austin, et. al., 2012).
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M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both public and corporate sector.
The nature of the business depends on the purpose and size of the operations along with the
amount of capital invested to start the operations. Hence, the businesses can be divided into
small enterprises, large corporations, and social enterprises. The objective of the small firms is to
provide a particular service or to assist large companies by producing a particular component or
series of parts of a component. The large corporations are formed by combining two firms or by
acquiring the existing firms. These strategies are used to enhance the market share as well as to
diversify the product range which provides flexibility of operations and provide an opportunity
for generating huge profits. Social entrepreneurs create firms with the aim of providing the
necessary facilities to the society and these are usually operated by the government by partnering
with private parties such as NGOs and NPOs. This enables the government to provide medical
and other facilities to the local communities effectively (Austin, et. al., 2012).
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D1: Critically examine the scope, development, and growth of entrepreneurial ventures.
The growth and development of the firms depend on the strategies used by the entrepreneurs to
expand their operations. The small firms operate in limited fields and the growth of these firms
depends on the mindset of the entrepreneur and the level of innovation introduced in the
operations (Bula, 2012). On the other hand, the growth and development of the large companies
depend on the decisions taken by the management to enhance the market share such as strategies
related to mergers and acquisition and the strategies of product diversification. These companies
survive for longer periods of time because of the size of their operations and the goodwill created
by them by providing various products and services. The one more aspect of companies to grow
and develop is the corporate structure, the small firms have a simple and refined structure which
enables them to adapt to the changing circumstances easily whereas, the large companies may
face difficulties while adapting to the changes because of complex hierarchical structures.
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LO2
P3: Interpret and assess relevant data and statistics to illustrate how micro and small
business impact on the economy
As per the EU definition, the micro industries are that which employ less than ten employees and
has the annual turnover of fewer than 2 million pounds, whereas, small businesses have less than
50 employees and the annual turnover is less than 10 million pounds. However, the Department
of Business has defined small businesses as those firms which employ less than 50 employees
and the annual turnover should be less than 6.5 million pounds (The Company Warehouse,
2018).
The micro and small businesses play an important role in the economy of the UK region and this
can be stated by the fact that there are around 5 million small businesses at the end of December
2016. The total employment generated by the small firms at the closing of 2016 was more than
16 million. The UK government has proposed various reforms in order to provide necessary
assistance to the small firms since these firms have enabled the UK government to increase the
trade activities after recession (Allan, 2014). The small firms were the major contributors to the
UK economy during recession and continue to generate revenues. These firms have enabled to
the environment for innovation and hence, the small firms have been able to increase their
presence in all the fields such as finance, marketing, consultancies, agriculture and farming,
science and technology, etc.
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Figure 1: SME Performance Review
Source: (European Commission, 2018).
The small firms have also contributed to the UK economy by attracting foreign direct
investments worth 100 million pounds in 2014 and these firms have also started to actively
collaborate with the large firms to promote their products in the foreign markets.
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P4: Explain the importance of small businesses and business starts-ups to the growth of
social economy
As discussed in the earlier section, the small enterprises have contributed towards the growth and
development of the UK region by generating the revenues to the government as well as
providing job opportunities. Many firms have successfully merged with other companies which
have enhanced their ability to compete with the large firms which have enabled the small firms
to explore the foreign markets and increase their market share. The increased trade activity with
the foreign countries helps the government to increase the foreign exchange reserves and which
increases the value of the sterling pound. The profits generated by these firms have been
indicated below:
Figure 2: Average Profits of SMEs
Source: (Statista, 2018)
Also, these firms have been able to attract more funds from foreign companies by way of foreign
direct investments which have enabled the region to become one of the most preferred
destinations for conducting business. The start-ups are established by developing new technology
and innovation which helps the region to adapt to the changing circumstances and enables the
use of latest technology in different processes. The digital technology has contributed to a large
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extent since the small firms are able to promote their products effectively as the costs related to
marketing and promotion have been minimised (Stankovska, et. al., 2016). Prior to the advent of
the technology, the small companies faced with issues such as lack of funds for marketing and
promotion, lack of technical expertise and limited options of taking the advice of the experts
which hampered the growth of these companies and at present, these barriers have been removed
which has increased the operational efficiencies of these companies. Thus, there is 64% increase
in the small businesses since 2000.
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M2: Evaluate the differences small, medium and large businesses make to the economy,
applying relevant data and statistics.
The small firms are considered as an important part of the economy because these account for
99% of all private businesses at the beginning of 2017 and created job opportunities for more
than 9 million jobs in the UK region. The combined annual turnover of SMEs was estimated at
1.9 trillion pounds at the end of 2016 which is 51% of all the turnover of private companies
(Department for Business, Energy & Industrial Strategy, 2017).
The large companies are more productive, create more employment opportunities, and pay
higher wages to the employees and enhance the goodwill of the region by establishing
themselves in the foreign markets. As per the estimates, the total tax paid by the large firms was
25.3 billion pounds by the close of March 2017. The corporate income tax has also increased to
25.2% and these companies employ more than 2 million people which are 6.5% of the total
workforce in the region by the 100 group. The 100 group has also invested 9.3 billion pounds for
research and development.
15

D2: Critically examine how small businesses have an impact on different levels of the
economy (local, regional and national) and an international context.
The small firms contribute towards the economy by producing the necessary goods and services
and providing employment to a large number of people in the UK region. The small industries
create an environment for innovation and enable the region to adapt to the changing
circumstances. All these factors have resulted in the increase in the number of small firms in the
UK region. Also, the small businesses have been able to merge with the large corporations which
have enabled them to increase their presence and have captured the foreign markets. However,
the limited fund's availability has resulted in the creation of 4.3 million non-employing
businesses which is 76% of the total businesses which did not provide employment to outside
persons and run by owners. Hence, even though the number of businesses has increased to 5.7
million businesses, the region has not been able to completely reap the benefits from these
businesses (Department for Business, Energy & Industrial Strategy, 2017).
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LO3
P5: Determine the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers.
The growth and development of the business depend on the important decisions taken by the
entrepreneurs during the course of the business. These decisions ensure the continuing process of
growth which enables to achieve the overall aims and objectives (Holt, 2018).
The case study of Sir Philip Green, chairman of Arcadia Group, has been considered for this case
study. Arcadia Group is a retail chain group which has its headquarters in London. The personal
traits which attributed to his success are:
Work Experience: Sir Philip Green began working at a very young age and he grabbed the
opportunity of working in a shoe warehouse as an apprentice. Hence, he learned the process of
conducting business which helped in his future endeavours.
Passionate: He was passionate about conducting apparel business and hence, he started selling
jeans by opening his own shop. He continuously travelled across the region in order to know the
cheapest way of buying jeans; this resulted in realising higher profits (Curwen, 2012).
Abilities to take risks: In a surprising decision, Sir Philip Green purchased British Home Stores
for 200 million pounds which were a risky endeavour since he did not have prior knowledge of
handling retail chain businesses. In another case, he purchased Marks and Spencer in 2004 and
he arranged the funds from external borrowings.
Effective management of funds: One of the major contributors to his success was that he
utilised the revenues generated from business for reinvesting in business and utilised only a
minimum amount for personal expenses which resulted in yielding higher profits.
The case study of Sir James Dyson has also been considered as another example of successful
entrepreneurs. The personality traits of Sir James Dyson can be studied as:
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Expert knowledge of Product: The advantage that Sir James Dyson had was his expert
knowledge about the working of a vacuum cleaner which enabled him to create its new type.
Passionate: He was so much involved in developing the prototype that he left the job and
devoted his whole time to developing the prototypes. He was continuously testing the prototypes
before finalising the design.
Hard working: In order to develop the final design, he worked continuously for five years and
was able to design world’s only bagless vacuum cleaner. During the course of his
experimentation, he had made 5127 prototypes before arriving at the final design (Dyson, 2017).
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P6 Assess how aspects of the entrepreneurial aspects personality reflect entrepreneurial
motivation and mindset.
The entrepreneurial personality describes the personal traits of the promoter who has established
a business and the various opportunities that have been utilised by him during the course of the
business (Neneh, 2012). The important decisions taken by the entrepreneur depend on his
personal reflection about the business and the maximum risk that has been taken. The motivation
level and mindset reflects the entrepreneurial personality in the following ways:
Figure 3: Nature or nurture? Decoding the DNA of the entrepreneur
Source: (Ernst & Young, 2018)
Passionate:
Passion drives the entrepreneurs to look for new opportunities for growth and development
which enables the business to grow and expand. The examples of Sir Philip Green and Sir James
Dyson can be considered since both were passionate about performing in their areas of expertise.
Taking Responsibility:
The entrepreneurs take responsibility for their actions and they are aware of their responsibilities
towards stakeholders while taking critical business decisions and hence, they invest in those
ventures which yield more profits. Sir Philip Green was able to predict the outcomes of
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purchasing British Home Stores; hence, he invested in this business even though he had no
experience of handling the retail chain business.
Adaptability:
The entrepreneurs’ ability to modify the nature of the business as per the changing trends helps
the business to sustain in the market for a longer period of time. For instance, Sir Philip Green
knew the importance of retail chain business and hence, he took over the business of British
Home Stores (Curwen, 2012).
Innovation:
By introducing new techniques and systems enables the business to adapt to compete and sustain
in the competitive market scenario. It also helps to minimise the wastages and improve the
production efficiency of a business. For example, Sir James Dyson was able to develop a new
range of vacuum cleaner which enabled to effectively promote the product (Dyson, 2017).
Demographic Factors:
The demographic factors considered are ethnicity, education, and age. This factor has a
significant influence on the entrepreneurs while taking various decisions. For instance, the expert
knowledge of Sir James Dyson and his relatively young age enabled him to take risks and
develop a new type of vacuum cleaner.
Work Experience:
The experience of the particular field enables the entrepreneurs to take appropriate business
decisions and the ways in which the production techniques can be improved. The experience also
helps them to ascertain the level of knowledge required performing the tasks and hence,
appropriate candidates are selected for the various positions. For instance, Sir Philip Green was
able to employ the right staff which resulted in Arcadia to expand its operations and increase its
presence in the foreign markets.
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M3: Explore and examine different lines of argument relating to entrepreneurial
characteristics
The different personality traits of the entrepreneurs that define the success of the business have
been evaluated as:
Passion: As per Neneh (2012), the entrepreneurs are passionate about their business and take
decisions which drive the business to generate revenues and invest in the new opportunities for
business. The examples Sir Philip Green and Sir James Dyson can be considered since both of
them were determined and passionate about success in their endeavours.
Adaptable: As per Curwen (2012), the most important personality trait of the entrepreneurs is
the ability to modify or change the course of business which enables the business to sustain in
the competitive market. The adaptability ensures the use of latest technology or to invest in a
new business venture which enables to expand the current market share. The ability to adapt also
ensures product diversification since the firms tend to change the composition of the products as
per the tastes and preferences of the customers. Also, the companies may also change the
existing structure in order to promote decentralisation which helps to implement the decisions
quickly. All these measures enable the business to change its outlook and enhance its
performance and hence, this is one of the important qualities of the entrepreneurs.
Demographic factors: Age and education play an important role since this decides the number
of risks taken by the entrepreneurs. The young entrepreneurs will be able to take more risks since
they will have the opportunity of experimentation and experience helps the entrepreneurs to take
appropriate decisions during the course of the business.
21

D3: Analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples
The success of the business depends on the appropriate decisions taken by the entrepreneurs to
grab the new opportunities for business. The entrepreneurs should be passionate about doing
business since this quality enables them to take appropriate decisions and they feel responsible
for the success or failure of the business. Passion helps them to analyse the viability of the new
projects and to start those ventures that are profitable this ensures continuous growth and
development of the business. For example, Sir James Dyson was passionate to create a new type
of vacuum cleaner and hence, he devoted five years to design the product (Dyson, 2017). The
ability of the entrepreneurs to adapt to the changing circumstances helps to implement new
systems and technology which enables the business to sustain in the competitive market. For
example, Sir Philip Green was able to purchase British Home Stores since he was able to predict
the changes and prevailing trends in the market.
22

LO4
P7: Examine, using relevant examples, how background and experience can hinder or
foster entrepreneurship.
The various decisions taken by the entrepreneur depends on their experience and background of
since these provide the necessary guidance to them while taking decisions (Erriksson and Li,
2012). The risks taken by the promoters of the business depend on the reasoning and mindset of
the entrepreneur and experience helps to ascertain the process or techniques that can be
implemented to improve the quality of the production. The relevant experience also helps the
entrepreneur to explore the new opportunities which can be used to expand the existing market
share. The example of Sir Philip Green has been considered for this study:
Figure 4: Sir Philip Green
Source: (Daily Express, 2017)
 Sir Philip Green was successful since he gained the knowledge about the apparel business
by working as an apprentice at a shoe warehouse. He was able to understand the complete
process of business and the difficulties that can be faced during the course of the
business.
 He was passionate about owning his own business and he always enquired about the
ways in which the jeans can be purchased at lower costs in order to generate more profits
(Curwen, 2012).
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 He was able to take calculated risks at regular intervals which enabled him to expand the
business operations which can be supported by the fact that he purchased British Home
Stores since he was able to ascertain the future trends of the market. He also analysed the
tastes and preferences of the customers before taking over the retail business.
 He explored the ways in which the funds can be procured to commence a new project
(Curwen, 2012).
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M4: Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs.
It is a very well established that the success of the business depends on the various decisions
taken by the entrepreneurs while conducting the business and these decisions are influenced by
the perceptions of the entrepreneurs while taking the risks. For instance, Sir Philip Green was
able to appropriate decisions since he was able to ascertain the future trends and changes in the
expectations of the customers which motivated him to invest in the retail chain business. Another
quality of Sir Philip Green is the experience of doing the business and hence, he was able to
learn the ways in which the retail chain business can be managed (Curwen, 2012).
25

D4: Critically evaluate how background and experience influence entrepreneurs, both
positively and negatively, by comparing and contrasting examples.
The ability of the entrepreneurs to take the business decisions depends on the personal qualities
and level of expertise of the entrepreneur to conduct the business. For this case study, the
personality traits of Sir James Dyson have been considered:
Figure 5: Sir James Dyson
Source: (Hodge and Finnerty, 2017).
Positive:
 Sir James Dyson was able to enhance his knowledge regarding the process of developing
vacuum cleaner.
 He had the required technical knowledge which is required to design the new type of
vacuum cleaner and hence, he was able to identify the drawbacks of the existing vacuum
cleaners.
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 There is a positive culture in the UK region for using new technology and this motivated
Sir James Dyson to design and develop bagless vacuum cleaner.
 His designs were accepted because the firms knew the advantages of introducing a new
product range which enabled him to create the strategy for continuous improvement in
Dyson.
Negative Points:
 He faced funding issues initially was completely depended on the finance from others
(Dyson, 2017).
 He was not able to promote his new design because he lacked the knowledge of
effectively promoting his design.
27

Conclusion
From this study, it can be concluded that small businesses are the crucial part of the economy
since this help to drive the change by developing new technologies. The success of the small
enterprises depends on the business decisions taken by the entrepreneurs and hence, the market
condition has to be analysed before introducing new products into the market. The various forms
of businesses enable the economy to grow and create job opportunities for the people, hence, the
government takes various measures to promote entrepreneurs and designs policies to support
them. The experience and background of the entrepreneurs play an important role in guiding
them to take risks which enables the business to sustain in the competitive market scenario.
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