Entrepreneurship and Small Business Management: A Comprehensive Analysis

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
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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.
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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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