Entrepreneurship and Small Business Management: A Comprehensive Analysis

Entrepreneurship and Small Business
Management
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Table of Contents
Introduction................................................................................................................................4
LO1 Explore and illustrate the range of venture types that might be considered
entrepreneurial............................................................................................................................5
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.................................................................................................5
P2 Explain the differences and similarities between different types of entrepreneurial
ventures..................................................................................................................................6
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both the public and corporate sector..........................7
D1 Critically examine the scope, development and growth of entrepreneurial ventures......8
LO2 Assess the impact of small businesses on the economy....................................................9
P3 Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy........................................................................................9
P4 Explain the importance of small businesses and business start-ups to the growth of the
social economy.....................................................................................................................11
M2 Evaluate the differences small, medium and large businesses make to the economy,
applying relevant data and statistics.....................................................................................12
D2 Critically examine how small businesses have an impact on different levels of the
economy (local, regional, national) and in an international context....................................13
LO3 Determine and assess the key aspects of an entrepreneurial mindset..............................14
P5 Determine the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers................................................................14
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset..........................................................................................................................15
M3 Explore and examine different lines of argument relating to entrepreneurial
characteristics.......................................................................................................................16
D3 Analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples....................................................................17
LO4 Examine the different environments that foster or hinder entrepreneurship...................18
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship...................................................................................................................18
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M4 Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs........................................19
D4 Critically evaluate how background and experience influence entrepreneurs, both
positively and negatively, by comparing and contrasting examples....................................20
Conclusion:..............................................................................................................................21
References................................................................................................................................22
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Introduction
In the given report there is a discussion about the various forms of entrepreneurial ventures
and the small business entrepreneurship that are part of UK economy. This report is prepared
considering the business scenario of a UK economy. In this, there is also covered an analysis
regarding the significance played by the small business sectors that helps in the development
and the management of business discussions. There are also involved the understanding
regarding the issues faced by the small business sectors. The relevant data and the statistics
are also covered in it to deal with the impacts of the small economies on the business growth.
Further, there is also involved the traits, skills and the drivers which help in motivating the
successful entrepreneurs in their business. This report is prepared to take into consideration
the Talent Plus which is a small business organisation in the UK.
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LO1 Explore and illustrate the range of venture types that might be considered
entrepreneurial.
P1 Examine different types of entrepreneurial ventures and explain how they relate to
the typology of entrepreneurship.
Entrepreneurs are small business sectors which are involved in the production of something
new and unique business (Kuratko, 2016). The proportion of small business sectors in the UK
is enhancing day by day. The various forms of entrepreneurial ventures are provided
thereunder:
Small profit firms: These are the firms which basically work with the motive to earn the
profit in order to lead and earn good lifestyle. There are involved various forms of the small
business entrepreneurs on the basis of typology which are craftsmen, opportunists with a
business vision to take the advantage of the increased opportunities.
Lifestyle firms: In this form, the firms and the entrepreneurs are such which develops the
business with a motive to earn a healthy lifestyle. In this form of lifestyle and the comfort
level of the entrepreneurs involved is very high. These take the form of grocery shops and
other such ventures
High growth ventures: These are the business which aims to start the business with an aim
to earn the profit. The basic aim is related to expansion and the profitability. The funds
available with these forms are adequate as they have a good reputation (Randolph, et. al.,
2017).
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P2 Explain the differences and similarities between different types of entrepreneurial
ventures
Roles Similarities and Differences
Lifestyle firm These are the firms which
play an effective role in the
management of the
effective styles.
This form of business ventures
is started by one or more
individuals with the same
motives and the aims.
The differentiation is in terms
of the level of comfort involved
by the business entrepreneurs.
High growth ventures The basic role of the high
growth ventures is to
maintain the steady profits
and the business expansion
in order to earn increased
profits (Mote, 2017).
The difference is involved in
terms of the collection of the
funds as these businesses have
easy accessibility to collect the
funds. The effective growth rate
is provided with 5 to 20 times in
a UK economy.
Small profit firms These are operated by such
form of a venture which
focuses on earning daily
operations of the business.
The operations of such business
are similar except the motive of
profitability and the expansion.
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