Entrepreneurship and Small Business Management Assignment : Austin Fraser

Entrepreneurship
And Small Business
Management

INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Examining different entrepreneurial ventures and their relation to typology........................3
P2 Exploring similarities and differences between entrepreneurial ventures..............................5
TASK 2............................................................................................................................................7
P3 Analysing and Interpreting of relevant data and statistics in order to interpret impact of
small business operations on economy........................................................................................7
P4 Contribution of start-ups and small business on social economy..........................................8
TASK 3............................................................................................................................................9
P5 Traits and skills of successful entrepreneurs..........................................................................9
P6 Aspects of entrepreneurial personality.................................................................................10
TASK 4..........................................................................................................................................11
P7 Ways in which background and experience hinder and foster entrepreneurship.................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is described as the process which is linked with development of new
business ideas in order to earn high growth and profitability from there ventures. This is the most
important aspect in this modern world. Entrepreneur is the person who is having the
responsibility in order to execute similar operations market place. The importance of
entrepreneurs is that they are developing new ideas for business thus it results in earning high
profitability (Blackburn, Hart and Wainwright, 2013) . There are some entrepreneurs who are
running the business and developing new ideas with the main motive of earning profits from
their ventures. The assignment based on the implication of Austin Fraser and they are involved in
recruitment people all around UK. The undermentioned report is based on different
entrepreneurial ventures, impact of small business operations on the economy, skills and traits of
an entrepreneur and in the end those factors are analysed which are useful in hinder or foster
entrepreneurship.
TASK 1
P1 Examining different entrepreneurial ventures and their relation to typology
The process of starting a business can be carried out in different ways by various firms
but there aims is similar which is linked with achievement of financial stability at market places.
The new business which is started by entrepreneurs are evaluate below as:
Small Business Entrepreneurship: The small business operations are similar to those of
self employed business activities. The main aim of starting the enterprise is related with
achieving financial stability. Example: Plumbers, consultants, grocery stores and carpenter as
there operations are running at smaller thus less number of employees are involved in business
operations. They are running business in order to fulfil needs of their family member.
The small business entity are linked with the topology of survival ventures. There main
aims is linked with making an individual survive in this competitive era. These business which
are running at smaller scales are not registered and they are trusting on faith among the parties.
Monetary transactions are the most important of exchange while taking about these ventures.
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Scaleable start-up entrepreneurship: The entity is having sufficient resources in order to
expand their business operations at higher level. The enterprise who are involved in this
operations thinks that vision can change the mind set of people and they will achieve success in
their operations. The business is offered financial help for their operations by Venture capitalists
as it helps them in executing their innovative ideas. These entity are highly risk taking but their
operations are carried out at smaller scales. The entrepreneurial topology related with the
business is aggressive growth. There ventures are helpful in order to carry out the innovative
plans at market areas. The venture capitalist provide assistance and directions to execute their
business activities at market place.
Large Company Entrepreneurship: The another name for this business is Corporate
entrepreneurship. In order to maintain growth and stability at market places the firms are
carrying out research and development activities in order to identify those plans and strategies by
which they can sustain strong images foe long time period at market places thus achieving
highest level of profitability from their business operations. This is the vital factor while making
comparison with the rivalries who are dealing in similar business as it results in putting mega
entity at highest position in market place (Bridge and O'Neill, 2012)
The topology which are linked with these types of ventures are known as growth business
ventures. The mega entity aims at achieving growth and stability in business environment with
the assistance of these ventures.
Social entrepreneurship: The main aim of these business is linked with offering those
products and services to customers which are beneficial fore them in order to attain attain growth
and development in society. The entrepreneurs are mainly focused on identifying those factors
by which the problems faced by them can be easily resolute. Example: The new business of
online consultancy of doctor have helped the older age population of economy in order to get
medical services sitting at home.
These ventures are termed as lifestyle ventures as they are valuable in order to fulfil
needs and wants of the people of the society thus achieving monetary benefits. If there is not
sufficient funds then it results in decrease in business operations.
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P2 Exploring similarities and differences between entrepreneurial ventures
The ventures which are described below indicates the similarity and differences for
performing different types of business operations.
Basis Similarities Differences
Objective The ventures which are
performed by business are
having variant objectives. The
ventures which are performed
by the individuals are having a
different aims with the motive
of gaining monetary benefits.
The corporate enterprise
ensure that there is stability at
market areas.
The social enterprise are
mainly focused towards
ensuring the overall
development of society so
people can laed a healthy life.
The monetary values are not
important for these
entrepreneurs.
Value creation The another factor of ventures
are related with creating
something which is of value
and importance. It can be any
venture such as social or
corporate but aims at
developing values.
Their objectives are totally
different some are based on
enhancing vales in society
while others develop quality
products in order to achieve
profits.
Channels of Marketing: Another most important
difference is linked with
adopting the best channel of
communicating information
about the products and
services.
The scalable and corporate
entrepreneurs are using the
common tools of marketing
such as print media, online
advertising on the other side
the social enterprise and small
scale business are focused
towards using the organic
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means of marketing such as
word of mouth and social
media advertisement.
Employment generation: This factor is not analysed by
all type of entrepreneurs.
Small number of people are
hired by start up and small
business.
The scalable & start up
operations are focused towards
ensuring merchandising
working in order to ensure less
number of errors in their
operations.
Mind Set The similar factor among
mind set of entrepreneurs is
that they are always focused
towards creating something
which is valuable and it never
arrived at market areas
The major difference between
the enterprise is their mindset
according to which they carry
out their plans. These are also
described as the attitude of
entrepreneurs according to
which they are perceiving
things. Some are looking it as
passion while others are
working in order to earn
profits.
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TASK 2
P3 Analysing and Interpreting of relevant data and statistics in order to interpret impact of small
business operations on economy
The small business entity plays an important role in overall growth and development of
the economy. There was a report which was presented in the houses of the Parliament which
interprets that there are around 5.5 million business operations carried out all across the globe in
which 99% of the business are classified under the category of medium and small business
organisation. The total value gained consist of overall 50% of the total growth rates of the
economy.
While measuring in terms of employment it is analysed that the private sector business in
the economy are providing employment opportunities to more then 65% of the overall workforce
all over the globe. The statistics indexes indicates the value of small business operation for the
growth and success of economy (Carsrud and Brännback, 2011)
There was maximisation in the total number of business operations in the year 2016 as
large number of people were employed. The total growth rate was calculated on the basis of +-
4% of the self business activities in United Kingdom. The main turnover of the business
operation was accounted to 1.9 trillion which was similar to the efforts for the development of
economy by the private business in country. The most crucial business activities in UK is of the
proprietor which is calculated as 3.5 million (Goss, 2015)
There it can be analysed from the above mentioned data that country can achieve growth
and success in their operations by running self employment activities. These business are not
only responsible for enhancing growth of the country but also contributes their efforts to the
yearly turnover and the statistics related to employment of the country. The government of the
country have to develop plans and strategies in order to enhance the overall growth rates in the
UK economy. On the other hand the contribution of business in the steel and construction
industries are marginal which results in 2% of the overall business operations.
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The small business activities have not only given their contribution towards economic
aspects but they also plays a very important role in developing innovative and creative ideas by
which the business operations can be expanded all around the globe. There is competition among
small business which results in providing values to the overall economy. There is overall
development of economy at the regional level along with the activities of small business
operations. The exporting of goods in the economy will be maximised which results in achieving
balanced growth in the overall economy.
P4 Contribution of start-ups and small business on social economy
The social economic factors are described as the growth and development of people of
the economy rather then giving emphasis on the financial values achieved from the overall
business activities. The social grounds place individuals to earn profits (Gorgievski, Ascalon and
Stephan, 2011). The implication of these business entities are related with welfare of the people
of overall economy. The above ventures plays an important role in order to enhance the overall
growth and productivity ratios from the economy thus establish a strong and positive imprints on
the overall growth and development of UK social economy. The main advantages which have
been gathered from the business operations are evaluated below as:
Employment: This is the most important factor in which a person receives a job according to his
skills and capabilities. The entrepreneurial and small business operations has significantly
resulted in overall growth and development of business activities all around the globe. According
to the data published it was evaluated that around 60% of the employees are working in private
sector and this is the most vital factors in social development.
Living Standard of people: The small business have raised the living standard of people who
are living in UK (Chittithaworn and et. al., 2011). This has become possible as there are large
number of people who have developed new and innovative ideas in order to start their ventures
and provide employment to large group of people.
Regional Development: There is unequal contribution towards the overall development of nation
as the industries are almost set up at limited areas. The entrepreneurs always try to start their
business in which there are no industries thus they contribute towards the development of
economy. This is the most beneficial factor as it will help people in order to ensure connectivity,
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electricity, schools and building hospitals. Therefore all these venture are beneficial in order to
ensure equitable and regional development of nation.
Exports: This is vital term which is used for sending goods outside the boundaries of the nation.
This helps in ensuring social growth and development in the economy. The total volume of
goods exported will not only result in positive impacts on economy but also stabilising currency
rates in the economy. The revenues generated are helpful when there is recession in the
economy.
Community development: The activities of entity are beneficial in community developed. This
factor consist of the development of roads, schools, hospitals. The development of community
ensures that there is skilled and talented workforce recruited for performing business operations.
All the resources which are available in the economy should also be used in the most effectual
and planned manner.
TASK 3
P5 Traits and skills of successful entrepreneurs
An entrepreneur in a company is needed to gain certain set of skills and traits. It will
help in completing difficult tasks in a successful manner (George and Bock, 2011)
Characteristics are generally defined as some factors that are possessed by an individual which
shows intellectual skills of him.
Characteristics of entrepreneurs are:
Passionate: The term passion means desire to get something in any manner. Being
passionate in business helps a person in attaining goals and objectives of a company in a
successful manner. Therefore, it is the most necessary characteristic that an entrepreneur should
have. It shows hard working quality of such persons in an enterprise.
Optimistic: This type of characteristics is also essential for business tycoons. It reflects
innovative and higher order of thinking skills in such persons (Chrisman and et. al., 2012) It
would help organisations in getting intellectual ideas through which they can create
modifications and serves high qualitative and creative products in a company. In addition to this,
optimisation skills aid a person to being positive and face difficult situation while operating
business in an easy manner.
Confidence: This vital characteristic of entrepreneurs shows positive attitude of a person
in a company. Confidence level of them creates good impression on other people who are
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working around such persons to resolve factors in an easy manner. But this characteristic
sometime give negative impression also if confidence become over-confidence. So, people are
needed to control their level of attitude or confidence through which performances of them could
not let down.
Thinker: A person also required to possess such type of characteristic of entrepreneurs as
it will help in serving unique products or services to customers.
The important Skills of entrepreneurs are:-
Skills reflects the abilities and capabilities of a person through which a particular task
completed in an efficient manner. An entrepreneur must possess variety of skills which help him
in successfully compete in the market and achieve desired results. The list of required skills in an
entrepreneur are:
Communication: This can also be referred to as interpersonal skill of an individual. This
type of abilities help a person in developing a good relation and share views easily with other
persons. In addition to this, in a company people are needed to communicate with each other in
an effective way. Through good communications a company can make effective relationship
with clients (Dennis Jr, 2011)
Decision making: This type of ability is also helpful in making good decisions in a
company which proves to be effective for improving overall performance. These decisions are
generally based on implementing strategies, creating modifications, distributing roles and
responsibilities etc.
Leadership: It is the most beneficial ability that a person should have while working in
industries. This type of ability helps managers to influence people or a group towards goals and
objectives of business. It helps in managing relationship among all employees in a company.
Time management: Under this section, entrepreneurs are required to manage work of all
persons in an efficient manner. It is helpful in accomplishing a task in a given period of time.
P6 Aspects of entrepreneurial personality
Personality is reflected as the set of attitude and behaviour of people. The personality is
denoted by how effectively each business operations are carried out. The big 5 models is
described below as:
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Extraversion: The person is more energetic and outspoken is known as
extraversion. This factor can help managers in motivating the employees to achieve their
set targets as they can easily share their feelings with others.
Agreeableness: This is another trait which is based on encouraging positive behaviour
among persons. There is harmony and cooperation among the employees as mangers is
very much honest to them. Thus employees finish their working in an ideal manner.
Conscientiousness: The traits of leaders are useful in order to achieve business goals and
objectives in desired time frame. The personality of leaders consist of factors such as goal
oriented, brilliant etc thus all the resources which are available in the economy are utilised in
effectual and planned manner (Drucker, 2014).
Emotional Stability: This is an important factor as managers should retain their employees
for long time durations they should not scold them thus enhancing their profitability index.
Openness to Experience: An entrepreneur is a person who develops new and innovative
ideas and turns them into reality. Thus employees are open to share their new thoughts this helps
in motivating employees and they will achieve growth in their ventures.
TASK 4
P7 Ways in which background and experience hinder and foster entrepreneurship
Personal background plays an important role in order to develop entrepreneurial spirit in a
person. The person always learn from the environment in which he is grown up. Thus these
elements can foster or hinder relations. People at schools are thought to respect others and this is
the major factor of their syllabus. Entrepreneurs are providing job opportunities to people thus
results in overall growth and development of economy.
The most important factor is background as person should have enough knowledge about
their working. They should develop those ideas which can be executed at market place and their
family members should support them in their operations (Fassin, Van Rossem and Buelens,
2011)
Example: The owner of Virgin group Richard Branson belongs from a very humble
background. He was having formal education but his desire was not killed and he achieved
success in his operation and have currently employed 400 employees who are working for his
business activity.
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If person is having good knowledge about the market areas then he can easily develop
entrepreneurial spirit. This resulttence.s in both hindering or foster relations. If person having
knowledge about market then he can collect fund and start his operations and if person does not
have any knowledge then might be he is not educated so he cannot understand the market
situation. Thus the combined factor of knowledge and experience is Persistence
Example: The own of Phones 4u is an entrepreneur known as John Caudwell. He had to
face difficulties in the starting but he was having the passion so he started an workshop and
today he had fulfilled all his dream. The current revenues earned from his business are 2 million
euros.
CONCLUSION
From the above report it has been concluded that entrepreneurs are the most valuable part of
business organisation as they are developing new and innovative ideas about running a business
thus providing employment to large group of people. The major classification of entrepreneurs
are of corporate, social and individual. The skill and attitude of an enterprise are beneficial in
order to achieve set business goals and objectives in desired time thus achieving success in their
operation.
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REFERENCES
Books and Journal
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Carsrud, A. and Brännback, M., 2011. Entrepreneurial motivations: what do we still need to
know?. Journal of Small Business Management. 49(1). pp.9-26.
Chittithaworn, C. and et. al., 2011. Factors affecting business success of small & medium
enterprises (SMEs) in Thailand. Asian Social Science. 7(5). p.180.
Chrisman, J. J. and et. al., 2012. Family involvement, family influence, and family‐centered non‐
economic goals in small firms. Entrepreneurship theory and practice. 36(2). pp.267-
293.
Dennis Jr, W. J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’ perceptions
of business ethics and CSR-related concepts. Journal of Business ethics. 98(3). pp.425-
453.
George, G. and Bock, A. J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Gorgievski, M. J., Ascalon, M. E. and Stephan, U., 2011. Small business owners' success criteria,
a values approach to personal differences. Journal of Small Business Management.
49(2), pp.207-232.
Goss, D., 2015. Small Business and Society (Routledge Revivals). Routledge.
Online
What is an Entrepreneur?. 2017. [Online]. Available through:
<https://www.thebalance.com/entrepreneur-what-is-an-entrepreneur-1794303>.
(Blackburn, Hart and Wainwright, 2013) (Bridge and O'Neill, 2012) (Carsrud and Brännback,
2011) (Chittithaworn and et. al., 2011) (Chrisman and et. al., 2012) (Dennis Jr, 2011)
(Drucker, 2014) (Fassin, Van Rossem and Buelens, 2011) ( George and Bock, 2011)
(Gorgievski, Ascalon and Stephan, 2011) (Goss, 2015)
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