Entrepreneurship and Small Business Management Assignment Sample

Entrepreneurship and Small Business
Management

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INTRODUCTION
Entrepreneurship is considered as the capacity and willingness of the person to
organise and develop new business venture to earn large number of profits. The
persons who took risk and start such new business functions called entrepreneur. Large
number of qualities and skills are required to become successful entrepreneur. Such
entrepreneurial activities provide large number of benefits in development of economy
and society of country (Barringer, 2012).
In the present report explain about, different types of entrepreneurial ventures and their
relation to the typologies of entrepreneurship, similarities and differences between
entrepreneurial ventures. Also, contribution of small and micro business activities on
economy and importance of small-business and starts-ups in the growth of social
economy. Also, as appendix down below, you will read about a well-known
entrepreneur, James CAAN. His history will allow us to examine, explore and
investigate the range of venture types that might be consider entrepreneurial. And a
small local business
TASK 1
P1. Different types of entrepreneurial ventures and different types of entrepreneurship
typologies
Entrepreneurship: This includes the starting of new business activities by using their
innovative ideas to earn large number of profits. It can also be said as combination of
various resources like land, labour, capital to establish new venture. To make the
venture successful depends upon the qualities and skills possess by entrepreneur.
Different types of entrepreneurial ventures
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Large number of options are available in front of the individuals regarding opening of the
different types of ventures. It depends upon the skills of entrepreneur that which venture
they select to start. So, such different types of ventures are define below:
 Scalable starts-ups entrepreneurship: Such kind of ventures are start by such
persons which are having the vision from day one to change the world. The
amount of risk involved in these business ventures is high. To provide finance to
such ventures needs to find out crazy investors which are ready to take risks.
 Small-business entrepreneurship: All such ventures which are having employees
less than 50 and having the turnover of less then 6.5 million are considered as
small business. The major small business which are operating in UK are travel
agents, hairdressers etc.
 Social entrepreneurship: The main aim of these kind of ventures is to create such
kind of products and services which helps in removal of the social needs. They
provide their functions to make the world better place to live.
 Large company entrepreneurship: These kind of venture requires large number
of capital and risk to start their business activities. To make these kind of
ventures successful need to adopt innovative technologies, ideas, legislations
etc.
Typologies of entrepreneurship
 Serial entrepreneur: Such kind of entrepreneurs have new and innovative ideas
to start their business operations. They take part in all the activities of
organisation which are done on regular basis.
 Female entrepreneur: All the business ventures which are controlled by females
are called female entrepreneurs.
P2 Similarities and difference between entrepreneurial ventures
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It is observed that large number of entrepreneurial ventures are provide their business
functions in UK. This will represent many similarities and difference among different
entrepreneurial ventures which are mentioned below:
Life style entrepreneurs and serial entrepreneurs: The major similarities between both
the entrepreneurs is that they provide their full emphasis on improvement of productivity
and profitability. Another similarity between both the entrepreneurs that having same
kind of skills and traits. The major difference between two entrepreneurs is that serial
entrepreneurs have innovative ideas ideas to start their new business activities. They
have full belief on their assumptions that their ideas will helps in accomplishment of their
targets. On other hand, Lifestyle entrepreneur use their actual efforts to develop their
products in market (Baum, Frese and Baron, 2014).
Small and large entrepreneurs: The major similarity between both these entrepreneurs
is that they are working for the satisfaction of their personal and customers needs which
helps in development of society. But there are large number of difference are present in
both these entrepreneurial ventures. The risk involved in small business venture is very
less in comparison to large business ventures. There is huge difference also present in
the amount of capital required in the operation of business activities of both the
ventures.
Female and male entrepreneurs: The similarities which are present in both kind of
entrepreneurs is having equal skills and qualities which makes them successful in
market. The only difference which is present between both these entrepreneurs is
among their market share. Female entrepreneurs hold 51% of market share and male
entrepreneurs hold 49% of market share.
Private and joint entrepreneurs: The similarities between both the entrepreneurs is that
large number of individuals join each other to accomplish their common objectives and
targets. The difference which is exist between both these entrepreneurs is mentioned
below:
Private entrepreneur includes the agreement between two or more person to run their
business activities to earn large number of profits. Joint entrepreneur means the joining
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of hand of different parties to accomplish some common objectives by exchange of
technologies, personnel and know how.
M1
Entrepreneur ventures are used in both public and private sector. It is a state of starting
a new business entity, planning and resourcing to develop the structure of business.
Risk factor can distinguish between public and private entrepreneur. In public sector risk
remain associated in the hands of government and in private sector risk remain
associated in the hands of owner (Bosma and Levie, 2010).
Also, The Public Sector is usually comprised of organizations that are owned and
operated by the government and exist to provide services for its citizens. Similar to the
voluntary sector, organizations in the public sector do not seek to generate a profit.
In UK, the Public Sector has been shrinking a lot compared to Private Sector in the last
decades. This trend is typically an English specificity. Compared to France for instance,
the level of public spending for the state is of 44 % of the GDP in UK versus. 57 % in
France. The average for Europe is 48 %.
Some notable employers among the public ventures : Bank of England British Broadcasting Corporation (BBC) British Museum Chartered Institute of Public Finance and Accountancy (CIPFA) Financial Conduct Authority (FCA) National Audit Office National Probation Service NHS ONS.
The Private Sector is usually comprised of organizations run by individuals and groups
who seek to generate and return a profit back to its owners.
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Small, privately owned business form the greater part of the private sector. Despite this
fact, this sector boasts a rich diversity of individuals, partnerships, and groups — from
small mom and pop stores to multi-national conglomerates.
Examples of organizations in the private sector include: Sole Proprietors: Designers, Developers, Plumbers, Repairmen Partnerships: Dentistry, Legal, Accounting, Tax Small and Medium-sized Businesses: Retail, Hospitality, Food, Leisure, Legal
Services Large Multinationals: Apple, Tesla, Disney, Procter & Gamble, PepsiCo
D1
There are huge chances of growth and development found in small business enterprise.
Entrepreneurship is the prerequisite for economic growth and a decline in the level of
unemployment. It's an economic issue. It means business creation, development and
takeover of existing businesses, and does not concern the only exemple of the
entrepreneur, but all stakeholders of the company.
Today, with massive unemployment rates, entrepreneurial ventures seems to be a way
that will get us moving back up the social ladder.
We need to support the creation, development and transformation of businesses
because they create wealth that can be redistributed and meet the needs of the
community.
The issue is to promote entrepreneurship in our society. The public authorities have to
play their parts in this matter. It is possible to draw a distinction between three major
aspects of a proactive approach for entrepreneurship: Adopt measures to support new businesses (ex : reduce some taxes the first
year of activity,…). Develop and increase apprenticeship (ex : encourage better salaries for
apprentice, facilitate tutorship,…..).
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 Promote the idea of entrepreneurship throughout the society, specifically through
the youngsters.
TASK 2
P3 Impact of micro and small business on economy
Micro: In Micro business the number of employees are required to be less than 10 and
also having the turnover under £ 2 million. The business activities are much smaller in
comparison to small and medium.
Small: In small business the number of employees are required to be less than 50 and
having the turnover which is not exceed £ 6.5 million.
Medium: In medium-sized business the number of employees are required to be less
than 250 and the turnover should be less than £ 25.9 million.
Difference between private, sole proprietorship and partnership
Private enterprise: It includes such enterprises which are owned and controlled by
private person. On the business activities of such enterprises government has no
control. The main aim of such enterprise is to earn large number of profits. The basic
features are mentioned below:
 Separate legal entity
 They are prohibited to invite public to subscribe their share
 Main objective is to earn profit
 Owned and managed by private individuals
Sole proprietorship: On such kind of businesses only single person has full control
(Bruton, Ahlstrom and Li, 2010). This person has unlimited liability. Features are
mentioned below:
 Having unlimited liability
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 Owned by single person
 Not separate legal entity
Partnership firm: These kind of firms are formed by the agreement between the two or
more parties to achieve common objectives and earn large number of profits. Features
are mentioned below:
 All partners have unlimited liability
 Equal profit and loss sharing ratio
 Common objectives
 Agreement between the parties
Impact of micro and small-business on growth of economy
Summary There were record 5.7 million private sector businesses at the start of 2017. This is an increase of 197,000 since 2016, and 2.2 million more than in 2000. The number of employing businesses increased by 41,000 (+3%) since 2016, and
the number of non-employing businesses by 155,000 (+4%).
SMEs and the Economy: Small businesses accounted for 99.3% of all private sector businesses at the start of
2017 and 99.9% were small or medium-sized (SMEs). Total employment in SMEs was 16.1 million; 60% of all private sector employment in
the UK. The combined annual turnover of SMEs was £1.9 trillion, 51% of all private sector
turnover in the UK.
Composition of the business population: In 2017 there were 1.3 million employing businesses and 4.3 million non-employing
businesses. Therefore, 76% of businesses did not employ anyone aside from the
owner(s).
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 The overall business population includes three main legal forms: there were 3.4
million sole proprietorships (60% of the total), 1.9 million companies (33%), and
414,000 ordinary partnerships (7%). Of the 5.7 million businesses, 45% (2.6 million) were registered for VAT or PAYE.
Trends in the business population There has been sustained growth in the total business population, with increases of
2.2m (+64%) since 2000 and 197,000 (+4%) since 2016. The majority of population growth since 2000 has been due to non-employing
businesses, which accounted for 89% of the overall increase. Non-employing businesses accounted for 79% of the overall 197,000 increase in the
last year. The number of companies and sole proprietorships has increased in the last year by
128,000 (+7%) and 76,000 (+2%) respectively. However, the number of ordinary
partnerships fell by 7,200 (-2%).
Locations and industries The number of businesses per person is higher in southern England than elsewhere
in the UK. SMEs account for at least 99.5% of the businesses in every main industry sector.
 Nearly a fifth of all SMEs operate in Construction, compared with less than 1% in the
Mining, Quarrying and Utilities sector.
 Development of infrastructure: This kind of businesses has huge contribution in the
development of basic infrastructure in regional areas. This helps in improvement of
living standards of individual.
 Improved cash flow: Such business activities are considered as high attraction factor
for the foreign investors to invest their money is business operations. This will brings
large amount of cash in an economy in form of FDI and Taxes also.
They promote the diversification of economic activities, support sustainable
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development, foster innovation, evolve entrepreneurial skills and, do not forget,
contribute significantly to trade, both nationally and internationally. More importantly,
because of their small size, they are not only much less complex (structurally), but
also more efficient and flexible.
In addition, in the business creation and exit cycle, SMEs expose incumbents to
competition and innovation, forcing them to change and increase their productivity,
which stimulates economic growth.
P4 Importance of small businesses and starts-ups in growth of social economy
Brexit: It is the situation which arises due to the exit of Britain from European Union.
This will results in depression in industrial sector in UK. Large number of impact are
noticed on exports and imports. To overcome from this situation, Government of UK
provides support to the individuals to start their own business activities and and give
contribution in development of economy.
Importance of small business and starts-ups in development of social economy
 Improvement in social security: After Brexit, government has large control over
the functions of industries operating in UK. Regulations and legislations are
provide by government which provide more security to industries (Dacin, Dacin
and Matear, 2010). Financial support: After Brexit, large number of small businesses are start their
operation in UK. This will increase financial support to government in form of
taxes and high cash flows.
An entire segment of the economy is composed of entities that aim to increase
social inclusion and reduce inequalities, while simultaneously creating economic
value. Social economy organisations, such as different types of cooperatives,
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associations, foundations, mutuals but also social enterprises (which are businesses
of various legal forms using an entrepreneurial approach in order to respond to an
increasing number of social and environmental challenges) are developing at a fast
pace around UK.
In the UK there is strong government support for social enterprise. Social enterprise
has different definitions, but probably the most influential was that of the
Governments Social Enterprise Unit (now the Office for Civil Society supports the
sector, with a major policy initiative of the “Big Society”): Social Enterprises are part
of the growing 'social economy'. The social economy is a thriving and growing
collection of organisations that exist between the traditional private sector on the one
hand, and the public sector on the other. Sometimes referred to as the 'third sector',
it includes voluntary and community organisations, foundations and associations of
many types.
“A social enterprise is a business with primarily social objectives whose surpluses
are principally reinvested for that purpose in the business or the community, rather
than being driven by the need to maximise profit for shareholders and owners”
Social Enterprise: A Strategy for Success DTI
However in general people in the UK have a vague notion that it is a business with a
social purpose. And in practice social enterprise often have other identities, such as
social or worker co-operatives, social firms, community business, intermediate
labour market organisations, and trading voluntary organisations.
An early survey showed large numbers of social enterprise (new and existing ones):
• 15,000 social enterprises in the UK.
• Total turnover £18bn
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• Workforce of 775,000 people including 300,000 volunteers. – Ref. Small Business
Service Survey 2005 A later survey (2006) using a different database (business)
revealed 55,000 social enterprises; and this was subsequently revised to over 60k.
M2
Contribution of small, medium and large organisation depends upon their revenue
structure and organisational type. Small and medium organisation assist the economy
of nation and enhance the GDP growth rate whereas large entities provide employment
conditions.
Small – Less than 50 employees, regardless of revenue, or, if the number of employees
is unknown, then revenue of less than £5.6m/$5.6m will be taken as an indicator that it
is a small business.
Medium – Between 50 and 249 employees, regardless of revenue, or, if the number of
employees is unknown, then revenue of greater than or equal to £5.6m/$5.6m and less
than £22.8m/$22.8m will be taken as an indicator that it is a medium business.
Large – Greater than or equal to 250 employees, regardless of revenue, or, if the
number of employees is unknown, then revenue of greater than or equal to
£22.8m/$22.8m will be taken as an indicator that it is a large business.
As we have seen, The usual definition of small and medium sized enterprises (SMEs) is
any business with fewer than 250 employees.
There were 5.7 million SMEs in the UK in 2017, which was over 99% of all businesses.
Micro-businesses have 0-9 employees.
There were 5.4 million microbusinesses in the UK in 2016, accounting for 96% of all
businesses.
Although the vast majority of businesses in the UK employ fewer than 10 people, this
sort of business only accounts for 33% of employment and 22% of turnover.
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Large businesses, with more than 250 employees, accounted for 0.1% of businesses
but 40% of employment and 49% of turnover, as the following chart shows.
m2
Small business Medium business Large Business
Employment Less than 50
employees. Which
is effective in
covering the 33% of
employment in the
business.
Between 50 and
249 employees,
regardless of
revenue, or, if the
number of
employees is
unknown
More than 250
employees which
are employing the
businesses as 0.1%
GDP The revenue is less
than 5.6 Million that
are able to earn the
22% of turnover.
The earning and
the annual turnover
retained by these
businesses are in
between 5.6 million
to 22.8 millions.
They usually have
gains which is
approximately 49%
of the turnover.
They earned equal
to or more than
22.8 million in a
year.
Stakeholders There are less
number of
stakeholder
associated with the
business such as
owner, employees,
managers,
suppliers,
There will be
comparatively large
number stockholder
in these firm which
are employees,
directors,
managers, banking
authorities,
There are large
number of
stakeholders which
will be helpful in
operating the
business operations
such as consumers,
international
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consumers etc.
these are the
investors which
makes investments
and take payments
for only business
purpose. There is
not payable of
dividends as the
company is liable to
operate in the
capital market due
to low economy.
government,
investors, sponsors
mostly from
domestic area.
These are the
investors which
makes investment
in business as to
rise the capital
structure to develop
the business at
large level.
investors, partners,
equity holders,
governmental and
banking authorities,
suppliers,
distributors,
employees etc.
these are the
stakeholders which
uses the financial
information of the
business for tax,
investment, loans,
interest purpose.
They are in motive
to have the
appropriate gains
through such
business.
D2
Small business entities provide employment opportunities and growth opportunities to
local and regional level. It also helps to enhance the growth rate of GDP rate which also
boost the standard of economy
Small businesses contribute to local economies by bringing growth and innovation to
the community in which the business is established. Small businesses also help
stimulate economic growth by providing employment opportunities to people who may
not be employable by larger corporations. Small businesses tend to attract talent who
invent new products or implement new solutions for existing ideas. Larger businesses
also often benefit from small businesses within the same local community, as many
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large corporations depend on small businesses for the completion of various business
functions through outsourcing.
In many countries, corporate social responsibility (CSR) is increasingly viewed as a way
for businesses, including SMEs, to contribute to societal goals. By committing to sound
labour and environmental practices and good community relations, small businesses
can contribute to sustainable and inclusive development, particularly at the regional
level. CSR can also help improve the image customers, investors and other
stakeholders have of the business, and enhance their capacity to attract and retain
qualified and motivated employees.
At a national level, the private sector and in particular SMEs form the backbone of a
market economy and provide most of the employment.
Overall, SMEs tend to be under-represented in international trade. Few SMEs export
directly and for those that do, exports typically represent a lower share of trade turnover
(relative to larger firms) and generally target neighbouring countries. However, when
considering SMEs’ indirect contribution to exports, as suppliers to larger domestic firms
or multinational companies (MNCs) that export, SMEs represent more than half of total
exports in value added terms. Upstream and downstream linkages with larger
companies are vital for SMEs. Benefits of these inter-firm linkages run in both
directions, since the quality and responsiveness of specialised suppliers, largely SMEs
or even micro firms, can be crucial for the competitiveness of entire supply chains, at
both local and global levels, and of larger groups that are directly engaged in fierce
global competition. In this respect, close interdependence and coordination between
large and small businesses can be an important source of value and competitiveness
along supply chains.
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Posted in Great British Entrepreneurs
James Caan
Former Dragon from the BBC’s flagship business investment show, Dragons’ Den,
James Caan CBE is a figurehead for enterprise in the UK and beyond.
He now invests his experience as an entrepreneur into championing business owners
and highlighting their huge importance to the health of the British economy.
After being frustrated by a number of jobs, a 25-year-old James set up his own
recruitment agency, Alexander Maan, in 1985. The agency’s prestigious Pall Mall
location set the tone for a business that James would sell in 2002 for £95m.
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In 1993, James co-founded executive headhunting business, Humana International,
with business partner, Doug Bugie. The enterprise experienced similar success, holding
147 offices in 30 countries when it was sold in 1999.
James graduated from the Advanced Management Program at Harvard Business
School in 2003, before starting recruitment investment firm, Hamilton Bradshaw. Now
an industry leader, HB’s portfolio turns over in excess of £500m.
From driving global enterprise to launching charitable initiatives in Pakistan where he
was born, James’ legacy is changing lives for the better by supporting entrepreneurship,
education and development.
The iconic businessman will be scrutinising the stories of Britain’s freshest business
talent when he returns to the judging panel of the NatWest Great British Entrepreneur
Awards in 2018.
Below, he explains more about his own remarkable career and gives us his business
tips.
What appeals to you most about the NatWest Great British Entrepreneur Awards?
What I particularly like about the Awards is that they give an opportunity for Britain to
celebrate success. Britain has become such an entrepreneurial country, and the Awards
allow business people to really stand out.
We’ve had some amazing some amazing success stories already, such as Tangle
Teezer – one of my favourites, which I, in fact, turned down on Dragons’ Den.
The NatWest Great British Entrepreneur Awards focuses on the entrepreneur’s story
rather than on the balance sheet. What would you say is the most exciting part of your
entrepreneurial journey?
There’ve been so many twists and turns in the journey; what I’ve probably enjoyed the
most is the need to have to consistently reinvent myself. One of the exciting things
about being an entrepreneur is that you have to be a bit of a chameleon; one day your
business is going in one direction, then before you know it, the market changes and
you’re off in a different direction.
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As a serial entrepreneur, one minute I’m running a recruitment business, then I’m
running a private equity firm, then I’m doing a TV show, then I’m writing a book. It’s
been an amazing journey, and I think entrepreneurship gives you that freedom to be
yourself.
It’s not going down the corporate single-track; I’ve got the freedom and flexibility to do
so many different things. It gives you so much satisfaction, and you really make a
difference, because you build something. For me, that’s a huge tick in the box.
3) We hear a lot about entrepreneurial spirit. What does that mean to you, and where
does yours come from?
To me, entrepreneurial spirit is the freedom to think outside the box; to express yourself.
It’s the opportunity to be different. If you’re in a corporate environment – finance,
accounting or HR – you follow a rigid pathway.
The entrepreneurial spirit means there is no box; you have to think outside the box. It’s
given me the opportunity to create something with my own ideas and thoughts. The
freedom to do that is what I regard as the entrepreneurial spirit.
When did you realise that you were going to go down the entrepreneur’s path?
I was 12 when that spirit hit me. I was at school and my father used to manufacture
leather jackets. I used to earn a pound a week as pocket money at the time. My father
made me a leather jacket and I wore it in the playground, giving it the ‘look at my jacket,
it’s really nice and cool!’ I sold the jacket for £3, which was three times my weekly
pocket money.
I thought that was really cool; I saw what my dad was doing and I realised that actually,
doing things for yourself is a lot more fun, a lot more exciting. Aged 16, as soon as
could leave school, I just went. I didn’t even take my exams. I instinctively knew I
wanted to create or build something that was my own. And it worked!
What was the best advice you were given, and what advice would you give to the
entrepreneurs of our shortlisted companies?
The best advice that I was given was from my father. He said ‘observe the masses and
do the opposite’. That’s always stuck with me and it’s so true. Today, I run a private
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equity firm and we invest. When is the best time to invest? It’s when everybody else is
leaving the table. When the stock market goes up, it’s not the time to buy. You buy
when it goes down. The problem is, when it goes down, you need balls; you need
confidence.
So, the concept of ‘observe the masses and do the opposite’ – there’s so much truth in
that statement. I absolutely stuck to that advice.
The advice that I would give entrepreneurs today, is to recognise that we’re in an
incredibly competitive business market. The modern landscape is much more
challenging, it changes so quickly, and you have to appreciate that failure is part of the
journey to success. My advice is to embrace failure, because the one thing that you can
guarantee in business is that if it can go wrong, it will go wrong. (Thiking, on 19th
February 2018)
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Hi I’m Rahim Hammed I came to the UK back in 1992 with a small amount of money
literally very small £200
I started a small business that I named easy market a movable market that were
consistent on selling fruits and vegetables however it was a very small business as a
business and a beginning weren’t really bad but there were a lot of difficulties
Due to our economic and financial sources the easy market business developed a new
way of selling and varies of products , the easy market became a shop with facilities
and varies of products not only vegetables there were much more products , after few
years of hard work the easy movable market as I already said before became a shop
there for the quality and the variety of the products also changed the shop became an
easy access of almost everything and anything vegetables to meat and house
equipment due to the economic success the business managed to pay off any debt and
also do some upgrade in the shop equipment’s everything was perfect and presentable
every product was selling fast and our customer service and our customer engage
became popular people from very far areas would come to the shop just to get a few
needed items and get served by our team
CONCLUSION
It has been concluded from the above report that, new business ventures provide large
number of opportunities regarding development of the society and economy. To start
successful business activities entrepreneurs are required to have effective skills and
characteristics. The large number of benefits which are arrived by nation and society
are employment, high cash flow, better infrastructure etc.
REFERENCES
Books and Journals
Barringer, B., 2012. Entrepreneurship: Successfully Launching New Ventures, (2012).
Baum, J. R., Frese, M. and Baron, R. A. Eds., 2014. The psychology of
entrepreneurship. Psychology Press.
Bosma, N. S. and Levie, J., 2010. Global Entrepreneurship Monitor 2009 Executive
Report.
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Bruton, G. D., Ahlstrom, D. and Li, H. L., 2010. Institutional theory and
entrepreneurship: where are we now and where do we need to move in the
future?. Entrepreneurship theory and practice. 34(3). pp.421-440.
Dacin, P. A., Dacin, M. T. and Matear, M., 2010. Social entrepreneurship: Why we don't
need a new theory and how we move forward from here. The academy of
management perspectives. 24(3). pp.37-57.
Defourny, J. and Nyssens, M., 2010. Conceptions of social enterprise and social
entrepreneurship in Europe and the United States: Convergences and
divergences. Journal of social entrepreneurship. 1(1). pp.32-53.
Delgado, M., Porter, M. E. and Stern, S., 2010. Clusters and entrepreneurship. Journal
of economic geography. 10(4). pp.495-518.
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.
Hall, J. K., Daneke, G. A. and Lenox, M. J., 2010. Sustainable development and
entrepreneurship: Past contributions and future directions. Journal of Business
Venturing. 25(5). pp.439-448.
Herrington, M., Kew, J., and Monitor, G. E., 2010. Tracking entrepreneurship in South
Africa: A GEM perspective. South Africa: Graduate School of Business,
University of Cape Town.
Online
Impact of small-business in UK economy.2017.[Online].Available
through:<http://smallbusiness.chron.com/important-small-businesses-local-
economies-5251.html>
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