Entrepreneurship & Small Business Management

UNIT 9. ENTREPRENERUSHIP
AND SMALL BUSINESS
MANAGEMENT

INTRODUCTION...........................................................................................................................1
TASK 2............................................................................................................................................1
P3. Interpret statistics for illustration of micro as well as small business on economy.........1
P4. Significance of small business as well as start-ups for growth of economy....................3
M2 Evaluation the difference which is being made by SME’s towards economy.................4
D2: Critically examine how small business have an impact on different levels of the economy
(local, regional, national) and in an international context......................................................5
TASK 3............................................................................................................................................5
P5: Determine the characteristic, traits and skills of successful entrepreneurs that differentiate
them from other business managers.......................................................................................5
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset.............................................................................................................................7
M3: Explore and examine different lines of argument relating to entrepreneurial
characteristics.........................................................................................................................7
D3. Analyze the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples......................................................................8
LO 4.................................................................................................................................................8

P7. Background as well as experience that can foster or hamper entrepreneurship...............8
M4 Analyze the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs..........................................9
D4. Critically evaluating the ways background and experience influences entrepreneurship
both positively and negatively by comparing and contrasting examples...............................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneur is defined as a process which is being undertaken by an entrepreneur in order
to organise and manage new business venture with having an aim to make profit while
undertaking risk. With the help of unique and innovative ideas entrepreneur effectively
contribute towards national economic growth (Akehurst, Simarro and Mas‐Tur, 2012). In the
process of entrepreneurship individual develop new business idea while bearing most of the risk
and aim towards enjoying maximum rewards opportunities In United Kingdom entrepreneurs
majorly contributes in employment sector and overall GDP of country. Entrepreneurship is
defined as UK strongest pillar as they not only provide economic support to country but also
provide numerous job opportunities to individuals with an aim to increase their living standards.
Entrepreneur with the use of their unique ideas initiate social change by creating innovative
products and services (Bakeman and Hanson, 2012). In simple terms they are known as world’s
most powerful transformers who undertake risk and develop innovative and unique services and
products in order to provide effect of satisfaction to consumers. Present report discusses different
type of entrepreneurial ventures along with number of entrepreneurial typology. Along with this
report include importance of start-ups and small scale organisation and their contribution towards
nation economy. Background and experience of entrepreneur that hinder or foster
entrepreneurship is also mentioned in present report.
TASK 2
P3. Interpret statistics for illustration of micro as well as small business on economy.
This has been determined that UK has largest economy and major contribution is being
made by small as well as micro scale entities. As per the Department for Business Energy &
Industrial Strategy’s statistical release which has provided business population estimates with
respect to United Kingdom and regions 2019, it has been identified that there are around 5.9
million private businesses across UK till the start of 2019. This also implies that wide range of
jobs have been created which will not only enhance their living standards but will also enhance
employment rate of nation within the international market. In addition to this, small and micro
scale firms efficaciously furnish their contribution within growth and innovation.
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