ESBM Report: Entrepreneurship and Small Business Management

This report discusses the importance of entrepreneurship and the working of the ESBM concept. It explores the characteristics of entrepreneurs, different types of entrepreneurial ventures, and the correlation between entrepreneurial characteristics and success. The report focuses on the case study of JUNIQE and the application of the Big 5 model in entrepreneurship.

ESBM REPORT

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
SCENARIO 1..................................................................................................................................3
Entrepreneur and entrepreneurship with example.......................................................................3
Type of entrepreneurial ventures.................................................................................................4
SCENARIO 2..................................................................................................................................4
Difference between an entrepreneur and manager......................................................................4
Maslow’s pyramid and determine correlation in entrepreneurial characteristics and success....5
Big 5 model: The OCEAN model...............................................................................................6
Influence on fostering and hinder entrepreneurial success..........................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
ESBM refer to the economic and small business management which explain the concept
of entrepreneurship and the ways a small business work in the society. This report discusses the
importance of the entrepreneurship and the working of the ESBM concept. Further in report will
discuss about the working of JUNIQE company with the explanation to the big 5 model, Maslow
chart and influence of other factors in financial, education etc.
SCENARIO 1
Question 1
Entrepreneur and entrepreneurship with example
Entrepreneur: - Entrepreneur is a person who start the setup of an start-up with new idea and
thinking for different ways of solutions to different situational product and idea. It is a person
which set their first online store or a freelancer just starting out. Entrepreneurs are also defined as
the individuals which act as innovators to overcome the risks and to make huge benefits by
exploring business opportunities and innovative ideas. They explore their ideas, skills and
capabilities for anticipating the new market opportunities and requirements.
Entrepreneurship: - it is an act of crating and developing the business or an idea of business to
build the scale to generate profit. Entrepreneurship involves the entrepreneurs who can take the
action to change the situation and world. It can be with start-ups to solve problems which can
struggle in each day process, it involves bringing the people together in a way no one did earlier
to something revolutionary and advanced in the society (Monitor,2016).
Example of UK’s top Entrepreneur’s: -
Philip Green: -
He is the CEO of the Arcadia group of companies, a retailer company which includes
many brands for example Topshop, Evans etc. Phillip started working from the age 21 and left
school at 15. The business was of importing and selling of jeans and now he is one of the best
entrepreneurs.
JK Rowling: -
JK Rowling is an entrepreneur and a author and the author of legendary book Harry
potter series. Which further included in the films. Working as an English teacher and started
working an author changed her life.

Question 2
Type of entrepreneurial ventures
Small Business Entrepreneurship: - These business start-ups are run by the owner and very
low number of employees; the revenue and the earning generation are not in much. The main
focus to get more and more clients to increase and develop the business and profit (Liu,2020).
Scalable Start-up entrepreneurship: - This type of venture starts with the innovative ideas and
different ideas, to provide innovative product and services. They believe in the fact that their idea
can change a lot to world and they look for the brightest mind with themselves.
Large Start-up entrepreneurship: - This type of venture of entrepreneurship have a finite life
cycle and they provide the focus on new product and services with the sustainability and
longevity. But it also difficult the innovation as a disruptive because of its size.
Social entrepreneurship: - They focus on providing the social facilities and focus on solving the
social problems with the help of their product and services. Their main aim is to provide the
society the best product and services which cn help in developing the world to better. They do
not focus on profit.
Public Sector: - They are controlled by the government with direct and indirectly. The amount
of investment is higher from government side and this type of organization established in
different sectors and to provide the quality to customer.
Corporate sector: - It is run by privately and can be owned individually or public. They develop
marketing strategy for quality and service to customers and profit oriented. There are many large
organization and scalable entrepreneurship venture
SCENARIO 2
Difference between an entrepreneur and manager
An entrepreneur is a person who takes a lot of risks for getting in innovation and creation
in market in goods and services so that there are more options for the customers or they have a
higher satisfaction. Manager is the person who makes sure that the changes in the organization
are taking place effectively and the organization is matching to the standards which the
management is expecting out of them. There is not much of a difference between them because
an entrepreneur will have the qualities of a manager only then the company will be able to

function effectively in the market (Reuber and et.al., 2018). Entrepreneurs are more focused on
the businesses which are present in the market and the strategies which should be used by them
so that they can compete in the market. Managers have to make sure that the decisions which are
being taken by the entrepreneurs are being followed and implemented by the employees of the
company so that there is a better functioning.
Lea Lange is an entrepreneur who has the skills of a manager which is why she was able
to make Juniqe be so famous worldwide which a great factor is. There has to be a good
understanding of the customer’s demand and needs accordingly the entrepreneur has to develop
their products in the market like Lea understood (Olanrewaju and et.al., 2020). Customers want
more colours and designs in the room which can make them feel better which is why this is a
very unique factor for the customers and the company started. There have to be more ideas and
confidence in a entrepreneur which has to be present but there has to be a good understanding as
well. Entrepreneur will be able to make the decisions but managers are not always given the right
to make the decisions but are involved in the decision making so that the company can have
better operations.
Maslow’s pyramid and determine correlation in entrepreneurial characteristics and success
Maslow has given a satisfaction level of human being which starts with physiological
then safety, love, esteem and self actualization. There are few steps which have to be kept in
mind of an entrepreneur so that there would be better functioning and understanding. The
demands of the customers are increasing which is why the employees will have to make the
processing and operations take place effectively. Safety, physiological and esteem has to be
present in the company for the employees which has to be provided by the entrepreneur. Starting
a new business will need all the basic for the employees which are going to make the satisfaction
level of the employees increase (Furnham, 2018). It is very important for entrepreneur to be able
to motivate the employees from a period of time who is going to make the productivity and
operations of the company increase.
The characteristics in an entrepreneur have to be self actualization so that the employees
have a trust and confidence in their leader. It is very important for the company to be able to get
loyal and trustworthy employees in the company so that they can get a better reputation in the
market. The entrepreneur must make sure that all the employees have that in them that they are

able to achieve the self actualization level in the market. There is a lot of competition in the
market which has to be succeeding so that the company will be able to have a higher profitability
and brand recognition in the market. There is an improvement in the unemployment level in
country which is because the entrepreneurs in the market are increasing so that there would be
good performance (Lehmann, Seitz and Wirsching, 2017). Leaders of Juniqe will have to
understand the employees from time to time so that they can get in the changes according to
them which are going to be very helpful for the company to increase the unique identity and
customers satisfaction increase. If the characteristics in an entrepreneur is going to be good then
the company will be able to have a better sense of direction so that there would be better
functioning and business will be able to get a competitive advantage.
Big 5 model: The OCEAN model
Openness: - It is the first and most important trait of the OCEAN model as a personality
assessment. Working in the industry requires openness and it is important as it vary from
personality to personality which can be different from person to person. Lea in her venture
included openness to new ideas and design concepts so that more and more customers can
connect themselves with the products and services. Openness to artwork and innovation develop
the creativity and helps in identify the new ideas and thinking which can further help in growth
of the entrepreneur ventures (Danilov,2017).
Conscientiousness: - This trait shows the goal-oriented person and Lea is person who loves to
work in the decoration and design which include in the furniture and homework. This trait also
measures the person’s personality and productiveness which can directly effect on its working.
Lea is a hard working and have goals to be achieved which make her determine for the work.
High conscientious person are those who always plan to work hard and stick to their agenda.
Passion and experience: - A passionate person gets advantage working in tough situations as
well. Being brought up in family of entrepreneurs these traits are strongly developed in Lea. lea
is passionate about her work and her experience gained through family background helps in
working more effectively in many situations to the company in need to public situation and
social situation. This type of personality helps the company in many situations.
Agreeableness: - They are the best people with whom working is a gift as they get agreed to
situations and condition and never run from particular phase of the company and try to make the

situation resolve with their working, Lea provide the supportive to its teammates and agree them
with resolving the issues and work accordingly. Good team work and support from the
entrepreneurs is the key to success of ventures as it overcome many operational challenges.
Neuroticism: - It is the last stage of the Big 5 Model the ocean model and this trait is important
as it reflect the emotional and instability of the employees which can affect the working of the
company. Lea’s personality shows that the working is important even in the thought situations
and need to understand the situation to help in company goals (Nambisan, 2017).
Influence on fostering and hinder entrepreneurial success
There are a lot of opportunities which are present in market for a tycoon so that there is
going to be a good profitability. Experience does get in a lot of knowledge and skills in the
market so that there is going to be a good marketing technique which would be present. There
has to be a superior encouragement in the employees by the entrepreneur so that there would be
good performance by the employees. Entrepreneur has to understand the market effectively so
that they can make the right decisions and take the right measures so that there would be a good
functioning.
There has to be a good development and improvement in the products which are being
given by the entrepreneur in the market so that there is a higher profitability. This profitability
can be used for investment in further working and improvement for higher satisfaction level of
the customers. The surroundings of the tycoon have to be tough and effective for a long run in
market (Galanakis and Giourka, 2017). Lea was a great designer for furniture and had
established a name for her in the market which is why she had a trust factor with the customers
which is why she could invest in the further expansion of the company. Lea was always
interested in this industry which is why she was motivated enough to be able to make a place for
herself in the market even stronger so that she would be able to function effectively. There is a
lot of profit she got from taking this risk and entrepreneurs have to have this character in them of
taking risks in order to be able to expand themselves and get in new ideas. There are a lot of
capabilities which are present in people to be able to make a place for themselves in market and
Lea was one of them which got in a unique idea in the market for the customers to be able to
have better experience.

CONCLUSION
ESBM is important and it includes the working of the small business with the need of the
entrepreneurship. This report explains the concept of Entrepreneur and the Entrepreneurship in
the business and industry. Further explain the Entrepreneurship with its type and ventures and
even the big 5 model to Leas personality. Report explain the ways to success the
entrepreneurship and the ways in which lea have dominant the personality of her in the industry
and the importance of the personality to work in the company. Entrepreneurship is important to
new success and new ideas to solve many situations in the working to daily things.
REFERENCES
Books and Journals
Danilov and et.al., 2017. The Finite-volumE Sea ice–Ocean Model (FESOM2). Geosci. Model
Dev., 10. pp.765-789.
Furnham, A., 2018. The bright and dark side of achievement motivation. Current Psychology.
pp.1-9.
Galanakis, K. and Giourka, P., 2017. Entrepreneurial path: decoupling the complexity of
entrepreneurial process. International Journal of Entrepreneurial Behavior & Research.
Lehmann, E.E., Seitz, N. and Wirsching, K., 2017. Smart finance for smart places to foster new
venture creation. Economia e Politica Industriale. 44(1). pp.51-75.
Liu and et.al.,2020, May. ESBM: an entity summarization benchmark. In European Semantic
Web Conference (pp. 548-564). Springer, Cham.
Monitor, G.E., 2016. Global entrepreneurship monitor. Empreendedorismo no Brasil (Relatório
Nacional). Curitiba: Instituto Brasileiro de Qualidade e Produtividade, Paraná.
Nambisan, S., 2017. Digital entrepreneurship: Toward a digital technology perspective of
entrepreneurship. Entrepreneurship Theory and Practice, 41(6). pp.1029-1055.
Olanrewaju, A.S.T and et.al., 2020. Social media and entrepreneurship research: A literature
review. International Journal of Information Management. 50. pp.90-110.
Reuber, A.R and et.al., 2018. International entrepreneurship: The pursuit of entrepreneurial
opportunities across national borders.