Higher Nationals Diploma in Business Assignment 2022

Plagiarism:
Anyactofplagiarismwillbeseriouslydealtwithaccordingtothecollegesandawardingbodies’regulat
ions.Inthis context,thedefinitionandscopeofplagiarismarepresentedbelow:
Plagiarismispresentingsomeone’sworkasyourown.Itincludescopyinginformationdirectlyfromth
ewebor books without referencing the material; submitting joint coursework as an individual
effort; copying another
student’scoursework;stealingcourseworkformanotherstudentandsubmittingitasyourownwork.
Suspected
plagiarismwillbeinvestigatedandiffoundtohaveoccurredwillbedealtwithaccordingtothecollegep
rocedure.
(Forfurtherdetailspleasereferto5.j.itheAcademicMisconductpolicyandprocedure;5.j.iiAcademic
Misconduct
Student Guide; 5.n.v Plagiarism Student Handbook, all available on HELP.)
Date:
23.05.2019
Learners Signature: Florin Luca
Learners Declaration:
Icertifythattheworksubmittedforthisunitismyownandtheresearchsourcesarefullyackno
wledged.
Higher Nationals
Assignment Brief – BTEC
(RQF) Higher National Diploma
in Business
Student Name Florin Luca ID
Unit Number and
Title
09: Entrepreneurship and Small Business Management
Academic Year 2019-20 Cohort Sept 18 Block 2
Unit Leader Seethalakshmy Assesso
r
Priyangani Ariyawansha
Assignment Title Entrepreneurship and Small Business Management
Issue Date 25.03.2019
Submission Date
(Formative)
13.05.2019
IV Name Sean Barrett
Deadline for
assignment
submission
24.05.2019

Table of Contents
INTRODUCTION..................................................................................................1
LO1...................................................................................................................2
P1 EXAMINE DIFFERENT TYPES OF ENTREPRENEURIAL VENTURE AND ALSO
EXPLAIN HOW THEY RELATE TO THE TYPOLOGY OF ENTREPRENEURSHIP............2
P2 EXPLORE THE SIMILARITIES AND DIFFERENCES BETWEEN ENTREPRENEURIAL
VENTURES......................................................................................................5
LO2...................................................................................................................7
P3 INTERPRET AND ASSESS RELEVANT DATA AND STATISTICS TO ILLUSTRATE HOW
MICRO AND SMALL BUSINESS IMPACT ON THE ECONOMY...................................7
P4 EXPLAIN THE IMPORTANCE OF SMALL BUSINESS AND STARTUPS FOR THE
GROWTH OF SOCIAL ECONOMY......................................................................10
LO3.................................................................................................................12
P5 DETERMINE THE CHARACTERISTICS TRAITS AND SKILL OF SUCCESSFUL
ENTREPRENEUR THAT WILL DIFFERENTIATE THEM FROM OTHER BUSINESS
MANAGER.....................................................................................................12
P6 ASSESS THE RELEVANT ASPECT OF ENTREPRENEURIAL PERSONALITY THAT
WILL FURTHER REFLECT ENTREPRENEURIAL MOTIVATION AND MINDSET.........14
LO4.................................................................................................................16
P7 EXAMINE HOW THE BACKGROUND AND EXPERIENCE CAN HINDER OR FOSTER
ENTREPRENEURSHIP.....................................................................................16
CONCLUSION...................................................................................................18
REFERENCES...................................................................................................19

INTRODUCTION
Entrepreneurship refers to the process of starting a new business with the purpose of
earning potential profits and assuming financial risk. The person who undertakes all the activities
to start a new venture and undertakes risk is known to be an entrepreneur (Ward and Rhodes,
2014). The purpose of the assignment is to provide cognitive knowledge in the field of
entrepreneurship and also provide deep insight into the characteristics of a successful
entrepreneur.
The report throws light on different types of an entrepreneurial venture and also explains
about the typology of entrepreneurship. Moreover, it explains the different types of the
entrepreneurial venture so as to provide a greater understanding of scope, development and
growth of different types of organization.
It also provides insight on relevant statistics of small business in the UK economy and
illustrates the importance of small business and startups to the growth of the social economy.
Moreover, it critically examines the impact of small business at different levels of the economy.
A research study is conducted with respect to Farm food limited that operates a chain of
supermarket in the UK. The company operates over more than 30 stores in the current time so as
to provide grocery products, fruits& vegetables and other similar items. It employs over 5200
people and is also planning to expand their business in the competitive market conditions (Kerr
et al., 2018).

LO1
P1 EXAMINE DIFFERENT TYPES OF ENTREPRENEURIAL VENTURE AND ALSO
EXPLAIN HOW THEY RELATE TO THE TYPOLOGY OF ENTREPRENEURSHIP
Entrepreneurship
This is said to be the activity of starting a new business. The concept of entrepreneurship
is undertaken by an entrepreneur who conducts various activities related to creation and
organization after assuming sufficient financial with the sole motive of earning profits (Lonial
and Carter, 2015).As discussed by Eisenmann, (2013), entrepreneurship is a “distinctive
approach to manage a specific stage in an organisation, its life cycle, a specific role of an
individual, or a constellation of personality attributes.”
Entrepreneurial venture
The basic purpose of an entrepreneurial venture is to generate employment and improve
the national income of the country (Kirzner, 2015). Moreover, the venture activities are
undertaken with the purpose of decentralization the economic wealth of the country.
Furthermore, it leads to improvements in the living standards of life by introducing innovative
ideas and acts as a catalyst for socio-economic transformation.
Entrepreneurs
Entrepreneurs are known to be the manager of the company who takes initiatives to
introduce innovative ideas for the purpose of developing product and marketing. The
Entrepreneurs do not undertake outside risks and is required to complete the project of the
company by accessing resources and capabilities (Leutner et al., 2014). There are different kinds
of entrepreneurs. The serial entrepreneurs are the businessmen who emerges out with new ideas
and is responsible for the stating of new business. The serial entrepreneurs have enough patience
and self-confidence into starting the same business. They differ from the general entrepreneurs
because they are the ones who move quickly into the business, however the other entrepreneurs
are the entrepreneurs who are merely related to the business. The owner-managers of the

organisations are the persons who both owns and manages the business. However he is nothing
more than a mere employee of his own organisation.
Types of ventures
Lifestyle venture- This is a type of venture that mainly focuses on achieving business goals and
targets and thereby aims to earn higher profits so as to improve their lifestyle. The venture
activities are undertaken with the purpose of providing better facilities and amenities to their
members (Kuratko, 2016). Farm Food Limited also initiates various innovative activities that
will help in enhancing the quality of life of the employees working at the supermarket. Above
this, the company is also duly concerned about its employees and provides them due care and
support.
Social entrepreneur- It is the type of business venture that focuses on improving health relation
with society. It focuses on the scalable representation of market share that can further help the
business in earning a reasonable profit. The main aims of such type of venture are to provide
quality services to their customers along with satisfying their social needs. Farm food limited
also carry out their business process so as to provide quality food to the citizens of the UK.
Female entrepreneur- Female entrepreneur encompasses 1/3 of total entrepreneur across the
globe (Kirkpatrick, 2012). A female entrepreneur is a concept where women undertake risk and
manage business activities by assuming the potential risk. It has also been noted that women
have made a significant contribution to the economic development of the country.
High Growth venture- The main focus of the venture is to achieve high growth in terms of
achieving big market share and enhancing the revenue generating a capacity of the business. An
entrepreneur is responsible to make a strategic plan for the purpose of achieving strategic growth
in next 5-6 years. Farm food ltd can plan to adopt this type of venture so as to support the
expansion plan of the business as well as achieving sustainable growth in the market.
Small scale entrepreneur- small scale entrepreneurs are the entrepreneurs who are responsible
for the small scale industries which have limited number of employees and have limited flow of
finances and materials. They have different sets of criteria to work in the market of
entrepreneurship (Henrekson and Sanandaji, 2014).

Entrepreneur typology and its relation with the venture
A typology can be defined as the technology-based entrepreneurial model that is further
based on a previous occupational background. Typologies have a connection with the personality
trait of individual ventures. There is a high propensity of people becoming an entrepreneur in the
UK. Therefore there is a distinctive personality of UK entrepreneur that are differentiated from
each other in terms of imaginations and creativity. They are empathetic and emotional for the
purpose of setting up their business rather than just accumulating wealth (Jin et al., 2017).There
are four different kinds of entrepreneurship. Based on the size, there is a small and large business
Entrepreneurship. Small entrepreneurship are the startups and the small businesses like the
grocery stores, the travel agents and anyone who runs their own business, with the aim of
forming a family and making profit. Large scale entrepreneurship acquires innovative companies
with changes in the customer tastes. Social entrepreneurs are the innovators who focus on the
creation of the products and services that aim in solving the social problems and needs. Their
goal is to make the world a better place. Public sector or corporate entrepreneurship involves the
innovative risks that the corporate firms including both the small and the large corporations take.
Also on the basis of growth rate, the entrepreneurship ventures can be typified. It might be low,
managed or fast growth rate of the corporations on basis of which the different entrepreneurs
take the risks.
Conclusion
There are different kinds of entrepreneurship ventures in the industry. It can be concluded
that the lifestyle ventures mainly focuses on achieving business goals and targets and thereby
aims to earn higher profits so as to improve their lifestyle. The high growth ventures focus to
achieve high growth in terms of achieving big market share. The social entrepreneur focuses on
improving health relation with society.