HNBS 309 Entrepreneurship and Small Business Management

Entrepreneurship and Small Business Management
INTRODUCTION
Entrepreneurship is an activity in which human acts are considered as an action
regarding the value in terms of expansion of economic activity by identifying the novel
products, market areas and procedure. Entrepreneurship defines the launch, running,
operation and designing of new business and describe one person who tends to run a
business known as entrepreneur (Scarborough, 2016). These individuals tend to develop
and bring competition within the business environment. It is beneficial for the economic
condition and nation of country as it prominent cover various factors like elimination of
employment, bring proper development for the betterment of economy and so on. Along
with this, government tends to support various new entrepreneurs in terms of the
development of new venture and also offer them proper support in order to achieve
growth and success. It is based on definite administrative division named Barnet which
is located in London. Report tends to cover the significance of new risk and prominent
variation and resemblance. It also depicts that how small and micro businesses impact
the recession and concluded the experience & background of big entrepreneurs.
TASK 1
P1. Relation of various entrepreneurial venture with the typology of entrepreneurship.
Entrepreneurship refers to the development of new enterprise with the objective
of earning prominent risk factors. For this, risk taking is the primary feature in which
entrepreneurs tends to survive within the dynamic business environment. Moreover,
launching a new business is very tough decision for the entrepreneurs as most of the
start-ups tends to face failure and because of this, they tend to wind up their business. In
terms of this, several entrepreneurial ventures are mentioned as under:
Private: Private companies are operated and run by various individuals and in order to
earn profit and also suffer from loss and for this, they are also responsible for critical
decisions (Burns, 2016). In terms of this, private organisations are not operated by the
government and other public body. For this, various ventures are considered under this
are mentioned as:
Small business: These businesses are privately owned and operated and they also have
few employees as they come in market for the prominent survival in terms of
maintaining the living standard of people. For this, these businesses do not earn much
profit as they only afford basic living standard for their friends and family. In terms of
this, the number of workers in these company is less than 250.
Scalable start-ups: These businesses enter in the industry considering the unique
business idea that leads to achieve market growth. Moreover, these start-ups tends
to develop prominent model of business and for this, uncertainty factor for start-
ups is more and also undertake variant insight in terms of facing failure (Laudano,
Marzi and Caputo, 2018). The objective of new entered business is to gain the
position in the market with effective goal.
Public: The companies which comes under public sector are operated by
government and other agencies. In terms of this, entities need to operate their
business on commercial grounds and also offer goods and services to people. For
this, public entities tend to manage and controlled by the other bodies undertaking
the state, local and national. Ventures that are included in this public sector:
Large company: Public organisations are prominently affected by the political
factors and also tends to accomplish growth and success in order to launch new
product which is different from the current product. In terms of this, the
organisations tend to introduce new product as per the needs and requirements of
their customers (Dana, 2018). Large organisations also free more pressurise at the
time of changes that occur in the business environment as due to these changes
overall production also gets impacted.
Social entrepreneurship: These ventures came in market with the objective of
social welfare and increasing the living standard of others. For this, overall
objective is to do betterment of the society and its development. It is also
considered as a voluntary company and the business leaders of these entities are
mostly female as it includes charity organisation, NGOs and so on.
Classification of Entrepreneurship
Male entrepreneurs: Male entrepreneurs tends to make commitment on rapid
basis also put emphasis on earning more profit. In terms of this, male entrepreneurs
are risk takers and task oriented as they also have different perspective in order to
manage overall business. Male entrepreneurs think more practical and competitive
for establishment of their business they try to move towards large business.

Female entrepreneurs: Female entrepreneurs are time consuming in order to
make commitments and also contribute in terms of launching them for within the
social enterprise. For the starting business, organisations need to make sure that
they should get proper support. Moreover, females less risky as when it comes
towards the expansion of business.
Lifestyle entrepreneurs: These entrepreneurs come in market in order to improve
their standard of living and for making their life better. They go after their
passion and enjoy doing their job and its working pattern (Katz and Green, 2018).
Moreover, these entrepreneurs also have lack of production and development in
marketing by this, they can launch themselves in scalable start-ups.
Serial entrepreneurs: They enter in market with new ideas and vision in terms of
operating their company for the betterment. They are considered as the visitor in
company and tends to develop an entity by which they can delegate their roles
and responsibilities to other individual and also move towards new business
organisation.
P2. Difference between entrepreneurial ventures and their similarities
Comparison among small and large organisations:
Small business entrepreneurship is developed by the entrepreneurs considering
the innovation and uniqueness that tends to offer effective and prominent funding
which is collected from the personal sources (Ratten, 2016). Meanwhile, large
enterprises are developed on the huge level by which funds are collected and also
managed considering the external and internal sources effectively.
Small entrepreneurship is developed within the short period of time and its
objective is regarding their survival. Meanwhile, the objective of large scale
venture is all about their survival in market even if they suffer from loss. They
are developed with the objective of long term survival.
Comparison among social and scalable start-ups:
Social entrepreneurs came in the market regarding the social welfare for the
effective development of society. In terms of this, scalable start-ups
entrepreneurship tends to develop in terms of making world a better place by
developing innovative ideas which would be beneficial for society and its
welfare.
Social ventures tend to include non-profit organisation, NGOs and so on.
Meanwhile, scalable start-ups consider organisation for research and science
laboratory.
Resemblance among the ventures:
For this, primary similarities among the entrepreneurial ventures include scalable,
small, social and large as its aim is regarding the survival in market area by
offering prominent services to people and also satisfy their requirements.
Furthermore, the various enterprises tend to raise fun company ds from various
sources by which prominently external factors are at the initial stage or at the time
of growth and enhancement.
TASK 2
P3. Illustration of relevant data that how micro and small business influence
company
Micro and small industries are useful regarding overall growth of company
and nation because it tends to create employments and enhance the GDP.
Moreover, these organisations operate their business with insufficient resources
and effectively use available assets and human resource in terms of satisfying
needs of consumers (Sebikari, 2019). These ventures are also useful in terms of
reducing problems including inflation, decreased national income and so on. For
this, prominent influence of small and micro organisations is mentioned as under:
Growth of employees: Micro and small businesses are useful in order to
create job opportunities for other individuals by offer proper living standards and
basic amenities to them. Good employment tends to eliminate several problems
including recession, trained and skilled people and so on as it tends to eliminate
various issues that are linked with businesses (Yan and Yan, 2016). For this,
increase in employment is useful regarding proper growth of nation also enhances
the national income.

Therefore, from the above discussion it is identified that workers of UK do not want to
do 9 to 5 jobs and try to explore their mind set by moving towards the innovative
business idea to develop their own business including online or self-employed.
Managerial structure: These organisations does not need proper structure and
huge amount of investment in order to operate their business. They also tend to follow
proper divisional and hierarchical structure in terms of neglecting conflicts among
employees as it is important to encourage them (Alsafadi and et. al., 2020). As per this
graph, it becomes easy to take decision as the complete power is in one hand. In regard
of this, there is no need for any specialist to make decisions because owner can handle it
easily.
By considering the observation, it is identified that the graph of small and micro
businesses simple enough in comparison to big organisations as small organisations
tends to take decision which are easy and can be tackle single handed including no
conflicts that impact the structure of company.
Effect of small and micro businesses is understood with this significant chart:
(Source: Business statistics, 2018)
As from the above discussion, it is identified that both small and micro
organisations tend to contribute towards their best for the effective employment and
consider their perspective but due to this, they do not properly survive for the longer
period of time. For this, these organisations tend to contribute for the effective economic
growth and development as it is helpful in order to increase the national income and also
face several issues in order to attain growth.
P4. Need of small businesses and start-ups for the social economic growth
Social economy defines other sector or the mixed economy which is separate from
the public and private sector. It is based on the entrepreneurial ventures for effective set
ups such as cooperative societies, voluntary organisations and so on. This economy
depends on the effective development of society which is not paid activity and carried out
in which people need to pay prices (Botha and Bignotti, 2016). After the impact of Brexit,
the economy of UK gets stable and it accompanying to the British exit from the European
Union. Large organisations are hugely influenced by the impact of Brexit in terms of small
comparison.

Small businesses deal in the digital area and tends to achieve growth on the frequent basis
rather than total number of businesses in UK among 2011 and 2015. In terms of this,
digital sector tends to create more market area in terms of creating more suitable
conditions regarding the awareness in UK.
CONCLUSION
Considering the observation, it is identified that for the development of nation
and economy, small businesses plays an important role as they tend to offer employment
opportunities to various people that is useful in offering them proper benefit to foster the
growth of nation and country as well. New entrepreneurs tend to develop ventures with
their unique insight and vision in order to change the world.
REFERENCES
Books and Journals
Alsafadi, Y and et. al., 2020. The mediating impact of entrepreneurs among administrative
entrepreneurship, imitative entrepreneurship and acquisitive entrepreneurship on
creativity. Management Science Letters. 10(15). pp.3571-3576.
Amato, C and et. al., 2017. Regulatory modes and entrepreneurship: The mediational role
of alertness in small business success. Journal of Small Business Management. 55(sup1).
pp.27-42.
Belitski, M., Caiazza, R. and Lehmann, E.E., 2019. Knowledge frontiers and boundaries in
entrepreneurship research. Small Business Economics. pp.1-11.
Botha, M. and Bignotti, A., 2016. Internships enhancing entrepreneurial intent and self-
efficacy: Investigating tertiary-level entrepreneurship education programmes. The
Southern African Journal of Entrepreneurship and Small Business Management. 8(1).
pp.1-15.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
To assess the enforced regulation and dominant
administration: This is a proactive measure of
monitoring and review. As there should be proper
and regular checking of implemented standards in
organisation.
Competition: Micro and small businesses are considered as the vital part of social
economy and tends to develop chase within the business environment. For this,
organisations came into market undertaking their vision by w new ideas which
organisations can create their own customer base.
Job opportunities: Small businesses offer more job employments rather than large
organisations as they require get new ideas regarding the growth and success of
company. These ventures do not have proper manpower in terms of implementing their
business functions as they tends to recruit new talent in terms of gaining sustainability
for the longer time period in order to grow social economy.
Increase awareness: Awareness among individuals is very helpful for the company
considering their sales and profitability as when the business environment tends to face
drastic economic changes which is also require for the small businesses in order to
spread awareness among people regarding their survival (Belitski, Caiazza and
Lehmann, 2019U). Through this, audience also get attracted towards the business and it
tends to enhance the sales and revenue of business.