Entrepreneurship and Small Business Management

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Examination of different types of entrepreneurial ventures.................................................1
P2. Exploration of similarities and differences between entrepreneurial ventures.....................3
TASK 2............................................................................................................................................5
P3. Interpretation and assessment of statistics to measure impact of SMEs on economy..........5
P4. Explanation of importance of small businesses and start-ups on growth of social economy
.....................................................................................................................................................7
TASK 3............................................................................................................................................7
P5. Determination of characteristics, traits and skills of successful entrepreneurs.....................7
P6. Assessment of how aspects of entrepreneurial personality reflect entrepreneurial
motivation and mindset...............................................................................................................8
TASK 4............................................................................................................................................9
P7. Examination of how background and experience can hinder or foster entrepreneurship.....9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship refers to a combination of activities and processes which are taken by
an individual in order to manage and run their own business enterprise. Furthermore, this activity
is required to be appropriately performed as there are risks involved in order to make higher
profit from the venture (Volery and Mazzarol, 2015). The report below is based on the case study
based on how Brexit has an impact on the Small and Medium Enterprises (SMEs) in the UK and
effective contribution of these companies within the UK economy. Hence, the report addresses
exploration and illustration of range of venture types that might be considered entrepreneurial.
Furthermore, it includes assessment of impact of small business on the economy. In addition, the
report also mentions determination and assessment of key aspects of an entrepreneurial mindset.
Along with this examination of different environments that foster or hinder entrepreneurship is
also included within the report.
TASK 1
P1. Examination of different types of entrepreneurial ventures
Entrepreneurial venture refers to all the types of ventures which are appropriately and
effectively formed to serve different purposes. In addition to this, an entrepreneur is an
individual who is responsible towards, starting and managing the ventures. Hence, there are
several different organisational ventures that are appropriately explained and evaluated below:
 Small Business Entrepreneurship:
These are very small businesses, which have employees within limited quantity and there
is a very limited and constrained flow of finances within the company. It might include
groceries, hairdressers, etc., which usually has only few employees other than the entrepreneur
themselves. One such example of a small business within the UK is Marshfield Bakery, which is
a small bakery of small management team and deals in home made products within the UK (The
best small companies with a turnover of up to £10m in the UK, 2019).
 Scalable Start-up Entrepreneurship:
Within this type of entrepreneurial ventures, entrepreneurs have a vision that has likely to
have a potential of changing the world. Furthermore, the approach investors, such as venture
capitalists, who could support their idea and are high risk taking. One such scalable start-up
entrepreneurship, which currently has its impact in UK markets is Bulb, which is an energy
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organisation providing people with 100% renewable electricity within the UK (10 of the UK’s
fastest growing startups, 2019).
 Large Scale Entrepreneurship:
As the name suggests, these entrepreneurial venture operate on a very large scale, which
have high investment towards sustainable innovation and new product development. In addition,
they are very much consistent in adapting towards the market changes and create products that
satisfy the demand of customers globally. One prominent example of one such Entrepreneurship
is British Airways, which provides its aviation services globally.
 Social Entrepreneurship:
It is an entrepreneurial venture which is associated with creation of products and services
which solve social needs, as well as problems. Furthermore, the agenda of these ventures is to
appropriately create benefit for the society as part of their Corporate Social Responsibility,
Gravity Light within the UK is an appropriate example of social entrepreneurial venture which
provides lights and lanterns to individuals which would be apt enough to replace harmful
kerosene lamps (Five British Social Entrepreneurs Set To Change The World, 2019).
In addition to this, all these entrepreneurial ventures relate to several typologies which are
discussed below: Serial Entrepreneur: These are the entrepreneurs which starts new businesses frequently
and comes up with new and appropriate ideas. They focus on high innovation and possess
an evident propensity for risk. This is because their risk taking nature converts failures
into opportunities. These could be linked with scalable start-up entrepreneurship as the
nature of venture is very much aligned with that of this entrepreneur. Social Entrepreneur: These individuals are inclined towards social benefit and motivated
by the need of helping others. Hence, such individuals could be linked appropriately by
social entrepreneurial venture, which are also formed to ensure benefit in the society. Female Entrepreneur: These are the ones who formulate and manage an entrepreneurial
venture and are responsible towards managing the venture in a stable manner rather than
taking risks. Moreover, small businesses these days are witnessing appropriate and
effective rise in female entrepreneurs as they are creative and innovative in their ideas
which could be turned into massive profits.
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