Entrepreneurship and Small Business

This assignment delves into the world of entrepreneurship and small business management. It examines core entrepreneurial concepts like innovation, creativity, and international perspectives. The document analyzes influential research and frameworks in the field, providing insights into the challenges and opportunities faced by entrepreneurs and small businesses globally.

UNIT 9
ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
LO1.............................................................................................................................................1
P1. Examine various types of entrepreneurial ventures and relation with the typology of
entrepreneurship..........................................................................................................................1
P2. Similarities and differences between different entrepreneurial ventures..............................2
M1. Entrepreneurship in public and corporate sector.................................................................4
TASK 2............................................................................................................................................4
LO2.............................................................................................................................................4
P3. Impact of micro and small scale businesses on the economy...............................................4
P4. Importance and contribution of Small businesses and Start ups in the growth of social
economy after 'Brexit'?................................................................................................................5
M2. Difference between small, medium and large businesses impact on the economy.............6
TASK 3............................................................................................................................................6
LO3.............................................................................................................................................6
P5. Determine the characteristics, traits and skills of two successful entrepreneurs..................6
P6. Reflect aspects of entrepreneurial approaches from the above discussed entrepreneurs......7
M3. Explore and examine different lines of arguments related to entrepreneurial
characteristics..............................................................................................................................8
TASK 1............................................................................................................................................8
LO4.............................................................................................................................................8
P7. Importance of the background and experience can hinder or foster the entrepreneurship.. .8
M4. Link between entrepreneurial characteristics and influence of the personal background
and experience.............................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is an ability to change innovation into successful idea. The
entrepreneurs are the risk taker who initiate a business. They contribute in growth of economy.
The organisation of the context for this report is Softwire Group. It is a software development
and consultancy SME firm, based in UK. In this report, various entrepreneurial ventures will be
discussed (Bae and et.al., 2014). The effect of Brexit on the small scale and micro businesses
will be considered. Also, various types of entrepreneurial ventures are been taken into
consideration and their interrelation is been discussed. Other than this effect of Brexit on the
business will also be considered. The report also covers traits obtained by the entrepreneurs that
will help them to gain a better market growth and success.
TASK 1
LO1
P1. Examine various types of entrepreneurial ventures and relation with the typology of
entrepreneurship.
Various entrepreneurial ventures are been taken into consideration that operates in the
market and helps each other in their operations. There are different sorts of SME's and there
effect on the economy of the nation like UK. Some major types of entrepreneurial ventures are:
 Small business entrepreneurship: This consists of the small scale businesses that the
owner owns for his personal profit and gains. It consists of the businesses like grocery
stores, travel agents, plumbers, electricians, restaurants etc. this comprises the group of
people who owns their own business. They are on a small scale and their main motive is
to gain a better profit to carry out their business operations (Bruton and et.al., 2015.). The
employees are mainly the native people, family member's, friends etc. They get financial
help from banks, or use their personal savings to set up the business.
 Scalable start up business: They are not as small as the small ventures and not big as
compare to the established large ventures. Their profit goal is clear and scalable and they
have a vision that they can change the world with their product or services. They attract
the investments from the financial investors and venture capitalist, who invest in these
ventures in hope of better profit share. The employee's will be either the local as well as
from outside the country too. They target for the high productivity to expand their
business. They create high job opportunities (Bruton and et.al., 2015).
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 Large scale Entrepreneurship: this are the well established and self sustaining
businesses that takes the help from the small scale or start ups to carry out their
functionality. They are more susceptible and adaptive to the market changes and thus
they try to bring the innovation, offer new products to their customers and implement the
latest technologies to fulfil their goals (Schaper and et.al., 2014). They get their financial
help from the large loans from the banks, capitalist's, investors and stakeholders. The
employee's may be from the local as well as from the other countries. They increase their
profit by mass production or acquiring the small scale business.
 Social Entrepreneur: They are the social innovators who innovate the new product or
services for the betterment of the society. They never target for the market growth and
often use their profit to carry out the innovation process and problem solving of the
society (Baum, Frese and Baron, 2014). They get the financial help from the scalable and
large scale enterprises.
They have the deep interrelation from each other and helps the company to gain a better
market share. The small scale businesses will provide the basic of all the services and sometimes,
raw material to the scalable and large enterprises. The scalable enterprises not only help in the
growth of the economic condition of the nation, but also, many times they will provide the
eligible employee's to large scale enterprises. The large scale enterprises helps the companies to
gain a better productivity and provide services to large number of customer's.
P2. Similarities and differences between different entrepreneurial ventures.
In spite performing in the same market, there are some vast differences and the
similarities between the scalability of profit and operations of the various entrepreneurial
ventures (Bhachu, 2017). Some major similarities between the different entrepreneurial ventures
are:
Similarity Small Scale enterprise Large scale enterprise
Need of investment Small scale business need an
investment to carry out the
operations of their enterprise
or venture.
Large scale enterprise need an
investment to carry out the
operations. This investment
help them to run their
enterprise in a better and
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effective way.
Marketing In small scale business, the
sale of the product or the
services is largely dependent
on the one or the other type of
marketing process.
Big enterprises, based on the
scale of their operations, will
adopt a marketing strategy to
promote their product or
services (Bruton and et.al.,
2015).
Work force It is the most crucial similarity
shared. The small scale
ventures will help to improve
the quality of work force to
increase productivity.
To carry out the business
operations in a very effective
way, Big enterprise need a
suitable, eligible and skilled
work force that will carry out
the productivity of the
enterprise.
The major differences between the various types of enterprises are:
Small Scale enterprise Large scale enterprise
 The scale of the goal will be the major
difference between the entrepreneurial
ventures. The small scale businesses
aims for just getting enough profit to
run its venture (Burrows, 2015).
 The large scale entrepreneurial ventures
will target for the expansion of their
business and gaining high level of
productivity and profitability to
improve the market share.
 The small scale business owners just
think of the local backdrop and thus
plan accordingly.
 The big enterprise owners thinks of the
larger scope and thus plan accordingly
to gain a better profitability.
 Value creation is not a major target for
the major target for the small scale
enterprises. They just aim to sale their
product or services.
 The bigger or large scale enterprises
will work for the creation of better
market value for their products and
services (Chaston, 2017).
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 The small scale businesses will rather
use the economical but limited method
of marketing like direct marketing etc.
as per their scalability. They will rarely
us the broadcast medium.
 The large scale enterprises have enough
resources that will help them to gain a
better marketing approach as per their
efficiency and scalability to reach
maximum number of customers.
M1. Entrepreneurship in public and corporate sector.
The entrepreneurship ventures are usually divided into various types of the ventures that
are been taken into consideration in order to gain a better understanding of the various types of
entrepreneurial ventures. The public-sector entrepreneurship has been carried out by the
entrepreneurs with the collaboration and help of the government or public organisation. The
public-sector firms such as social entrepreneurship will work for the betterment of the society
and people (Dana, Grandinetti and Mason, 2016). They will target to not only improve their
profit margin but also to provide the people with the best of services and products to solve the
problems of the society. They will adopt various innovative and sequential measures to get a
better understanding of the problems faced by the people and meet them in a very effective and
efficient manner.
On the other hand, the corporate enterprises like small and large-scale businesses will just
work for the business expansion and getting a better profitability and market share. They will
generate high number of jobs and will contribute in growth of economy.
TASK 2
LO2
P3. Impact of micro and small-scale businesses on the economy
The SME's or the small businesses that are operating in the UK will lay a deep impact on
the economy of the country. The SME's like Softwire Group contributes in the growth of
economic well-being by generating a high number of jobs and improving the economic
conditions of the market. They will generate revenue and will help the country to face the
economic crisis. As per the statistics, 98% of the businesses in UK are SME's and thus they have
a major implication on the economic conditions of the country (Drucker, 2014). They are the
33% supplier of jobs and contribute about 80% in the economy of the nation. Besides this, the
SME's are the major service providers and cater almost 70% requirements of the customers.
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The number of SME's like Softwire Group are increasing in UK which is the sign of
sustainable and positive market growth in the economy of the country. They not only cater
numerous consumers but also helps in the meeting the requirements of the large-scale enterprises
by providing them the necessary services and raw material to carry out their operations. The
growth rate of the SME's is also high as compared to that of large scale enterprises and thus they
act as the support for the economy of the nation. Also, they are adaptive to the changes in the
economy and gets stable very easily when an economic crisis is being faced. Besides this, many
times they provide good quality services on a rather low cost (Fayolle and Gailly, 2015). They
provide the larger number of jobs to the people thus increases the potential customer base for the
other enterprises and helps to meet the requirements in a better way.
P4. Importance and contribution of small businesses and start-ups in the growth of social
economy after 'Brexit'?
Brexit was the major political, social and economic change in UK which lead to the
differences and many changes in the market backdrop of UK. Before Brexit when UK was a
major part of the EU, the economic operations were regulated as per the regulations of EU and
thus then chances of SME's and start-ups to thrive in UK were not so high. The Brexit created an
economic void which made the UK to develop the suitable and sustainable changes in the
economy and regulation so that the start-ups and SME's like Softwire Group can easily evolve in
the country (Glaeser, Kerr and Kerr, 2015). To get the foreign investment in order to fulfil its
economic needs, UK will develop a better trade policy that will help the start-ups to grow. In
return, the SME's and start-ups will attract the foreign trade and investment that will help the
company to increase the quality of services and economic stability in the global market.
The SMEs and start-ups, with the support of government will look after the effective
measures that will help the company to grow and develop. The start-up will generate high
number of jobs that will help the UK to tackle the unemployment that get raised after the Brexit.
As per a research, 43% SMEs and start-ups have gained growth post Brexit. Apart from this, the
start-ups attract the employees from all around the world to work in UK, which thus increases
the cultural diversity of the company and the UK in a very positive manner. The SME's like
Softwire Group and the start-ups will adopt the new trade policies easily and in a less time as
compared to the established and large enterprises (Hart and et.al., 2015). Other than this, the
SME's and start-ups will help UK to gain better trade relations on a global level.
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M2. Difference between small, medium and large businesses impact on the economy.
Small enterprise Medium enterprise Large enterprise
 They will help in
providing the basic
services to the
customer's which they
require on the regular
basis.
 They will play the
important role in the
market economy by
generating the jobs in
large numbers and
meet the requirements
of the customer's.
 They are the major
players in the economy
who will use their
market position and
will be the major
taxpayer in the
economy.
 They consist of the
basic services like
retail store, grocery
store, restaurants etc.
(Hatten, 2015).
 They comprise the
major scalable
businesses like
Softwire Group which
works in the
development sector.
 They mainly consist of
the big manufacturing
industries that work in
the production field.
 They are owned by a
single owner.
 They may be owned by
single person or group
of people.
 They are either under
the group of people or
in partnership.
 The small and medium level businesses consist of the
80% of all the business's operating in UK.
 They mainly work in
the small sector with
large market share.
TASK 3
LO3
P5. Determine the characteristics, traits and skills of two successful entrepreneurs.
The entrepreneurs are the people who changes the innovative idea or approach into the
successful business venture that not only helps in generating the jobs and solving the problems of
the customers but also promote and support the economy of the nation (Kirzner, 2015). The two
successful entrepreneurs are:
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 Steve Jobs: The entrepreneurial outlook and the effective planning of the resources with
the extraordinary communication and marketing skills made the Steve jobs an ideal for
the innovators and 'Apple Inc'. The most valuable brand in the world. The clear vision of
Steve Jobs to bring a change in the telecommunication and IT sector had helped him to
adopt the effective measures that helped him to get a better market share. His never to
give up attitude and zeal to get an innovative solution for a problem helped him to come
up with the extraordinary products that have completely changed the market and
revolutionised the world (Kuratko, 2016). He was a very good marketing person and was
able to convince the people to buy his product by presenting them in a very effective and
innovative way. He was a very excellent team leader, who build a team of people of
similar mindset and motivated them to give their best in a very effective and efficient
way. This helped him to get the full potential of his team members and helped him to
develop a better market share and get a loyal customer base for its products and services.
The main reason behind the success of his products and services is the quality to keep
them as simple yet elegant as possible.
 Jack Ma: Jack Ma is the richest person in China and the founder of famous 'Alibaba
Group', which works in the internet based services. Despite facing the initial failures in
many of hi ventures, he never gave up and continued his efforts in order to gain a better
share in the market. His curiosity and ability to learn new things on the regular basis
helped him to gain better ideas about the products and services that made the products
and services of Alibaba Group a great success. He used the internet as an effective tool to
develop and promote his services (Morris, 2015). He continued to evaluate the changes in
the market trend and thus based on the data gained, he developed and come up with the
suitable solutions in order to have a better outcome of products and services. He was not
demotivated from the trade restrictions that prevailed in the Chinese market and he found
the alternative and innovative solution to these problems, which made him to get an
instant and sustainable success in the market. The assessment of the customers or people's
requirement and need and providing them the suitable product to fulfil it was the best
approach that is been followed by him.
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P6. Reflect aspects of entrepreneurial approaches from the above discussed entrepreneurs.
The traits and the qualities that are been held and followed by the successful
entrepreneurs are of great motivation and helps to get a positive mindset to be a better
entrepreneur. The most significant was the never give up attitude that is been common in both
the entrepreneurs. Besides this, the approach of having a positive mindset and giving the
consistent effort is also very motivating. The personal qualities like having a good
communication skills and dedication towards the work is the most effective and important
quality that can be acquired from this successful entrepreneur (Schaper and et.al., 2014).
Other than this, I have also learned that having a knowledge of the changes that are in the
market is also very important in order to meet the requirements of the company and the
customers. The ability to being always curious and adaptive to the new approaches and changes
have also played a major role in the growth of the company and meet the requirements of the
customers by coming up with the innovative ideas and products. The knowledge about the
requirements of the customers will help the company to develop the innovative and better
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Illustration 1: Entreprenuer
Source: Leung, N., 2017

products that will help the customer to tackle their day to day problem and make their life more
comfortable.
M3. Explore and examine different lines of arguments related to entrepreneurial characteristics.
The different types of traits of the entrepreneurs are been taken into the consideration by
the people as there are various types of entrepreneur and their ventures and it is very difficult to
maintain the relation with each of the trait in every situation (Shalley, Hitt and Zhou, 2015).
Thus, the various types of the entrepreneurial traits have been taken into consideration keeping in
mind the different situational context that is being followed by them.
TASK 1
LO4
P7. Importance of the background and experience can hinder or foster the entrepreneurship.
The experience and the background are very crucial in the growth of the company or the
entrepreneurial venture as it will help the entrepreneur to safeguard from any sort of differences
in the market conditions or the economic changes, that is been taken into consideration by the
entrepreneurs. The background such as family back ground, financial back up, technical support
and other background factors that are being taken into consideration.
Family background: the family background will help an entrepreneur to get the effective
emotional and moral support to establish their enterprise and meet the requirements of the
customers. Besides this, many times the family members help to manage the operations of the
business to support the entrepreneur in its venture (Shepherd, 2015). In the small-scale
businesses, the family members can be involved as the employees in order to carry out the
functionality of the company.
Financial background: The financial background is also very necessary as it will help the
entrepreneur to manage the operations and to tackle any sort of change in the economic
conditions that can affect the business in a very negative way. The financial support will help the
entrepreneur to sustain in the market disturbance.
Knowledge background: The entrepreneur must have at least the basic knowledge of the
concepts that are been taken into consideration and are related to its business (Singer, Amorós
and Arreola, 2015). This will help him to carry out the extensive market research and understand
the requirements related to it. Also, it will help the entrepreneur to manage its work and plan for
the future accordingly.
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Other than this, the experience also plays a very vital role as the experience will help to
gain the better knowledge about how the things are been carried out in the business and what
measures to be taken in order to manage any situation. But in whole, the passion and dedication
are the major factors that determine the success. The entrepreneur must be confident about its
innovative product or services and must be able to convince its customers to get the idea about
its benefits to them. This will help him to gain a long-term success.
M4. Link between entrepreneurial characteristics and influence of the personal background and
experience
The entrepreneurs like Steve Jobs never had the background related to their respective
field and scope of their entrepreneurial field. Steve Jobs never wrote a single line of computer
code yet he succeeded in IT sector due to his attitude and passion for computers. If the
entrepreneur is dedicated towards his target and to achieve a growth, the experience and
backgrounds are not required to be successful (Storey, 2016). Although they are closely related
yet a better management of the operations and meeting the customer's requirement in a very
effective manner is the most important factor of all.
CONCLUSION
Thus, from the report, it can be concluded that the entrepreneurs play a very important
role in the growth of the enterprise. Various entrepreneurial ventures and their relations have
been discussed. From the report, it can be said that SMEs plays a very important role in the
growth of the economy of a nation. Also, the impact of SMEs in the development of the UK after
Brexit has been discussed. The importance of the entrepreneurial thinking and traits have been
discussed along with the various traits that are being acquired by the various entrepreneurs that
made them successful in their respective entrepreneurial ventures. Moreover, the relation
between these traits and the success of the enterprise has been focused. Along with it, the
importance of experience and background has been considered in the report for the success of the
enterprise.
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REFERENCES
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Baum, J.R., Frese, M. and Baron, R.A. eds., 2014. The psychology of entrepreneurship.
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Bhachu, P. ed., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks.
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Bruton, G. and et.al., 2015. New financial alternatives in seeding entrepreneurship:
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Burrows, R. ed., 2015. Deciphering the Enterprise Culture (Routledge Revivals):
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Chaston, I., 2017. Entrepreneurship. In Technological Entrepreneurship. pp. 1-24. Palgrave
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Dana, L.P., Grandinetti, R. and Mason, M.C., 2016. International entrepreneurship, export
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Glaeser, E.L., Kerr, S.P. and Kerr, W.R., 2015. Entrepreneurship and urban growth: An
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Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
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Schaper, M.T. and et.al., 2014. Entrepreneurship and small business.
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entrepreneurship to enhance the organization’s capability to navigate in the new
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Online
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[Online] Available through <http://www.nateleung.com/the-difference-between-being-
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