Entrepreneurship and Small Business Management

Unit - 9
Entrepreneurship
And
Small Business
Management

Table of Contents
INTRODUCTION......................................................................................................................3
TASK 1......................................................................................................................................3
P1.Examine various types of entrepreneurial ventures which relate with the typology of
entrepreneurship.....................................................................................................................3
P2. Explore similarities and dissimilarities between entrepreneurial ventures......................4
M1. Investigate diverse range of entrepreneurial ventures to demonstrate understanding of
entrepreneurship in public and corporate sector.....................................................................6
TASK 2......................................................................................................................................6
P3, Interpret and assess relevant data and statistics that illustrates how micro and small
business impact on economy..................................................................................................6
P4.Explain the importance of small and start-up business in growth of social economy......7
M2. Evaluate the differences between small, medium and large business by applying
relevant data and statistics......................................................................................................8
TASK 3......................................................................................................................................8
P5. Determine the characteristics, traits and skills of successful entrepreneurs that
differentiate from managers of other business.......................................................................8
P6.Assess how aspects of entrepreneurial personality traits reflects motivation and mindset
................................................................................................................................................9
M3. Explore and examine different lines of argument relating to entrepreneurial
characteristics.......................................................................................................................10
TASK 4....................................................................................................................................10
P7. Examine using relevant examples of entrepreneurs for their background and
experiences which hinder or foster business........................................................................10
M4.Analyse the link between entrepreneurial characteristics and influence personal
background and experience for successful entrepreneurs....................................................11
CONCLUSION........................................................................................................................11
REFERENCES.........................................................................................................................13

INTRODUCTION
Entrepreneurship is considered as to design the structure of enterprise from
commencing to achieve its goal and objectives for attaining success that creates an
opportunity to survive in competitive market. The small enterprise which is selected for this
project is Airdri being long-established UK manufacturer for its hand dryers. This project
analyse various types of entrepreneurial ventures with similarities and dissimilarities that
relates from typology of entrepreneurship (Achemfuor, 2014). It further investigates diverse
range of entrepreneurial ventures with its scope, development and growth to demonstrate
understanding of entrepreneurship in public and corporate sector. This interprets and assesses
relevant data and statistics as well as describing the importance of small and start-up business
in growth of social economy. Additionally, it determines the characteristics, traits and skills
of successful entrepreneurs that reflect motivation and mindset on managers of other
business. This further examines relevant examples of entrepreneurs for their background and
experiences which hinder or foster business.
TASK 1
P1.Examine various types of entrepreneurial ventures which relate with the typology of
entrepreneurship
Entrepreneurship is defined as the capability of entrepreneur to establish strategic
decision making as its competitive advantages. Entrepreneurial activity consists of launching
a business to create to sustain in global market. The enterprise refers as the company which is
continuously achieving its goal and objectives at particular duration. Managers of Airdri
attempts to develop new ideas that lead to compete with rivalries and to remain stable in
competitive market (Alstete, 2014).
Difference between serial, entrepreneurs and owner-managers are as follow:-
Basis of difference Serial entrepreneurs Entrepreneurs Owner-managers
Definition This refers as the
ability of business
person to regularly
establish new ideas
for commencing
enterprise in perfect
competition market.
The business owner
who creates
opportunity for
business by taking
high risks for
ascertaining high
future returns.
This is termed as the
capability of
individuals or group
to direct and control
the activities of
employees by
monitoring their
actions in order to
achieve specific
target.
Objectives The objective of serial
entrepreneur is to
perform different
actions with
specialisation and
time management that
The main purpose of
entrepreneur is to
take high risk to
generate high return
that maximise
profits.
The objective of
owner-manager is to
accomplish goals by
producing superior
goods that satisfy the
needs of potential

increase competition. consumers.
Entrepreneurial Ventures:- This refers as advisory services for providing innovative
decisions to produce economic or social value for business. There are various types of
entrepreneurial ventures that are mentioned with reference to Airdri are as follows:-
 Small enterprise:- It is privately owned business which consists of sole
proprietorship, partnership, joint venture, merger and acquisitions, etc. Managers of
Airdri implement this to minimise liabilities by sharing assets to another company that
maximise market share (Anderson and Ullah, 2014).
 Scalable (start-up) enterprise:- This concept usually refers as to develop innovative
idea by analysing the competitive strategies of global market for strategic decision
making. Managers of Airdri implement this for being alert, versatile and flexible to
sustain in competing market.
 Large enterprise:- The enterprise which involves either 5,000 employees or annual
turnover greater than 1.5 billion. Managers of Airdri implement this to specialise roles
by setting policies and procedures, creating barriers for entrance of other organisation.
 Social enterprise:- This refers to the entrepreneurial activity that includes analysing
problems which are managed by ventures to achieve social objective such as NGOs
and charitable organisation. Managers of Airdri implement this to develop corporate
social responsibility by building relationship with society members and providing
employment to consumer for loyalty and support.
Typology of entrepreneurship:- This system for divides enterprise in various
departments that focus on performing task efficiently. There are different typologies of
entrepreneurship that have been described with reference to Airdri are as follows:-
 Lifestyle:- It is categorised on the basis of members that are differentiated in
accordance with ethos, norms, values and culture. Managers of large enterprise
diversify workforce in various departments through their different lifestyle of
employees. Managers of social enterprise divide their internal environment for
facilitating job opportunity, charity, etc.
 Growth of firms:- The decentralisation of business for performance specialisation
creates opportunity in planning for growth and sustainability by competing with its
rivalries. Managers of small business focus on full utilisation of scarce resources
efficiently to attain success by achieving its goals and objectives (Arend, 2014).
P2. Explore similarities and dissimilarities between entrepreneurial ventures
The entrepreneurial ventures focus on developing new ideas for planning business
activities for its growth in economic sector. Its similarities and dissimilarities are described
with reference to Airdri are as follows:-
Dissimilarities of entrepreneurial ventures:- The dissimilarities of entrepreneurial
ventures is classified on the basis of definitions, functions and examples for small, scalable,
large and social enterprise. These are as follows:-