Unit 9: Entrepreneurship & Small Business Management

Unit 9:
Entrepreneurship &
Small Business
Management

Table of Contents
INTRODUCTION.................................................................................................................................3
TASK 1....................................................................................................................................................3
P1 Different types of entrepreneurial ventures and their growth and development with relation to
typologies of entrepreneurship...........................................................................................................3
P2 Differences & Similarities among entrepreneurial ventures.........................................................5
TASK 2.................................................................................................................................................6
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy......................................................................................................................6
P4 Explain two reasons in regards with small organisations and start-ups play significant role in
social economy..................................................................................................................................7
TASK 3.................................................................................................................................................9
P5: Determine the characteristic, traits and skills of successful entrepreneurs that differentiate them
from other business managers............................................................................................................9
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mind-set...........................................................................................................................................11
TASK 4...............................................................................................................................................14
P7: Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship..............................................................................................................................14
CONCLUSION...................................................................................................................................15
REFERENCES....................................................................................................................................16
Books & Journal:.............................................................................................................................16

INTRODUCTION
In business sector, small medium and large enterprises exist in the market.
Entrepreneurship is defined as process by which introducing of something new is done by
entrepreneur and is responsible for own risk as well as profit (Elkoussa, 2019). Small
business management refers to managing the small businesses operating within the market.
Main purpose of this report is to understand the importance and impact of small businesses at
market place. Also in this two entrepreneurs have been given which are tom mercer and
Elizabeth Gooch. This report comprises of different entrepreneurial ventures, similarities
between entrepreneur ventures, data and statistics analyse impact of small and micro business
on economy, importance of small businesses and start-ups, traits and skills of successful
entrepreneurs, aspects of entrepreneurial personality and examining of background and
experience affecting entrepreneurship.
TASK 1
P1 Different types of entrepreneurial ventures and their growth and development with
relation to typologies of entrepreneurship
Entrepreneurial ventures mainly emphasis on delivering service that comes under the middle
level. In addition to this, it assist business entities to carry out something unique as well as innovative
in market which in turn leads to increase in performance and productivity of companies. It is
determined that entrepreneurial ventures increase social recognition and economic value as well. The
different forms of entrepreneurial ventures is given below:
Large Company Entrepreneurial Venture: This form of ventures bring innovative
products in order to fulfil the requirements of customer and meet with the market demands in
an effective manner. One of the main reason of such ventures is to earn high profits and
capture large market share. Some of the example of large entrepreneurial ventures is
Microsoft, Google and so on.
Scalable Entrepreneurial Venture: This form of entrepreneurial ventures bring new
idea in order to accomplish their vision within the stipulated time period. In addition to this,
the focus on transforming ideas into the reality. It is analysed that scalable entrepreneurs hire
talent and skilful candidates who have the capability to perform activities in an effective
manner. Instagram, Facebook are such an example of scalable entrepreneurial ventures.

Small business Entrepreneurial Venture: This entrepreneurial ventures perform their
activities in order to satisfy their requirements and enhance their living standard. In addition
to this, they mainly take help from friends as well as families to bring something new in
market. some of example of scalable business entrepreneurial ventures are carpenter, plumber
and so on. The main motive is to fulfil their basic needs and enhance level of profits in order
to uplift their living standard.
Social Entrepreneurial Venture: It is also termed as non-profit business organisation.
Their main motive is to offer those products and services that fulfil requirements of
prevailing with in the society. In addition to this, they bring innovation for the welfare of
societies in an effective manner. One of the example of social entrepreneurial ventures is
Safepoint Trust that work with small clinics in order to give best treatment to people who
cannot afford it.
This form of enterprise plays vital role in developing different forms of business
typologies. In addition to this, these typologies have direct influence on decisions that is
taken by entrepreneurs. Along with this, there are various forms of typologies that is given
below:
Aggressive growth Ventures: In this form of typology, there is adoption of latest and
new technology for producing innovative products as well as to customer. The main objective
here is to attract customers and retain in market for longer time. In addition to this, such type
of typologies is related with large entrepreneurial venture that main motive is to attain higher
growth and success at marketplace.
Lifestyle Venture: Herein, the main objective is to fulfil requirements of customer
and meeting with market trends instead of emphasising on expansion of new ventures. Along
with this, it does not involve large number of employees. Such types of enterprise are operate
at a particular place and is interrelated with social entrepreneurial ventures.
Managed growth Ventures: This form of enterprise emphasis in enhancing their
business operations at international level. The main objective here is to earn profits and gain
higher growth at marketplace. Along with this, they emphasis on hiring talented and effective
employees that suggest new ideas and bring innovation in an effective manner. One of the
example of managed growth ventures is scalable entrepreneurial ventures.
Survival Ventures: They focus on satisfying their basic requirements and wants in a
proper manner. Along with this, they emphasis on enhancing living standard of their own and
family members. Moreover, they also focus on retaining at marketplace for longer time. One
of the example small entrepreneurial ventures.

P2 Differences & Similarities among entrepreneurial ventures
Differences among Entrepreneurial Ventures
Small Business Entrepreneurship Large Businesses Entrepreneurship
 Small business entrepreneurial ventures
involve two staff members and more
than it which is owned by sole
proprietor and business owner
according to its requirement.
 The main objective is to fulfil
requirements of its basic needs and also
the requirements of family as well. It
involve needs such as food, clothing,
shelter and so on.
 This entrepreneurial ventures have
more than 250 employees that perform
activities as well as task in an effective
manner. In addition this large
entrepreneurial ventures are controlled
& managed by professional partners.
 The main motive of large scale
ventures it to expand their business and
earn higher profits in an effective
manner.
Similarities between Entrepreneurial Ventures
Apart from the differences, there are various similarities among small and large
entrepreneurial ventures. These are given below:
 The main similarity between such ventures is both put efforts and hard work in order to gain
profits in an effective manner. In addition to this, both are working with a motive to uplift
their living standards and enhance their social status in a proper manner.
 The another similarity is both ventures have identify requirements of customer in order to
implement activities so that they meet with the needs of customer and increase their
performance level in an appropriate manner.
 Moreover, it is analysed that income earn from large and small venture is contributed towards
growth as well as development of societies which leads to improvement in economic
conditions of country.

TASK 2
P3 Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy.
In market micro is a small business are important for an economy because they both
provide equal contribution to growth and development. These businesses have a deep impact
on economy because of their wider access to customer and resources. The below is a picture
shown reflecting the data and statistics which depicts way micro as well as small businesses
effect on economy (Corazza, 2019).
The above picture depicts the effect of micro as well as small businesses on economy.
Impact of small and micro business on economy
 Enhances productivity- Both businesses of small and micro improves productivity
of business factor at high level cause they provide employment and jobs to the society
which have a direct impact on economy growth of a country. From the above picture
it has been specified that micro deliver more job opportunities in market and all
micro, small and medium enterprises strengthen the base of a country.

Reduce unemployment rate- Another impact of these two businesses on economy is that
they reduces the ratio and rate of unemployment in a country which results in in battery
improvement of job sector. Also, when unemployment rates are reduced society becomes
more responsible towards development (Novari, 2020).
After analysing of above matter, it has been seen that both micro as well as small
enterprises assist economy to access opportunities globally. Moreover, with changing period
of time this to businesses has been rising with rapid scale which leads to development of
economy.
The displayed picture reflects that small micro and medium enterprises deliver a huge
contribution to market as compared to large companies. Also in given picture, it is shown that
between the year 2010 and 2009 success rate of larger organisations is going at decreasing
rate (Saputro, 2020). Therefore it has been evaluated that people often prefer and purchase
products as well as services mostly from small and micro businesses.
P4 Explain two reasons in regards with small organisations and start-ups play significant role
in social economy
Small organisation as well as start-ups plays a crucial role in social economy as because
they are active and have a proper knowledge of market and accordingly provide products as

well as services to the customers fulfilling their basic needs or demands. Social economy is
defined as mixture of economy that comprises of both public and private sectors. They have a
larger portion of market which increases their importance in economy of a country. Due to
this reason they are being considered as crucial businesses (Morris, 2018).
Two rationale are-
Enhance the market sector- Micro as well as small businesses and start-ups are
crucial for social economy because they produce and introduce new products as well as
innovations within the society that have a positive impact on growth of a country. Also it
impacts the profitability and development of social economy at larger level.
Develop organisational structure- Another rational of importance of these
businesses that they improve the work thing efficiency and organisational structure through
which it is easier to manage resources and workforce with an economy or a country. It is
essential to develop organisational structure so that everything is been done in systematic
manner (Santos, 2017).
Importance of small businesses towards growth of social economy:
 Development in technology- Small businesses improves the growth level of social
economy as because in market they have a larger accessibility and ratio of customer
because of providing daily basic needs products at affordable prices. The rise of small
businesses technology is being also developed which is contributing a growth towards
social economy. Because many small organisation are using technologies and
advanced tools for their business.
 New job opportunities- In this competitive era, small businesses are responsible for
providing many new job project is two people which results in development of social
economy at wider level. Therefore, from above display pictures and matter it has been
seen that small businesses start-ups have a deep importance because they are
responsible for growth of social economy.
After analysis of above paragraph it is examine that importance of small businesses
and start-ups is widening which changing period of time. It is important to carry out their
activities in most efficient manner so that growth of economy does not get affected.