BTEC Entrepreneurship & Small Business Management - Unit 9 Report

This report provides a detailed analysis of entrepreneurship and small business management, focusing on various types of entrepreneurial ventures and their relationship to typology. It examines the similarities and dissimilarities of commercial ventures, particularly within the public and corporate sectors, and assesses the scope, development, and growth of these ventures. The report also evaluates the role of micro and small businesses in the economy, describing the essential requirements for their growth and impact at different economic levels. Furthermore, it elaborates on the characteristics, traits, and skills of successful entrepreneurs, exploring the motivational drivers and the influence of their backgrounds and experiences. The analysis incorporates relevant figures and statistics to illustrate the concepts discussed, providing a comprehensive overview of entrepreneurship and small business management.

Unit – 9
Entrepreneurship
And
Small Business
Management

Table of Contents
INTRODUCTION......................................................................................................................3
PART – A...................................................................................................................................3
TASK – 1...................................................................................................................................3
List various types of entrepreneurial ventures with its relation towards typology................3
Explore the similarity and dissimilarity of commercial ventures..........................................6
Determine the range of entrepreneurial ventures with public and corporate sector..............8
. Examine the scope, development and growth of commercial ventures...............................9
TASK – 2.................................................................................................................................10
.Assess relevant figures and statistics for illustrating micro and small business on economy
..............................................................................................................................................10
Describe the essential requirement of small and scalable business for growth of social
economy...............................................................................................................................10
Evaluate differences between SME with its application in figures and stats......................11
Justify the impact of small business on different levels of economy..................................11
PART – B.................................................................................................................................12
TASK – 3.................................................................................................................................12
To elaborate the optimum characteristics, traits and skills of successful person that
differentiate from others.......................................................................................................12
Evaluate the aspect of the entrepreneurship personality reflect the effective entrepreneur
motivation and mindset........................................................................................................14
Examine the different form of argument relating with entrepreneur characteristics............15
To making interpret in the motivational drivers that allowance them to provide the
successful drivers..................................................................................................................15
TASK – 4.................................................................................................................................15
Identify the examples of entrepreneurs for their background and experience which hinder
and foster in goal achievement.............................................................................................15
Interpret the link between the entrepreneur personal background experience....................16
Detailed influence about the background experience influence entrepreneur in both positive
and negative factor...............................................................................................................16
CONCLUSION........................................................................................................................16
REFERENCES.........................................................................................................................18

INTRODUCTION
The skills implied by business owner in developing business with its creative thinking
skills that creates opportunity to increase aggressive strategies for being stable in global
market is termed as entrepreneur. In this project, as per the given guidelines Microsoft
Corporation has been selected for being large American multinational technology company.
This project lists various types of entrepreneurial ventures that relates with its typology for
economic growth. It also examines the similarity and dissimilarity between these listed
commercial ventures with public and corporate sector (Artinger, Vulkan and Shem-Tov,
2015). The project assesses relevant figures and statistics for micro and small business in an
economy. It also describes the essential requirement of small and start-up business for
economic growth with its justifications at different levels. In addition to this, it elaborates the
optimum characteristics, traits and skills of successful person to inspire others as being an
ideal for them. It also aspects the entrepreneurship personality trait that inspire other to give
their best efforts. The project further identifies the background and experience of two
entrepreneurs which hamper and promote in being successful entrepreneurs.
PART – A
TASK – 1
List various types of entrepreneurial ventures with its relation towards typology
Enterprise:- The key people of an organisation who perform their roles and
responsibility towards goal accomplishment with the motive to achieve success repeatedly is
called enterprise. The managers of Microsoft focus on this for motivating workforce to
complete their job role in particular time that leads company to remain stable at international
marketplace. It is most important for business owners to develop their competitive strategies
for meeting their expected desires with high management and leadership styles.
Entrepreneurs:- It is described as the ability of business tycoon to deal with
competitors through developing aggressive plans which leads to develop specialised product
for challenging with rivalries (Barba-Sánchez and Atienza-Sahuquillo, 2018). This is most
important for entrepreneurs to build good interpersonal relations among its workforce for
performing their actions collectively which creates prospect for company to attain its goal on
particular date. Managers of Microsoft focus on this as to create significant plan which is
capable in meeting the requirement of customers through completing their business activities
in practical manner for restricting manual work procedure.
Difference between entrepreneurs and intrapreneurs:- This differentiation of
entrepreneurs and intrapreneurs describes the major roles and functions being performed
within an organisation for achieving success. It is important for business to deal with various
circumstances that affects the stability of business in global market through internal and
external environment. Managers of Microsoft further aims to take protective measures by

providing training and development programs to its workforce for being aware of problems to
solve it with specialisation.
Basis of Difference Entrepreneurs Intrapreneurs
Definition The entrepreneurs are highly
capable in planning strategic
decision-making process for
manufacturing specialised
product and services to
enlarge customers (Cecil,
2014).
The intrapreneurs are
defined as the group of
individuals within the
organisation who complete
their business activities for
driving actions into
perfection for attaining
goals.
Functions The function of
entrepreneurs is as being
business owner of whole
enterprise for analysing each
and every actions being
done in company.
The intrapreneurs functions
are to perform their task as
being desired and planned
by executing it effectively
that leads company to
survive in competitive
market.
Risk-Taker The entrepreneurs are high
risk taker with the motive to
achieve high return in future
through proper assessment,
measurement and
management of hazards.
The intrapreneurs are low
risk taker as compared to
entrepreneurs for properly
utilising scarce resources in
order to gain profits which
increase its potential power
to overcome weak spots.
Decisions The major decisions
regarding enterprise are
mostly taken by
entrepreneurs to create
threats for others.
The intrapreneurs as being
managers of company have
the authority and
responsibility to manage and
execute their actions in
proper direction for
achieving specific long-term
goal (Daniel, 2016).
The comparison between serial entrepreneurs, owner-managers and
entrepreneurs:- There are various difference between these three categories which are
discussed as under:-
Basis of Difference Serial-
Entrepreneurs
Entrepreneurs Owner-Managers
Definition The serial
entrepreneurs refer
as capability of
business owners to
achieve their set
goals within
specified duration
regularly to remain
The entrepreneurs
are described as key
persons who develop
plan and strategy for
enterprise to increase
its potential power
and prospects.
The managers are
also termed as
directors and
supervisors who give
their high level of
efforts for company
in executing roles
and responsibilities

stable at its position
in global market.
to leaders for
delegating it towards
workforce with
division of work.
Role The role of serial
entrepreneurs is to
strategise their
schemes in order to
provide high level of
satisfaction to its
customers.
The business owners
focus on developing
innovative idea
which increases their
competitive strategy
that result in high
growth of enterprise
(Finney, 2019).
The managers aims
to monitor the
actions of business
activities for
restricting errors
with corrective
measures to achieve
its short and long
term goals on certain
period.
Purpose The main purpose of
serial entrepreneurs
is to continuously
come up again and
again by achieving
its goals and
objectives
efficiently.
The main objective
for entrepreneurs is
to focus on
generating high
revenue through
selling more of their
products by
increasing
customers.
The main purpose
for owner-manager
is to motivate
workers for
completing their task
on time which
results in goal
accomplishment
efficiently
Entrepreneurial Ventures:- It is described as the process through which
entrepreneurs aims to develop business strategy for improving the adverse impact of
environmental factors. The main motive of business tycoons is to develop creative thinking
skills for new value creation ad growth of enterprise that enhance the potential power for
competing with rivalries. The entrepreneurial ventures is further categorised into two
categories which are as follows:-
 Micro enterprise:- It refers as tiny enterprise which is considered as part of small
business and are extremely low in its growth. This faces difficulty in gaining capital
and usually operated by desire and talent of persons that creates internal strength for
company to sustain. Example:- Street Vendors, Mate-file, SDK Jwellers, Small
Farmers, Private Tailors, Man & Van service providers.
 Small enterprise:- This is also termed as lifestyle venture which develops advantage
for enterprise through managing growth of workforce which build good team morale
for completing their task. It also face disadvantage as the growth of lifestyle develops
competition through improper relations among workers which increase conflicts. This
is considered as the stamina for various communities though increasing its prospect
by creating job opportunities, developing qualitative products and services tax base
for local government (Foster, O'Reilly and Dávila, 2016). Example:- Airdri, Hicks
Holdings, Sollatek (UK), Electricians, Consultants, Convenience Shops, Kebab
Shops, etc.

 Medium enterprise:- It is referred as the enterprise which have come up on this
position of middle-sized venture by generating moderate growth in its business. This
majorly focus on these factors its expansion and stability that are niche market, good
judgment and sovereignty of entrepreneurs. Example:- Argos, Red Rock Consulting,
Facebook, Colleges, Public Schools, etc.
 Gazelle enterprise:- The gazelle means as the ability of enterprise for its fast-growth
in perfect competition market for increasing its revenue and profit-margin. Its main
aim is to expand business through developing its strength and opportunities which
creates threats for others. The gazelle or large venture focus on creating high job
prospects, enhancing market share at both local and centralized level. Example:-
Samsung, Microsoft, Google, Apple, NHS, BBC, Post Office, etc.
 Social enterprise:- This is described as main motive of entrepreneurs is to provide
maximum social welfare for its society that result in increasing customers support and
loyalty. This effect in high growth and steadiness of company by pursuing its mission
to sustain social value with continuous learning, adapting ad innovation (Frederick,
O'Connor and Kuratko, 2018). Example:- Goodwill Industries, Greyston Bakery and
Nisolo.
Typology of entrepreneurs:- The typology is termed as interior environment of an
enterprise which usually motivates workforce to complete their targets efficiently for
achieving vision and mission of company. It is also described as the classification of various
structures available in enterprise that perform their business activities towards
accomplishment of specific goal.
 Survival:- The managers of an enterprise aims to motivates its workforce by building
good relations that emphasize them to give their superior efforts towards company in
achievement of goals. The social enterprise majorly focus on this as to improve the
survival of people by providing them food, shelter and cloth to live their life.
 Lifestyle:- The intrapreneurs of an organisation focus on developing good lifestyle of
its workers through encouraging them by giving good compensation, insurance,
children welfare that builds their morale to perform. The small business majorly
focus on this as they believe in employees plays most important role in accomplishing
target.
 Managed Growth:- The managers of an enterprise aims to develop business
expansion with equality among its workforce by encouraging workers to give their
best. The micro enterprise focus on motivating workers equally by men and women
that leads workers to generate manages growth for company which increase efficiency
and leads to attain success efficiently.
 Aggressive Growth:- This refers as the process through which managers of company
are highly engaged in developing aggressive strategies that create prospect to develop
expansion and steadiness in perfect competition market. The gazelle enterprise aims
to increase their potential power by encouraging workers to achieve individual and
organisational goals (Hallak, Assaker and Lee, 2015).

Explore the similarity and dissimilarity of commercial ventures
Difference of commercial ventures:- The dissimilarity between various
entrepreneurial ventures has been discussed as:-
Basis of
Difference
Micro
Enterprise
Small
Enterprise
Medium
Enterprise
Gazelle
Enterprise
Social
Enterprise
Meaning It refers as
tiny
enterprise
which is
considered
as part of
small
business
and is
extremely
low in its
growth \.
The small
enterprise is
privately
owned
business
which does
not involve
the rules and
regulations
imposed by
government
of United
Kingdom.
This is defined
as the ability
of middle-
sized business
for coming up
at
international
market
through
generating
moderate
growth.
The gazelle or
large
enterprise
refers as fast
—growth
expansion by
encouraging
workers to
give high
efforts.
The social
enterprise
aims to
provide
various
facilities to
its
workforce
for their
survival
with two
times meal
a day that
enhance in
growth of
company
through
building
support and
loyalty of
customers
(Henry,
Rushton
and Baillie,
2016).
Size The size of
micro
enterprise
includes
fewer than
10
employees
that are
owners,
managers,
leaders and
workers.
The size of
small
enterprise
involves 10 to
49 numbers
of employees
which is
higher than
micro
enterprise.
The size of
medium-sized
enterprise
consists of 50
to 249 workers
that are mostly
higher than
small
business.
The size of
gazelle
enterprise
includes more
than 250
employees
which is at
highest from
medium-sized
enterprise.
The size of
social
enterprise
consist 25%
employees
as full-time
workers and
65% at part-
time
workers.
Functions Its function
is to create
large scale
employment
for
achieving
target with
Its functions
are to recruit
and hire more
employees for
improving
efficiency in
task
Its function is
to play major
role in
developing
good and high
level of
production
The large
enterprise
focus on
divisional
structure to
manage its
business
Its functions
are to
provide
welfare for
society at
high level
through

very limited
finances and
investment.
completion
that leads to
attain goal on
certain
specified
date.
that results in
increasing
economic
growth of
company for
sustaining at
global
marketplace
(Howorth,
Jackson and
Cruz, 2014).
performance
by
discriminating
into various
departments
that are
human
resource
management,
marketing,
finance,
production,
etc.
promoting
and
encouraging
change in
financial
stability of
workers by
providing
high income
generation
with the
ability to
meet
demands of
customers.
Objectives The main
purpose of
micro
enterprise is
to spread
trade of
industries at
rural and
urban areas
for
increasing
economic
growth.
The objective
of small
enterprise is
to increase
sales by
delivering
qualitative
goods and
services for
meeting the
requirement
of customers
to generate
profit
maximisation.
The main
purpose of
medium-sized
enterprise is to
create job
opportunities
for hiring
unemployed
people in
order to train
and develop
their skills for
restricting
unemployment
rate in
economic
sector.
The objective
of gazelle
enterprise
majorly
focuses on
providing
high customer
satisfaction
through their
delivering
superior
productivity.
The main
purpose of
social
enterprise
aims to job
creation as
they have
ethical
values and
profits for
investing it
again in
social
objectives.
Similarity of entrepreneurial ventures:- There are various similarities between
these five types of entrepreneurial ventures that are most importantly analysed by
entrepreneurs to attain success. It is essential for an organisation to improve its stability at
international marketplace by generating more of its competitive strategies to compete with
rivalries. Some of its similarities are explained as under:-
 Able to use scarce resources:- The managers of an enterprise aims to utilise limited
sources effectively for gaining profits that results in building competitive strategies to
challenge oppositions (Jones and Sakong, 2020). It is most important for organisation
to develop good employee relations that result in goal accomplishment at particular
duration.
 Maximisation of profits:- The main aim of entrepreneurs is to generate maximise
profits by enlarging customers with qualitative products at least-cost effective pricing

strategy. This results in attaining high profits by encouraging customers to purchase
products at low cost for attaining high level of satisfaction.
There are various ranges of entrepreneurial ventures with public and corporate sectors
that are as follows:-
Distinctive categories of entrepreneurial ventures:-
Basis Public Sector Private Sector Corporate Sector
Definition It is described as the
sector which is
totally governed by
policies and
procedures of
government.
The privately owned
sector which does
not allow
government
involvement.
It refers as an
organisation which
is independent and
non-governmental as
well as non-profit
corporation.
Scope The scope of public
sector is to develop
benefits for social
and economic
growth.
The scope of private
sector is to maximise
profits by enlarging
customers for
delivering
qualitative products.
The scope of
corporate sector is to
maximise social
welfare for
providing facilities
to poor people
(Julien and eds.,
2018).
Development Its main objective is
to generate good
atmosphere within
business for
developing relations
among workforce
that leads to
collaborate with
each other for
attaining goals.
The main purpose of
private sector is to
generate guidance
and improvement in
workers by
increasing their
skills to complete
task with efficacy.
The main objective
of corporate sector is
to provides charity
and donations for
welfare of society as
they have high value
and profits.
Growth The public sector
majorly focuses on
community interests.
It attains growth by
meeting the
requirements of
customers.
This achieves
growth by gaining
customer support
and loyalty.
Related to typology It relates to typology
of lifestyle by
analysing the
behaviour of
customers while
purchasing their
products.
The private sector
relates to typology
of aggressive growth
as they aims to
develop its
competitive
strategies for
sustaining in
competitive market.
The corporate sector
relate with the
typology of managed
growth by
encouraging both
male and female
through treating
them equally.
The difference of commercial ventures on the basis of size, scope, growth and
development are mentioned as below:-

 Public sector:- This mainly aims to analyse risk and aims to develop corrective
measure for minimising it to sustain in global market (Karanja, Mwangi and
Nyakarimi, 2014).
 Private sector:- Its size is very high with maximisation of capital that generates high
return in future period.
 Voluntary sector:- This aims to increase social welfare with charitable trust,
donations, etc.
TASK – 2
. Assess relevant figures and statistics for illustrating micro and small business on
economy
The relevant figures and statistics for micro and small business that impact upon
economy are as follows:-
Figure: - 1
Interpretation:-
From the above prescribed figure it has been considered that all these types of
entrepreneurial ventures contribute in growth of economy for sustaining in global market.
The micro and small enterprise plays major role in development of economic growth whereas
as medium and large enterprise lacks in it. The middle-sized enterprise is highly capable in
providing high employment opportunities for jobless people to restrict unemployment rate in
economy (Kraus and et.al., 2019).
This figure describes that there are large number of business available in micro and
small industry that aims to recruit more of the workers in their organisation to accomplish
their target. The large enterprise also implies that there is high employment as it provides
good and better wages and salaries to workforce for encouraging them to keep giving their
efforts for company to achieve long-term goals. It also maximise turnover as workforce is
motivated and shows their keen interest for fulfilling the desires of customers which result in
high turnover.

. Describe the essential requirement of small and scalable business for growth of
social economy
The small business:- This is described as an enterprise which does not involve the
interference of political leaders and perform its business activities to attain its goal and
objective. Managers of Microsoft focus on generating high revenue and profit by enlarging
customers for attracting them to purchase their products and services.
The start-up business:- It is described as the enterprise which enters at international
market to compete with others through its specialised productivity (Kraus, Meier and
Niemand, 2016). Managers of Microsoft aim to analyse the aggressive plans and schemes
which might create threats and to develop precautionary measures for restricting adverse
impact on its stability.
The importance of small and start-up business are as follows:-
 Build customer relations:- The main objective for managers of an organisation is to
develop good corporate social responsibility through delivering superior good for
customers. Managers of Microsoft focus on this as to meet the essential needs of
target market by analysing the change in needs and wants of buyers.
 Increase economic growth:- It is most important for managers of organisation to
increase economic growth by increasing Gross Domestic Product rate that results in
maximising exports and restricting imports. Managers of Microsoft are highly
advantageous as they build good relations among workforce which result in
production and increase domestic productivity.
 Create job opportunities:- The small, scalable and medium-sized enterprise majorly
focus on increasing employment opportunities for jobless workers to get employed.
Managers of Microsoft main aim is to increase employees and motivate them to give
their best efforts for achieving victory at competitive marketplace through their
increasing potential power (Lee, Battilana and Wang, 2014).
The micro and small enterprise plays their major role in development of economic
growth by meeting the needs and wants of customers that enhance them to achieve success.
The medium enterprise provides it share in growth of economy through creating high job
opportunities for restricting unemployment rate. The gazelle enterprise aims to increase
profits and give high compensation to its workforce for encouraging them to develop interest
in business activities for achieving long term goals.
The small business impacts on various economic levels by:-
 Local:- It increase customer relations and leads to satisfy their demands.
 Regional:- This improve the development of industries by expanding business at
large level.
 Central:- The small business develops economic growth by increasing employment
and GDP rate. It also creates opportunity for restricting imports and increase exports.

PART – B
TASK – 3
To elaborate the optimum characteristics, traits and skills of successful person that
differentiate from others
Every entrepreneur is seeking to be successful as it own way of proceeding to tehir
business venture goals through which skills and characteristics are high performed role to
making it successful in their business world as they can get to be successor. The individual
entrepreneurship is only successful when it follows the passion to emphasis to work and
utilise its skills and capabilities in right direction for establishing the successful enterprise in
terms of better goodwill and trading in business or corporate world with the optimum
objective to attaining the profit maximisation (Libombo and Dinis, 2015).
As the one entrepreneurship that is based on United kingdom business and its start up
is basically follows the home décor and personal care which emphasis the further mobility to
consider the most entrepreneurs
The successful entrepreneur are known to be well framed goodwill achiever as the
Bill Gates and Peter Jones are one of the most compassionate name of successful business
entrepreneur are prevails about the business oriented in the world wide segmentation.
Characteristics :
 To having the presence of Innovation: It is consider to be most complexive
segment of entrepreneur as it facilitates to offer the aiming about the business point of
view something which brings the sense of accomplishment and achievement in terms
of customer retention and market exposure as it Company like Bill gates has it own
mission and vision which helps to enhanced the mobility factor of upbringing the
market growth with optimum objectives.
Trait:
 Leadership Quality: The ability to influence to people through effective
resources or proper guidance which makes them inner motivation to making them
ready for achieving the goals perspective. The quality of leadership having in the
presence of the Bill Gates when establishment of its venture he used to be motivate
and provide them a guidance related with the manager of the workforce as well as
other aspect of clients and investors he supposed to having convincing power.
Skills: