Entrepreneurship Report: Concepts, Ventures, and Analysis

This report provides a comprehensive analysis of entrepreneurship and small business management. It begins by defining the concept of an entrepreneur and provides examples of various entrepreneurs in business. It then explores different types of entrepreneurial ventures, highlighting their simil...Read More

Enterprise and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................3
Define what the concept of an entrepreneur is, and provide some examples of different
entrepreneurs in business.............................................................................................................3
Explore the type of entrepreneurial ventures and investigate the similarities and differences
between them...............................................................................................................................4
Determine the difference between an entrepreneur and a manager.............................................5
Determine the Big-5 Model and assess Deborah’s entrepreneurial personality..........................7
Determine Maslow’s Pyramid and determine if there is a correlation between entrepreneurial
characteristics and entrepreneurial success using Deborah’s actions..........................................8
Determine the influence that other factors have in fostering or hinder entrepreneurial success
Using Deborah’s story as an example.........................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship businesses are such start-up businesses that are initiative with
innovative ideas, higher risk and lack of sufficient funds. Entrepreneurs come up with such ideas
that starts small businesses in the marketplace where in such businesses needs to cope up with
the growing market demand and identify different resources in order to meet business
expectations. There are large number of small and medium organisation in UK, wherein the
government This report is divided into two parts the task one covers Concept of small and
medium enterprises, growth and financial contribution of such businesses to the UK economy,
the role of small and medium businesses and how It contributes to the economy of UK, the
second part of the report delivers concept of entrepreneurship, Differences and similarities
between entrepreneurial ventures, difference between entrepreneur and manager, big five model,
Maslow’s pyramid to determine the correlation between entrepreneur real characters and
entrepreneurial success, the influence of other factors fostering and hinder entrepreneurial
success (Littlewood and Khan, 2018).
MAIN BODY
TASK 1
Covered in PPT
TASK 2
SEC-1
Define what the concept of an entrepreneur is, and provide some examples of different
entrepreneurs in business
Entrepreneurship is a business process that includes planning and designing of new
business ideas and turning down it into business opportunities. These includes high level of risk
for starting the new business. One such example of entrepreneurial Business example is Dyson
founded by entrepreneur James Dyson which sells home utility appliances in order to improve
the living standards of people, James Dyson came up with new Business idea of vacuum cleaner

with cyclonic separation. Today it is a multinational company which is known for its
technological inventions in electrical products such as hand dryers bladeless fan.
Another example of entrepreneurial business is virgin group which was founded by Richard
Branson, Richard Branson came up with new business idea of launching virgin airways later the
business diversified its products and services including virgin trains, virgin media, Virgin fuel
and more (Meyer and Meyer, 2017).
Explore the type of entrepreneurial ventures and investigate the similarities and differences
between them.
Entrepreneurial ventures are defined by such businesses which operated with minimum
Resources and high-risk. Entrepreneurial ventures are different pertaining to the business ideas
and the products and services it delivers. The entrepreneurial ventures can be categorized as:
Entrepreneuri
al ventures
Small business
entrepreneurshi
p
Scalable start
up
entrepreneurshi
p
Large company
entrepreneurshi
p
Social
entrepreneurshi
p
Differences Small scale
businesses
include those of
grocery stores,
carpenters,
plumbers et
cetera. The
entrepreneur Of
such businesses
fines find from
friends and
family is with
the motive of
running the
business and
Scalable start-
ups includes
businesses by
innovative
business ideas
these
entrepreneurs
Attracts new
investors for
their business
operations (Park,
Lee and Kim,
2019).
These includes
the large
businesses
earning large
revenue with the
annual turnover
of £2 trillion and
at least 5000
employees.
These businesses
develop products
and services as
per the changing
customer
preferences in
these businesses
include offering
products and
services that best
acknowledges
social value.
These businesses
are operated with
the main purpose
of meeting the
social causes.

generating
revenue for
continued
business
operation.
the market
demand.
Similarities These include
less capital
There is no
requirement of
communication
skills
Professional
skills are a must
in order to meet
the business
challenges
There is no
requirement of
investments.
There is a higher
level of business
risk with
uncertainty in
the profitability
margin (Prado-
Gascó, Pardo
and Pérez-
Campos, 2017).
Scalable startups
it requires big
investments
Uncertainty of
meeting the
market
expectations
It requires big
investments in
business projects
high level of risk
is involved
Development of
products and
services as per
the social needs
of people
independence on
private and
public investors
to meet the
business
objectives.
SEC-2
Determine the difference between an entrepreneur and a manager
The key difference between an entrepreneur and manager is that entrepreneur or shoulder
responsibility for overall business objectives whereas managers are deployed certain departments
or units and carry the determined task as per the assigned duties.

Entrepreneur is a person who takes financial risk in order to accomplish business success and
profit maximization but on the other hand a manager is a person whose shoulders responsibilities
for controlling and monitoring organizational functions.
Entrepreneur Develops business strategies and innovative ideas to focus on business startup but
on the other hand manager overlooks the ongoing business operations.
Achievements and business success is the main objective of an entrepreneur but the main motive
of a manager is to get recognized in the organisation (Rehman, and Anwar, 2019).
Entrepreneur is the business owner but on the other hand manager is an employee of the
organisation.
The entrepreneur earns profit as a reward of the business success but on the other hand manager
gets salaried after the work performed by him or her.
Entrepreneurs are risk-takers but the managers of the organisation practices limited risk.
Entrepreneur focuses for accomplishing business success and business expansion in the market
Play swear on the manager focuses on functioning of the assigned business activities.
Entrepreneur can be formal as well as informal but managers can only practice formal approach
in the organisation.
Entrepreneur have to bear the business loss and other liabilities of the business wherein the
manager does not have to bear any risk of business loss he/she only works to get salaried.
A manager is always accountable to the top-level business executives but an entrepreneur is not
accountable to any such executives all the business control is practiced by himself/herself.
An entrepreneur needs to bring innovative ideas and changes in the business functions as per the
changing market demand but on the other hand the manager does not have to contribute any
innovative ideas for making changes in the business activities rather he/she is being told to
implement all the strategies into the business functioning (Temirov, 2019).

Determine the Big-5 Model and assess Deborah’s entrepreneurial personality.
Big five model defines the personality trait of an individual. Where in it determines that
what are the traits of an individual, these includes extroversion, agreeableness, openness,
conscientiousness, neuroticism.
Openness
It includes those individuals who are highly creative and want to try a new thing, looking at the
case study wherein Deborah Had this trait character of being openness wherein she was very
creative and she wanted to try something new by starting her new business of glass and ceramic
import company. It also reflects that how outgoing she was by focusing on Dealing with business
challenges.
Conscientiousness
This trait character defines those individuals who are very organized and wants to pay attention
even to small details, such individual prepares time frame and schedule for different set of task.
From the case study, it reflects that Deborah had this trait features wherein she was focused of
starting of her On business, after that she left school she took studies at the business college and
at very early age she accomplished her objectives right way (Volery and Mazzarol, 2015).
Extroversion
Extroversion includes those individuals who enjoy meeting new people and a more social.
Looking to the case study it can be said that Deborah scored low in extroversion trait character as
she was more focused for accomplishing her career objectives rather making social relationships.
Agreeableness
This includes individuals who shows empathy and cares about other by contributing their efforts
to bring happiness to other individuals. As per the case study it reflects that Deborah had this
trait feature of agreeableness wherein she wanted to do something new that not only helps to
accomplish her career objectives but also brings and positive change in the economy (Zacca,
Dayan and Ahrens, 2015).
Neuroticism

This includes the individuals who are worried and anxious about different experiences and face a
lot of stress. As per the above case study it reflects that Deborah scored Low in this trade
character as she was open to new challenges and dealt with all the stress in your pathway to
accomplish her career objectives.
Determine Maslow’s Pyramid and determine if there is a correlation between entrepreneurial
characteristics and entrepreneurial success using Deborah’s actions.
Maslow’s pyramid is defined that an individual has different set of needs and as he/she
satisfies a need he/she moves to the upper needs in the pyramid. Maslow’s pyramid and
Entrepreneurial characters and success correlates as:
Physiological needs
The first and the lowest level in the Maslow’s pyramid includes the physiological needs, and
entrepreneur starts of the business with the sole motive of accomplishing the physiological needs
wherein An entrepreneur is highly driven by earning profit and a certain the characteristic of
money management for the business growth, when the physiological needs of an entrepreneur
Are met that includes that the individual is earning sufficient revenue for business growth
Further it also helps to determine the effectiveness of the business idea. As per the case study
Deborah had the characteristic of money management wherein she started of the business by
adding little capital in order to satisfy both business objective and growth (Almansour,
Almansour and Almansour, 2019).
Safety needs
Moving to next need in Maslow’s pyramid is the safety needs, an entrepreneur is highly driven
by implementing safety in the business functions both to the business and the society. As per the
case study, Deborah Added safety and well-being of both the business and herself wherein she
took studies from the business college to enhance her knowledge and so that she can contribute
relevant business ideas to bring stability in the business.
Social needs

Social needs include belongingness with friends and everyone in the society. As per the case
study, Deborah had this characteristic wherein she wanted to serve the society with transparent
business ideas and contribute towards economy of the country.
Esteem needs
Esteem needs include self-worth and accomplishment of an individual. As per the case study,
Deborah was highly passionate about her career objectives that motivated her to complete her
studies and starting up the business with full knowledge and required capital to accomplish
business growth (Gamidullaeva, Vasin and Wise, 2020).
Self-actualization needs
In this needs an individual desire inner fulfilment. As per the above case study, it is clear that
Deborah was highly risk-taking and business savvy which stimulated her to Start a business at
the early age.
Determine the influence that other factors have in fostering or hinder entrepreneurial success
Using Deborah’s story as an example.
There are different factors that Fosters and hinders entrepreneurial businesses, these are
as:
Education
Education is one of the greatest asset that helps to enhance the knowledge of entrepreneurship
and add relevant business ideas and how to operate the business functioning and information
about other relevant subjects of entrepreneurship. As per the case study, Deborah completed her
school after that she pursued her further studies in entrepreneurship from the business college
which brought her to enhance her skills and knowledge required for starting up and idea of
operating the business functions (Sarapaivanich and Patterson, 2015).
Psychological factors
These includes factors such as need achievement wherein an individual is highly driven by
accomplishing the set of needs which he/she targets. As per the case study, Deborah was highly
driven to accomplish a set of needs which stimulated her to starting up the business at early age.

Capital
It is one of the most important factor that can negatively or positively affect the business, if there
is not sufficient capital then the business cannot meet the requirements and can result to business
failure, as per the case study, Deborah started the business by adding very little capital to support
her business ideas into real action (Justino and Tengeh, 2016).
CONCLUSION
In a nutshell, it can be concluded that entrepreneurial businesses contribute to the
economy of the country at large extent entrepreneurship is everything in order to be a risk and
managing businesses in order Accomplished business success and profitability margin. There are
different entrepreneurial ventures, including on the business ideas and the financial capabilities
of such, the small and medium businesses contribute to the economy of UK in different ways,
there is a major difference between an entrepreneur and a business manager depending upon the
roles and responsibilities of managing the business activities, and entrepreneur needs to a certain
different characteristic in order to rightly manage the businesses. There are different negative and
positive factors in the business environment that any entrepreneur needs to come back and
implement required strategies in order to satisfy business objectives.

REFERENCES
Books and Journals
Almansour, B., Almansour, Y. and Almansour, A., 2019. Small and medium size enterprise:
Access the financial and non-financial factors. Management Science Letters. 9(5).
pp.687-694.
Gamidullaeva, L. A., Vasin, S. M. and Wise, N., 2020. Increasing small-and medium-enterprise
contribution to local and regional economic growth by assessing the institutional
environment. Journal of Small Business and Enterprise Development.
Justino, M. V. and Tengeh, R. K., 2016. Determinants of small enterprise failure in Angola: A
managerial and financial perspective.
Littlewood, D. and Khan, Z., 2018. Insights from a systematic review of literature on social
enterprise and networks: Where, how and what next?. Social Enterprise Journal.
Meyer, D. F. and Meyer, N., 2017. Management of small and medium enterprise (SME)
development: An analysis of stumbling blocks in a developing region. Polish Journal of
Management Studies. 16.
Park, S., Lee, I. H. and Kim, J. E., 2019. Government support and small-and medium-sized
enterprise (SME) performance: The moderating effects of diagnostic and support
services. Asian Business & Management, pp.1-26.
Prado-Gascó, V., Pardo, I.Q. and Pérez-Campos, C., 2017. Knowledge management and
organizational culture in a software development enterprise. Journal of Small Business
Strategy. 27(1). pp.37-50.
Rehman, A. U. and Anwar, M., 2019. Mediating role of enterprise risk management practices
between business strategy and SME performance. Small Enterprise Research. 26(2).
pp.207-227.
Sarapaivanich, N. and Patterson, P. G., 2015. The role of interpersonal communication in
developing small-medium size enterprise (SME) client loyalty toward an audit
firm. International Small Business Journal, 33(8), pp.882-900.
Temirov, A., 2019. FINANCIAL PROBLEMS OF INNOVATION DEVELOPMENT IN
SMALL ENTERPRISE ACTIVITIES. Архив научных исследований.
Volery, T. and Mazzarol, T., 2015. The evolution of the small business and entrepreneurship
field: A bibliometric investigation of articles published in the International Small
Business Journal. International Small Business Journal. 33(4). pp.374-396.
Zacca, R., Dayan, M. and Ahrens, T., 2015. Impact of network capability on small business
performance. Management Decision.