Entrepreneurship and Small Business Management Report - [Module Name]

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by defining entrepreneurship and exploring various types of entrepreneurial ventures, including small businesses, scalable startups, and large organizations, alongside different typologies such as lifestyle, serial, and female ventures. The report then compares and contrasts these ventures, highlighting their similarities and differences. A significant portion of the report focuses on the impact of micro and small businesses on local, regional, national, and international economies, particularly in the context of the UK. Furthermore, the report examines the skills, characteristics, and traits of successful entrepreneurs, exploring how entrepreneurial attributes shape their mindsets and foster encouragement. Finally, the report considers how experience and background can either foster or hinder entrepreneurial endeavors, providing a comprehensive overview of the key elements of entrepreneurship and small business management.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Types of entrepreneurial ventures and typologies................................................................3
P2 Similarities and differences between entrepreneurial ventures.............................................4
TASK 2............................................................................................................................................6
P3 Impact of micro and small business on economy system......................................................6
P4 Importance of firm start-up's and small business...................................................................9
TASK 3..........................................................................................................................................11
P5 Skills, characteristics and traits of entrepreneurs.................................................................11
P6 Entrepreneurial attribute effect their mind-set and encouragement.....................................12
TASK 4..........................................................................................................................................13
P7 Experience and background can foster and protect entrepreneurship..................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship is the process of planning, coordinating and executing the venture of
business deal with the services and products in trade. While beginning the journey, entrepreneur
understand the success and failure possibilities while establishing the business. Entrepreneurs
believes in carrying alternation in the existing system of market and merchandising through
changing the style of marketing (Fayolle, 2013). This is their innovative thoughts and ideas that
how they eliminate their limited resources according to the unlimited wants and demands of
business wisely. The major purpose of this analysis is to identify various types of ventures and
typologies through understanding its traits. This will also review the national, local, regional and
international influence of business of nation. This will also examine the role of background and
experience in hindering and fostering the skills of entrepreneurship.
TASK 1
P1 Types of entrepreneurial ventures and typologies
Entrepreneurship is a act to develop new opinion and ideas about work. The willingness
and capacity to develop, manage and organise whole business activities or venture along with
high risk in order to gain profits. One of the example of entrepreneurship is start-up's or starting
of new business. Entrepreneurial vital principle is characterized by risk taking, innovation. It is a
essential part of a national ability to succeed change in order to increase competitive global
market place.
Entrepreneurial venture mean provide services to micro and small business unit or start-
up's operations in order to gain profits. Entrepreneurs are mostly spend their time and effort to
face new challenges and think out of the box which are help to gain success in their work. They
have various responsibilities like develop strategies and plan to boost sales, evaluation of new
ideas, arrange funds, recruiting right candidates and many more. Some important type of
entrepreneurial ventures are as follows:
Small Business Entrepreneurship: In UK various entrepreneurs and start-up's are still
small in size. There is around 5.7 million small businesses in United Kingdom, they provide
large employment, approx 50% of working population is work at small firm. Some important
business are hairdressers, travel agents, grocery store, internet commerce store fronts, plumber,
electricians, carpenters and consultants or many more. They hire local person for work, so that
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through entrepreneurship local employment are generated which help to increase living standard
of surroundings community as well as whole society. Their main objectives is feed the family
and make profits, not build a industries of $100 million. They arrange their funds form family
and friends, they can not provide scale to attract venture capital in order to run whole business
activities effectively.
Scalable Start-ups: These kind of entrepreneurs can star their business, they know form
day one that their vision will change the world. They attract large number of venture capitalist,
those are provide funds to operate whole business activities in an effective manner. Such
entrepreneur take risk while developing a venture and the best example of this enterprise is
Silicon Valley, Shanghai, Bangalore etc. They hire best candidates which have innovative
thinking. Scalable start-up's is a innovation clusters make up small percentage of start-up's but
because of outsize return, they want to attract almost all risk capital.
Large Entrepreneur Organisation: Large firms have finite life cycles of their product as
well as services and business as whole. They offer high quality and innovative goods to their
customer's in order to develop strong brand image at market place. Change in clients tastes,
legislation, new technology etc. can create pressure on companies, at that time firm required to
develop new and innovative product for their customer in order to satisfy their needs and wants.
Though there are various types of business venture which is linked with the distinct
typologies which is mentioned as below:
 Lifestyle Venture: Individual entrepreneur that create business with the purpose of
altering customer's lifestyles and make profits form it. A life venture is a focus on
provide new lifestyles.
 Serial Venture: A person that are continuously change or come up with ideas and start
new business. Serial entrepreneur start business but after some time they given
responsibility to someone else and move on with new idea and work on. This serial will
continuously moving.
 Female Venture: A female person has star new and innovative business in order to gain
profits. They main objectives behind this is a provide equal opportunity to male and
female. Example Adafruit industries help female enterprise at UK.
P2 Similarities and differences between entrepreneurial ventures
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Venture Similarities Difference
Social & Small
Entrepreneurial
1. Both sort of ventures use various
creative and innovative ideas in
order to meet their determined
outcome in adequate way.
2. The major aims of both business
organisation is selling their
products and services to consumer.
1. The small business venture is
formed for attaining them
maximum benefits whereas the
social entrepreneur major aims on
the segmenting and solving issues
and problems from the society.
2. Social venture often solve the
major issues and barrier from the
country for making world better
place whereas other one aims for
their own benefits and individual
life better and luxurious (Kuratko,
2016).
3.The major goals or objectives of
social venture is to serve the
distinct service to the people from
whole world suffering the
miserable condition whereas
small business goals is to meet the
growth and success to make own
life convenient as well as make
living out of it.
Scalable & Large
Entrepreneur
1. Both large and scalable
entrepreneurial venture is aiming
on the structure and perception
change of way of market and
merchandising.
2. The main motive of this types of
ventures are earning maximum
1.Scalable entrepreneur includes
small spending and resources. On
the other hand, Large companies
includes exact benefits amount
and unlimited loss.
2. Scalable venture help the
business organisation in
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benefits out of the several operated
functions of enterprise.
improving and sustaining their
ideas whereas large
entrepreneurial companies seek
for investors, sponsors for funds.
Serial & Lifestyle
Venture
1. Both carry the same aim which
is implementing the different ideas
of business in marketplace.
2. Both seek for hard working and
bright worker for providing
effective ideas to business.
1. Lifestyle business organisation
does not merge or consolidate
with small business organisation
whereas on the hand, serial
venture seek for every possible
opportunity to develop and grow
their business.
2. Lifestyle Venture support the
services and asset for human
comfort whereas serial ventures
long for those distinct thoughts
and ideas which can help in
smooth business functioning.
Male & Female
Entrepreneurial
1. Female and male both work hard
to meet desired objectives and
goals in effective way (Meyer,
2011).
2. They contain equal knowledge
and skills level.
1. Male entrepreneur take decision
easily whereas female
entrepreneur have to face various
issues and consequence while
handling situation.
2. Female entrepreneur are more
sensible while working on
decision-making despite male
which are more ambitious.
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TASK 2
P3 Impact of micro and small business on economy system
Small Business: It consist of various types of partnership, association and sole business
where the worker number are less who function according to the objectives and goals to meet the
desired outcome. This include 20- 2000 employee amount.
Micro Business: This type of business organisation are originated on very micro level
that are able to contain huge worker amount among itself (Neck and Greene, 2011). These sort of
companies attempt fair benefits amount and get the desired outcome for maintain entire work.
Medium Business Sized: In such type of organisation, there are approx, 300 worker who
function within a company and make the needed amount of benefits from revenues and income.
Nature and Characteristic of Sole, Partnership and Private Business Private: Such organisation are those companies which is functioned and owned by an
individual as well as own their personal share of enterprise in market. Such ventures
include approx 50 shareholders which invest huge amount in business. These require
minimum two directors who can generate and operate entire operational decision and
activities as well as work for creating as much benefits from practices as they can. Sole Proprietor: These types of business entities are formed by an individual personal
who manage the entire business responsibilities and function, structure and loss b
themselves. They are liable for decision-making activities and record entire work and
business activities (Rasmussen, 2011). These enterprise consist of various risk and
limitation which can restrain the development of enterprise. Only single person hold each
incurring impressibility in this type.
 Corporation: These business enterprises are formed and owned by various stakeholder
which has a legislative structure and existence in the working industry. Each stakeholder
has share on organisation which affect the decision-making of organization as well. Such
business organisation are of huge size and pay large tax amount to the state. Stakeholder
can measure the cost in million, hundreds and thousands. They need to enter in legal
creative phases and process for development of organisation. It consist of limited duties
of a person who owe the share of organisation.
An small business, start-up or organisation affects the economy of a nation and its market
in various ways which is described under:
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Local Impact: United Kingdom after the period of Brexit is preferring and supporting
more small business organisation and start-ups which is leading country toward success and
rapid growth. According to figures, 92% of small companies are existing and providing taxes in
the country. Local organisation and their business are directly influencing the economy of nation
that is providing large tax amount while paying tax. This is directly claimed that UK can
overcome from issues and conflicts through managing proper job opportunities that they can gain
through preferring small businesses in nation. There are more than 64% jobs of nation which is
developed in marketplace rendered by SME. Thus, such organisation are successfully changing
the trends, structure of market and interest of people through managing the local markets of
United Kingdom.
Illustration 1: Impact of the different area, 2017
Regional Impact: Small and Micro entities of business have major influence of UK
market in many way (Schaltegger and Wagner, 2011). The regional marketing concept and styles
varies according to the concept of small business practices of specific areas which changes
according to each region. This will aid in meeting higher employment level in United Kingdom
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after recession period. Thus, this is creating impact on nation's business system as well as
promote supportive ideas. Regional market lead the ways of working to the national trade.
International & National Impact: Start-ups and Micro business plays a crucial
participation in the domestic commercial activities and international trade centres. The market of
United Kingdom have rendered the facilities which is more than 25 million employment changes
to the people and more. In the entire nation, there are around more than 50% youth working for
private organisation in industry helping nation in country's economy. After Brexit, UK has been
changed its policies and terms which is managed by them.
P4 Importance of firm start-up's and small business
Brexit: The term “Brexit' refer to the short form of “British Exit” that was formed on
June , 2016 according the United Kingdom judgements of authorities. This is a very popular
issues and breakdown of European Unions. Accordingly, the major point was this is compulsory
to govern the laws and legislation of EU on United Kingdom linked with the market. Small
business and start-ups have been supported with more values for providing occupational
opportunities for which state have reduced the amount of tax as well. It will influence huge risk
to the political limitations and legislation structure of nation (Ziegler, 2011).
Here is the different between start-ups and small business along with their value in the
country for development and nation's evolution:
Significance Business start-up's Small business
Economical factor and
its influences
It is the innovative part of enterprise
management that is focusing over
the employment opportunities
enhancement and also country will
analyse these elements that incur in
the organisational marketplace. This
is more important section of an
organisation so that it can help in
increasing continuous growth of
nation as well as economical
success, Start-ups businesses
Small Business will aid in
meeting the maximum benefits
of each organisation. This can
play a crucial role in gaining
success and growth of
enterprises of United
Kingdom. Small business
organisation can support more
than 60% employments
chances to the people of
nation.
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provide proper support in improving
81% enterprises.
Conveniences in
reduction of employment
and social growth of
employment
opportunities.
This is a new business kind which
can aid in meeting the UK
employment opportunities. This can
support the job increment that is
fundamental for managing and
controlling rate of unemployment of
country.
It is fundamental for UK to
develop creative and
innovative ideas in the
organisation. Such latest and
new term formulation that aid
in meeting development
process of products. It will
support in meeting the
standard of living of company
as well as help in quality
enhancements (4 TYPES OF
ENTREPRENEURSHIP,
2017).
Government income
increment through tax
The business working is innovative
and creative ideas which major
objective is to recruit new employee
within the company. They render
good measures for business
development and earn the maximum
advantages that is needed for
enterprise development. Standard
community keep altering in
effective way and this will reduce
the unemployment chance of nation.
It is micro fundamental part of
enterprise of small business
which can render the huge
benefits amount to sales and
high tax rates of products that
is made through state of
nation.
Economical and Social
Development
Organisation render several
opportunities of business for
employment and support innovative
services according to the concept of
The main source of UK is such
business which is contributing
huge part of an organisation.
The enterprise of small
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production which can support
consumer or buyers (Alsos, Carter
and Ljunggren eds., 2011). It can
aid in meeting the high standard of
living to people and this will help
them in managing Gross Product
Rate of UK.
business in offering the nation
approx. 98% private sector
organisations and more than
60% employment
opportunities in private sector.
These type of companies are
developing according the
believe that are able for
deflection more than
economical and social amount
which is about 20 billion
within the completion of 2020.
Business start-up and small companies are thus, very helpful for a nation's economy as
well as provide them useful techniques and support while it is required managing growth and
develop met of company. These have more value in strengthening a nation's economy so as
United Kingdom. Thus, The nation is supporting such business companies more in order to
become more self-reliant and dependent.
TASK 3
P5 Skills, characteristics and traits of entrepreneurs
Entrepreneur are those individual type which is performing their idea, concept and
methods which isn't introduced before. This is required for having some basic skills and traits in
the person who is beginning an entrepreneurial venture (Audretsch, Falck and Heblich. eds.,
2011). For example there are two entrepreneur like Elisa Mianka and Brent Kiss. The qualities,
characteristics of these entrepreneur are briefed as under: Hard Working: Brent Kiss are working their function very hard for meeting their
enterprise's goals and objectives. Both of them have good quality of decision-making
which is helping in development and growth of business in country. This is needed
entrepreneur attribute that have certain decision at the time for meeting specific
objectives and goals in adequate way.
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 Decisive and Risk Taking: Both Brent Kiss and Elisa Mianka have good quality of
decision-making with small and major limitation that incur through developing various
different strategies (Different types of entrepreneurship: What’s best for your business?,
2013). These entrepreneur began venture risk with undertaking various methods and
techniques for functioning operations of business.
 Motivational: An entrepreneur is the individual who not only help in evolving
organisation with different practices but also inspire the co-worker with their innovative
ideas for meeting the desired outcome. The major requirements of this is encouragement
of employee and lack of guidance.
Elisa Mianka and Brent Kiss, both are very good and successful leader who evolve the
effective policies and strategies for entire organisational operations along with development,
productivity and profitability of their enterprise.
Skills and Attribute of Entrepreneur Decisive Personality: This is very fundamental which will aid them dealing with several
factors of marketing and maintain effective providers of cost. They should manage entire
types of marketing techniques and functions of promotions in effective way. This can aid
in motivating and encouraging employee for meeting desired objectives and goals. Communication Skills: The entire business persons or entrepreneur consider the goals
and targets of management of business that can aid them in making effective decision for
organisation. Determination: Often entrepreneur are of determinate personality which are required for
an individual at the growth and success time as well as they majorly focus over the
obstacles and barrier within the organisation (Awogbenle and Iwuamadi, 2010). Brent
Kiss and Elisa Mianka are presenting the proper direction that are effective for increasing
success and development for meeting the desired outcome in effective way.
 Opportunist: A better entrepreneur understanding which and when should an opportunity
can benefits more and how they can attain the best outcome out of grabbing development
chances of future.
Brent Kiss and Elisa Mianka, both are effective and successful leader of United Kingdom
which contain different skills and qualities but both are able to make rational decision according
to the organisation's situation.
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