ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT Report - Task 1-3

This report provides a comprehensive overview of entrepreneurship and small business management. It begins by defining different types of entrepreneurial ventures, including small business entrepreneurship, scalable start-ups, corporate entrepreneurship, and social entrepreneurship, and explains their relation to the typology of entrepreneurship, such as serial entrepreneurs and female entrepreneurs. The report then explores the similarities and differences between these ventures. The report also examines the impact of micro and small businesses on the economy, particularly in the context of Brexit, and evaluates their contribution to economic growth. Furthermore, the report analyzes the characteristics, traits, and skills of successful entrepreneurs, differentiating them from traditional business managers and exploring their motivations and mindsets. It also considers how background and experience can either hinder or foster entrepreneurship, supported by examples and analysis of successful entrepreneurs. The report concludes with a summary of the key findings and insights into the world of entrepreneurship.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship.....................................................................................................................4
P2 Similarities and differences between entrepreneurial ventures.........................................6
M1. Demonstrate an understanding of entrepreneurship in both public and corporate sector9
D1. Examine the scope, development and growth of entrepreneurial venture.....................10
TASK 2..........................................................................................................................................10
P3. Illustrate how micro and small business impact on economy........................................10
P4. Explain important small business and business start – ups will contribute of growth of
social economy after ‘Brexit’...............................................................................................11
M2. Evaluate the differences that small, medium and large businesses make to the economy,
applying relevant data and statistics.....................................................................................12
D2. Critically examine how small businesses have an impact on different levels of the
economy in a local, regional, national and international context.........................................12
TASK 3..........................................................................................................................................13
P5. Determine characteristics, traits and skills of two successful entrepreneurs which
differentiate them from other business managers.................................................................13
P6. Reflect entrepreneurial motivation and mindset............................................................15
M3. Explore and examine different lines of argument relating to entrepreneurial
characteristics.......................................................................................................................15
D3. Analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples....................................................................16
P7 Examine how background and experience can hinder or foster entrepreneurship..........16
M4. Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs........................................17

D4. Critically evaluate how background and experience influences entrepreneurs, both
positively and negatively, by comparing and contrasting examples....................................17
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................19

INTRODUCTION
Entrepreneurship is a process of designing through which company launch and run a new
business which can be small during initial years. Whereas in terms of entrepreneurs they mostly
develops new and innovative ideas so that services and facilities can be provided to its clients in
a better manner. In this present report, different kinds of entrepreneurial ventures in included
along with its relation with various typologies. Apart form this, similarities and differences of
entrepreneurial ventures is mentioned so as to understand entrepreneurship in a better manner.
Lastly, scope, development and growth which is seen in entrepreneurial ventures are mentioned
in this assignment.
TASK 1
P1 Different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship
An entrepreneur are more like people who love to work alone with their innovative ideas
instead of working under an organisation. Mostly, they open their small business and play a
crucial role in enhancing the income or GDP of a nation. Thus, it can be said that entrepreneur so
business in order to pursue their opportunities that are available in the market. There are different
kinds of ventures that works in various sectors whether small, medium or large and some of them
are explained below for better understanding:
Entrepreneurial venture:
Small business entrepreneurship: There is an increase in sole traders and SMEs in
United Kingdom. Even large business are reducing its size of business and around 23 million
companies has established in United Kingdom between April 2016 and April 2017, which is
better than previous years. Small business entrepreneurship are owned by an individual
independently and playing their crucial role in increasing nation's economy. According to a study
it has been analysed that size of small business has increased to approximately 5.7 million.
Majorly, these companies are operated so as to feed family members as their profit margin is
relatively low.
Scalable Start-ups Entrepreneurship: People who are doing these kind of business
have their own observation and perform their activity to change the world for a better living.
Scalable entrepreneurs have different vision and through this, they try to attract a large number

of investors who can provide them with funds in order to give better services and facilities to its
clients. For them raising revenues is easier without even enhancing sky-high incremental costs.
Large Company Entrepreneurship: These companies grow by implementing
innovative and new ideas. Other than this, they manufacture goods on a regular basis by
providing more varieties revolving around the core component. Main motive of these firms is to
gain large number of profits so that they can sustain in the market for a longer period of time.
Henceforth, it is important that company make changes in their products according to the needs
and wants of customers as it will assist organisation in delivering goods which are as per the
choices and preferences of consumers.
Social Entrepreneurship: not all companies work for generating more and more money
or becoming one of the leading firm some entrepreneurs so business activities for helping other
persons who are needy. Social entrepreneurs perform their activities not for improving market
share but fulfilling the needs and demands of citizens. Therefore, first social entrepreneur look
out for the factors that are to be consider for making life more easier for them.
Henceforth, above mentioned are some of the different kinds of entrepreneurial ventures
who are operating its business in United Kingdom and providing better services and facilities to
its clients. Such two organisation are assist in maintaining and managing all entrepreneurial
ventures which are used for analysing all business activities and functions.
Typologies of entrepreneurship
Serial entrepreneur: They first, establish their business with new and innovative ideas
and successfully run its business for gaining benefits and also to generate more and more money.
Later, serial entrepreneurs give their business to someone else for further operations and starts a
different business with an innovative thought. Giles Palmer, is one of the best example of serial
entrepreneur and he is the founder and CEO of BrandWatch. Basically, the company provides
with different platforms for connecting various kinds of brands so that different market
opportunities can be availed.
Social entrepreneur: They are the one who are potentially capable enough of resolving
issues related to society or community. While solving issues social entrepreneurs show their
willingness of making lives of people easier. Gravity Light is one of the organisation that is
working for replacing harmful kerosene lamps which affect health of an individual who is using

that with solar lamps. Martin Riddiford and Jim Reeves are the key founders of this
organisation.
Female entrepreneur: They have same quality like male entrepreneurs and capable
enough in resolving all the issues and problems which can hamper business activities. Basically.
Female entrepreneurs work for a social cause so that standard of people can be lifted and they
can be equal to other individuals. Clara Barton is the best example of this as she works for
American Red Cross and performing her activities in making life even better for humans.
P2 Similarities and differences between entrepreneurial ventures
Major work of entrepreneurial venture is to provide advisory services to its clients and in
order to do so they evaluate various kinds of aspects and manifests so that work can be done
even better (Leitch, Hill and Neergaard, 2010). These includes companies of various segments
such as start-ups, corporate, social, scalable etc., Therefore, with the help of this, they are tend to
provide better services and facilities to its customers. Some of the similarities and differences are
mentioned below for better understanding:
Venture Similarities Differences
Male and female
entrepreneurs
 Both male and female
are confident enough in
doing their activities so
as to get better results
and outcomes. As in
they work for getting
maximum benefits and
profits.
 Male and female
entrepreneurs are
capable enough in
making strategies
which enable them in
making better decision
for operating its
 Most of the male
entrepreneurs work for
achieving greater
success but they are
compulsive in nature.
Because of which they
face some kind of
difficulties while
locking deals between
other businessmen.
While operating its
business male
entrepreneurs take risk
and challenges.
 Whereas in terms of

business. female entrepreneurs
they are humble and are
sensible while taking
any kind of decision for
the company (Hall,
Daneke and Lenox,
2010). They simply go
through all relative
possible factors which
can have an impact on
business activities.
Other than this, they
take calculative risk
which can give benefits
to the organisation.
Small and Social
entrepreneurial ventures
 Both small and social
entrepreneurs do their
activities for giving
better services and
facilities to its clients.
Thus, for this, they use
resources and funds in
a proper manner so that
nothing can get wasted.
 They lookout for the
needs and wants of
customers on a regular
basis so that all the
requirements of
consumers can be
fulfilled in an effective
 Small ventures operate
its business for
fulfilling the
requirements of its
family members. Thus,
they have a small
market share and
continuously try to give
effective services in
order to improve its
brand image.
 In relation with social
ventures their main
motive of work is to
enhance the living
standard of people.

manner. Henceforth, they work
according to the
situations and need of
people who are living
in the society.
Scalable start-ups and large
entrepreneurial ventures
 Both of these
entrepreneurial
ventures prime focus is
of generating more and
more money with the
help of the products
they provide
(Gorgievski, Ascalon
and Stephan, 2011).
So, they manufacture
goods on a regular
basis by considering
the requirements of
customers.
 They both take risks
and accept different
kinds of challenges
thus, for giving best out
of this, they
incorporate latest tools
and technologies which
further assist them in
providing goods which
are of best quality.
 Scalable Start-ups work
with as purpose of
changing the scenario
of the world so that
place can be made
better for living. In
order to do the same
they use resources and
facilities according to
the needs so that it can
be used in a limited
manner without any
wastage.
 Large entrepreneur
ventures, for operating
its business have ample
number of funds which
assist them in
delivering best quality
products to its clients.
While making
commodities they use
bets kind of raw
material which
automatically provides
excellent quality of

goods. Therefore, this
aid company in
sustaining a better
position at market area
for a loner period of
time.
Lifestyle and survival
entrepreneurial venture
 Both lifestyle and
survival entrepreneurial
venture have passion
towards their work so
they do work in order
to fulfil their desire
ambition (Gorgievski,
Ascalon and Stephan,
2011). They majorly
work independently
working with
maximum 2 or 3 crew
members. Both these
entrepreneurial venture
work for making an
improved brand image
for themselves and for
companies as well.
 Lifestyle
entrepreneurial venture
focus on life rewards
and enjoy to work for
their passion and until
they are passionate
about their work they
will get better results
and a better position at
market area. For
example: Wildlife
photographers, they
roam around the world
and jungles for
fulfilling their passion.
M1. Demonstrate an understanding of entrepreneurship in both public and corporate sector
Private corporate sector:- Their are several type of private corporate sector some of
them are as followed:-
Survival firm:- The main objective of these firm is to survive and meet the financial
obligations, their long term goal is to stay in business.

Lifestyle Firm:- The main aim of this firm is to survive and maintain the life. These
ventures have high risk of failure.
Aggressive growth Firm:- The main focus of these firm is to growth with high initial
investments or investors.
Social Firm:- objective of these ventures is to survive and solve social problems.
Public Sector Enterprise:- These firms are owned, manage and control by the
government. Their main aim is to serve the society, they are welfare oriented. Present status of
these firms, they are growing impressively and both central and state government interested in
investment to their products and services .
D1. Examine the scope, development and growth of entrepreneurial venture
An entrepreneur is a person who start and run a business with the limitation of resource
and planning and is responsible for the risks and achievements of the venture. The new
entrepreneur must have new, unique and innovative ideas and they also need the support of the
networks and connections to survive. The good and new idea and appropriate plan provides the
scope for the growth of the entrepreneurial activities. An entrepreneur has wide opportunities and
vast scope in selling sector rather than manufacturing sectors. If the venture is small and medium
then it has wide scope in the market, because it have high productivity, greater efficiency and
low labour turnover.
TASK 2
P3. Illustrate how micro and small business impact on economy
After the Brexit referendum, government of UK pay their maximum attention towards
SME's. These organisations play a most important role in the economy growth and development
practices. These enterprises are considered as Micro, small and medium enterprises which are
different to each other on the basis of their turnover, number of employees as well as resources
capabilities. In small and medium size businesses, there are around 250 employees who work for
reaching with desired goals and targets. There are approximately 5.7 million small businesses are
situated in United Kingdom in the year of 2018 which was over 99% of all businesses.
Enterprise Employees Turnover
Micro scale organisation Not Needs to be more than 10 Less than 2 million pound
Small scale organisation Needs to be Less than 50 Not more than 10 million pound

Medium scale organisation Needs to be Less than 250 Not more than 43 million pound
These organisation has numerous impact on the economy of UK such as -
Local Impact – SME's provide opportunities to individuals who are living in the local areas of
the company. The also assist for the improvement of living standard of individual's in
appropriate manner. These impacts can be -
 Employment – Small scale organisations employ approx over 24.3 million people in UK
which accounts for 60% of all private-sector employment, and a massive 81% of the
overall workforce (The importance of small businesses in the economy. 2018).
Regional impact - Micro and small firms basically provide quality services and products to their
customers on the basis of their requirement as well as need. After this they, they set appropriate
cost of products so that customer's can buy each them easily. Thus, this kind of practices
provides benefits to government for the betterment of economy growth by enhancing customer's
buying power.
Micro business – It is generally defined as small business employing and occupying with
less than nine people and they have 2 million investment while start up the businesses.
Small business – Small company is the any company where lower than 500 employees
nd fails beneath an industry particular annual reports. It is operated and regulated by small
owners where they are work together for reach with desired goals and targets.
GDP Contribution – Small businesses are contribute around 99.3% in all private sector
businesses at the beginning of 2018 and there are around 99.9% were small and medium sized.
Total employment of small medium enterprise was 16.3 million in the United Kingdom.

Interpretation: It can be analysed that micro and small business impact on economy and it is
directly affect on business operations at international level. There are around 88% companies are
micro in nature, on the other hand there are approximately 75% are considered as small business
and around 10% are determined as medium size businesses. Along with this, there are around
more than 0.4% businesses are considered as large companies.
P4. Explain important small business and business start – ups will contribute of growth of social
economy after ‘Brexit’
There are several businesses are ruining in the UK and all of them plays a significant role
in the raising economy of the country. ‘Brexit’ referendum was happened in the year 2006, it was
biggest political movement which shake entire world. Brexit stated as ‘Britain exit’ that means
Britain exits from Europe. The UK and EU government appealed to the people to vote for Brexit
in which England voted for 46.6%, Wales also voted to leave 52.5% (Definition of 'Brexit',
2018). After Brexit there UK business industry were gone in downfall. At that time UK
government supports business firms for establishment. In meanwhile, there were lots of start-ups
and small business developed because that was the only support to raise the economy of the
country. After Brexit there are 5.7 million private sector organizations are recorded that is also
providing 60% employment. These private sector organizations are account for 73% of all net
Illustration 1: Impact of micro and small business on economy, 2018
(Source: Impact of micro and small business on economy, 2018)