Report on Entrepreneurship and Small Business Management Insights

This report delves into the realm of entrepreneurship and small business management, examining various aspects of entrepreneurial ventures. It begins by defining key terms such as entrepreneur, entrepreneurship, and enterprise, then proceeds to categorize different types of ventures, including established organizations, small and large social ventures, and high-growth firms. The report analyzes the similarities and differences between these ventures, considering factors like driving forces, creative ideas, and funding. Furthermore, it explores the impact of small and medium businesses on the economy, highlighting the importance of startups and small businesses in fostering social economic progress. The report also discusses the essential skills and characteristics of successful entrepreneurs, contrasting them with business managers. It examines how entrepreneurial personality, mindset, and motivation influence venture success, while also considering how experience and background can either foster or hinder entrepreneurship. The report provides relevant examples of businesses in different sectors.

Entrepreneurship and
Small Business
Management

Table of Content
INTRODUCTION...........................................................................................................................3
ACTIVITY 1....................................................................................................................................3
Different kinds of entrepreneurial venture which is related to typology of entrepreneurship.....4
Differences and similarities between various entrepreneurial ventures......................................5
Small and medium business effect upon economy......................................................................9
Importance of business start up and small business to progress of social economy..................10
ACTIVITY 2..................................................................................................................................11
Skills and characteristic traits of successful entrepreneur that different from business managers
....................................................................................................................................................11
Entrepreneurial personality reflect entrepreneurial mind set and motivation............................11
Experience and background foster or hinder entrepreneurship.................................................12
CONCLUSION..............................................................................................................................13

INTRODUCTION
Small business management is the procedure used by businessman when running its
business operations. Entrepreneurship is the best mode use businessman to set up business and
small business management by considering several risks related to managerial and financial
performance (Busenitz and Arthurs, 2014). The present report is based on different types of
organization and explain various kinds of entrepreneurial venture related to typology of
entrepreneurship. Differences and similarities between entrepreneurial ventures and diverse
range of entrepreneurial ventures in corporate and public sector. It explains development, growth
and scope of entrepreneurial ventures and also define small and medium businesses impact on
economy with some relevant data and statistics. Importance of start up and small business to
growth of social economy and clarifies characteristics and skills of successful entrepreneurs.
This study justifies aspects of entrepreneurial personality reflect entrepreneurial mind set and
motivation. Furthermore, it explains how experience and background hinder or foster
entrepreneurship and influence both negatively and positively.
ACTIVITY 1
Entrepreneur-
Entrepreneur is a person who efforts to set up the business with great innovating and
creative ideas that determines need for creation of business. In simple words, he/she is the person
with willingness and great capacity to develop, manage and organize the business venture along
with managing risks in order to run business successfully and earn profit.
Entrepreneurship-
It is the procedure of running, launching and designing a new business which is often
initially medium or small venture.
Entrepreneurial venture-
Entrepreneur is individual who run and began business with limited planning and assets.
It can be defined as the company that places opportunism and innovation at business in order to
produce social or economic value.
Enterprise-
Enterprise in simple terms is profit company or business which is managed by the
entrepreneur successfully along with all the essential resources.

Different kinds of entrepreneurial venture which is related to typology of entrepreneurship
Different types of entrepreneurial ventures-
Established organization-
An company along with all the essential resources and planning and has existed for long
term period within marketplace is known as well-established firm (Brooks and et.al., 2014). For
example, M&S is well-established organization and one of the largest retailer in London. Thy
are specialises in selling home products, high quality clothing and other goods.
Small size social venture-
Small size social venture is undertaking by company or firm established by social
enterpriser that want to offer solutions and recommendation to achieve social as well as
sustainable objective. They mostly work for economy well fare and often to provide service to
local and residential peoples. For example, Change please coffe firm with their employees
provide facilities to many peoples and serves the best coffee to them.
Large size social venture-
Just like small size social venture large size social venture perform and serves its services
to peoples in order to improve their living standards and help to balance their life easily. For
example, NHS offer high quality services and health care facilities to all within economy which
is beneficial for them.
High growth firms-
High progress companies generates significant positive earnings or cash flow, they
increase a lot of profit faster than the others. For example, Google is the American multinational
technology.
Typology of entrepreneurship-
Social Enterprise-
Social enterprise is important for society and for economy, as they help to provide better
heath care facilities. NHS is one of the social company that helping peoples to take control of
well being and health.
Managed growth firm-
Managed growth companies balanced their business along with limited resources and
assets. They focus on current business plans and try to run their business effectively for example,
Change please coffee company awarded for day to day services and for helping nature. They

managed their business and quality of products successfully with the help of skilled and talented
staff members.
Aggressive growth company-
Aggressive growth firms focuses on making profit in order to raise its position within
marketplace and generate revenue (Alvarez‐Garrido and Dushnitsky, 2016). Aggressive growth
companies just want of managed their existing large business. Google is considered as
aggressive progress organization which only need to maintain their reputation.
Life style firm-
Lifestyle companies run and set up business by their founder primarily with aim of
sustaining specific level of income. M&S is related to life style firms who run their business
effectively and consider current trends in market which is essential for them.
Differences and similarities between various entrepreneurial ventures
Similarities between different entrepreneurial ventures-
Similarities Established
organization
Small size social
venture
Large size social
venture
High growth
firms
Driving forces Due to some
changes in
external and
internal
environment of
business, it
directly effects
M&S as
established
company and also
influence the
other as well.
Like well-
established
companies, small
size social
venture business
is affected by
some changes in
government
policies and
legislations.
Large size social
venture also get
affected due to
some changes and
modification
within
legislations and
government rules.
For example,
changes in policy
of Health and
Safety Act 1974
affect NHS as
well as their
business
performance just
High growth
companies such
as Google
business will be
influenced if
government make
changes in
taxation policies.
As similar to any
other
organizations
high growth firms
business get
affected.

like the other
firms.
Creative idea Creativity is act
of imaginative
ideas and turning
new into reality
(Von Zedtwitz
and et.al., 2015).
Established firm
also make
creative ideas
within their
business in order
to increase
profitability and
productivity.
As like M&S,
Change please
coffee also make
creative ideas in
order to sustain
for longer time
and provide better
services to
peoples.
They also make
creative ideas and
do some
creativity at
workplace which
inspire workers to
work with each
other as well as
firm for long
time.
With the help of
creative ideas,
Google become a
leading brand and
serve along with
creative ideas
across the
boarder.
Funding from
investor or
venture
capitalist
Investors is the
person who
provide funds to
companies as like
small, medium
etc. Marks &
Spencer also
gather fund from
investors if it is
required.
To run business
effectively and
serve the great
quality products
Change please
Coffee also take
funds from banks
and other venture
capitalist if they
needed.
NHS through
charity functions
and events collect
funds which is
essential for them
as to offer better
health care related
facilities.
Based on
requirement
Google also
funding from
venture capitalist
for some specific
purpose.
Difference between various entrepreneurial ventures-
Differences Established Small size social Large size social High growth

organization venture venture firms
Annual growth
rate
Established firm
annual growth
rate is different
from the other
companies such
as small size
social venture and
large size social
venture. M&S
annual growth
rate is based on
their work and
supply demand.
They generate
£84.6 million
profit before tax.
Small size social
venture, annual
progress rate is
depended on their
business
performance,
which is quite
much lower than
large and high
growth
companies.
Large size social
venture, perform
for well fare of
economy as their
annal growth is
based on its
services and areas
of expansion.
High growth
companies annual
growth rate is
quite difficult to
major because
they expand its
business in all
over the world
and generate
unlimited revenue
as compare to
another firms
(Morris and et.al.,
2018). As they
make a billion per
year.
Managerial style Marks & Spencer
follow different
managerial style
and chose suitable
for business.
They adopt
collaborative
management
styles which is
quite different
from the other
and suitable for
Change please
coffee firm.
Large size social
venture follow
strategic
management style
which is different
from other
organization's
managerial style.
According to this
style NHS only
focuses on setting
objectives and
business goals.
Google is high
growth company
as they adopt
different
managerial style
according to
management
levels.

Technology
investment
As compare to
small size social
venture and high
growth firms,
M&S invest a lot
of money within
technology that
help to increase
profitability.
They invest less
money within
technology.
They invest
money as
compare to other
in order to
improve
economic status.
Google business
in based on
technology it
means that they
invest more and
more in advanced
technology and
implement within
business
structure.
Diverse range of entrepreneurial ventures-
Established organization, Small size social venture, Large size social venture and High
growth company are the diverse range of entrepreneurial ventures. NHS is considered as large
size social venture, it is government owned company and work under public sector (Autio and
et.al., 2018). National health Service firm provide health care related facilities to peoples and
contribute in economy well fare. Each of their services provides the comprehensive range of
health facilities free at point of use for local and residential people in UK apart from optical care
and dental treatment.
On the other side M&S is one of the entrepreneurial venture who run their business
effectively and increase profit margin. Marks & Spencer work under private sector and perform
well.
Development, scope and growth of entrepreneurial ventures-
Entrepreneurial ventures growth, development and scope is based on their business
performance and working abilities. For example, Google developed their business with the help
of effective plan and skilled labour. They expand their business across the world and gain profit
as compare to other large growth companies in business world. It is an multinational technology
firm, specializes in internet affiliated facilities and products which include hardware and
software, online advertising technologies etc.

Change please coffee growth is dependent on areas where they perform, they work for
economy well fare and developed its business according to it. With the help of serving brewing
coffee change Please coffee venture reduce homelessness.
Small and medium business effect upon economy
Small business is any organization that employs less than 500 workers and perform along
with them for many years. Catering service, mobile hairdresser, cleaning and online tutoring is
considers as small business that impact on economy and contribute in development and growth
of UK economy. SME's play essential role in UK as they help to grow and improve economy
status via provide employment opportunities (Burchardt and et.al., 2016). Small business support
to local economies by bringing innovation and growth to community in which business is
established. SMS's support stimulate economy progress by providing employment opportunities
to residential peoples who may not be employable by high growth and large corporations.
In 2016, 5.5 million private sector businesses were established up by 97,000 since 2015
in UK. They want to run their business efficiently and effectively in which they required a lot of
peoples who help to do so. Thus, it is one of the best opportunity for residential and local peoples
Illustration 1: SME's Contribution in growth and development of
economy
(Source: Essential Facts about SMEs in the UK, 2016)

to maintain living standards, small and medium companies provide emplacement opportunities to
them which is essential for peoples and it helps to develop and improve economic status after
Brexit. In UK, 99.3 percent small and medium business were establishing and starting up its
venture. They provide 15.6 Million employment benefits and job positions which often 60% of
all private sector employment (Dilli, Elert and Herrmann, 2018). In 2015, small and medium size
businesses created 1.9 million jobs with some of the smallest companies those with 20 workers
or fewer. SME's tent to attract skilled and talented peoples who contribute in production of new
products and implement new as well as different solutions for existing ideas within business.
Differences medium, large and small businesses make to economy-
Medium size businesses' employee more than 100 workers and small size business will
hire 200 employees. Small and medium companies drive UK economy towards growth and
development which is beneficial for them. They provide home less and unemployed peoples job
opportunities which is wonderful and useful for them (Henrekson and Sanandaji, 2014). 4.7
Million small business across UK support peoples to maintain their living status and improve
their standards.
On the other hand large business were also contributed in development and growth of
economy in UK. For example, M&S is large company, they spread their business in all over the
world in which they hire new and talented applicants. With the help of hiring new candidates
organization can be able to perform well and generate revenues which is quite beneficial for
them as well as development of economy.
Importance of business start up and small business to progress of social economy
Importance of start up business as well as small business to growth of social economy is
emotionally rooted in selling and buying with neighbours. Small business is very essential for
social economy as they help to grow and develop economy status. They present new
employment opportunities and serve as building good relationship with customers. SB is
essential to progress of social economy by bringing creation and growth. Small business posses
ability to adapt and response quickly to changing economic climates. This is due to fact that they
are often very consumer oriented and understand demand of society. They also contribute to
local government with taxes which is beneficial for economic growth and well fare.

On the other side start up business were also essential to growth of social economy as
they offer the best job opportunities along with new rules in employment contracts which is
useful and beneficial for local peoples as well as others.
Impact of small businesses on several levels of economy and also in context of
international-
Small business impact on local, national and internation level of economy as they provide
the best job opportunity to local peoples (Schaper, 2016). If they expand their business they also
contribute at national and international level for same and help to increase income of people.
ACTIVITY 2
Skills and characteristic traits of successful entrepreneur that different from business managers
J.K Rowling skills and Characteristics-
J.K Rowling is an author of the series of seven Harry Potter novels, she is a British
screenwriter, novelist and producer. She is very ambitions women, they never give up and
except the challenges. She has the courage to face any issues and managed in better way rather
than any other business manager.
Her skills is quite different from business manager, she takes risks and focus on writing
based on different concepts, but manager within business will take less risk. Motivation- it is
one of the best skill among J.K Rowling that helps to accomplish novel.
In her life change is constant, and she has the courage and adaptability to adopt these
change. Due to her friendly nature, she makes friends easily and attract peoples towards them,
thus it defines her characteristic traits.
Peter Jones characteristic and traits-
Peter Jones is British businessman and successful entrepreneur with interests in
television, retail, mobile phones and leisure and property. He is a successful entrepreneur along
with great skills such as creativity (Dugguh, 2017). He wants to be creative and play many roles
in TV show's, Peter is interested in starting diverse range of business. Thus, due to their creative
skills he is quite different from another business manager who are less interested for try new
things which impact on business and financial performance. He is very passionate about their
work and try to find out the new things which is beneficial for its overall business.

Entrepreneurial personality reflect entrepreneurial mind set and motivation
J.K Rowling personality reflect upon their nature and mind set, she took divorced from
her husband and belong to poor family. She takes care of her child alone without taking any help
to others, these circumstances make her stronger and motivate her to do something different and
better than the another. After struggling in her life, J.K Rowling set their mind to become a
writer and express feeling with every one with the help of writing.
Peter Jones personality also reflect on their career growth as well as motivation, he plays
several roles in TV shows American inventor and Dragon's Den. He always wants to do
something different which drive him towards starting range of business such as making
computers and opening the cocktail bar. So it can say that his personality reflect on their mind set
and motivate to do creativity.
Argument connecting to entrepreneurial characteristics-
As discussed by Mauer, Neergaard and Linstad, (2017) J.K Rowling has friendly nature
she is able to attract peoples and inspire other with their personality. She has the way with words
and uncanny skills to motivate people. But on the other side according to Tasnim, Yahya and
Zainuddin, (2014) Peter Jones characteristics is quite different from J.K rowing which help to
foster their personal and professional career growth.
Skills, characteristic and motivational drives of successful entrepreneurs-
J.K Rowling life struggle as a single parent is one of the motivational driver that make
her become as successful entrepreneur.
Peter Jones creative nature and characteristic make him different from other and motivate
to work within another field or try to do something gonna be unique.
Experience and background foster or hinder entrepreneurship
J.K Rowling during her dark times faced clinical depression and even thoughts of suicide.
All these things happen after her divorce and rejection of her book, her experience and poor
family background foster her to become successful entrepreneur and motivate her to perform
well as a single parent. She suffers from depression, but still managed her life just for her child
how is dependent on her totally.
On the other hand Peter Jones past business experience foster him to become successful
entrepreneur. When he is in twenties his computer business were failed, he forced to give up

their three bedroom home in Bray and had to go back at home. Bad experience teach a lesson to
Jones and inspire to start up next venture.
experience and background effect entrepreneurs both side positively and negatively-
Experience and background influence entrepreneurs both negative and positive side, for
example, J.K Rowling experience the worst part in her life which put negative effect her life and
create though in mind to commit suicide. But on the other side, she thought about her child
which give inspiration and motivation to her to become a successful writer.
CONCLUSION
From above, it has been concluded that established firm, small size social venture, large
size social venture and high growth firm are the types of entrepreneurial venture, and all they are
related to typologies. All the entrepreneurial venture is different from each other based on work
and also have some similarities that connect the with each other. Furthermore, SME's is essential
and beneficial for economic growth, they provide job opportunities and employment benefits to
local peoples. It has been summarized that J.K Rowling experience a lot in her life which support
to foster her career and make her successful writer. Peter Jones also inspire in his life as
businessman and actor.