UK College BTEC HND Entrepreneurial Ventures Assignment Report

This report, prepared for a BTEC HND in Business module, delves into the realm of entrepreneurship and small business management. It begins by defining entrepreneurship and its various forms, including social, public sector, managed growth, small business, scalable start-ups, and large enterprises, highlighting their similarities and differences. The report then examines the impact of micro and small businesses on both national and international economies, emphasizing their contribution to job creation and economic growth. It further explores the significance of small businesses and start-ups in fostering social economy growth. The analysis continues with an examination of the characteristics, traits, and skills of successful entrepreneurs, including personality traits, motivation, and mindsets. Finally, the report considers how background and experience can either hinder or foster entrepreneurial endeavors, offering a comprehensive overview of the entrepreneurial landscape.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Covered in PPT............................................................................................................................3
TASK 2............................................................................................................................................3
Impact of micro and small business on international & national economy.................................3
Importance of small businesses and start-ups to growth of social economy...............................4
TASK 3............................................................................................................................................6
Analyse the characteristic, traits and skills of entrepreneurs.......................................................6
Personality reflected in successful entrepreneur motivation and mind sets................................7
TASK 4............................................................................................................................................9
Background and experience can hinder and foster entrepreneurship..........................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship refer to the procedure by which people manage and launch industrial
enterprises and their business. It's a process of launching, planning and running a new business
which it often initially a smaller one. The individuals who create these enterprises are called
entrepreneurs (Adamu, 2018). They are the ones who invest and risk their own assets into
business & industrial ventures. It explains the scope, growth and development of different
entrepreneurial ventures in both corporate and public sector. It justified the connection between
typology of entrepreneurship and entrepreneurial ventures as well as similarities & differences
between them.
Furthermore, it clarified impact of micro and small business on international and national
economy, importance of small business and start up to growth of social economy in UK. It
explains great entrepreneurs who are different from other successful business women or men. In
additional to this, this report also explains educational background, experience, risk taking
tendency influence entrepreneurs negatively and positively.
TASK 1
Covered in PPT.

It explains the scope, growth and development of different entrepreneurial ventures in both
corporate and public sector. It justified the connection between typology of entrepreneurship and
entrepreneurial ventures as well as similarities & differences between them.

 Enterprise is the word which is used for often business by using entrepreneurial venture.
 Entrepreneurial venture refers the organization which has taken place by knowing
opportunity for managing innovation or creating promotion economic.
Social enterprise: This type of businesses are started with the setting of commercial
strategy. They have their personal motive to provide best and effective services to their client
with free of cost. For example: NHS is the social motive and services provider company which
are provided various free medical services to their customers and client for business. The main
aim of NHS is to provide free medical services to customers for the better health care.

Public sector entrepreneurship: The public sector companies are governing with the
central government and public corporation. These types of organization are listed in the
government norms and regulations. For example: child maintenance group is the public sector
entrepreneurship. This delivers their success through services for child welfare which is assessed
number of factors. They have aim to provide food, meals and home to child who are alone and
belongs with poor families.
Managed growth entrepreneurship: The managed growth company are profit motive
enterprise which are covers in the managed growth and success firm within the company. In the
businesses that are managed their growth as per the needs and wants of customers. For example:
Facebook is the social media company. The main aim to provide best services to customers with
manage growth and increasing profit for firm in effective manner.
Small entrepreneurship: Small business entrepreneurship refer with the basic principle of
entrepreneurship which are teaches to people. They are look at the major steps which are starting
new business. This may includes and covers the finance, marketing and management of human
resource of company. The main objective of small business is to understand the needs and wants
of customers in order to create innovative product and services. The business is requires more
than 2 employees which is generally operates partnership company. The John Lewis partnership
company is the best example of partnership company.
Scalable start-ups entrepreneurship: The scalable start-ups are taking effective and
creative views and ideas for run the business with high profit. This is the temporary designed

organization. This increase revenue of company without adding any high cost in incremental
cost. The contractions business and companies are related with the scalable business firm.
Large entrepreneurship: The large companies are effective because they are managed
their growth and profit at market place. This types of businesses are refers with the new ideas
and opportunity in the business for gaining high growth. This types of businesses make focus on
continuous improvement of the basis of effective market growth and changing needs of
customers. That is managed with the help of marketing information system MIS that is leads for
increasing organizational profits and enhance competitive position. McDonald's is example of
large organization.
Social entrepreneurship: Social entrepreneurship operates their business for provide
social services and welfare to people. This is the best combination of commerce and social issues
for improve lives of people. They are recognition social problems and issues for achieving social
changes by the principle and operations. NHS is the best example of social entrepreneurship
because they are provided various free services to customers.
 The social, public and private entrepreneurial ventures think creative and innovative for
making and introducing new product at market place in effective manner. This is the
similarity of all the entrepreneur because all are think creative and generate new ideas for
survive within the market place. For example: Facebook and apple company make
innovative features success.

 All the entrepreneurship have created brand name for differentiate their products and
services from other companies. This help to create more effectiveness for business to gain
success through name of business. For example: BMW and NHS have brand name.
 All the businesses are similarly required innovations in their business for gaining
effective and valuable success of business. For example: Tata Nano is required
innovation in their products.
 Every businesses are required investors for their business to gain effective success at
market place. With the help of investors management keeps effective success of business
in effective manner.
Managerial skills: this skills are very important for each and every company as per their
scale of working and staying within the market place. For example: for the survival business are
not requires managing managerial skills because they are operates business for earning profits by
giving services to customers. Lifestyle entrepreneur is mainly requires a better communication
skills for sharing information with others. Managed growth organizations are requires
organizations, time management and communication skills for managed growth. On the other
side, aggressive growth company are required to high investment on managerial skills by
organizing training and development program to their employees.

Technology investment: This is another very important aspects which is different
requirement for each entrepreneurship. Like survival entrepreneur not requires technology. Life
style entrepreneur requires technology for payment and billing. Managed growth entrepreneur
requires high level of technology investment as per trends and requirement within the business.
Aggressive growth is use technology are high for taking orders and payments of customers as
well as managing human resources of company.
 Jones, R., Morrish, S.C., Deacon, J. and Miles, M.P., 2018. Entrepreneurial marketing in
small enterprises. In The SAGE handbook of small business and entrepreneurship (pp.
297-320). SAGE Publications Ltd.

TASK 2
Impact of micro and small business on international & national economy
Micro business:
Micro businesses are the companies which have annual sales and assets and values are
less than the $250000 per year and with the fewer than the five employees which are include
owners within the business for working in effective manner.
Small business:
Small businesses are privately owned business and corporation, partnership and sole
proprietorship which have fewer employees and less annual revenue than a regular sized
business or corporation.
In every sector, SMEs captures greater part and supports highly in economy of nation at
national level effectively. Number of small businesses as well as micro is maximizing over time
that generates large amount of revenues by providing different services and products of range of
people, seeking for purchasing new things at affordable price with better quality (Cooper and
Folta, 2017). Number of small business are high in UK within different sector, who are able to
provide their services ad goods to residential people. At international level, SMEs give job
opportunity to local people, that helps to raise their living standards much better than before. The
rate of unemployment is higher than the other factors, impact negatively. Job is the best source

for upgrading life style and income of individual. Those peoples are not been able to fulfil the
needs and wants of family member as well as their own, get the chance to live happily. But with
the help of getting jobs in small departmental stores and other micro ventures, the national
economic standards will be better.
Small businesses are not generated as much profit individually as large organizations, but
still they are essential to the success of UK economy. More than 4.5 million small and micro
business are well-established throughout the country, which is almost above 99% of all ventures
in nation (Adamu, 2018). Therefore, the profit generated by those business have greater
contribution to GDP, it defines the impact of SMEs at national economy. Within overall
businesses, 98 percent are considered as micro firms that employ only 0 to 9 people, those
business cater 33% of employment to unemployed persons and 22% of total turnover. These
ventures are small but their affect is certainly anything (Cooper, 2017). SMEs account for 70%
of jobs in UK with especially large share in Europe and relatively smaller share in US.
Throughout small and micro business also account for disproportionately higher share of new
jobs, particularly in those nations which have displayed strong employment statements. Small
business give impact on the local economy by making higher level of profits sharing with the
help of innovative thinking. On the other side, regional level is impacted by the small business
because it makes new business ideas. In which they require employees for their hard-working
ability.
Importance of small businesses and start-ups to growth of social economy.
Social economy is the branch of economics which have focus on the relationship between
social behaviour and the economics. This examines the various social norms, ethics, emerging
popular sentiments and other. This is creating more effectiveness for working. The various small
businesses and start-ups are important for growth of social economy (Durkin and Gunn, 2016).
This importance is explaining below:
Small businesses are highly contributed to local economies by bringing the growth and
innovation to community. In these businesses are established gaining higher success for business.
This help to stimulate economic growth providing employment opportunities to people who may
not be employable for the larger corporations.
Creation of employment:
Small businesses and start-ups play an important role within the social economy they

make over 95% of total jobs from over all markets jobs. Those are every day and as per
requirement operates new business within the market. In that they require employees for address
workings and complete task (Hardy and Maguire, 2017). For that opens vacancies and hire
employees for working us. This is been reputed which the over all parts of the business in the
employment which affect these sectors looms for the total employment as well as contribute
important sources of employment.
Innovation:
Innovation is another essential for sustainable growth and also required for the success of
company by attracting more customers and people towards businesses. This is very important
aspect for development of economy. Many of core businesses are innovated thinks in their
products and business. Innovation in the product and service is the important need of small
businesses for survive within the market place. In the present, the innovation in economy is the
main reason to create values, growth and employment (Hyde, George and Kumar, 2019). That is
take place the enterprises, national and regional level. Those businesses are always ready to do
innovation and make more growth in the social economy with creating employment, increase
standard of society or others. Those are essential and important for social economy in UK.
Meeting social purpose:
Small and start-ups business are giving their higher contribution in corporate social
responsibilities. This always having a effective and great impact on the country and its economy
which is presents various types of businesses. The social businesses have various social
responsibilities as to get involved in community (Jones and et.al, 2019). This is strategic move
which is selling points of small business is attached with the local community. Through that
small business have effective role within the social economy because they are always contributed
to meet the purpose of social economy in effective manner.
Local improvement:
Local improvement of the businesses are another fact and aspects in which small
businesses are highly contributed for working in better manner. Small businesses are contributed
to the local economies which bringing the effective growth and innovation to the community.
These businesses are highly important for the economy as they give both products and services.
Through that businesses are created higher job opportunities for the local economies. This help
to bring growth and new place where business can operate and stimulates the economic growth