Higher National Diploma in Business: Entrepreneurship Report Analysis

This report, prepared for a Higher National Diploma in Business module, provides a comprehensive analysis of entrepreneurship and small business management. It begins by examining different types of entrepreneurial ventures, including small business entrepreneurship, scalable start-ups, large company entrepreneurship, and social entrepreneurship, relating them to various typologies. The report then explores the similarities and differences between these ventures. A significant portion is dedicated to evaluating the influence of micro and small businesses on the economy, supported by data and statistics. The importance of small businesses and start-ups in the social economy is also explained. Furthermore, the report analyzes the characteristic traits and skills of successful entrepreneurs, differentiating them from business administrators, and evaluates the entrepreneurial mindset. The impact of background and experience on entrepreneurship is also examined, considering both positive and negative influences, concluding with an overview of the findings and their implications.

Entrepreneurship and Small
Business Management

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship:......................................................................................................1
P2 Explore the similarities and differences between entrepreneurial ventures..........................3
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector............................................................5
D1.Critically examine the scope, development and growth of entrepreneurial ventures............5
TASK 2............................................................................................................................................6
P3. Evaluate and interpret reliable data and statistics to illustrate how micro and small
businesses influence on the economy..........................................................................................6
P4 Explain the importance of small businesses and business start-ups to the growth of the
social economy............................................................................................................................6
M2. Assess the differences among small, medium and large businesses make to the economy.8
D2. Evaluate how small businesses have an influence on diverse levels of the economy (local,
regional and national)..................................................................................................................9
TASK 3..........................................................................................................................................11
P5. Analyse the characteristic traits and skills of successful entrepreneurs that differentiate
them form business administrators............................................................................................11
P6. Evaluate how aspects of the entrepreneurial personality reproduce entrepreneurial
motivation and mind-set............................................................................................................12
M3 Different lines of arguments relating to entrepreneurial characteristics.............................14
D3 Determine the characteristic traits, abilities and motivational drivers of successful
entrepreneurs..............................................................................................................................14
TASK 4..........................................................................................................................................14
P7. Examine, utilising reliable examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................14
M4. Determine the link among entrepreneurial characteristics and the impact of personal
background and experience to particular successful entrepreneurs...........................................15

D4 Analyse how background and experience impacts entrepreneurs, both positively and
negatively...................................................................................................................................16
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneurship is signified as the launching or running a new entity. Furthermore, it is the
formative process in which individual commenced risk for improving as well as running business
appropriately when ensuring more earnings and progress. In addition to this, this method is being
included by them for providing nation and community exclusive as well as innovative products
and facilities which may develop their living standards. Moreover, the people who set up these
entities are acknowledged as the businesspersons (Laudano, Marzi and Caputo, 2018). Along
with it, this is considered as the capability or interest to improve and administrate new
organisations through assuming diverse type of threat for generating high revenue. The
information which this written document will consider more than a few topics that consider the
assessment sort that are entrepreneurial in nature, diverse kinds of entrepreneurial firms and its
relation with typologies, comparison and similarities between them, interpretation of data in
context of micro and small business have influence upon economy. Furthermore, the influence of
entrepreneurship on economy, the entrepreneurial mind set and the environments that foster or
hinder entrepreneurships are also defined within the assessment.
TASK 1
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship:
Entrepreneurship is supposed as the process of making new relation in business at
marketplace with the aim of increasing value of profit and sales. This is also called as Business.
And the peoples who setup such type of business are called as the Entrepreneurs. It is supposed
as the capability or curiosity to produce or handle new initiative by undertaking different type of
chance for producing large amount of benefits (Alsafadi and et. al., 2020). Inside it, industrialist
handles various enterprise as well as services offerings to its consumers. Regarding this, there are
four types of enterprise which are explained below:
· Small business entrepreneurship: This type of enterprises are handled by the people by
their won chance. Inspite of this, these unprofessional tour workers, plumbers, hairstylists
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and others. The main aim of it is to produce fixed profitability as well as effort to achieve
their basic results. With this, there are approx. 5.7 million of micro which are doing their
business in the United Kingdom.
· Scalable start-ups entrepreneurship: This contains organizations which relative large
rate of growth to another association in the market place. Other than this, these execute
activities of enterprises in order to helps innovative and special presents to peoples
(Rezaei-Moghaddam and Izadi, 2019). In addition, those have focused aim as well as
perception to improve all world or achieve the impulse of clients by giving them various
types of special items. i.e., Microsoft, Google and others.
· Large company entrepreneurship: This type of firms is those which is doing their
operations on large level. Moreover, this type of firm has vast employees who are giving
their full support and endurance to achieve its enterprises targets. Apart from this, this
requires more investment for supervising activities in effective way i.e., H&M and others.
· Social entrepreneurship: This type of enterprises is prepared in such a way to help
presents for the protection of the public. Moreover, the public profession expert is
handling their professional actions for not receiving benefit but objective to achieve the
community preference (Jones and et. al., 2018). Inspite of this, community enterprises are
handling their activities in such a way to improve the living standard of peoples
i.e.,Oxfam,NHS and so on.
Typologies of entrepreneurship:
Individual expectation are applicable in such a way to explain some factors rely on the
improvement , existence and others. So, some type of entrepreneurship depend upon the
entrepreneurial enterprise are explain below:
· Lifestyle enterprises: The enterprises into this particular sense is sowing its activities and
providing few chances of job with focus on improving earnings. Moreover, These are
focused on the improving public and private livings. Also, it is related to pubic
entrepreneurship as they are doing some work for the improvement of public lifestyle.
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· Growth firms: This type of firms are scheduled their activities of the industry in such a
manner to get more benefit and positive result (Ismoilov and et. al., 2020). Moreover, It
includes enterprises which have best improvement rate in regards with other enterprises
in same field. Also, this type of enterprises are focused for the presenting which become
enough to fulfill the customers need for improving market place as well as increasing
support of consumers by pleasing focused customers’ needs.
Due to that reason, it is concluded that there are various enterprises that include into
particular item depending on their opinions or purpose. Entrepreneurial enterprises as well as
their types are critical in separating few types of enterprises as well as differentiating its
objective of continuing its activities (Belitski, Caiazza and Lehmann, 2019). Moreover, the large
varieties take out its activities for corporate ventures to enhance and collect good earnings. And
few industries are a good contract focused for its privacy or existence in the market area.
Moreover, the measured objects or public enterprises are running its physical activities for
persons or society and need of residence.
P2 Explore the similarities and differences between entrepreneurial ventures.
There are differences as well as similarities among all above mentioned entrepreneurial
ventures:
Basis Small size Large size Social Scalable
Meaning These are the
enterprises which
feature at a small
scale.
These are those
enterprises which
work on a large
scale level with the
help of highlight on
the field.
The enterprise which
works for the
complete protection
of public at a
medium level.
These are the
enterprises which
work at fixed
degree.
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Objects Those group which
plans to earn more
income and so that
attract rapid
growth.
The main reason of
this entrepreneurial
mission is to make
enhancement of the
economical
activities of an
industry possible.
It is the one group
which plans for the
protection and
enhancement of the
public and meeting
their requirements
(Cole, 2018).
Those enterprises
plans to increase
benefits by
enhancement of
working activities
.
Example
s
Hair stylist,
electricians and
others.
H&M, TESCO,
Marks & Spencer
and others.
Oxfam, NHS and so
on.
Microsoft, Google
and others.
Similarities between entrepreneurial ventures
Similariti
es
Scalable startup
Entrepreneurial
venture
Large company
Entrepreneurial venture
Small businesses
1 To make sure fulfilment
of the consumer and
customers (Marom and
Lussier, 2018). For
example, Facebook
create the commodities
and services as per to
target audiences
demands to fulfil their
needs and necessities.
To assure satisfaction of
the target audiences and
individuals. For instance,
Google offer appropriate
facilities to target
audiences and offer
needed information to
consumer that fulfils
them.
To ensure fulfilment if
the consumers and
people. For example,
Beauty Bay is the SMEs
that create and offer
beauty commodities
according to customer
need to fulfil and provide
them satisfaction.
2 To assure sustainability
and rivalry in the market
To ensure sustainability
and competitiveness in the
To make sure
sustainability and rivalry
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place. Facebook utilised
customer focused plans
of actions and do
creation to make sure
sustainability and
survival.
marketplace. Google
utilises consumer
concentrated schemes and
make creation to assure its
sustainability (Kunaka
and Moos, 2019).
in the market. Beauty bay
utilises consumer centred
schemes and tactics and
do invention to assure
sustainability.
3 To develop the resource
turnover for developing
revenue. Facebook
utilises its resource most
favourable to develop
earning.
To progress the asset
turnover for expanding
profit margin. Google
utilises its asset
effectively to raise the
number of consumer and
develop profitability.
To improve the turnover
of resources for
increasing earnings and
revenue. Beauty bay has
restricted resources and it
utilises the assets
efficiently for increasing
returns.
4 May demand creation
and creativity to cut the
cost and improve
development and
progress in the market.
Facebook created new
commodities like
messenger, marketplace
and many more.
May require creation and
innovativeness for
survival and sustain.
Google created facilities
like Allo application for
messaging (Mosbah and
et. al., 2020).
May need invention and
creation for
accomplishing
development of earnings
and profits. Beauty Bay
innovated new hair
expenses and extra new
value added facilities.
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector.
Entrepreneurship is supposed as a word that is belongs to society and corporate divisions.
These divisions also permits in skill of entrepreneurship it is crucial for the enhancement and
growth of kingdom. This aims to recover atmospheric factors and presentation of a particular
authority. Society and corporate sectors also includes the new method. It is good for them to
enhance their commercial business and start improving their income.
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D1.Critically examine the scope, development and growth of entrepreneurial ventures.
Business enterprises are enlarged with few aims as well as purposes. Moreover, it would
guides in the line of having direct effect in growth, development as well as scopes of ventures.
Inspite of this, those can increase its scope of enterprises by giving best quality of presents to
public (Wynn and Jones, 2019). Also, this maximizes market value and consumer base by
making its offerings. Enterprises can expand and stretched along with growth of economy.
TASK 2
P3. Evaluate and interpret reliable data and statistics to illustrate how micro and small businesses
influence on the economy
Small and micro ventures both have important impacts upon nation’s financial system. As
they provide and offer crucial development option for financial and people’s development and
success. Furthermore, this have been analysed that from last such years small and medium size
venture are developing quickly within UK that also execute as main sources of earnings or
revenue generation for country (Mahadea and Zogli, 2018). Along with this, it has been
determined that, these establishments flourish several kinds of benefits to economic system and
individual as well as appropriate form. Thus, define beneath, the influences of small and medium
size firms in reference to UK.
Figure 1Business Type of Micro and Small Businesses in UK, 2019.
From the preceding mentioned table and graph, it has been assessed that micro and small
scale ventures get in addition classified in distinctive sectors which incorporates non innovators
(23.9%), non exporters (33.2%), innovators (12.2%) and exporters (13.6%). Subsequently,
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constant with the assessment, it has been found out that small and medium size ventures provide
wide range of advantages in amount of forms that considerably complements USA economic
opportunity boom charge in a nicely outline and powerful manner.
P4 Explain the importance of small businesses and business start-ups to the growth of the social
economy.
Start up and small enterprise are included to be the important prospects of UK economy
development because they offering huge number of job opportunities for people who direct them
regarding increment and enhancement within the life style of individuals. The social economy is
stated as a section of the economic that is highlighted on the connection and relationship among
the financial system and social behaviour (Julien, 2018). It can be the study of social behaviour,
beliefs, norms, culture, value and other aspects that may have impacted and affected the
behaviour of the target audience. For instance, the category of people and life style in community
supported to how much money the individual makes.
Mutuals- Individual in the social economy obtains mutual advantages from each other activities
and work. The individual in the community and society are mutually dependent and the benefit
to one may generate advantage to others.
Foundation: The set of assets utilised to pursue the aims are the foundations. The assets can be
applied and utilised for following the aims of public utility. The leaders from SMEs in UK
involve improving the leadership and educating individual in community for welfare of
individuals living in community (Liguori, El Tarabishy and Passerini, 2020). For instance, there
are diverse foundations in UK, one of them is Wolfson Foundation is foundation or charity firm
which working in UK and it provide its support over more than 10,000 projects in UK. SMEs
raise the fund from the foundations and offer the finance back with interest that may be further
section to assist other businesspersons to establish their own business.
Charities: These kinds of firms contribute to development to the local financial system and
develop the well being of individual in community. Charities bring individual in societies
together and concentrate on the improvement on the societies by fiscal and other kind of
supports. For instance, a high percentage of the SMEs in UK offer back to the community by the
donation in charity for make optimistic involvement to the community. The micro and small
businesses in UK are offering fund to charity and trusts to invest the finance in the improvement
and enlargement of community.
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Association: It signifies as the group and team of individuals sharing aims and objectives. It can
be positioned like the firm including of the members of the community and association may
consider in the form of known and unknown format. For instance, volunteer ventures working
regarding the welfare of community. NHS is one of the important examples of it in the UK.
Thus, there are some important and vital factors wherein both start up as well as small
enterprises plays crucial function in which the societal economical development that are defined
as under:
Formation of job opportunities: It has been found out that there are several sorts of sectors
that are executing their operations as smaller and establish and start up organisations
(Shadibekova, 2020). In addition to this, overall these are relatively offering important
employment growth options extent for wide range of people that acts as crucial outlooks for
financial development of UK’s people. Also, it instantly develops societal economical
development in effective form.
Improve the living standards: By offering effective quantity of employment options, the
both small and start up enterprises are creating essential development in to life style of people.
As it has been found out that UK is having about 99% of enterprises that are running their
operations as SMEs and also are effectively generating around 51% of turnover. Along with this,
it effectively maximises its living standards through developing per capita earnings and revenue.
As per preceding defined description and discussion, it has been found out that start up and
small commercial firm involves efficiently regarding UN financial system (Maziriri, Mapuranga
and Madinga, 2018). As it increases, the character inhabiting standards, employment possibilities
additionally, this blessings nations in the direction if raising its marketplace at global stage.
M2. Assess the differences among small, medium and large businesses make to the economy
The small, medium and large organisations have several diversifications which assist of
country’s financial system to improve appropriately and adequately. Some differences are
defined as under:
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· Small: This commercial venture assists financial system in development and success
(Mahadea and Kaseeram, 2018). There are just about 10 to forty 9 people who carry out
their sports in small business corporation those allows fiscal machine though offering
employment possibilities to so many humans.· Medium: Within this, there are 50 to 250 workers in medium sized business corporation
that involves their effectiveness to accomplish their aims and hit the set targets. Those
moreover execute a significant role in financial device sustainability.· Large: These also are acknowledged large venture or businesses because they may be
larger in period in assessment to small and mid size groups (Cole, 2018). Medium scale
firm employs more than 250 workers that help them to advantage aims and objectives in
assigned time period.
D2. Evaluate how small businesses have an influence on diverse levels of the economy (local,
regional and national)
The small establishments have influence on diverse extents of economy. Thus, SMEs
effects on financial system are defined as below:
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