Entrepreneurship and Small Business Management Assessment Report

This report provides a comprehensive analysis of entrepreneurship and small business management, covering various aspects of the field. It begins with an introduction to the concept of entrepreneurship, defining it as the establishment and management of new businesses with associated financial responsibilities. The report then explores different types of entrepreneurial ventures, including small, large, social, and scalable businesses, and examines their typologies. It differentiates between public and corporate sectors and assesses the impact of entrepreneurial ventures on business growth and development. The report further investigates the role of small and medium-sized enterprises (SMEs) in the UK economy, highlighting their contributions to job creation and GDP growth, supported by statistical data. It delves into the characteristics and traits of successful entrepreneurs, including personality traits using the OCEAM Model, and evaluates the influence of entrepreneurs' experience and background on their ventures. The report also examines the key aspects of an entrepreneurial mindset, the impact of small businesses on the economy and the different environments that foster or hinder entrepreneurship.

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Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1.................................................................................................................................................1
P2.................................................................................................................................................3
M1................................................................................................................................................4
D1................................................................................................................................................5
TASK 2............................................................................................................................................5
P3.................................................................................................................................................5
P4.................................................................................................................................................8
M2................................................................................................................................................8
D2..............................................................................................................................................10
TASK 3..........................................................................................................................................11
P5...............................................................................................................................................11
P6...............................................................................................................................................12
M3..............................................................................................................................................13
D3..............................................................................................................................................13
TASK 4..........................................................................................................................................14
P7...............................................................................................................................................14
M4..............................................................................................................................................15
D4..............................................................................................................................................16
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneurship is considered as phenomenon of establishing as well as managing new
business, while anticipation of whole monetary accountabilities associated with this. Moreover,
small venture are regarded to be the backbone of economy that facilitates boost to economical
practices as well as inflation into GDP contribution. As time goes on, the small enterprises into
economy are regularly enhancing (Akehurst, Simarro and Mas‐Tur, 2020). It states opportunities
of employment for local person pertinent to nation. Along with this, it is vital for foster the
establishment of entrepreneurial ventures as well as small ventures into economical bound as
they are key source of country’s income. So, the government also promotes this firm
establishment via provision of monetary assistance. Moreover, the business activities have an
advantage over larger firm. The topics which are going to be covered in this are description of
entrepreneurship concept in comprehensive way, various forms of entrepreneurial ventures and
its relation with typologies, comparison among entrepreneurial ventures. Additionally, the
contribution of SMEs towards UK economy with assistance of statistics, successful
entrepreneurs’ characteristics and traits, personality traits and entrepreneurial exhibited via uses
of OCEAM Model. Apart from this, the evaluations of affect of experience as well as
background of entrepreneurs over entrepreneurship are also discussed in this report.
TASK 1
P1.
Entrepreneurship is considered as the business which is formed for providing various kinds
of goods and services to audiences and also in order to gain profitability. Moreover, there are
several kinds of entrepreneurial ventures which are performing practices of business with various
intents. Along with this, entrepreneur is regarded as individuals who are competent to conduct as
well as perform several business operations and become competent for taking effective decision
in order to enhance firm’s activities (Bakeman and Hanson, 2020). Within, entrepreneur is
accountable for performing several business operations for gaining much profitability. It has to
bear whole losses or risk which is associated to enterprises. By it, person would able to know
about thereafter various firm’s aspects and know how effectually deal with problem associated to
enterprises for attaining pre-determined objectives. Also, entrepreneurial ventures are
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categorised in several forms like small, scalable, social and large. Several kinds of
entrepreneurial ventures and their typologies are discussed underneath:
 Small business entrepreneurship: Respective entrepreneurship many defined as
enterprise which is conducting firm’s practices into smaller marketplace as well as its
intent is to facilitate offerings for meeting the entrepreneur basic needs. This involves
hairstylist, consultancy and many others. Airdri is one of the essential example of small
entrepreneurial venture.
 Large business entrepreneurship: Respective entity which is conducting business
practices at larger level. Moreover, this kind of firm has huge number of staff which are
utilising its fuller competencies as well as abilities to attain their business goals (Choi and
Majumdar, 2020). Additionally, it requires huge funds to perform activities effectively.
Such as TESCO, Marks & Spencer and many more.
 Social business entrepreneurship: Respective kinds of firm are developed for facilitating
goods or services for societal welfare. Moreover, social entrepreneur are performing
practices of business is not to gain much profitability but aim of this is to meet societal
requirements. Also, social businesses are operating its business for enhancing
individuals’ living standards. Such as NHS, Oxfam and others are some example of
social entrepreneurship.
 Scalable business entrepreneurship: This incorporates entity that has comparative much
growth rate to other firms within marketplace. Moreover, it performs business practices
for facilitating new as well as creative ideas to consumers. Along with this, they have
vision and mission for changing the world or requirements to audiences through
rendering several forms of innovative products. Such as Google, Microsoft and many
more.
Typologies of entrepreneurship:
This aspect is utilised for describing various part based upon the survival, growth and
many more. So, entrepreneurship typologies as per entrepreneur venture are described below:
 Lifestyle enterprises: The business within respective category is conducting their
activities as well as facilitating various opportunities of job with intent of maximising
revenues. Moreover, this form are focused towards enhancing society or individuals
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lifestyle. It is related with social entrepreneurship as both perform their business in order
to enhance the living standards of societal welfare.
 Survival firms: The key intent of respective of firm is to gain basic revenue for business
sustainability. Moreover, this entity is mainly new or small business which mainly
concentrates upon enhancing goodwill of business for longer period survival. So, it is
related to small entrepreneurial ventures as both perform their business for sustaining of
business for long period.
 Growth firm: Respective firm are conducting their business practices for gaining much
profitability and success. Moreover, it incorporates business that have higher growth rate
in comparisons to other entities within sector. These entities are concentrating upon
facilitating goods or services that become competent for meeting consumer requirements
in order to develop marketplace and maximise consumer base through satisfying potential
client needs.
Thus, this have been evaluated that there are various firm that may be categorised into
different part based upon their aims or intent. Entrepreneurial ventures as well as typologies are
essential in dividing several forms of firm as well as evaluating its intent of operating their
practices (Chrisman and et. al., 2020). Moreover, the large entities perform their practices for
business growth and gaining higher profitability. While small firms are much concentrated
towards their maintenance or survival within marketplace. Also, the scalable entities or social
ventures are operating its activities for enhancing individuals or community lifestyle and
standards of living
P2
There are various kind of entrepreneurial venture as well as these are performing their
business operations with effective intent and motives. Moreover, there are several differences as
well as similarities among small, large, scalable and social.
Differences
Basis Large Business Scalability
enterprise
Social
Enterprise
Small business
Purpose The main purpose
of large
Scalability
enterprise
This company is
not performing
Small business
purpose is to earn
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companies in to
develop and
growth its
business
operation in large
market area. This
type of companies
are focusing on
increase revenues
and profits.
purpose is to
develop and
create high
quality products
and services
which is different
and unique.
organisational
activities to earn
profit but its
purpose is to
enhance living
style or standards
of individuals.
basic living that is
sufficient for
survival or
livelihood of
owner and its
family.
Scale This type of
organisation have
large scale for
operating and
conducting
business
activities.
This type of
companies is
offering its
innovative and
creative products
to niche market
area.
Social companies
are operating in
local market area
and focusing of
resolving issues
of society or
citizens (Brush
and et. al., 2019).
Small companies
have
comparatively
less market area
and it is offering
its products to
lower scale
market area.
Similarities:
 All perform their business for meeting the consumers’ requirements in effective and
efficient way.
 All entrepreneurial ventures for enhancing and developing their brand image and perform
their offerings towards long term business sustainability.
M1
Public as well as corporate sector, the businesses are operating their business operations
with various aims and intent. Moreover, the public sector firm incorporates whole that entities
that is manager as well as controlled through government (Decker and et. al., 2020).
Additionally, these companies are rendering activities for advantages’ of country as well as
services reach is restricted towards specific nation. Such as BBC, who is performing into public
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sector. While on other hand, corporate sector involves those firms which is managed as well as
owned through person or individuals team. Within this kind of entities, they have much
development and growth scope as well as they may provide their services to huge marketplace.
Such as TESCO.
D1
Entrepreneurial business are formulated as well as developed with various intent and aims. .
Moreover, it would drives towards having direct affects into growth, development and scope of
ventures. Along with this, the entrepreneurial venture may enhance the business scope through
facilitating higher quality of goods to consumers. This maximises teh marketplace and consumer
base through providing their offerings. The business may develop as well as grow through
business expansion with economical development. Additionally, it would has essential affect
upon maximising marketplace through promoting societal welfare.
TASK 2
P3
It has been determine that micro as well as small business plays crucial role within United
Kingdom, firms in particular industry perform as the backbone of nation as it has key
contribution into enhancing job opportunities as well as growth of country’s GDP (Dees, 2020).
As per the report of Department of business, Innovation and skills (DBIS), it has been
determined that micro as well as small segment has contributed around 15.6 million
opportunities of employment which do not enhance nation’s whole per capita income
development but also maximised person’s living standards in effective and appropriate way.
moreover, it has been also identified that, both micro and small scale enterprises has essential
contribution within development of UK as well as innovation have maximises country’s
economical sustainability into global market area. Along with this, it have been evaluated that
both micro as well as small business level and industry is having effective contribution within
employment of United Kingdom. Estimate, 99.9% of whole business of UK are being
categorised as SMEs. Whereas on other side the medium size enterprises approximated up-to
0.6% which comprise around 50-259 employees.
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In addition to this, it has been observed that the Turnover of SMEs through business
industry within United Kingdom. Moreover, this have been also identified that construction
sector has higher contribution level into business of UK (17.68%). Along with this, the retailer
firms into smaller scale business, number of staff is about 18.4% private sector workers as well
as efficaciously manufactured about 33.7% of whole UK industries turnover.
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Along with this, all these businesses provide effective contribution within economy of UK.
Also, it is being identified that SMEs is essentially formulating competition as well as
efficaciously motivating innovation into whole sectors. In addition to this, with having
contribution into economical development of country, SMEs are rendering new competencies
and thoughts into market areas. Furthermore, they are also formulating semi-competent and
proficient staffs which support further development of country. Based upon the evaluation, it has
been determined that the economy of UK basically depends on SMEs as it contributes towards
60% of whole nation which are efficaciously rendering equality into income and wealth
distribution. Therefore, as per the above determination, this have been identified that smaller
scale as well as micro level industry are appropriately developing economy through facilitating
essential range of employment to persons in efficient as well as gainful way.
P4.
Small enterprises as well as start up business are much vital aspect of UK economical
development as they are producing more number of job opportunities for people which drive
towards enhancement into individuals living standards (Epifanova and et. al., 2020). So, there are
few specific aspects where small and start up business plays much essential role into
development of social economy which is described underneath:
 Develop standard of living: Through providing effectual amount of job opportunities, the
small as well as start up business are developing essential development into person living
standards. As this have been determined that United Kingdom is having around 99.9% of
enterprises performing as SME’s which are efficaciously that produced about 51% of
nation’s turnover. Along with this, it effectively enhances the standards of living through
maximising per capital level of income.
 Job creation: This has been determined that there are several kind of industries which are
performing its business as start up and small ventures. Moreover, whole these are relatively
facilitating vital level of job opportunities to huge base of persons which perform as crucial
aspects for United Kingdom people economical development. This directly maximises
societal economy development in well defined way.
M2
There are various differences that small, medium and large businesses which develops
country’s economy such as:
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Small:
These are that entities that are involving into various activities at smaller scale (Eriksson
and Rataj, 2020). It basically performs its business practices with have above 50 staff. In addition
to this, it has been determined that small scale business are allowed to have much revenue
around 5 million. Also, it is stated that they are considered to be the backbone of UK economy as
it provides huge number of job opportunities to local person which are maximising nation’s per
capita income level.
Medium:
Firms performing business services into medium industry are allowed to perform their
operations along with 50 to 250 staff, respective sector is contributing into the growth of UK
through gaining the revenue of around 5 – 22 million as well as also through facilitating
consumers a board range of satisfied offerings.
Large:
The large firms performs its activities with around 250 and above staff as well as are doing
its contribution into UK economy through gaining revenue of around 22 million and more. also,
these entities are also facilitating effective support to small and micro ventures.
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D2.
Small businesses have affects upon various economical levels. So, the SMEs impacts upon
economy are discussed below:
 Local impact: SME’s has impact on regional economical level through accomplishing the
requirements as well as desires at local level as through providing effective satisfaction
level. Additionally, it have been identified that the small and medium enterprises are also
facilitating opportunities of employment to local individuals which appropriately
maximises the economical development of United Kingdom.
 Regional impact: As per the analysis, it have been identified that small enterprise have
essential affects upon region as it drives towards developing country’s economical
growth. Moreover, this has been also analysed that with the existence of small and
medium size business within UK. It is considering benefits of regional competitiveness
which additionally have higher technological as well as innovation value enhancement.
 National and global impact: It is being determined that small enterprises assists UK
government through maximising country’s economical development. Moreover, this
effectively enhances nation’s global reputation at boarder level. Along with this, based
upon the determination, small enterprise efficaciously enhances flow of unique as well as
innovative ideas into country which foster economic situation of Britain.
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