Entrepreneurship and Small Business Management Report: Analysis, UK

This report provides a comprehensive overview of entrepreneurship and small business management. It begins by defining entrepreneurship and exploring various types of entrepreneurial ventures, including small businesses, large company entrepreneurship, social entrepreneurship, and more. The report then analyzes the differences and similarities between different types of entrepreneurs. It further delves into the impact of small and micro businesses on the social economy, highlighting their significance for economic growth and development in the UK. The report also examines the characteristics, traits, and skills of successful entrepreneurs, including examples like Mike Hooker and Richard Branson, and explains how entrepreneurial personality reflects motivation and mindset. Finally, the report discusses how background and experience can influence the success of entrepreneurial endeavors.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1.......................................................................................................................................3
P1 Different types of entrepreneurial ventures...........................................................................3
P2 Differences and similarities between the entrepreneurs........................................................4
TASK 2............................................................................................................................................5
P3 Impact of small and micro business on the social economy..................................................5
P4 Significance of small business and start-up for the growth of social economy.....................6
TASK 3............................................................................................................................................7
P5 Characteristics traits and skills of successful entrepreneurs..................................................7
P6 Explaining how the entrepreneurial personality reflects the entrepreneurial motivation and
mindset........................................................................................................................................9
TASK 4............................................................................................................................................9
P7 How background and experience can hinder or foster entrepreneurship...............................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship refers to the social process for realizing the innovation by using new
venture. The Entrepreneurial venture includes the new business which are having the innovation
or say it as the start-up business where the business is related with the new innovation in the
existing market or in new market where the innovation is for real and can change the whole
market perception in new manner. This is the process where process of discover, develop and
deliver to the customer or market. In this there is discussion which are related with the different
ventures of entrepreneurial, impact of SME in today's economy, aspect of entrepreneurial
mindset and different environment for the entrepreneurship (Terán-Yépez and et. al., 2020).
TASK 1
P1 Different types of entrepreneurial ventures
In context to the entrepreneurial venture there are many types which is going to discussed
further.
Small business entrepreneurship- The majority of the business in the UK are small
businesses. People are very interested in the small business which are most likely to support their
family and better lifestyle.
Large company entrepreneurship- In this company is having the finite amount of life
cycles where they are having the professional who know how to sustain the innovation for longer
period of time.
Social entrepreneurship- These are the one who like to solve the social problems with
their innovative product or services. There main is to make the world a better place instead of
making more profit (Ratten 2017).
Innovative entrepreneurship- Some of the entrepreneurs are coming up with some new
ideas which turn them these ideas in the business. They are very motivated and passionate who
work for making their product and services in such a way that it stand in market in different way.
Hustler entrepreneurship- these are the people who work hard and always making
effort. They often starts with small and work for growing the bigger business by using their hard
work rather than the big capital.

Buyer entrepreneurship- They are the one who uses their wealth to fuel up their
business ventures. They generally buy other business which about they think that is going to be
successful. This is less risky due to purchasing well established business.
Scalable Start-up entrepreneurship- These are the one who thinks that their company
can change the world. They majorly looks for the missing things which are missing in the market
(Hjorth and et. al., 2016).
P2 Differences and similarities between the entrepreneurs
Similarities Scalable start-up
Entrepreneurial
venture
Large company
Entrepreneurial
venture
Small businesses
Satisfaction is
included on the basis
of several instance on
the basis of customer
personal needs.
Target customer in the
large company provide
effective services and
gives a good amount
of satisfaction level.
They provide the
customer satisfaction
with their product and
services.
Improving the assets
with high turnover
ratio for profit
maximisation
(Entrialgo and et. al.,
2016).
In this company makes
more profit with
improving their
product specification.
Improvement in assets
and increasing
turnover.
Differences These firms are the
one which includes
creation and
development fo the
items for systemically
risen the profit. Best
example is the
Facebook which aims
for improving the
There main aim is to
be sustain in the
market and focuses on
the new product
creation. One of the
major example here is
google which aims on
organising the
information for the
They are the one who
aims for improving the
life cycle of the family
and which can be able
to feed their family
member. They
generally offers on a
ranges of their

geographical distances
between their
customer.
accessibility purpose. customised consumers.
TASK 2
P3 Impact of small and micro business on the social economy
Every business plays their role in enhancing and improving the economy of that place by
improvement and progress. It is essential for growing economy for to full fill the people need
and their expectations. Small business have a deep impact on the economy in U,K which are
discussed further (Schjoedt and et. al., 2017).
Micro business- These are the one where the employees and their profit are limited and
due to this they can operate in a small scale or location. For different activities and function don't
requires any expertise in such process. Some of examples of the small business are photography,
cyber cafe, event planning, computer services etc. Risk is low and may get the high profit
according to their performance and strategy plan. The main aim of such business is to earn more
customer and make more profit.
 Micro business is the most lovable business of UK people which has given ample number
of good & services to the state.
 Local people are able to get their required product and services through such business.
 States economy boost up with such business which resultant access for more such
business.

 The substitute and availability has increased the customer options which gives the more
profit to the business.
Small business- These are the business which gives the 10% economy from the private
sector. They are run and owned by the individual. Such types of business motive is to capture the
more market share for growth and development (Cho and et. al., 2018).
The above graph shows that small businesses are having the huge contribution in the state
economy.
 Given graph show that they are having more productivity than the medium and large
enterprises.
 New product and innovations are introduced in the market with the help of such
business.
 They increases the competition in the market which leads for more better product and
services.
 This helps in improving the performance and progress of the private sector.
After analysing the both the small and micro business are crucial for the state and country
economy. It is crucial to be aware about such business for performing the economy in better way
(Gianiodis and et. al., 2020).

P4 Significance of small business and start-up for the growth of social economy
Social economy is the combination of both the private and public sector. In this,
individual is affected which leads to the change in buying decision for the product or services.
The main aim to increase the standard of the society in which they are living. They also focuses
on the profit for future reference. The enterprises which have both the national and international
operations are determined as the voluntary organisation there are various business which are of
social economy associated with minimum risk.
Pillars in social economy
Mutual- This one is the basic pillar of social economy. These are those enterprises who
offers different services to their customer for their satisfaction. One of the main purpose of this
economy is to provide their customer an appropriate services in order to earn more and more
profit from it (Shaheen 2016).
Foundation- These are the one who are running the non-profitable business organisation
with the help of different institution. They exists for the charity purpose which includes the
education, religion and many more.
Charities- They generally emphasised of social and economic growth with development.
They are many group of person which focuses on increasing different part of economy.
Associations- These are the group of individuals which shows the relationship within the
person and business organisation which includes different examples like friends, co-workers etc.
Various significance of new business ventures which are be discussed below.
Innovation- Start-up businesses generally focus in the innovation and unique products
and services for attracting large number of customer and does different thing to satisfy them.
Employment opportunity- New business offer job opportunity in order to reduce the
unemployment rate in country for this they hire capable and talented one.
Declining poverty- By providing employment they help in increasing the living standard
which accordingly helps in declining the poverty of the country (Kwapisz 2019).

TASK 3
P5 Characteristics traits and skills of successful entrepreneurs
Each and every person in the firm is having different attitude, nature and behaviour and
the stability of the business depends upon the environment of organisation and their workplace.
So, the thinking, approaches and ideas of the entrepreneurs are dynamic and heterogeneous.
SKILLS Mike Hooker
Influencer- Using the
personality and knowledge this
person is able to affect the
others decision. They are hard
worker and self-made man and
he is one who is big influencer
in the UK.
Curious- He was very curious
and love to explore worldwide
for new opportunity (Neneh
and et. al., 2019).
Richard Brason
Delegated- This is one of the
important skills of an
entrepreneur who listen to
their employees and their
problems.
Uniqueness- Sir Richard
Brason are always ahead of
others due to having unique
ideas and methods in business.
CHARACTERISTICS Passionate- He is so
passionate towards his work
which is a strong feeling about
something.
Money minded- Most of the
business run for the profit and
Mr. Richard is always ready to
take advantage of the
opportunity.

TRAITS Innovation- Mike Hooker
boost up his business by using
the new and innovative
approaches.
Innovation- It refers to
introducing something new to
the market or world. Mr.
Branson has introduced a
diversified company which is
operated by across the globe
which has made him
billionaire.
Comparison within entrepreneur and business manager
BASIS ENTREPRENEUR BUSINESS MANAGER
Meaning They are the one who brings
all the manpower and
resources to carry out some
new innovation in appropriate
manner.
Those are the one who monitor
and maintain the management
and the organisational
employees to run the business.
Objective Objective is to give the society
something new and to make
profit and cover the market
share.
The main objective of the
business manager is to
completer the project or task in
the defined period of time.
Power of authority They have all the power to
change or make difference and
also can use them with
consulting anyone for the
betterment of the business.
There is limitation of the
power of business which can
be used very carefully so
company not get negatively
effected.

P6 Explaining how the entrepreneurial personality reflects the entrepreneurial motivation and
mindset
The mindset involves the attitude, purpose and behaviour which helps in boosting the
experience level of individual person which considered as entrepreneurial personality. The trait
for the entrepreneurs are discussed below.
Mike Hooker- He is the one is running his business form many years and an
entrepreneur. He is the founder of Red Bridge Consultancy which provides their advices at free
of cost and made intelligence for aspiring entrepreneurs in consultancy area. By seeing the result
and effect of COVID, he is more concerned about the small business which are closed and also
the opening number of small business has decreased a lot. He is the one who is very curious
about learning things for this he loves to visit world wide. He is the one beliefs in that small
business can help in raise the economy where they help in decreasing the unemployment by
providing the job to others (Zapkau and et. al., 2017).
Richard Branson- He is the founder of the Virgin Company in year 1970 and is business
magnate, author,former philanthropist and an investor. In today he is controlling over more than
400 companies. He desired to become an entrepreneur in early age. He was the one who made
his first business venture in age of 16. He has also having the experience in retail business, music
and transport which interest in land, sea, air and space. His grandfather left England for India in
1793. He was having the poor education due to not having his mind in the study
(Nowiński and et. al., 2019).
TASK 4
P7 How background and experience can hinder or foster entrepreneurship
This one is discussed within PPT.
CONCLUSION
From the above discussion you have learned about the entrepreneurial ventures which are
related with the typology of entrepreneurship with having the similarities and differences. There
is also discussed about the impact of small and micro business in the social economy where the
start-up business involves in the social economy raiser. You have also able to learnt about the
characteristics traits and skills of successful entrepreneurs and aspect which reflects its

personality which effect the motivation and mindset. You will also learn about the entrepreneurs
with their background and experiences which can hinder and foster the entrepreneurship.

REFERENCES
Terán-Yépez and et. al., 2020. Sustainable entrepreneurship: Review of its evolution and new
trends. Journal of Cleaner Production, 252, p.119742.
Ratten 2017. Entrepreneurship, innovation and smart cities (Vol. 11). Taylor & Francis.
Hjorth and et. al., 2016. It's entrepreneurship, not enterprise: Ai Weiwei as entrepreneur. Journal
of Business Venturing Insights, 5, pp.50-54.
Entrialgo and et. al., 2016. The moderating role of entrepreneurship education on the antecedents
of entrepreneurial intention. International entrepreneurship and management journal,
12(4), pp.1209-1232.
Schjoedt and et. al., 2017. Development and validation of a unidimensional domain-specific
entrepreneurial self-efficacy scale. International Journal of Entrepreneurial Behavior &
Research.
Cho and et. al., 2018. Entrepreneurial orientation, entrepreneurial education and performance.
Asia Pacific Journal of Innovation and Entrepreneurship.
Gianiodis and et. al., 2020. Entrepreneurial education for the entrepreneurial university: a
stakeholder perspective. The Journal of Technology Transfer, 45(4), pp.1167-1195.
Shaheen 2016. “Inclusive Entrepreneurship”: A Process for Improving Self-Employment for
People with Disabilities. Journal of Policy Practice, 15(1-2), pp.58-81.
Kwapisz 2019. Do government and legal barriers impede entrepreneurship in the US? An
exploratory study of perceived vs. actual barriers. Journal of Business Venturing
Insights, 11, p.e00114.
Neneh and et. al., 2019. From entrepreneurial intentions to behavior: The role of anticipated
regret and proactive personality. Journal of Vocational Behavior, 112, pp.311-324.
Zapkau and et. al., 2017. The role of prior entrepreneurial exposure in the entrepreneurial
process: A review and future research implications. Journal of Small Business
Management, 55(1), pp.56-86.
Nowiński and et. al., 2019. The role of inspiring role models in enhancing entrepreneurial
intention. Journal of Business Research, 96, pp.183-193.