Entrepreneurship & Small Business Management Report - RQF Unit 9

This report delves into entrepreneurship and small business management, focusing on the various business ventures available to entrepreneurs and the impact of small businesses on the economy. It assesses the 'entrepreneurial mindset' and examines different business environments, aiming to encourage and support potential entrepreneurs. The report covers public, private, social, and serial entrepreneurship, highlighting the differences and similarities between them. It also discusses the role of small and large businesses in impacting the economy, career growth, and living standards, both locally and internationally. The analysis emphasizes the importance of innovation, adaptability, and understanding customer needs for entrepreneurial success, concluding with insights into how small businesses contribute to economic growth and sustainability.

ENTREPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT
NAME OF THE STUDENT:
STUDENT’S ID:
NAME OF THE UNIVERSITY:
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Contents
Introduction:...............................................................................................................................5
Part 1:.........................................................................................................................................5
P1............................................................................................................................................5
P2............................................................................................................................................6
P3............................................................................................................................................8
P4............................................................................................................................................9
Part 2:.......................................................................................................................................10
P5..........................................................................................................................................10
Being a fruitful entrepreneur implies extra than opening recent hobbies each vile day. It
implies the accurate behavior toward an enterprise yet the undertaking and coarseness in
conformity with perform progress. A fertile entrepreneur has a strong internal force so
helps him and her in imitation of succeed. Give to us a chance in conformity with
investigate the characteristics as suffice among make a fantastic entrepreneur. An
entrepreneur obligation after keep energised by the opportunity concerning work. They
ought in imitation of dependably have a sure force after prevail yet emit obstructions. They
labor to embark widespread objectives because of themselves as nicely as like look at so
they are simply dedicated after carrying out them paying little accept in accordance with
the innumerable difficulties that occur (Rothaermel, 2015, p.71). A fecund entrepreneur
dependably has a consolidated intuition regarding fearlessness and an answer end of theirs
aptitudes or capacities. Their identity is self-assured or solid. They are constantly busy or
don't usually falter including the contemporary issues. This is the issue up to expectation
makes them not quite the identical as the rest. An entrepreneur duty in accordance with
dependably stay alert for recent trends or ideas together with a specific quit purpose after
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upward shove as like a victory. They duty in conformity with always re-evaluate
themselves then consider better strategies after keeping a business yet advert lib regarding
the items and administrations presented by them. Another indispensable behavior
concerning a high-quality entrepreneur is openness in reception exchange (Noordin, 2016,
p.714). They function not in imitation of lie adamant or wilful with regards to picking
exceptional choices. Change is the important thing up to expectation is steady between
enterprise nobody do perform any benefits regarding age-old techniques. The course to
fulfillment lies between the development, regardless regarding whether it is the
advancement concerning thoughts, administrations or objects yet innovation. An
entrepreneur function in conformity with hold a receptive countenance then electricity in
conformity with research recent things. Understand that the best path in conformity with
hold at the pinnacle is after continue altering and advancing with the time. An entrepreneur
function after understand about the nearly latest regime structures or innovation so as like
according to revere the customers betterment (Rothaermel, 2015, p.57). Rivalry function in
accordance with not ever funk an entrepreneur. Truth remain told, a rivalry is the issue that
an advantageous entrepreneur blossoms with. Imposing commercial enterprise mannequin
is by no means something virtue life thankful for. This is regarding tale on of Interesting
enterprise mannequin in that place is no extension because ad lib yet change. An
entrepreneur labor after keep entirely passionate or persuaded. He and he assignment after
dependably be of a hurry. In the meantime, the rank degrees should remain sincerely high.
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P6..........................................................................................................................................12
P7..........................................................................................................................................14
Conclusion................................................................................................................................15
References................................................................................................................................16
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Introduction:
Without being affected by the various importance of marketing to entrepreneurial ventures,
only a few researchers studied the connection with different business connections. The
purpose of this report is to determine the number of various practices related to the
performance of various mall scale firms. Entrepreneurship is basically the activity of setting
new business and risking finances in the hope of receiving a huge amount of profit. With the
help of new business is helpful in encouraging entrepreneurship on a very large scale.
Economies that are emerging are stated by the orientation in the market and expansion of the
foundation in an economy. The reason for the success of these economies is entrepreneurship
in the economies that are emerging(Simons, 2013, p.65). The different types of
entrepreneurship are the small business entrepreneurship like grocery stores, consultants,
travel agents.Scalable startup entrepreneurship, large-scale entrepreneurship and social
entrepreneurship. Entrepreneurship operates within an ecosystem-based for entrepreneurs
which includes the government programs and some services that promote and support start-
ups for small scales firms. As venture creation is a golden opportunity as it is a set which is
adapted by the individuals for starting a new business. Entrepreneurs are likely to be
confident and try to form a vision as the business starts up.
Part 1:
P1
M1, D1
Public entrepreneur:
Public entrepreneurship is the method of defining and implementing new ideas in
public sectors. The main aim of this business is to take care about public interest. It is
supported by the government and there is no involvement of private entrepreneurs.
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Private entrepreneur:
Private entrepreneur creates their own business and bear its risk and loss. The main
aim of these entrepreneur is to make money and earn profits. The entrepreneurs take help
from private and public sectors, hence they are encouraged to diversify their business.
Social entrepreneur:
Social entrepreneur ocus mainly on the approaches which benefits the society and
gives more attention on developing social and ecological products. The main aim is to
provide education, health, economic facilities etc. To the people. These entrepreneurs gives
first priority to social improvement and then concern for their profits.
Serial entrepreneur:
Serial entrepreneur strats their business with new ideas and contribute their effotrs in
maintaining everyday functioning. They move to another business by giving responsibilities
of existing business to someone else. Thid will help them to diversify their business by using
different ideas.
Entrepreneurial ventures require gathering funds, raw materials, different and working
locations along with skilled employees to carry out the production process or to offer various
services. An entrepreneur also controls the sales and marketing along with distribution and
different kinds of important aspects. There is a very thin line between the small business and
an entrepreneurial venture as there are many things in common (Renz, 2016, p.554). In the
initial stages of both small business and entrepreneurial ventures there is a high requirement
of dedication and hard work and later on, a very small amount of small businesses become
entrepreneurial ventures. Usually, a small business uses products and services that are already
known and established in the market whereas the entrepreneurial ventures offer innovative
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and new products and services to the market. In other words, the small business aims mainly
for limited growth and maintain the equal amount of productivity where the entrepreneurial
venture targets for growth at a very high speed and requires high production as a return.
Small businesses are known and aware of the various types of risks that might affect them
and the entrepreneurial ventures face a lot of risks which are unknown. Entrepreneurs often
take risks that are unknown and uncalculated to them but they also keep a well-précised plan
to deal with those unknown risks to an extent. Most of the entrepreneurs start a business with
innovative ideas and revolutionary inventions which help in their rapid growth and makes
them an entrepreneurial venture (Chiarini and Vagnoni, 2015, p.593). As most of the
entrepreneurs are young and not much experienced and mainly follow their passions and
often do not carry out the research that is required.
P2
M1
Differences and similarities between different enterpreneurial ventures
Basis Serial entrepreneurship Socail entrepreneurship
Similarities The main aim of both the business
is to bring new ideas and
innovation to diversify their
businesses. Further, both of them
wants to make reputed position in
the market.
Differences Serial entrepreneur moves to
another business when they get new
Social entrepreneur focuses on
meeting the needs of the society
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idea and give responsibility of their
existing business to other
entrepreneurs.
and its people by developing
products which satisfies their needs
and demands.
Basis Public and pivate entrepreneurship
Similarities The similarity between both the entrepreneurship is that they
focuses more on providing best customer services. They
bring career growth opportunities.
Basis Public entrepreneurship Private entrepreneurship
Focus The main focus of this
entrepreneurship venture is
on creating and implementing
new and innovative ideas
which helps the public of the
country.
The main focus of this
entrepreneurship venture is to
earn profits by making
branded products.
Funds They are funded by the
government and other
policies.
They take financial help from
bank loa ns, relatives and
family members.
With the number of entrepreneurs increasing day by day and set up of a small business
remains the same. These types of businesses are started by anyone willing to run their own
business as they hire local employees or family members and earn a very less amount of
profit. The owners of these businesses decide the profit by feeding the families (Fullertonet
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al. 2014, p.420). The funding of such small business is mainly done by rich friends or loans
that are provided to them by the bank. Another type of entrepreneurship is the scalable
startup entrepreneurship as the business starting under this category keeps a vision of
providing a revolutionary change to the world. The main funding is done by the financial
investors the ventures capitalists. These businesses mainly hire employees with high skills as
they are repeatedly searching for innovations and for this it requires a very investment for the
growth. Large scale company entrepreneurship these companies are limited to offer the
customers with new products and services and different variations. As the change in
customer's demands and requirements occur the company pressurises its employees to fulfil
the needs of the customers with new products, services and technologies. Large size
companies usually carry some poor innovative operations that can cause harm for their place
in the market as the operations are very difficult to execute. Lastly, Social Entrepreneurship is
the companies that focus on basically the needs of the customers which may be solved by the
products (Noordinet al. 2015, p.17). These companies are also like the scalable start-ups as
the goal is to make the world a better place to live as it does not requires funds or shares from
the market or the founders. These companies are mainly working for the benefits of the
customers and not for their profit, but in many cases, some companies work for the benefits
of the consumers as well as the profit of the company.
P3
M2, D2
Small and large business directly impacts the economy, career growth and living
standard of the people. Further, it also affects the local, national and international economy.
Large business enterprises contribute to local economy by increasing employability and
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income of the local people. Small enterprises attracts the employees which are not
employabile at larger level. It brings growth in the area whrere its is opened. Larger
businesses depends on the small enterprise in order to complete their tasks by outsourcing.
Large firms implementation is costly but they contribute very much in increasing the
economy of UK. Moreover, small businesses contribution towards their country has increased
from 30% to 50%. Therefore, UK feels that their sustainable growth of revenues is increasing
day by day. Increase in revenue has also raised the living standard of the people in UK.
Small businesses make the positive impact on the community in many ways as they do more
than providing services and products but they also provide strength and also shape the
community. Small businesses may not be able to generate a large amount of capital like the
bigger companies the small businesses also provide strength to the local economy. The small
businesses offered64 per cent of jobs with good salary. By bringing growth and various
innovations to the community the small business contributes to the local economy they can
affect the local economy on a huge basis. As these businesses are also able to attract new
talents as they can produce new products or implement new ideas by providing solutions.
Various small businesses can adapt and respond in a very rapid way to the change in
economic climate (Dashtbayazet al. 2014, p.19). The small businesses are mainly customer-
oriented. The consumers get their money back when the small business gets patronised by the
consumers. The local government can charge the local business to pay the higher tax than
usual and the money is basically used for police stations along with fire departments and
schools. Independent entrepreneurship ventures are not generally remaining little in quantity.
Various types of organisations, for example, Nike and Ben and Jerry's, began off as
independent entrepreneurial ventures that developed to end up basically as significant and
affecting companies in the national and worldwide commercial centre or the foreign market
(Rahman and Ramli, 2016, p.182). A large number of computer industry pioneers started as a
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very small business taking a shot within reach collected machines out of their carports. Asan
example, Microsoft is a prime case of how a private venture thought of changing the world.
Private companies that develop into substantial organisations regularly stay in the group in
which the business was initially settled. Having a very wide range of partnership
headquartered in a group can additionally help to give business and fulfil the nearby economy
and to achieve the goal.
P4
M2
Start-ups are directly impacting the progress of the cities in which they are estabilishing.
They are attracting the youth which have recently completed their graduation and seeking to
get employeed in their own cities. Further, they are attracting the candidates which do not
want to their culture. Starts ups are making their money by establishing their business in the
area where they get large targeted custmers and other facilities for developing their business.
Small business firms are playing an important role in developing the social and local
economy. These business provides are providing 66% jobs to the candidates of the cities in
which they are esatabilished. They are contributing 40% in retail sales and have given job to
20% population of the city. Therefore, they are leading in the economic growth of the cities.
In the recent days, small business plays a very important and vital role in leading the local
economic development all around the country. In recent reports, a number of small
businesses is the reason for the sales and they also provide a large number of jobs to the
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candidates for more than 40 per cent of sales occur due to the reason of small businesses. It is
very easy to attract as well as to start and help the growth of small business as developing
economy as it helps in leading the growth of a company and the growth of such small
businesses are growing at a very fast pace (Strumickas and Valanciene, 2015, p.6). In terms
of flexibility, the small businesses are much more flexible and innovative than the larger
companies as the work, live near the business and provide jobs and help the government by
paying the taxes and helping the local charities. Entrepreneurship is an important component
of economic development and attracting, developing and supporting is a necessary part too.
To set up a small business personal enterprise is not needed it just requires skills, an attitude
of the employees and regular initiatives that were taken by the small business and new
innovations that are able to contribute to the organisation and also provide and are the source
of the employment. This is the main reason that makes the small business survive and reach
new levels and prosper in the local economic conditions (Hillet al. 2014, p.94).
Figure 1: Effective management
(Source: Hillet al. 2014, p.94)
Part 2:
P5
M3, D3
The main qualities which makes an entrepreneur successful are self discipline,
persistence, action oriented, innovative thinking, ignore comfort zone etc. These traits and
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