Entrepreneurship and Small Business Management Report: Case Study

This report provides an in-depth analysis of entrepreneurship and small business management. It begins by defining the core concepts and examines the entrepreneurial ventures of Larry Page and Alan Sugar, comparing their characteristics, skills, and traits. The report explores the significance of micro and small businesses, highlighting their impact on economic growth and job creation, supported by statistical data. It further discusses the benefits of business start-ups and small businesses in fostering social economies, including innovation and financial stability. The report also delves into the Big Five personality traits and how they relate to the success of entrepreneurs, using the examples of Larry Page and Alan Sugar to illustrate these concepts. Finally, the report analyzes how family background and personal experiences influence entrepreneurial journeys, providing insights into the factors that either hinder or foster success in the business world.

Entrepreneurship and
Small Business
Management

INTRODUCTION
Entrepreneurship and small business is define as a course of action which an entrepreneur
perform in order to generate revenue (Allen and Truman, 2016). In other words, it is define as act
which help in building a business in order to generate revenue. This report is based on two
entrepreneur Larry Page and Alan Sugar. Larry page is a computer scientist and internet
entrepreneur whereas Alan Sugar is a business magnate, media personality, political advisor and
politician. This report explains about various categories of entrepreneurial venture and their
relationship with various typologies. Along with this, it also explains about similarities as well as
differences between these entrepreneurial ventures. It also describes about importance of micro
as well as small business and its influence on the growth of social economy. There are different
characteristic and trait of various entrepreneur which makes them different from each other.
Therefore, this report also states that there are various stages such as family background,
financial issues and other which either hinder or foster entrepreneur in order to get success
TASK 1
Covered in Booklet
TASK 2
P3
In today's era, establishment of entrepreneurship is increasing at micro as well as small
business level. In any country, government support those entrepreneur who had imaginative and
insightful idea that will help them to run their business in effective mode (Filser, Krausa and
Märk, 2013). This will bring positive impact on growth of economy that will change standard of
individual. There are various articles which is based on the impact of micro and small business
on economy in positive manner. As per some article it is constituted that small business require
less amount of capital investment because at time of high risk, company will not able to handle it
which can lead them in loss and ultimately it will shut down. Along with this, there are not every
businesses which is supported by central or state government due to which there are very few
investors who invest in small businesses. It is considered as a driving force that assist in the
growth as well as development of economy. Therefore, small business helps in providing

employment opportunities in the country in which it is operating. In addition to this, it also helps
in reducing outline between small and large scale enterprises.
From above bar graph, it is able to examine that there are 5.7m small as well as medium
enterprises which has over 99% of private sector organisation and 60% of UK private sector
employment opportunities. Small as well as medium companies has 73% of net private sector job
creation in United Kingdom by creating 2m jobs in 2010 (Brexit’s impact on small businesses:
the experts may be spot on after all, 2019). SMEs respond to uncertainties that occur from Brexit
which has a important influence on the growth of the economy. In order to measure the influence
of Brexit on Small and Medium Enterprises, government of United Kingdom had researched on
nearly 10000 SMEs. From the graph, it can be analysed that micro business generate less
employment possibility i.e. 18.9% as compared to small business i.e. 23.4%. along with this, it is
also examined that micro business has less number of employees (1-9) as compared to small
business (10-49).
Illustration 1: Impact on economy of UK
(Source:Brexit’s impact on small businesses: the experts may be spot on after all, 2019)

P4
It is define as a action of business as well as economic activities that are carried out
within private arena by organization that look for a mixed economic or social interest or even
both as per set principles (Gronum, Verreynne and Kastelle, 2012). The benefit of business start-
ups as well as small business in the growth of social economy is described as follows:
Innovation: It is one of the important factor for every business because as per assistance
of innovation small business grow as well as develop their organisation in competitive
marketplace. They are established so that they can produce different as well as unique products
which will aid them in meeting requirements of customers taste and preferences. Along with this,
small business as well as start-ups adopt appropriate method for applying inventions. These start-
ups companies bestow in technology development and arena where they operate their business.
This provides them possibility of gaining competitive advantage.
Job opportunities:Formation of small enterprise provide employment opportunities to
people at global level. This will result in the improvement of standard of living of individuals
along with this, job opportunities will increase the income of individuals which will help in the
growth of economy as well as will also raise their standard in the society.
Financial Stability:Small business operating in country make their citizens financially
independent and stable (Humphrey, 2013). It is because constitution of small business enterprise
foster employment and it also assist in improving standard of living of people. Small business
enterprise provide employment opportunities for male as well as female both which depicts
indiscrimination as well as equality and financial stability of people. Financial interdependency
of an individual or a country help in maintaining standard of life proper manner.
TASK 3
P5
Larry Page
He is Internet entrepreneur as well as a computer scientist. He is the co-founder and CEO
of Google. There are various skills as well as characteristic traits of Larry Page which an
entrepreneur must adopt in order to become successful. These is described as below:
Characteristic and Traits

 Motivator: Larry Page has been a motivator for his employees and also support them
financially as well as non-financially. Along with this, he also indulge his workers in
every activity of the organisation whether it is decision making, group discussion or other
event of company (Leadership Qualities, Skills, and Style of Larry Page, 2019). In
addition to this, he encourages his employees in order to work effectively in order to
attainment of aims and targets of firm.
 Creative: Larry Page is ambitious, intelligent and creative. He adopts different strategies
that helped him to become successful. Along with this, he also make effective use of
various creative ideas which aid him and his employees to complete task in effective
manner as well as within given time period.
Skills
 Confident:Larry Page does his task as well as handle external pressure effectively and
confidently. His confident inspire his employees to perform business operation
determinately. It helps in maintaining healthy and positive environment in the company.
 Communication: Larry page has good communication skills due to which he is able to
interact with this employees in proper manner and guide them the path to accomplish
goals and objective of organisation. In addition to this, he also provide training and
development programme to their workers that will assist them to enhance their
communication skills.
Alan Sugar
He is a politician, advisor, business magnate and a well known media personality. There
are different features and ability of Alan Sugar which will help him to become successful. These
are explained as follows:
Characteristic and Traits
 Committed: Alan Sugar is committed towards his work and try to achieve the target as
per the specific time period (Jones and et.al., 2013). He makes sure whatever
commitment he has given to his employees or his partners, he is able to fulfil them. It is
because this help him to build strong bond and gain trust of his employees. This is one of
the skill which made Alan Sugar a successful entrepreneur
 Risk Taker: As every entrepreneur is not able to take risk for their business but Alan
Sugar believes that taking risk is one of the effective method which can help an

entrepreneur to become successful. Alan sugar takes risk for his organisation so that it
will assist them to grow as well as develop in competitive marketplace.
Skills
 Creative: Alan Sugar use creative as well as innovative ideas so that he can direct his
employees to attain targets within specific time period (Katz, 2014). He believes that
creative ideas will help in making business activities effective as well as better. This will
lead them to enhance their organisation position at marketplace and also makes him
different from others.
 Analytical: As this skill is not carried by every entrepreneur but Alan Sugar has
analytical skills which means he appropriately analyse market condition as well as
scenario so that he can guide his employees regarding manufacture of products as well as
services Through this, it will able to provide goods to audience as per their needs and
demands. This skill makes him contrary from other entrepreneur.
P6
The characteristic of enterprising attribute which reflects mindset and motivation of
entrepreneur is well explained through the aid of respective model. In this theory consist of some
components which is openness, conscientiousness, extraversion, agreeableness and neuroticism.
These elements is described as follows:
Openness to Experience: This element of respective theory describes about steady of
intellectual curiosity as well as inclined to try new things. Individual having this personality is
mostly insightful and creative (Big-Five Personality Model, 2019). Along with this, these people
are also able to handle difficult situation in effective manner. Both Larry Page and Alan Sugar
consist this element of personality trait.
Conscientiousness: this trait explains that these individuals are in habit of completing
their task in given period of time. Along with this, they also pay attention on small things so that
they can get proper knowledge about it. They have tendency of being self disciplined, steady and
focusing on achieving their goals as per target set. Larry page as well as Alan Sugar consist this
personality trait which helped them to become a successful entrepreneur.
Extraversion:In the third element of big five personality trait model, these individuals
like to interact with other people and enjoy to take participate in every event as well as they are
active and energetic. These people enjoy to attract attention of other people towards them. They

are filled with positive energy, thoughts, confidence and many more. Alan Sugar and Larry Page
consists traits of extraversion which helped them to interact with other people confidently.
Agreeableness:These individuals are co-operative, friendly and compassionate towards
their work (Lima and et.al., 2015). They consists characteristic of kindness, affection as well as
sympathy. These individuals are more concerned about other and take care of them. They always
stay forward in order to help other and solve their issues. Both Larry Page and Alan Sugar
consist agreeableness trait of big personality model.
Neuroticism: In this trait, people are frustrated and they get worry on small things. They
are not emotionally stable due to which they are not able to perform their task in proper way.
Along with this, these people do not have much friends and enjoy to stay alone. This trait is not
consist by Larry Page and Alan Sugar.
Hence, it has been determined that in this respective model, Larry Page and Alan Sugar
show they way they deal with situation. Through this, they are able to set an example in front of
other entrepreneurs.
TASK 4
P7
There are various examples of entrepreneurs whose family background as well as their
experience either obstruct or foster entrepreneurship among them. There are various example of
entrepreneur Larry Page and Alan Sugar is explained as follows:
Larry Page:
He is a computer scientist and computer entrepreneur and founder of Google with Sergey
Brin. He was born in Lansing, Michigan, United States (Oviatt and McDougall‐Covin, 2015).
His father, Carl Victor Page had done PhD in computer science and his mother, Gloria was an
instructor in computer programming. Larry Page had keen interest in reading books and
magazines related to computer science. His home environment as well as his parents attention
used to foster on inventions and creativity. He has done his graduation in Bachelors of Science in
computer engineering from University of Michigan and Master in Science from Stanford
University. Larry Page was financially strong and had a support of his parents which motivated
him to go with his passion and interest. In today's world he is one of the richest personality with
the net worth of approx one dollar. Larry page is the co-inventor of Page Rank, in a well-known

search ranking algorithm with google. This implies that with the support of family and friends as
well as his personal experience which he gained throughout his career that aid him to get success
in entrepreneurship
Alan Sugar:
He is a business magnate, politician, political advisor as well as a media personality. He
was born in Hackney, East London, England. Alan Sugar. Alan Sugar does not belong to rich
family as his father Nathan was a garment-worker in clothing business enterprise. Alan Sugar, at
young age used to work at greengrocers in order to earn surplus wealth. At the age of sixteen,
when Alan Sugar left his school, he used to work for civil service as statistician at Ministry of
Education (Roig-Tierno, Alcazar and Ribeiro-Navarrete, 2015). He also began to sell radio and
other electronic goods so that he can earn some money and save them for future purpose. This
indicated that even after financial problem and going through various obstacles, Alan Sugar was
determined and he worked hard to achieve his aims and goals. His personal experience had foster
him to become a successful entrepreneur, politician, political advisor and a great media
personality.
CONCLUSION
Hence from above study, it has been determined that there are various categories of
entrepreneurial ventures which in some way or other are related to various typologies. Along
with this, there are some similarities as well as differences between entrepreneurship ventures.
Micro as well as small business has an essential part in the development of economy which aid
in generating various employment opportunities. Along with this, there are various characteristic
as well as trait of enterpriser that make them different from other enterpriser. There are many
entrepreneurs whose family prospect as well as experience either foster as well as hinder
entrepreneurship.

REFERENCES
Books and journals
Allen, S. and Truman, C., 2016. Women in business: Perspectives on women entrepreneurs.
Routledge.
Carraher, S. and Van Auken, H., 2013. The use of financial statements for decision making by
small firms. Journal of Small Business & Entrepreneurship. 26(3). pp.323-336.
Cucculelli, M. and Bettinelli, C., 2015. Business models, intangibles and firm performance:
evidence on corporate entrepreneurship from Italian manufacturing SMEs. Small
Business Economics. 45(2). pp.329-350.
Devece, C., Peris-Ortiz, M. and Rueda-Armengot, C., 2016. Entrepreneurship during economic
crisis: Success factors and paths to failure. Journal of Business Research. 69(11).
pp.5366-5370.
Filser, M., Kraus, S. and Märk, S., 2013. Psychological aspects of succession in family business
management. Management Research Review. 36(3). pp.256-277.
Gronum, S., Verreynne, M.L. and Kastelle, T., 2012. The role of networks in small and medium‐
sized enterprise innovation and firm performance. Journal of Small Business
Management. 50(2). pp.257-282.
Humphrey, R.H., 2013. The benefits of emotional intelligence and empathy to
entrepreneurship. Entrepreneurship Research Journal. 3(3). pp.287-294.
Jones, P. and et.al., 2013. Exploring social media adoption in small to medium-sized enterprises
in Ireland. Journal of Small Business and Enterprise Development.
Katz, J.A., 2014. Education and training in entrepreneurship. In The psychology of
entrepreneurship (pp. 241-268). Psychology Press.
Lima, E. and et.al., 2015. Opportunities to improve entrepreneurship education: Contributions
considering Brazilian challenges. Journal of Small Business Management. 53(4).
pp.1033-1051.
Oviatt, B.M. and McDougall‐Covin, P., 2015. International entrepreneurship. Wiley
Encyclopedia of Management, pp.1-3.
Roig-Tierno, N., Alcazar, J. and Ribeiro-Navarrete, S., 2015. Use of infrastructures to support
innovative entrepreneurship and business growth. Journal of Business Research. 68(11).
pp.2290-2294.
Schiuma, G., Durst, S. and Wilhelm, S., 2012. Knowledge management and succession planning
in SMEs. Journal of Knowledge Management.
Shaw, G. and Williams, A.M., 2013. From lifestyle consumption to lifestyle production:
Changing patterns of tourism entrepreneurship. In Small firms in tourism (pp. 109-124).
Routledge.
Zahra, S.A., 2012. Organizational learning and entrepreneurship in family firms: Exploring the
moderating effect of ownership and cohesion. Small business economics. 38(1). pp.51-
65.
Online
Big-Five Personality Model. 2019. [Online]. Available
through:<https://www.tutorialspoint.com/individual_and_group_behavior/
big_five_personality_model.htm>.

What is the difference between Large and Small Scale Entrepreneur?. 2019. [Online]. Available
through:<http://www.publishyourarticles.net/eng/articles2/what-is-the-difference-
between-large-and-small-scale-entrepreneur/2718/>.
Leadership Qualities, Skills, and Style of Larry Page. 2019. [Online]. Available
through:<http://www.gotabout.info/leadership-qualities-skills-larry-page/>.