Higher National Diploma in Business: ESBM Report, 2019-20, Block 2

This report delves into the realm of entrepreneurship and small business management, examining various aspects of business ventures. It begins by defining entrepreneurship and exploring different types of ventures, including serial entrepreneurs, owner-managers, and various classifications based on size, purpose, sector, and growth rates. The report provides real-world examples to illustrate each category. Furthermore, it analyzes the similarities and differences between these ventures, followed by an assessment of data and statistics demonstrating the impact of micro and small businesses on the economy. The significance of small businesses and start-ups in the development of the social economy is also elaborated upon. The report then identifies the traits and skills of successful entrepreneurs, contrasting them with those of traditional business managers. The influence of entrepreneurial personality aspects on motivation and mindset is assessed, along with how background and experience can either limit or foster entrepreneurial endeavors. The report concludes with a summary of the key findings and insights gained throughout the analysis.

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Higher Nationals
Assignment Brief – BTEC (RQF)
Higher National Diploma in Business
Student Name Loredana Luca ID
Unit Number and Title 09: Entrepreneurship and Small Business Management
Academic Year 2019-20 Cohort Sept 18 Block 2
Unit Leader Seethalakshmy Assessor PriyanganiAriywansha
Assignment Title Entrepreneurship and Small Business Management
Issue Date 25.03.2019
Submission Date (Formative) 13.05.2019
IV Name Sean Barrett
Deadline for assignment
submission
24.05.2019
Loredana Luca 23.05.2019

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 EXAMINE SEVERAL KINDS OF VENTURES REGARDING ENTERPRENUERSHIP
AND ELABORATE HOW THEY ARE CONNECTED TO THE TYPOLOGY RELATED
TO ENTREPRENEURSHIP.......................................................................................................4
Serial entrepreneurs and entrepreneur:
…………………………………………………………………………………..4
Entrepreneurs and owner-managers:...............................................................................................4
P2 FIND OUT THE SIMILARITIES AS WELL AS DISTINCTION BETWEEN
ENTREPRENEURIAL VENTURES..........................................................................................7
P3 INTERPRET AS WELL AS ASSESS DATA CONSIDERED TO BE RELEVANT, AND
STATISTICS FOR THE PURPOSE ILLUSTRATING HOW MICRO ALONG WITH
SMALL BUSINESSES IMPACT ON THE ECONOMY........................................................11
P4 ELABORATE THE SIGNIFICANCE OF SMALL BUSINESSES ALONG WITH
BUSINESS START-UPS INCASE OF THE DEVELOPMENT OF THE SOCIAL
ECONOMY:..............................................................................................................................16
P5 DETERMINE THE TRAITS AS WELL AS SKILLS OF A SUCCESSFUL
ENTREPRENEURS THAT DISTINGUISH THEM FROM BUSINESS MANAGERS OF
OTHER KINDS:........................................................................................................................19
P6 ASSESS THE WAY ASPECTS OF THE ENTREPRENEURIAL PERSONALITY
REFLECT ENTREPRENEURIAL MOTIVATION AND MINDSET....................................22
LO4................................................................................................................................................24
P7 ASSESS, WITH THE HELP OF RELEVANT INSTANCES, THE WAY
BACKGROUND AS WELL AS EXPERIENCE CAN RESTRICT OR DEVELOP
ENTREPRENEURSHIP............................................................................................................24
CONCLUSION..............................................................................................................................26
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REFERENCES..............................................................................................................................28
INTRODUCTION
The term Entrepreneurship is considered to berisk-taking and also theability to begin a
new business with the objective of incurring high profit in the business (Burns et al., 2016). This
assignment gives an insight into various types of ventures characteristics and traits of an
entrepreneur. This assignment also brings light on the similarities as well as differences among
several ventures, the effects of the entrepreneurship on the economy with the help of the statistics
and data and it also discusses the male and female entrepreneurship and the appropriate
characteristics of entrepreneurs with the significance of entrepreneurship in the economy.HSO is
a business organization established in 1989. It is considered to be a small-scale business.The
business organization is based out of United Kingdom, which basically works with ERP as well
as cloud solution. The main objective of this organization is to become one of the most efficient
suppliers for the business solution, in order to foster improvement in business operations,
bringing sustainability in the business, and also to strengthen the customer base.
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P1 EXAMINE SEVERAL KINDS OF VENTURES REGARDING
ENTERPRENUERSHIP AND ELABORATE HOW THEY ARECONNECTED TO THE
TYPOLOGY RELATED TO ENTREPRENEURSHIP
Entrepreneurship: The term ‘entrepreneurship’ refers to the procedure of taking the venture to
establish a business, and along with the financial risks related to the business with the
anticipation of incurring profit in future. In other words, this is a process, in which the business
activities are being carried out by the owner of the business in alignment to other activities
related to the business for the purpose of incurring profit in business. “Entrepreneurship is the
process of risk taking by the owner of the business to make a profit out of the whole process”
(Drucker 2014). For example, one of the ventures that an entrepreneur has to take is the
responsibility to satisfy the clients. In other words, one of the most significant risks or ventures
for an entrepreneur is to fulfil the expectations of the client and increasing the sales without lying
to the customers.
Serial entrepreneurs and entrepreneur: The term serial entrepreneur refers to the person who has
achieved efficiency in taking risks in a business and continues to apply innovative ideas to
expand and flourish multiple businesses. On the contrary, an entrepreneur employs an idea to
begin a company and accelerates the regular functioning of that company only. As a real life
instance of serial entrepreneur, the name of Andreas von Bechtolsheim can be mentioned.
Andreas von Bechtolsheim is the co-founder of the company, Sun Microsystems. Andreas von
Bechtolsheim was responsible for several innovations and joint ventures like the launching of a
company that operates on the domain of server technology and merging it with Sun
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Microsystems. It is evident from the real life story of Andreas von Bechtolsheim, that, being
innovative and retaining consistency in the application of innovation, are the two major risks or
ventures that a serial entrepreneur needs to take.
Entrepreneurs and owner-managers:
An entrepreneur as well as manager plays two different roles to establish and accelerate the
activities of a business organization. Entrepreneurs can be considered as the owner of a
company. On the other hand, a manager is actually an employee of a company. Both the roles of
the owners as well as managers are significant for a company. Often the person at the position of
a manager is considered to be the contact person for the client. On the contrary the owner of a
company is the person who owns the company and is also assigned with the responsibility of
completing each and every business activities. Owner of a company is not assigned with the
responsibility of only one department of that company, whereas, the manager of a company is
assigned with the responsibility of a particular department of that company. Again, a owner may
play the role of a manager in case of a company A real-life instance of an ideal owner –manager
can be found from the role played by Lawrence Gunning as a CFO as well as director of British
Airways who is popular for his substantial contribution in British the growth of British airways.
Ventures: Ventures can be considered a special kind of business, which basically depends on
innovation as well as development regarding social and also economic values. There are several
types of ventures that the entrepreneurs of contemporary era may take. For instance, in case of
medium-scale businesses, an entrepreneur can take ventures like becoming retail consigner over
the internet, conducting services like copywriting as well as editing, attracting the targeted
customers through blogging.
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The type of the ventures is defined below:
Intrapreneurs: The term ‘Intrapreneur’ refers to the employee of a business organization who
makes strategies to develop the business. Intrapreneurs do not involve in any external as well as
internal risks which cast upon a negative impact on the operations of a business. However,
Intrapreneurs possess access to entire resources of a business; a real life instance of
Intrapreneurship can be found from the contribution of Paul Buchheit towards the foundation as
well as maintenance of G-mail.
Independent Entrepreneurship:
In case of ‘Independent entrepreneurship’ the owner of the business works independently, to
establish a swell as accelerate the business. This includes taking financial risks, operations,
innovation in the procedure of the business as well as the product for the purpose of incurring
profit. As the real life instance of the independent entrepreneurs the names of Duncan Bannatyne
along with Peter Jones can be mentioned. This kind of entrepreneurship can be found in the
medium and large scale industries. Hence, the size of the industry in this case is medium or large.
The purpose of this entrepreneurship is generally earning profit as well as sustainability. Without
compromising social welfare and environment sustainability. Generally in the service sectors as
well as FMCG sectors, independent entrepreneurship can be observed. Growth rate in the service
sector is 50.4%, as compared to that of the other sectors which follow the traits of independent
entrepreneurship.
Lifestyle venture: Lifestyle entrepreneurships the business which is carried out with the
objective of transforming their lifestyle. In other words the aim of this type of entrepreneurship is
not achieving profits only. As the real life instance of the lifestyle entrepreneurs the name of
Marc Biles who is the founder as well as CEO of Ratio, can be mentioned along with the name
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of Clive Jackson who is the founder as well as CEO of Victor. This kind of entrepreneurship can
be found in the large scale industries, fashion and apparel industries. Hence, the size of the
industry in this case is large. The purpose of this entrepreneurship is generally earning profit
sustainability and illuminating the brand image with appropriate Corporate Social Responsibility
strategies. Lifestyle entrepreneurship can be seen in Clothing sector, Growth rate of the clothing
sector due to the intervention of lifestyle entrepreneurs of modern era, is around 67.3% which is
substantially higher than the growth rate in 2018. The clothing sector is expected to grow to
78.1% by the year 2023.
Public sector: The government of a country is assigned with the responsibility of the Public
sector entrepreneurship. This business possesses flexible shareholders. Moreover, theyare not
indulged in taking high risks. Thus public sector entrepreneurship creates value for the public as
well as society. For instance: London Treasure Graduate finance Public sector entrepreneurship.
The Government of United Kingdom, Government employees executives are the Public sector
entrepreneurs. This kind of entrepreneurship can be found in Government NGOs, non-profit
organizations subsidized by the government of United Kingdom. industry in this case is medium
or large. The purpose of this entrepreneurship is generally serving people, and foster
environmental sustainability. Generally in the health and service sectors (including the service of
public sector organizations, NGOs), this type of entrepreneurship can be observed. Again the
growth rate of the public sector of United Kingdom has been escalated to 31.2%, which is much
higher than that of 2018.
Private Sector: The term Private Sector Entrepreneurship refers to the business venture
established with the sole purpose of earning profit only without focusing on the public interest.
This is the business which is owned privately. As the real life instance of the private sector
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entrepreneurs the names of Simon Cowell, can be mentioned. This kind of entrepreneurship can
be found in the medium and large scale industries. Hence, the size of the industry in this case is
medium or large. The prime objective of this entrepreneurship is generally earning profit.
Generally private sector entrepreneurship can be observed in the FMCG sector, consultancies
that guide people for by providing financial advises and recruitment. The growth rates of the
private sector of United Kingdom have been escalated to 63.8 % when a comparison is drawn
between the base year 1955 and the current year 2019.
Social Entrepreneur: These are the entrepreneur which carries out the business for the welfare
of the society. The main aim of the business is to add value to the life of the people and not profit
making with maximum social welfare (Burns et al., 2016).
Example: Auction is the company which hires the autistic adult for providing IT solution to the
clients. As the real life instance of the independent entrepreneurs the names of Duncan
Bannatyne along with Peter Jones can be mentioned. This kind of entrepreneurship can be found
in the medium and large scale industries. Hence, the size of the industry in this case is medium or
large. The purpose of this entrepreneurship is generally earning profit as well as sustainability.
Without compromising social welfare and environment sustainability. Generally in the service
sectors as well as FMCG sectors, independent entrepreneurship can be observed.
Serial Entrepreneur: This type of entrepreneur constantly works on new ideas and strategies
and comes up with a business which is very distinctive in nature and concept.
Micro Business: Micro business is operated on a small-scale. In other words, micro-business is
operated withina minimal investment with a sole proprietorship.
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Medium Business: These are the small-sized business where 100 or fewer employees are
working and the investment is also not very high.
Female Entrepreneur: The female entrepreneurs are the business women who come up with a
new idea and start their own business. The female entrepreneurs organize, arrange, and operate
the daily activities of the business on their own. For example, the name of Valerie Stark can be
mentioned. Valerie Stark is the CEO of Huggle
Joint Entrepreneurship
The term joint entrepreneurship refers to the joint venture or joint initiative taken by both the
private enterprises as well as the government sector. As the real life instance of the joint
entrepreneurship the name of Hyde Park can be mentioned
This kind of entrepreneurship can be found in the medium and large scale industries. Hence, the
size of the industry in this case is medium or large. This type of entrepreneurship considers profit
maximization as well as social welfare as its main purposes. Generally, in the sector of social
welfare and goodwill, this type of entrepreneurship can be noticed. Organizations operating on
the domain of social welfare, scientific development, exhibits joint entrepreneurship of the
government as well as the private sector. Hence, size of the compnies exhibiting joint
entrepreneurship is large. The contribution of the companies operating in the joint venture of
Government as well as private sector has been increased to 107% during the past 10 years. This
indicates to the effectiveness of joint entrepreneurship.
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Cooperative Entrepreneurship:
Cooperative entrepreneurship refers to the collective effort of many people to establish an
enterprise. As the real life instances of cooperative entrepreneurship the name of the famous trust
organizations of United Kingdom can be mentioned these are- Transparent Hands, CrowdCube,
Seedrs, JustGiving, Funding Circle. Trust, NGOs, in the Goodwill sector exhibits this type of
entrepreneurship. The purpose of this type of entrepreneurship is to conduct social welfare and
foster social as well as environmental sustainability. Growth rates of Trusts depending on
cooperative entrepreneurship are increased from 42.5% in 2010-2011 to 45% in 2014-2015
(Kirzner 2015).
Conclusion:
In the conclusion, it can be said that, Entrepreneurship can be considered as the procedure related
to the taking the responsibilities as well as risks to establish a business with the anticipation of
incurring profits. Entrepreneurs not only contribute to the industrial growth of a country but also
boost the overall growth of an economy.
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P2 FIND OUT THE SIMILARITIES AS WELL ASDISTINCTION
BETWEEN ENTREPRENEURIAL VENTURES.
Compare and Contrast between several types of entrepreneurship:
Lifestyle Ventures are run in the case of a business with the implementation of innovative
as well as new ideas. The main purpose of Lifestyle Ventures is to transform the standard of
livings well as status. On the other hand, one of the similarities between lifestyle ventures and
serial entrepreneurs is that both of them aim to incur high levels of profit through the application
of innovative ideas. Again there is substantial difference between lifestyle ventures and serial
entrepreneurs. Serial entrepreneurs concentrate on continuous implementation of innovative
ideas in several new businesses they intend to handle. Another type of entrepreneurship is the
entrepreneurship conducted by female in the small and medium businesses. The similarity
among lifestyle ventures, serial entrepreneurs and female entrepreneurs, is that in case of all
three kinds of entrepreneurship the prime objective of the entrepreneurs remains the same which
is incurring profits and earning fame. One of the distinctions between lifestyle ventures, serial
entrepreneurs and female entrepreneurs, is that, often the small as well as cottage industries
which involve women as entrepreneurs, emphasizes on social welfare and women empowerment.
The objective of male entrepreneurs is to earn a substantial level of profits. On the other hand
one of the distinctions between male entrepreneurship and female entrepreneurs is that male
entrepreneurs are more tolerant as compared to the female entrepreneurs. Again there are
cooperative entrepreneurs. Cooperative entrepreneurship refers to the collective effort of many
people to establish an enterprise. Hence the difference between cooperative entrepreneurs with
all other entrepreneurs is that, cooperative entrepreneurs concentrate on more than one venture
and they focus more on social welfare and environment sustainability. There is another kind of
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entrepreneurship termed as joint entrepreneurship. One of the notable differences among joint
entrepreneurship and lifestyle ventures and serial entrepreneurs male and female entrepreneurs is
that, joint venture entrepreneurship involves the initiatives of both the private enterprises as well
as government sectors. Hence, this type of entrepreneurship can emphasizes on profit
maximization and public welfare (Drucker 2014).
Public sector entrepreneurship is considered to be the type of business owned by ateam of
people who may be a government body. This government body may be assigned with the
responsibility to regulate businesses of a particular economy. This type of entrepreneurships
considers earning profits as their main objective. Another objective of this entrepreneurship is to
increase GDP and foster economic growth. In order to achieve its entire objective this business
follows traditional practices. This business also focuses on adopting public policies. In this case
adoption of public policies implies, taking up initiatives to implement innovative public policies,
so that larger economic revenues can be earned. Along with this, the main focus of this type of
entrepreneurship remains on the well-being of the society and growth of a country as well. This
business does not depend on any kind of strategies for expansion (Morris et al.,2018).For
instance, it can be said that, NHS attempts to implement entrepreneurial policies at core level
(NHS, 2019).
Private sector of entrepreneurship is another type of business in which owner is
considered to be the soul of the business. Both the modern as well as the traditional practices are
followed in this business. This assists the business to incur high profits. Hence, it can be said
that, the generation of a high level of revenue as well as profits can be considered to be the main
aims and objectives of the business. Business experts support private sector entrepreneurship, as
this kind of business fosters innovations in business. In case of private sector of
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