An In-depth Report on Entrepreneurship & Small Business Management

This report delves into the multifaceted world of entrepreneurship and small business management, examining the range of entrepreneurial ventures, including small business, scalable start-up, large company, and social entrepreneurship. It analyzes the similarities and differences between these venture types, exploring their impact on the economy and the characteristics that define successful entrepreneurs. The report investigates a diverse range of entrepreneurial ventures in both the public and corporate sectors, comparing and contrasting their approaches and outcomes. It also assesses the key aspects of an entrepreneurial mindset, the traits and skills of successful entrepreneurs, and the influence of personal background and experience on entrepreneurial endeavors. The analysis covers the impact of small businesses on different levels of the economy and examines leadership approaches to change initiatives, providing a comprehensive overview of the field.

Entrepreneurship and Small Business Management
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Table of Contents
Introduction 4
LO1. Explore and illustrate the range of venture types that might be considered
entrepreneurial. 5
P1. Examine different types of entrepreneurial ventures and explain how they relate to
the typology of entrepreneurship. 5
P2. Explore the similarities and differences between entrepreneurial ventures. 7
M1. Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both the public and corporate sector. 8
D1. Critically examine the scope, development, and growth of entrepreneurial ventures.
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LO2. Conduct and analyze research relevant to a business research project. 10
P3. Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy. 10
P4. Explain the importance of small businesses and business start-ups to the growth of
the social economy. 13
M2. Evaluate the differences small, medium and large businesses make to the economy,
applying relevant data and statistics. 14
D2. Critically examine how small businesses have an impact on different levels of the
economy (local, regional, national) and in an international context. 15
LO3. Determine and assess the key aspects of an entrepreneurial mindset. 16
P5. Determine the characteristic traits and skills of successful Entrepreneurs that
differentiate them from other business managers. 16
P6. Assess how aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset. 18
M3. Explore and examine different lines of argument relating to Entrepreneurial
characteristics. 19
D3. Analyze the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples. 20
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LO4. Apply a range of leadership approaches to a change initiative. 21
P7. Examine, using relevant examples, how background and experience can hinder or
foster entrepreneurship. 21
M4. Analyse the link between entrepreneurial characteristics and the influence of
personal background and experience to specific successful entrepreneurs. 22
D4. Critically evaluate how background and experience influence entrepreneurs, both
positively and negatively, by comparing and contrasting examples. 23
Conclusion 24
References 25
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Introduction
The forthcoming study is based on the exploration of the topic that is Entrepreneurship & Small
Business Management. This study would help to elucidate all the facts and the aspects that are
allied to entrepreneurship and to the management of the small-scale businesses. This exploration
would also help in comprehending the range of the types of ventures that could be considered as
entrepreneurial. This would also consist of the study about ventures in the public and the
corporate sector. This exploration would also aid in analyzing the impact of the micro and small-
scale businesses on the economy of the nation & would also help in determining their role in the
growth & development of the social economy. This exploration would also facilitate help in
determining the complete set of the character traits and the set of skills that should be present for
becoming a good entrepreneur. This study would also be focusing on explicating the role of
background and experience in entrepreneurship.
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LO1. Explore and illustrate the range of venture types that might be considered
entrepreneurial.
P1. Examine different types of entrepreneurial ventures and explain how they relate to
the typology of entrepreneurship.
Entrepreneur – An Entrepreneur is a man who takes any kind of a financial risk just for the
sake of profit, in order to set up a completely new business or a new start-up. This is the person
who acts in three different roles while starting up a new business and they are – the starter, the
driver and the person who is responsible and accountable (Korhonen, et. al., 2012). He is the
person who starts the complete business venture and is the initiator of the complete plan. He is
the person who drives that means he would be going to be the one who would lead the complete
team behind him for the successful accomplishment of the goals and the objectives. The
entrepreneur has no problem to place his or her money security and career at stake to take
unlimited risks on an inspiration, spending time still as capital on associate uncertain venture. He
would be the person who is responsible and completely accountable for all the things and for the
destiny of the complete new venture (Rigg & O'Dwyer, 2012).
Entrepreneurship types
Small Business Entrepreneurship – This kind of an entrepreneurship deals with the start-ups that
are dealing in the field of small-scale business and the businesses with small financial risks as the
investment made to this is also less. This would encompass all the factors and the aspects allied
to the generation of the market for a completely new product or a service and are based on the
business plan of a venture (Bridge & O'Neill, 2012).
Scalable Start-up Entrepreneurship – these are the kind of the adaptable new business start-ups
and the entrepreneurs involved in this kind of a venture already have a fixed vision that could
change the world. This is the only reason why this kind of a venture efficaciously attracts many
different investors that would help these kinds of the businesses to grow and expand in this
competitive environment. Their activity is to look for a repeatable and versatile plan of action
that would aid the triumph of the business.
Large Company Entrepreneurship – Most of these kinds of the businesses only have a limited
lifetime and it has to work efficaciously and continuously in order to keep this time going for the
benefit of the company. The company has to continuously innovate and produce the products
that would fulfil the needs and the wants of the customers and the market so as to retain the level
of success.
Social Entrepreneurship – These are the people who are involved in the generation of the
products and services that would help in the resolution of the social needs and desires
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(Huybrechts & Nicholls, 2012). This is a completely different form of entrepreneurship as it is
focused on making the world a better place to live in rather than making money for the benefit of
the investors and the entrepreneur (Abu-Saifan, 2012).
P2. Explore the similarities and differences between entrepreneurial ventures.
If we divide the different type of the entrepreneurship on the basis of the profits to the
entrepreneurs and the investors & their goals, then we could conclude in brief that there are two
completely different types entrepreneurship and they are the business entrepreneurship & social
entrepreneurship. Both of these types are indulged in the creation of the products and services &
also gain profits by selling them in the market to the customers. Both of them create their own
products and services as per the needs and wants of their target market and the innovations are
done in their products and all the set of the services are according to the desires and the
requirements of their target market. Both the types are seeking for expansion in the market so
that they could reach out to the maximum number of the people possible for them but only the
cause of the expansion is different.
The business entrepreneurs are the ones that are more focused on creating the market for their
products and services so that they can gain profits and large funds for their own benefits and for
the benefits of the investors. These are the one that seeks for the expansion of their businesses
only for the purpose of creating wealth for themselves. Their profits are only focused on them
and not for the benefit of any other person. Their products could be revolutionary but the reason
for selling it would still remain the same and this is why they are known as the business
entrepreneurs. The types of the entrepreneurship that are involved in this stream are the small
business entrepreneurship, the scalable start-up entrepreneurship & the large company
entrepreneurship.
On the other side, the social entrepreneurs are the one that is focused on the development and the
benefit of the world along with all the other objectives and aims of the business. These
entrepreneurs are ones that are more devoted to improve the world around them rather than
creating riches for themselves. One of the major aims of these kinds of the entrepreneurs is the
generation of the real social values with the complete set of the economic values of the market
and this also the prime mission of these entrepreneurs. The venture that is involved in this stream
of the flow is more devoted towards the overall innovation and enrichment of the local
communities and is also based on the ethos that is of social good and of ethical behaviour.
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M1. Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both the public and corporate sector.
The range of entrepreneurial ventures is diverse & various in their kind and type and these would
depend on the purpose of the business, the investment is done on the business and also on the
purpose for which that venture is running. If divide these on the basis of public and corporate
sectors, we can conclude that they are mainly the business entrepreneurship and the social
entrepreneurship.
Both these are involved in the production of the services and products & also expand for profits
by selling them in the market. Both these produce the products and services as per the desires
and the requirements of their target market. They innovate and improvise their services & the
products according to the desires and the requirements of their target market. Both of these kinds
are focused towards expansion and want to reach out to the maximum number of the people and
the customers so that the motives, aims, & the objectives of the businesses could be fulfilled
proficiently. This would help them to grow and expand in the market and would help them in all
the aspects that are business requirements. The only difference that exists is in the purpose for
which they are doing that business. The business entrepreneurs are focused on the benefits and
the development of their own and of the investors involved in the business. But, the social
entrepreneurs are more devoted and focused on the development and the improvisation of the
local community rather than creating the riches for their own benefit and development.
A corporate sector entrepreneurship can be defined as a business that is part of the economy and
is in the business to earn profit. Corporate sector businesses are not owned by the government
unlike public sector business, who are enlisted as a government property and provides
government-oriented services or they are available in the stock market.
An example of an Entrepreneur venture and is in the public sector, as stated above, is 3M. A
company known for its adherent line of products such as the waterproof sandpaper, masking
tape, scotch brand tapes (Thomas, 2016). 3M is a public-sector corporation because they sell
shares in the stock market (203.53 USD per share according to www.Marketwatch.com). 3M’s
biggest shareholder is The Vanguard Group Inc. who holds 45,793,887 shares as of March 31,
2017; 3M has more numerous shareholders thus lowering their liability.
While a good example for an entrepreneur the corporate fields W.L. Gore. W.L.Gore, also
known as Gore-Tex fabric, is a multinational manufacturing company specialized in producing
fabrics copied from fluoropolymers. This is handled privately in Newakrd, Delaware, where their
headquarters is located. W.L. Gore gives their employees 10% of their work day to develop new
ideas and work on their personal projects (Vocoli, 2014).
Entrepreneurs do not directly do business with the company’s clients. Entrepreneurs are
individuals within a company whose goal is to innovate and produce goods and services that will
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benefit both the company and their target market. Just like Dr. Spencer Silver of 3M, who
accidentally produced a strong type of adhesive that can be used in aerospace and the employees
of W.L. Gore who are given an ample of time to think of new and innovative ideas that can
benefit the textile world .
D1. Critically examine the scope, development, and growth of entrepreneurial ventures.
The complete set of the scope, growth & development of entrepreneurial ventures are explicated
and elaborated below:
Small Business Entrepreneurship – this type of a venture may include a small scale start-up that
involves very less investment as compared to the large scale and forms of the ventures. The
scope of the venture could be widened if apt leadership and entrepreneurial aspects are combined
in order to hold the market and to expand in the market with a new innovative product that would
fulfil the needs and the requirements of the market.
Scalable Start-up Entrepreneurship – this kind of the venture would require the business to have
a fixed vision and a set of strategic plans that would attract the venture capitalists to invest in the
business and this would help businesses to expand. The scope in this form is already very wide
and if the strategies are appropriately planned and executed then this could be turned into a huge
success.
Large Company Entrepreneurship – In this form of a venture, the investment made is very high
and also the responsibilities and the accountabilities that come along are large in number and
size. The company has to constantly innovate the products & the set of the services that it offers
in order to satisfy the market desire and requirements and to expand & enlarge in the market at a
good pace.
Social Entrepreneurship - In this kind of entrepreneurial ventures, the roles and the
responsibilities that come along are very large in number as it is done for the good of the society
and for the welfare of the humankind. So the moral values and the ethical conducts are to be
considered appropriate for the required level of success.
D1: Critically examine the scope, development and growth of entrepreneurial ventures in
the UK, Including sources and Harvard Referencing Style.
The entrepreneurial ventures are equally important for every level of companies. The scope and
development sector is increasing as the recession is decreasing day by day in UK. People are
now investing in new businesses apart from their own and young generation are more focused to
conduct his/her own business inspite of taking any job. In that sense, the scope are increasing.
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On the other hand, no organization will be smoothly operated without the format of these three
entrepreneurial ventures. People are now a days very much innovative and trying to evolved
many more ventures in the organization.
But one thing is clearly shown in the statistics that the scope and development are of these
ventures are totally open for the small and medium businesses because around 99.03% of the
total business are conducted by the small and medium businesses. So this is a high probability,
that one day, all of the small business will adopt the ventures in the competitive field.
References:
1. Burns, P (2011) Entrepreneurship and Small Business. 3rd Ed.Basingstoke: Palgrave
MacMillan.
2. Carter, S. and Jones-Evans, D. (2012) Enterprise and Small Business: Principles, Practice and
Policy. London: Pearson.
3. Down, S. (2010) Enterprise, Entrepreneurship and Small Business. London: Sage.
4. Griffiths, A. and Wall, S. (2011) Economics for Business and Management. 3rd Ed. Harlow:
Pearson.
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LO2. Conduct and analyze research relevant to a business research project.
P3. Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy.
The small businesses are basically the new small-scale businesses that aid the nation by
increasing the rate of the employment in the nation and so aid the economy of the nation. They
also support the growth of the local commerce that exists in the nation and so creates an
environment that allows the flow of the monies to a greater extent.
Nowadays, a very large number of the people are motivated and get involved to be a successful
entrepreneur in the market. Due to this, the nation is benefitted along with the founder and the
investors to the venture. This helps the nations to produce a large number of monies that help the
nation to advance and develop and also grow in the terms of the economic condition of the
nation. Due to the presence of these small and micro businesses, the economy of the nation is
highly boosted and this also aids the nation to grow and expand in all the terms. The below-
mentioned data and statistics would help to justify the arguments that are placed over here.
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Figure - Number of enterprises, persons employed and gross value added (GVA) and the share
of SMEs, 2012.
Source: (Eurostat, 2015)
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Figure - Number of enterprises, GVA, persons employed (FTE), SME share, and percentage
share of de-pendent enterprises in SME category in four special aggregates, 2012.
Source: (Eurostat, 2015)
The above mentioned statistical data clearly explicate and illustrate the role of the micro and the
small business in the economy of the nation and this also elaborates that how they are good for
the economy of the nation. This aids in the betterment of the nation in all the aspects and helps in
the overall development of the nation due to the good economic conditions of the country. So by
all this, we can conclude that these small and micro businesses are good for the economy of the
country.
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