Entrepreneurship & Small Business Management Analysis Report

This report provides an overview of entrepreneurship and small business management, starting with a discussion of different types of entrepreneurial ventures, including small business enterprises, saleable start-ups, large company entrepreneurship, social entrepreneurship, and serial entrepreneurs. It highlights the similarities and differences between these ventures, focusing on their objectives and contributions to the economy. The report further examines the impact of micro and small businesses on the UK economy, emphasizing their role in job creation, market opportunities, and GDP contribution. It also discusses the importance of small businesses and start-ups, noting their significant contribution to revenue generation and economic health. Finally, the report touches upon the characteristics, traits, and skills of successful entrepreneurs, along with the importance of their background and experience.

ENTREPRENEURSHIP AND
SMALL BUSINESS MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P.1 Different types of entrepreneurial venture.......................................................................3
P.2 Similarities and differences between the ventures...........................................................4
TASK 2............................................................................................................................................5
P.4 Importance of small business and business start ups.......................................................7
TASK 3............................................................................................................................................9
P. 5 Characteristics, traits and skills of an entrepreneurs.......................................................9
P.6 Traits that reflects the motivation and mind set.............................................................10
TASK 4..........................................................................................................................................11
P.7 Importance of background and experience....................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship and small business management are not much differ to each other as
every entrepreneur start up with a small business as it is the base of everything. Entrepreneurship
is a heart of every business as without this business can never get successful. Every large
company start their business at a very small level so that they can establish themselves in the
market by ensuring that they are getting success. The first part of the report tells about the
entrepreneurial venture and about their similarities and dissimilarity as they are the one who
ensure that there is efficiency in each and every operations. Entrepreneurship and small business
management is the sequence that is designed to build skills that are required by the business to
get successful in the market by earning more profit.
TASK 1
P.1 Different types of entrepreneurial venture
There are many kinds of venture that is required by the market and society as the aim and
objective behind them is different from each other as they serve differently to the customers.
Some are as follows: Small business enterprises: This kind of venture to the small business which are operated
by an individual as they have very limited resources to start up with limited fund. Small
business are of many kinds as their main aim is to target the local public so that they can
establish in the market by earning more profit. This business is run by the individual and
in return they hire the local employees who are not employable by the large companies
(Dana, 2016). They relate to the typology of entrepreneurship as they follow a systematic
manner to get recognition in the market so that they can earn more profit by providing the
best of their goods and services to satisfy them to the core. Saleable start-up entrepreneurship: This type of venture is start up is basic aim of
attracting investor who can invest in their business so that they can establish their
business with the help of them. They know from the day one that they need the investor
for their business as they are the one who collaborate with others as they have the base
idea which needs funds to get executed. They relate to the typology as they prepare a
perfect plan and execute their idea before the investor as that they can invest in their
services.

 Large company's entrepreneurship: This types of venture has fixed life cycle that has to
follow by them as they are on a very high level and if they want the efficiency in their
operations then the plans and procedures should be follows strictly. Customers are very
important for them and that is the reason that they work according to the choices and
preferences of the customers so that they can satisfy them so that they can satisfy them as
customers satisfaction is very important to retain in the market (Griffith, 2015). They
relate to the typology as they follow specific method for each and every task that is done
by them.
 Social entrepreneurship: They are the innovators as they produce the goods and service
for the betterment and welfare of the society. Their main aim is to solve the problem of
the economy by helping the people who are in need. They relate to the typology as they
follow the method but for the welfare of the society so that they can solve the problem of
the economy.
 Serial entrepreneur: It is considered as type of business where person come up with
innovative idea to start things accurately. But after the effective establishment of idea the
responsibilities are being taken over some other party. With an assistance of this,
innovative businesses can be promoted more effectively.
P.2 Similarities and differences between the ventures
Similarities: There are many similarities
between these factors as they are from one
category. Small business enterprise is similar
to others as they are also generating the
employment opportunities so that they can
solve their problem of the economy and helps
it in developing in comparison of others.
Saleable venture is similar to others as they
also want to serve the market the best of them
so that they can retain more customers. Large
companies are similar to others as their main
preference is also the customers as their
Dissimilarities: Contrary to the above there
are many differences between them as the aim
and objects are differed from each other. Small
business enterprises are different from others
as they are operated by an individual and
higher local people as their employees so that
they can make profit by creating a huge
customers support. Scaleable are different from
others as they want an investor for their
business and without investor they would not
be able to get establish in the market. Large
companies are different from others as they

choices are the main consideration in the
market (Henrekson and Sanandaji, 2014.).
Social entrepreneurs are the innovators and
similar to others as they also want to solve the
problem of economy by satisfying the
customers. They all are similar to each other’s
as they all want to satisfy the customers by
solving the economic problem so that they can
retain in the market for longer period by
earning more profit that their competitors.
Small scale and social entrepreneur: Small
scale entrepreneurial will give the effective
performance which will help to bring the more
chance to social development and the motive
will earn the money for the use of livelihood.
While the social entrepreneurial will help to
the poor people to make the better lifestyle
which are not able to get their basic needs due
to insufficient funds with them.
Female entrepreneurs: The type of perception
carried out by individuals is different and when
talking about female entrepreneurs, they are
able to make other understand regarding the
condition and focus on attaining them.
follow the definite methods for each and every
thing and no one is allowed to go beyond that
to satisfy self as their main consideration is he
customers and they produce goods and services
according to their preferences so that they can
earn more profit their main aim is to earn
profit. Social entrepreneurs are the innovates as
they produce the goods and services in order to
help the needy people of the society so that
they can solve the problem of the economy. All
are different from each other as their start up
aim is different. If one wants to satisfy the
customers then the other one wants to satisfy
the self needs on the other hand if one wan to
earn the profit then the other one solve the
economic problem.
Large scale and Scalable: Scalable business
entrepreneurial brings the better opportunity
for the nation growth and development but
they are not contribution in large manner. In
the large scale business required the huge team
in the organisation such as Human resource,
marketing, operation and production etc
Male entrepreneurs: They also devote
themselves to perform all type of roles and to
support the firm to grow in positive direction.
TASK 2
P.3 Micro and small business impact on the economy

Small and micro business in UK play wild role in UK economy. It is give the
contribution in growth, new market opportunities and opening new jobs for the UK people. They
also increase competition in new ideas and challenge. In UK small and micro business area
having 44.1% extorting firm. This business is give so much contribution in exporting sector. In
UK all type of business ruining but small area business cover 44.1% of all business and large
type of business cover only for 9% and medium size business is covering 46.1%. So we can
think in UK most of area covering by the mediums and small size business they give also
contribution in exporting (Storey, 2016). Good exported by small firms were value at $1.4 billion
Small business export the martial goods in whole sale trade 39.5% contribution give in all export
business. This graph is show the condition of UK and value of hall type of business. So they can
say small business is having lots of value and give the contribution in GDP sector. In UK most of
person doing small business and also increasing in the investment sector so that through increase
GDP sector.
Small business: These are considered to be privately owned corporation, sole proprietorship or
partnerships.
Medium business: These are firms that have more than 250 employees working.
Large business: These firms have at least more than 5000 employees working and even at
different branches that are at other countries.

It is providing help of increasing in employee. Medium size business is the giving job
Europeanist to people and increasing in the productivity.
In UK 99.9% business a new small and medium size business. 500000 business is every year
new started in UK. Thy also give contribution in GDP and increasing export quantity. In 2014
they were estimated 5.2 million business in UK and 99.9% of being SMEs. Thus, type of data
can define they organization are to continue to grow in today market. That is 55% demonstrated
of small business, medium businesses is don't ruining more than 5 year (Obeng, Robson and
Haugh, 2014). This type of business is facing so many challenges' of 63% business owner facing
growth and three fifth% of business man is facing continue 5 years growth. Small and medium
size business earn combined turnover of 47% of private sector. .in employments sector they give
large contribution. Small business employ turnover 24.3 million of UK people. 60% of people
related to the private ate sector and 81 of the overall work force. Innovation of the large
contribution in the business growth. In 2009 to 20013 47% of business increase the now of small
size of the business. In UK mostly business are the retail sector, manufacturing sector and repairs
of motor vehicles. 46% of revenue generate the small size of business in these business. These
Illustration 1: impact on the economy
Sources :Storey, 2016

type of industry is beneficial and maintain relationship with country and overall all economic S
ME business are give vital economic health and growth in financial sectored and reassigning in
the innovation and start up the business growth. The truth is sell in UK give the most overseas.
These type of economic climate is going on increase and give the result of the positive, and give
success in the business policy. They know their country actually need the small type of business
to sustain a healthy economics. It has been noticed that small businesses are mainly functioned
according to standards of sole proprietorship which allows to have better business opportunities.
It is necessary to have long term development according to standards. Other than this, large scale
businesses are more focused towards partnership factor. They focus on effective partnership
which allows to have long term opportunities.
P.4 Importance of small business and business start ups
There is very huge importance of small business as they contribute the maximum towards
the economy by paying taxes and more fine than others as they are the one who generates more
revenue that the large companies so that they can recognition in the maker as they have very
strong customers chain as they give the priority to the customers (Sahut, and Peris-Ortiz, 2014).
Brexit is determine as the prospective that is withdrawal of the UK from the European Union.
Illustration 2: impact on economy
Source : Obeng, Robson and
Haugh, 2014

There are certain policies that all the counties need under them are required to be followed. Some
of the countries finding is difficult to do so and thus there are countries who are getting out of it.
However, Brexit enables to provide support for small firms so that they are able to grow in
positive manner. The immediately impact on the nation economy such as the currency value
increase only 10 % above the Euro and it raise the inflation in the nation up to the 1.8%. But
after the Brexit some major changes have been found in small business and business start-up in
the contribution in following areas. Contribution: Small business contribute the most in the growth so that the economy can
be better in terms of every things. Small business have very limited liability as they have
less than 500 employees working for them as they have very limited resources than
others. Small business represents 99.7% of all the employer firm as they generate more
employment opportunities than others. Since 1995, they generated 64% of new jobs for
the people who are not employable by the large companies. They pay 44% tax to the
government so that they can solve the problems that are occurring in the economy. All
the above leads the social economy towards growth as it solves most of the problems that
are affecting the economy. Economic growth: Small business contributes a lot to solve the problems of the economy
so that they can grow in comparison than others. They bring innovation as they have
fresh ideas in the market so that they can attract more customers towards them and will
be able to earn more profit than others (Burch and et.al., 2016). They generate more
employment opportunities providing employment to those who are note employable by
the large companies. Small business make the base for the large companies so that they
can run the business very smoothly with the help of them. This will help the social
economy to grow as the unemployment problem is solved. Adaptability to changes climate: Many small business adopts the changes that are
occurring in the climate of the market as the customer’s choices and preferences are get
changed according to time. All the business are customers oriented as without customers
they would not be able to survive in the market. Customer’s loyalty is very important for
the small business as this will help the business to fight the tough times and this will; lead
the social economy to grow. Social economy refers to the economy that is focused on the

society betterment and welfare and if the social economy grows than the society will
automatically grow by solving all the problems. Schools and the government offices: This is also the part of this as their main
consideration is the consumers who pay the money back to their community in terms of
taxes. They generate very high level of revenue which means that they pay higher taxes
to the government (Burrows, 2015). This money is used for the welfare of the economy
and that is how it leads to the growth of social economy.
 Future growth : Small business do not always stay small as they grow by the time with
the help of their customers that they have generated and the position that they have
gained with the help of their efficiency work in the market. If they grow in the market
then the resources also grow and all this leads to the growth of the social economy so that
they can retain in the market by contributing more in the welfare of the society.
TASK 3
P. 5 Characteristics, traits and skills of an entrepreneurs
There are many characteristics, traits and skills are carried by the entrepreneurs as they
are the one who carry forward the business with full efficiency so that they can retain in the
market for longer period by earning more profit.
Characteristics: Motivation: Motivation is the main feature of the entrepreneur as they are the one who
work without getting bored as they want to achieve the success in their life by facing each
and every challenges. Bill gates is a great entrepreneur as he is highly motivated and
ready to perform any task in the business. He is so passionate towards his work and
implement all the plans to achieve success in his business. (Blackburn, Hart and
Wainwright, 2013) Steve jobs was a very passionate person as he was mare about doing
than thinking and was ready for all the challenges that may occur in the business. By
considering the above it is clear that they are different from managers. Risk taking: It is again one of the important factor that may affect the business as
entrepreneurs are the person reedy to take risk into future uncertainty. There are many
terms in the business that are unknown in the future so to implement the plan they have to

take risk so that they can retain in the market for longer period. Bill gates is very
fortunate person but never fears to take risk for achieving success in the near future.
Steve jobs was a very passionate person and ready to take risk for his business. By
considering the above it is clear that they are different from managers.
Traits: Leadership: Leadership is the most important personality trait that is performed by an
entrepreneur to ensure that everything is going right in the organisation with full
efficiency in all the operations (Canales, 2016). Bill gates is a great leader as he knows
what to do and how to get the things done through others. Steve jobs was the great
entrepreneur as he was a great leader who knew how to balance all the things in the
company so that they can bring efficiency in their by earning more profits. They are
different from managers as managers are not leader as leadership is much more than
managing things. Focus: Focus is also one of the personality traits as it refers to the attention that is paid by
the entrepreneurs on their work as this is most important and without this efficiency
cannot be achieved by entrepreneurs. Bill gates focus on the main things that are required
by the company to gain success like they reach their goals on time, customers are
satisfied from their work. Steve jobs was more focused on the motivation of the
employees as they bring the efficiency in each and every work of the organisation
(Henrekson and Sanandaji, 2014). By considering the above it is very clear that they are
different from managers.
Skills: Practical skills: Entrepreneurs are the highly skilled in their work as they what is to be
done in what manner. This skill includes the goal setting, planning and organising,
decision making and many more. Bill gates is a professional and follows all the terms and
conditions that are essential in the management. Steve jobs was a person who used to
think practically as everything in the company needs efficiency this can only be possible
if there is a practicality. By considering the above they are different from managers.

 Creative: This is very important as this helps in solving the problems of the
management. Bill gates is a very creative as he thinks beyond the situation and if any
problem arise then he takes the corrective measures accordingly. Steve jobs was a very
creative person as he recognises the upcoming opportunities that will help the business to
grow. The managers are not creative as they do not take the major decisions whereas an
entrepreneur take all the major decisions for the growth and upliftment of the company.
P.6 Traits that reflects the motivation and mind set Passion: Entrepreneurs are not basically all into money as but apart from money they
what they do as their true benefit is all what they do. In simple words it refers putting in
long hour and doing extra work. It reflects the mind set as they know that they have to
perform whatever work is assigned to them whereas it reflects the motivation as how
much they are willing to work in the pressure (Dana, 2016). Motivation: It refers to the dedication that the entrepreneurs towards their work. They are
not dependent on others as they know what should be done in what manner. They know
how to communicate with their dreams so that they can achieve the success in their
carrier along with the goals of the company. This reflect the mind-set of the entrepreneur
as they are ready to anything for their goal. Optimism: This one of the best and important quality carried by the entrepreneur as they
take all the failures in an very optimistic way. Optimise behaviour of an entrepreneur are
very important as they handle all the things in such a nice way no one can feel the
pressure of anything in the company. This reflect the mind-set of an entrepreneur as they
always think the good and neglect al bad to achieve efficiency whereas This reflects the
motivation as they know what is to be done and in what time. Creativity: This refers to the innovative ideas that an entrepreneur has in his business life
as they so not think in the same way as the other people think. Their main consideration
is their business that is carried by them as their priority. This reflects the mind set as they
are the innovators as they bring new and beneficial ideas for their business need whereas
it reflects the motivation as whatever they do it with full dedication.
 Risk takers: This is one of the popular traits of an entrepreneur as they try many things to
make their business more successful (Burrows, 2015). It reflects the mind set as they are