University of X: ENTR101 - Entrepreneurship and Small Business Report

This report examines various aspects of entrepreneurship and small business management. It begins by defining entrepreneurship and explores different types of entrepreneurial ventures, including small business entrepreneurship, scalable start-ups, and social good enterprises, along with their relation to entrepreneurial typology. The report then analyzes the impact of small and micro-businesses on the economy, focusing on local, regional, and national impacts. It also discusses the importance of small businesses and start-ups to the growth of the social economy, including their contributions to economic and social development, social security, and tax revenues. The report further analyzes the characteristics, traits, and skills of successful entrepreneurs, using Wang Jianlin and Nandan Nilekani as case studies, highlighting traits such as passion, flexibility, determination, and risk-taking. The report concludes by discussing how these characteristics reflect entrepreneurial motivation and mindset. The report also includes an introduction, conclusion, and a list of references.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Various type of entrepreneurial ventures and their relation with typolgy............................1
P2: Similarities and Difference entrepreneurial ventures...........................................................3
TASK 2............................................................................................................................................4
P3: Interpreting and assessing relevant data statistics to illustrating the impact on micro and
small businesses on the economy................................................................................................4
P4: Importance of small businesses and business start-ups to the growth of the social economy
.....................................................................................................................................................4
TASK 3............................................................................................................................................5
P5: Characteristics, traits and skills of Wang Jianlin and Nandan Nilekani...............................5
P6: Characteristics of entrepreneurial reflect entrepreneurial motivation and mind set.............6
TASK 4............................................................................................................................................7
P7: Backgrounds and the experiences hinders the entrepreneurship..........................................7
CONLCUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship refers to an activity of starting new business which are generally small
in size with a motive of earning huge profits and bear all risks and rewards. An individual who
are willing to take risk and rewards is called as entrepreneur. They are the risk taker who has
sufficient skill and capabilities to make an effective decision to achieve strong brand image in
competitive market. The main objective of entrepreneurship is to put all efforts, capacity and
willingness in order to develop venture with risks with the purpose of achieving huge profits.
The chances of achieving growth and success of new business is more only when an individual
have new ideas and concepts which makes them different from others. Generally, small business
is introduced in market with a motive of fulfilling basic necessities of family, friends and
relatives. It can be started with limited capital and human resource (Blackburn, Hart and
Wainwright, 2013).
TASK 1
P1: Various type of entrepreneurial ventures and their relation with typolgy
An individual can be called as an entrepreneurs only when they have sufficient skills and
capabilities to run business solely and take all risks and rewards. With limited capital and human
resource, an entrepreneur should required make maximum efforts in making new business more
successful in market within limited period of time. There are various form of entrepreneurial
ventures which may started by entrepreneurs on the basis of their main objective. Such forms of
entrepreneurial ventures are listed as below:
Small business entrepreneurship: The main objective of every business organisation to
achieve huge profits and sustain in market for longer duration. It involves huge risk and
competition thus becomes difficult for an entrepreneurs to find place for their new business in
market. Therefore, an entrepreneur must have new ideas and concepts which are unique and
different from others in order to compete with their rivals in more effective and efficient manner.
Example of small business entrepreneurship are Plumbers, electricians and grocery business
(Carraher and Paridon, 2015).
Scalable start-up business: Some entrepreneurs who enters into market with a motive of
changing market with the help of their new and unique ideas. Thus, an entrepreneur may find
difficulties in finding investors who are willingness to invest in their new ideas and concepts.
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Schumpeterian entrepreneur venture: It includes those businesses which comes in
market for shorter period of time with a motive of earning huge profits. Such entrepreneur have
limited capital on basis of which they run business to capture small area of market. Their main
objective of entering into market is to fulfil the basic need of their family and relatives (Carsrud
and Brännback, 2011).
Established venture: Such business is large in size who perform with the help of taking
support from large number of employees in order to achieve growth and success for longer
period of time. The main objective of such type of business is to introduces new products and
services in economy and achieve strong position in competitive market. They provides an
employment opportunities to lots of people on the basis of their skills and knowledge with a
motive of maximising their standard of living.
Social good enterprise: These ventures introduced in market with a motive of operating
business for the betterment of society. Their main objective is to maximise the the standard of
living of people in society through providing them quality products and services at reasonable
prices. For an example, many enterprises perform CSR activities to fulfil the needs and
requirements of customers as well as society.
Relation of ventures with Entrepreneur Typology:
There are various typologies which interconnected with different type of entrepreneurial
ventures. For example, scalable entrepreneurship can be connected with lifestyle ventures or
social entrepreneurship can be connected with growth typology. Therefore, there are different
types of typologies which are exist and connected well with different types of ventures exsiin in
market (Chaston, 2014).
Types of Typology:
Lifestyle Ventures: These are such type of business which are run and operated by an
individual solely without getting any interferences from others.
Survival Ventures: These type of business which has been started with a motive of
earning livelihood for family. It can be small in size through which profits earned is also limited.
For example, Grocery store, internet cafe etc.
Managed Growth Ventures: These are the businesses started by smart businessmen who
knows how to generate huge revenues. Therefore, the investors are easily attracts towards such
business as it ensures them to get maximum in return (Dennis 2011).
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P2: Similarities and Difference entrepreneurial ventures
Topic Social business
entrepreneurship
Lifestyle entrepreneurship
Meaning Such type of organisation has
clear objective is to enhance
the standard of living of people
through providing them
beneficial services.
This type of venture enter into
market with a motive of
bringing something new into
market which helps in
enhancing personal lifestyle.
Similarities It is an organisation which
performs for the betterment of
society through offering social
ans cultural goods at
reasonable prices. It helps in
maximising the interests and
behaviour of people of society.
It is an enterprise which
performs to enhance the
lifestyle of society instead of
earning profit.
Differences The main difference is that the
social entrepreneurship is that
Such organisation are based on
different size, aims and beliefs.
They all together put
maximum efforts in enhancing
the interest and behaviour of
people living in society.
This business attained lots of
customers on which the
growth of business depends.
The firm is work is based on
the employee's skills and
capabilities as they are the
main source of getting success
They are very much depend on
founder's skills, ability,
personality, energy and
contacts.
They performed with a motive
of achieving growth and
success of the individuals.
The business is wholly depend
on the passions and handwork
of an individual who create
such organisation. Thus, the
chances of achieving growth
and success of such
organisation is more only
when the founder have
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of business. sufficient skills and abilities.
TASK 2
P3: Interpreting and assessing relevant data statistics to illustrating the impact on micro and
small businesses on the economy
Impact of economy on SME's:
Local impact: SME's are focusing on providing quality products and services at an
affordable prices which makes positive impact on the livelihood of people of UK.
Regional impact: The small business is giving valuable efforts in identifying the taste
and preferences of customers which directs them to bring changes in their existing products and
services. This will help in maximising the level of satisfaction of customers and improves their
standard of living.
National impact: SME's makes huge contribution in achieving growth in economy
through creating large number of job opportunities which helps in increasing income of people.
This will help in making country more rich (Fassin, Van Rossem and Buelens, 2011).
P4: Importance of small businesses and business start-ups to the growth of the social economy
Economic and social development: Small businesses and start-ups make huge impact on
the economic growth in UK. According to the international reports, it has been identified that
approx. 5.7 million private sectors who are operating their businesses in UK through which
approx. 15.2 million job opportunities are created. Thus, this will make positve impact on the
economy of UK.
Improving social security standards: It is such a factor which helps in promoting
income stability in the economy of UK. It also helps in maintaining social security standards and
ethical environment within society and nation.
Contribution to taxes and revenues: As there are lots of small business in UK which
crease employment opportunities to the people. It increases the income of country which make
positive impact on the economy of UK. If the income of the people of UK increases then they
have to pay taxes to government which enhances the financial strength of country (Fayolle,
2013).
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TASK 3
P5: Characteristics, traits and skills of Wang Jianlin and Nandan Nilekani
An individual can be called as good entrepreneur only if they have sufficient skills an
knowledge in order to utilise them in operating business operation to achieve better possible
outcomes. Otherwise it becomes difficult for an entrepreneur to sustain their business in
competitive market for longer period of time. Following are the some skills and traits of Wang
Jianlin and Nandan Nilekani which has been observed in given case study:
Passion: It has been identified after reading given case study that both such entrepreneurs
have passion to achieve something in future. In order to make their business more successful,
they are more focused on gabbing opportunities and utilise them for the betterment of their
organisations (George and Bock, 2011).
Flexibility: Wang Jianlin and Nandan Nilekani are known for their flexibility. In order to
cope up with changing environment, they are always ready to make adopted changes in their
business structure which help them in achieving competitive advantage.
Full of determination: When an entrepreneur has set goals and objectives that need to be
achieved in future then they are more focused and motivated to achieve them within limited
period of time. Such given entrepreneurs are more talented and dedicated towards performing
their work. Wang Jianlin is a Chinese business magnate and investors who established Dalian
Wanda Group which is one of the largest real state development company and world's largest
move theatre operator. He have so much dedicated towards its work that help him to reach from
border guard in PLA to one of the successful businessmen in China. Whereas, Nandan Nilekani
who is an Indian entrepreneur and co-founder of Infosys. He is also so much dedicated towards
its work that at present time, he put his name in world's most influencing people and got many
leadership awards.
Not afraid to take risk: Most successful entrepreneurs such as Wang Jianlin and Nandan
Nilekani who are always ready to take risk in order to gab competitive opportunities. Such risk
can be related with investment of money in particular area in order to achieve profitable
outcomes (Islam and et al., 2011).
Team work skills: Both Wang Jianlin and Nandan Nilekani are always promote team
work as they believe that working in a team will increases the chances of getting double
profitable outcomes to company. For this, they both promote their workforce through providing
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them rewards and bonus etc. and communicate the benefits of working in a team so that they are
easily motivated and perform their best so as to achieve desired standards.
P6: Characteristics of entrepreneurial reflect entrepreneurial motivation and mind set
An entrepreneurs can achieve growth and success in their business only when they are
fully dedicated towards their desired goals and objectives. Wang Jianlin and Nandan Nilekani
are most scalable small business entrepreneurs through out the world. They both are more
passionate and hard worker who always focuses on finding new and innovative ways of bringing
new concepts into market so as to achieve competitive advantage. They also believe in
promoting team work which enhances the capabilities of employees as well as an organisation.
For this, they always ready to support their co-workers and employees in performing several
business functions (Lautenschläger and Haase, 2011). Wang Jianlin is the founder of Dalian
Wanda Group which is one of the largest real estate development company and world's largest
movie theatre. They formulate various effective plans and strategies on the operations of
business. Some main elements or factors that helps in influencing the mind set and personality of
Wang Jianlin and Nandan Nilekani which are as follows:
Family and relatives: Every individuals are so much close with their relatives and family
which makes huge impact on their thoughts and views. They are the main source through which
an individual can get sufficient support and guidance to achieve growth and success in their life.
Parents of Wang Jianlin and Nandan Nilekani are providing best support to them which brings
motivation among them to start new business.
Social factor: It is also one of the important factor which influences the decision of an
entrepreneur. In order to get good image in society as well as market, an entrepreneurs gives
their maximum efforts for the betterment of society through giving huge amount of donations,
starting new school, charitable trust etc.
Lifestyle: This also play a major role in influencing the mind set of Wang Jianlin and
Nandan Nilekani. They both belong to the middle class family who has clear aims to achieve
standard lifestyle. They have learnt lot of things from their previous life which motivates them to
work harder to achieve better and easy lifestyle (Business and entrepreneurship skills and
experience, 2013).
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TASK 4
P7: Backgrounds and the experiences hinders the entrepreneurship
Wang Jianlin and Nandan Nilekani are the two most popular small-business
entrepreneurs who are achieve their strong identity in different fields. They establish their owe
business through using their specialised skills and knowledge. They utilise their past experiences
to develop company in market and their family and relative gives abundant support to them so as
to achieve their desired goals and dreams of their life.
Wang Jianlin comes from middle class family. He started working at the age of 17 in
People's Liberation Army For 18 years. After completing its 18 years, he started working as the
office administrator for the Xigang Distrcit in the city of Dalian.. In the year 1989, he became the
general manager of Xigang Residential Development after that he worked as the chairman of the
Dalian Wanda Group in 1992 which becomes the changing moment of his life. His company
earned more than 21.57 million square metres of investment property, 168 Wanda Shopping
Plazas and many more. He got main success in 2012 when he acquired world's largest theatre
owner named as “AMC Theatres”.
Nandan Nilekani is an Indian entrepreneur, bureaucrat and politician. He is the co-
founder of Infosys. In 2017, he is appointed as non-executive chairman of the Board. He started
his business with the help of family support. He has completed its education in Indian Institute of
Technology Bombay, Mumbai. He served as its CEO from march 2002 to April 2007. During his
tenure of five years as CEO, Infosys has recorded approx 3 billion which becomes highest
revenue of any organisation ever.
Entrepreneurial ecosystem:
It is essential need for a model of entrepreneurship that helps in capturing all aspects
which contributes maximum in achieving growth and success. The eco-system has been
developed from a framework of eight systems of support and several aspects contributing to the
structure of a single support system:
Financial support: Getting support from the family and relatives, banks, ventures
capitalist, angel investors etc. which help small businesses to adopt an effective techniques and
tools.
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Technology support: It refers to getting support from government regarding funding,
adoption of new technology, support from suppliers, imported technology know-hoe etc. which
drives small business to sustain market and achieve competitive advantage.
Market support: It refers to getting support and opportunities in their market from
suppliers, loyal customers etc.
Social support: Getting adequate support in form of getting awards from trade
association, acceptance of venture failures etc. . Such social respect bestowed on the
entrepreneur also counts as social support.
Environmental support: It includes the availability of natural resources and climatic
conditions which affects the business operations of small companies through which it becomes
difficult for them to survive in market.
CONLCUSION
It has been concluded from the above project report that Small business contributes
maximum in achieving growth in economy of country thus need to be promote individual to start
new venture with their own ideas and concepts. An individual can be called as an entrepreneur
only when they have an ability of risk taking, Passionate, hard-working etc.
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REFERENCES
Books and Journals
Online
Business and entrepreneurship skills and experience. 2013. [Online]. Available Through:
<https://www.innovationpolicyplatform.org/content/business-and-entrepreneurship-
skills-and-experience>.
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