Report on Entrepreneurship and Small Business Management (Module X)

This report provides a comprehensive overview of entrepreneurship and small business management, covering various types of entrepreneurial ventures and their typologies, including large enterprises, social ventures, and small business enterprises. It delves into the similarities and differences between these ventures, analyzing their characteristics, purposes, and impacts. The report assesses the impact of micro and small businesses on the economy, highlighting their contributions to employment, innovation, and regional development. It also explores the importance of small businesses and start-ups in fostering social economy. Furthermore, the report examines the characteristics, traits, and skills of successful entrepreneurs, differentiating them from other business managers, and analyzes how entrepreneurial personality reflects motivation and mindset. Finally, it explores how background and experience can both hinder and foster entrepreneurship, providing relevant examples to illustrate these points. The report concludes by summarizing key findings and offering insights into the dynamic world of entrepreneurship.

ENTREPRENEURSH
IP AND SMALL
BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P1 Different types of entrepreneurial ventures and their typology of entrepreneurship ............1
P2 Similarities and differences between entrepreneurial ventures ............................................2
LO2..................................................................................................................................................4
P3 Interpret and assess relevant data and statistics to illustrate micro and small businesses
impact on economy ....................................................................................................................4
P4 Importance of small businesses and business start-ups to growth of social economy ..........5
LO3..................................................................................................................................................6
P5 Characteristics traits and skills of successful entrepreneurs that differentiate from other
business manager........................................................................................................................6
P6 How entrepreneurial personality reflect entrepreneurial motivation and mindset ................9
LO4................................................................................................................................................10
P7 Using relevant examples how background and experience can hinder and foster
entrepreneurship .......................................................................................................................10
CONCLUSION .............................................................................................................................11
REFERENCES .............................................................................................................................13

INTRODUCTION
Entrepreneurship and small business management is a volatile term that aid in raise the
economic system of the nation and reducing the poverty by cater employment to the people who
are unemployed. It refers to the creation and fragmentation of the value within the society and all
it done by a person who called entrepreneurs that is the major aspect of entrepreneurship and
adopting the change within the industry (Burns, 2016). Their main motive is to provide innovate
products and services to the people and gain a more profits by adopting the major risk so that
they can sustain within the marketplace for a longer period of time. This report is based on
various types of entrepreneurship and their typologies and also elaborate the similarities and
differences between them. It also show the impact of small and micro business on economy and
importance of start-ups in social economy. It inculcates the entrepreneurial personality by
examine their features, skills and analyse by using OCEAN model. At last it involves the
background and experience that can impede and foster in their entrepreneurial path (Ramadani
and et. al., 2015).
LO1
P1 Different types of entrepreneurial ventures and their typology of entrepreneurship
Entrepreneurship: It mention to the framework of designing, moving and operating the new
business that is work for generating for many profits and revenues by taking major risk to
develop and enhance their sustainability within the marketplace.
Intrapreneurship: It refers to that aspect in which a manger of a company can working as an
entrepreneur and they are self motivated towards their work. They take major initiative to persue
the creative goods and services so that firm may earn higher profits.
Types of entrepreneurs ventures
 Large entrepreneurship: It defines those types of entrepreneurship that have a finite
capital and resources to run and operate their business. This types of organisation are
working for providing innovative products and services to their customers so that they
can earn more profits and revenues (Burns and Dewhurst, 2016). They majorly focus on
gaining the competitive advantage for their longer survival so that they can attracts the
customers. For example- google, Microsoft etc.
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 Social business ventures: It mention to that entrepreneurial ventures that is created for
welfare of society by solving their problems and providing goods and services to
accomplished their goals for benefiting the society and their people. It is based on profits,
not for profits or hybrid organisation. Example- National trust that is prominent UK
based social enterprise.
 Small business enterprise- It defines those ventures that is operating for running a small
business with limited amount of resources and capital. In this an individual person can
run their business and feed their immediate family. It includes carpenters, hair dressers,
plumbers etc.
Typologies of entrepreneurial ventures
 lifestyle entrepreneurs: This type of entrepreneurial ventures are related to living their
life on online mode. In this a person is not having a particular physical location to earns a
profits. In this large entrepreneurial ventures are included who do their business globally
and in this entrepreneurs are travelling through many countries for earning profits and
growth.
 Growth entrepreneurs: It refers to that entrepreneurs that is majorly focus on
expanding and growing their business outlet by attracting large base of customers. It may
involve the small business enterprise who are worki8ng for enhancing their outlet so that
they can sustain in the market by maximising their living standards and satisfying the
demands of customers (Ratten, 2016).
 Social entrepreneurs- It bring up to that type of typology of entrepreneurs in which a
person is working with the aim of solving the critical problems of society in an
innovative way and earns a high amount of profits. It involves social entrepreneurial
ventures that will measure their success by contributing towards the benefits of society
P2 Similarities and differences between entrepreneurial ventures
Difference between entrepreneurial ventures
Large company
This term defines as a concepts of offering innovative products and services to their
customers by longer sustainability within marketplace and also develops and modify their
offerings to gain competitive advantage.
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 Features- The major attribute of this type of entrepreneurial venture is that they are
working for earning n ore profits within the competitive market by attracting large base
of customers with their large capital and resources.
 Purpose of existence- Large company major purpose is that they are working for earning
more profits by innovating their goods and services.
 Number of employees and turnover- In this type of business venture there are more
than 250 employees are working and there revenues is related to more than 10.9 million
euros.
Small enterprise
It refers to that in which an individual person is sole responsible for taking all risk and
earning profits. They are working for their immediate family and enhancing their living
standards.
 Key purpose- It refers to that in which an individual person is sole responsible for taking
all risk and earning profits. They are working for their immediate family and enhancing
their living standards.
 Aim of existence- The major aspect of existence is earns a small profits so that they can
mange and organise their family condition by enhancing living standards.
 Number of employees and turnover- IN small business enterprise there are around few
10 employees are working and their revenues are less than 3.5 million euros.
Social ventures
It refers to that type of entrepreneurs in which a person is working for satisfying the
society by solving their problems and offering them goods and services that will benefited the
same.
 Attributes- In this major key attributes is that they are working for welfare of society so
that they can enhance their country value in the world.
 Objective of existence- In this major purpose of existence is to provide the varieties of
benefits to the society and their living people so that it helps in enhancing their standard
of living.
 Employees and turnover value- In social enterprise employees are considered as per
the size of the firm and revenues also decided on the basis of this because they the social
venture who are working for welfare of society.
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Similarities between entrepreneurial ventures
Large company
 Growth oriented- They majorly focus on enhancing the growth of an organisation.
 Focus on environmental benefits- Large organisation can use the resources in such a
way that does not harm the environment in which it operates.
Small ventures
 Growth oriented- This type of enterprise mainly focus on increasing the growth of their
family.
 Focus on environmental benefits- This type of enterprise are focusing on using
innovative goods that benefits their family and friends and also environment.
Social enterprise
 Growth oriented- They majorly focus on enhancing the growth of society people so that
they cannot face major problems.
 Focus on environmental benefits- Their main aim is not to harm the environment with
their decisions that is related to society benefits.
LO2
P3 Interpret and assess relevant data and statistics to illustrate micro and small businesses impact
on economy
Small business: It refers to that type of business that is owned and regulated by an individual
person. It can includes the various terms like corporation, partnership firm, sole trader etc. In
this there are small amount of workforce who are working to gaining the profits. Majorly it
involves approx 50 workers.
Micro business: It defines that type of venture which are working with low capital and resources
and smaller than small businesses. They earn a profit of less than $ 250000 per annum. They
play a major role in enhancing the economy of country. In UK government is taking more
emphasis on this type of enterprise because due to Brexit doing business on large scale on this
global nature is difficult (Simatupang, Schwab and Lantu, 2015).
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Impact on economy
Small and micro business enterprise both are an essential term in enhancing the growth of
UK economy as they majorly contribute by providing the employment and innovative products
to their customers in a reasonable price. It can be impacted basically three terms i.e. local.
Regional and national government of UK.
 National economy- Small and micro business organization is positively impacted the
national economy as they furnish the employment to the unemployed people who are
living in the society. Due to their innovative products and services large base of
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customers get attracted due to this they can paid their taxes on time and this will enhnace
the GDP of country.
 Regional economy- On regional level it is benefited to the people and their society by
enhancing the way of living and their spending power. They also encourage other people
to capture the opportunity and contribute in the benefits of the country.
 Local economy- On this level it helps in increasing and developing the infrastructure of
the local area by investing in the schools and parks so that peoples get healthy and clean
atmosphere this will indirected positively impact the economy of country (Fayolle and
Gailly, 2015).
Small and medium size organisation business can impacted by several terms such as
Employment- it is the major point that will impact the small business because it helps the
business in earning more profits and sustaining in the market for a longer period of time. It also
helps in providing the employment to the unemployed sector so that purchasing power of people
will be enhanced.
Turnover- small business enterprise will be very helpful in for the economy of the
country because there small turnover helps big to the infrastructure and growth of the nation in
the world.
Innovation- It is an essential term that helps in growth of the small and micro businesses
because of injno0vation they get funded from government and due to this they can attracts the
lartge base of customers due to this they earns a high amount of profits.
P4 Importance of small businesses and business start-ups to growth of social economy
Social economy- It refers to that system which directly showcase the relationship between
economics and social behaviour of the people within society. It related the terms based on ethics,
norms, culture and sentiments that helps in shaping the trends based on buying the goods and
services. This term involve in business start-ups because this type of firm are operating with
innovative products and services that will provides the various types of benefits to economy.
Some of the major importance related to benefiting the economy that are as follows.
 Employment opportunity: The leading importance of start-ups and small business
enterprise is that they can provide employment opportunities to the people who are
unemployed. This will enhance their living standards and buying power of customers due
to this company may enjoy large sales and people enjoy high living standards.
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 Innovation: The major standing of the small and Start-Up businesses is that they can
offered their customers the innovative products and services by using advanced
technology so that they may attracts the large base of customers. This helps in longer
sust6ainability of the business and also benefited the economy of the country.
 Improvement in local areas- This is the better importance of the social economy
because small and start-ups business may enhance the infrastructure of the area by
contributing more on giving the facility related to social development. This types of
business will provide more employment opportunity and this will enhace the local area
people living standards.

LO3
P5 Characteristics traits and skills of successful entrepreneurs that differentiate from other
business manager.
The study of the successful entrepreneurs in their professionalism through compare
between two personality in the entrepreneurship to scrutinizing their internal traits, skills and
behaviour which reflects their success as well their competency to decision for being a successful
entrepreneurship. By considering two effective and successful entrepreneurs who are based in
United Kingdom region and they have procure their vision through business point of view by
forming the well known business personality such as to selecting Alan Sugar and Philip Green
are most influencing proficient entrepreneurs from United Kingdom. Their attributes are
highlight that to be driven their effective business man.
Alan Sugar: As he very famous known perception in corporate environment, he was a founder
of Amstrad which is electronic computer based venture lately he sold in 2007 and now he owing
a reality TV shows called “The Apprentice” on BBC.
Characteristics: Being Motivators: Through having the attribute of hard working nature towards specific
goal to be achieved, in entrepreneurship the factor of motivation plays an important role
it not demoralise the individual's desirable goal as it increased the confidence level.
Similarly, Alan Sugar is a very high motivation influencer characteristics that help to
being hard worker or passionate (Julien, 2018). According to the entrepreneurs,
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motivation factor influence to the Business manager to which they can achieve their
targets. Having Creative Mind: As in entrepreneurship consideration Alan Sugar has a creativity
sense that he invented many electronic product at the time of his business enterprise
Amstrad Company that enhanced the positivity thinking and generating more exposure
kind of new fields to collecting the knowledge. For Example, to investing more ideas
and creativity to attain the forming an entrepreneurs by Alan Sugar to making it
uniqueness. A entrepreneur only provide the optimum guidance or instruction to
Business manager for execution to their business plan objectives delivered. Risk Tolerance: In the business background a successful entrepreneur can be formed by
taking the risk, For examples, Alan Sugar had takes risk at the time of Amstrad
company where he get to know about the essential of risk inherent is help to exploring
objective from comfort zone as well as it enhance the power of audacity to accept the
challenge. A business manager get understands about to handle the risk certainty from
entrepreneur.
 High Devoted or determination factor: It is important in the business context that how
the objective is determined by the true entrepreneur and focused regarding as well. By
having example about Alan Sugar has been fully devoted that he wants to become an
successful entrepreneur by focused through all the aspect driven in entrepreneurship and
fulfilled all the out flows and inflows factor of challenges and benefits (Mamabolo,
Kerrin and Kele, 2017).
Traits Improvised the confidence level: By explain this through example factor, Alan Sugar
having more extrovert and he always being in confident where he believes in his business
and idea related with entrepreneurship goals after by faces many rejections but still the
factor confidence derives to keep continue working. To getting encourage factor from
entrepreneur where they making understand to the business managers. Being innovative: Entrepreneurs are supposed to be innovative in nature as if they having
dream to accomplish to aim in business segment. Through the perspective of Alan Sugar
it derives that as innovative his traits becomes provide more business idea which is the
valid factor that makes him more successful (Mamabolo, Kerrin and Kele, 2017).
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 Resilience: This traits defines about having ability to making effective decision in
complexity situation. For example Alan Sugar having a effective decision making as
well as capacity where he quickly overcame within his challenges and issues.
Skills Better Communication: By ensuring about the skills of internal ability of effective
communication skills which helps to communicate in the business to the clients and other
form of investor to making them understand, For example Alan Sugar is a good speaker
as he is a TV anchor as well as he elaborate the objective to delivered the customer or
business clients in very effective and professional manner. Having knowledge about leadership: To making influence the people through positive
outcomes delivered where Alan Sugar where to improvised his business infrastructure as
well as to manage and motivate its workforce to always being focused towards their goals
(Gielnik, Zacher and Schmitt, 2017).
 Manage the time: Every successful entrepreneur having importance for the managing the
time in corporate or business, Alan have always being punctual in every task of
delivered . As entrepreneurs having ability to mange the time where business manger
could not manage as they pursue their task in overtime.
Philip Green: Philip is the present founder of his own venture called Arcadia Group, where this
company is baiscaly come under retailer industry to deliver basic products and services in every
traits of home stores. It is the multi billionaire retail chain dollar fortune in the United kingdom .
Characteristics : Passion oriented: An individual having desire to accomplish goal for that effective
devoted the skills and knowledge towards objective. In perspective of Entrepreneurship
context Philip Green is having passion for the business perspective to which it devoted
and preparing for the all the objectives accomplish in the entrepreneurship factor.
Business manager are not so passion oriented as Entrepreneurs, because they have handle
the responsibility of organisation objective accomplish. Knowledge about basic money management: To monitored the investment criteria by
the entrepreneurs where it would provides some better returns. For example Philip
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knows about the shares market knowledge where usually invested his capital or earning
in the that company whose market wealth is stronger and effective (Mamabolo, Kerrin
and Kele, 2017).
 Being Self Motivators: To becoming successful entrepreneur as individual needs to be
self believe and motivate towards their business objectives accomplish. In the perception
of the Philip has a personality where as forming in self motivate that makes him
confident enough to reach every aspect of business objective.
Traits:
 Clarity for vision: It derives for having a clarity of the aim to be achieve. Through
understanding within the example , Philip have clarity about his vision for his goals that
to become a successful entrepreneur, presence of clarity in vision to perform systematic
way. Business manager are not having vision oriented as entrepreneurs. Disciplined: Work Disciplined is very important as it presumes the outcomes
accomplish in positive way. As Philip regulates the effective source of norms that
regulates systematic work which improvised the flexibility.
 Having the factor of Self belief: To having the self believing that derives about the inner
trust to the competency which is having in every individual. Similarly, Philip becomes
successful business personality that he believes himself on his capabilities aspect.
Business manager get influence by the Entrepreneur where they facilitates some
motivation guidance to them.
Skills: Sufficient knowledge about finance : Philip is have good financial skills as he has a
only goal towards the financial market as well as has knowledge about to mange the
money or liquidity. To making consult with entrepreneurs for financial advise because an
effective entrepreneurs are known about the all aspect of finance activities. High efficiency : Entrepreneurship having high capabilities to handle any business
situational challenges, Green has been considered every expect of challenges that derives
towards his business activities and he effectively handle the situation (Gielnik, Zacher
and Schmitt, 2017). On the background skills of Entrepreneurs are also being high
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