University ENTR 101: Entrepreneurship and Small Business Report

This report delves into the multifaceted world of entrepreneurship, examining diverse entrepreneurial projects such as small business entrepreneurship, scalable start-ups, Schumpeterian ventures, established businesses, and social good organizations. It explores the relationship between these projects and various entrepreneurial typologies like lifestyle, survival, and managed growth projects. The report analyzes the similarities and differences between social business and lifestyle entrepreneurship. Furthermore, it assesses the impact of micro and small businesses on the economy, considering local, regional, and national effects. The importance of small businesses and start-ups in fostering social and economic development is highlighted, including their contributions to job creation, tax revenue, and security standards. The report also presents the characteristics, traits, and skills of successful entrepreneurs Wang Jianlin and Nandan Nilekani, relating these qualities to entrepreneurial motivation and mindset. The report provides an in-depth understanding of the entrepreneurial landscape and its impact on the economy.

ENTREPRENEURSHIP
AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Different type of entrepreneurial project and their relation with typology......................1
P2: Similarities and Difference entrepreneurial projects........................................................2
TASK 2............................................................................................................................................4
P3: Interpreting and assessing relevant data statistics to elaborate impact on micro and small
businesses on economy...........................................................................................................4
P4: Importance of small businesses and business start-ups to the growth of the social economy
................................................................................................................................................5
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
Covered in PPT.......................................................................................................................7
CONCLUSION ...............................................................................................................................7
REFERENCE...................................................................................................................................8

INTRODUCTION
There are different types of ventures which are started by the single individuals and
invested lots of capitals in order to accomplish various activities of organisation in proper
manner (Baum, Frese and Baron, 2014). That particular individual is called as entrepreneur and
the way he controls different types of operations of new organisation is termed as
entrepreneurship. This individuals have capability to bear risk in the business and put their best
effort to start the new venture in proper manner. This helps to maximise the level of profit of
organisation and also aid to create lots of employment to the people living in the society.
Entrepreneur always in search to implement new and innovative idea in order to maintain the
effectiveness in performing different types of activities of small business organisation. Small
scale business is started in order to fulfil the demand and desire of the different families friends
and also people living in the society. Because this can be started with the small capital
investment and less number of employee (Acs and et. al., 2011).
TASK 1
P1: Different type of entrepreneurial project and their relation with typology.
A person which has capability of managing and controlling different operations and
invest adequate amount of capital which helps to perform different functions of organisation is
termed as the entrepreneur. The individuals starts their venture with the limited resources and
they put their effort in order to accomplish aims and objectives of organisation in proper manner.
These forms of entrepreneurial projects are given below:
Small business entrepreneurship: there are many small scale organisation which put
their effort in order to maximise their level of profit and attract large number of customer. It is
always chance of risk and attain lot of competition to become an owner of the certain business
firm. So it is essential for the entrepreneur to implement new and innovative ideas to stand
before the rivals present in the marketplace. Example of small organisation entrepreneurship are
pipe fitter, machine fitter and other grocery business.
Scalable start-up business: there are various entrepreneur who starts their venture with
the new thoughts and unique concept which aids to change the condition and situation of
market. In order to start the new venture an entrepreneur faces lots of difficulties to invest its
capital to start its new venture in the marketplace.
1

Schumpeterian entrepreneur project: It is related with the those organisation which start
their business for the sort period of time. Their main objectives is to maximise the level of profit
of company in short period of time. Entrepreneur ascertain very limited amount to invest in order
to start the venture in marketplace. They put their effort to accomplish various demand and
desire of organisation in proper manner (Castrogiovanni, Urbano and Loras, 2011).
Established venture: these organisation are of big size in which large number of worker
are working in such organisation which aids to expand growth and attain success for longer time
period. These organisation put their effort to launch new and innovative products in the
marketplace which helps to attract large number of customer in short stipulated time period.
Social good organisation: These organisation are launch in marketplace which helps to
develop the living standard of people living in the society. This can be ascertain by improving
the quality and quantity of different types of products to people. For example different
organisation which aids to accomplish CSR functions in order to fulfil demand and desire of
different customer and also the people living in the society.
Relation of projects with Entrepreneur Typology:
There are different types of typologies which are interrelated with the various
projects like considering example of scalable entrepreneurship is related with the various types
of lifestyle of different projects and social entrepreneurship which needs to related with the
expansion of different types of topologies (Dana, 2013).
Kinds of Typology:
Lifestyle projects: These types of business which are control and manage by the single
person without any interruption of other personnel.
Survival projects: Such types of business are started by the entrepreneur which has
motive to earn sufficient amount to live his life with family in proper condition. Considering
example cybercafe, small stationary shops and many others.
Managed growth projects: Such types of business launch by those business persons who
have capabilities to maximise the level of profit for company. So there are different types of
investor show their keen interest which aids to give large number of profit.
P2: Similarities and Difference entrepreneurial projects
Topic Social business Lifestyle entrepreneurship
2

entrepreneurship
Meaning The main motive of such types
of organisation to increase the
level of living standard of
different people living in the
society it also aid to provide
effective service.
Such types of venture launch
its business in order to create
new and innovative products
which aids to increase the
living standard of people. It
also tends to bring some
change in the lifestyle.
Similarities Such business firm are shown
their responsibility in order to
provide effective services to
the different types of people
living in the society. It also
provide various products to the
people at low cost. It aid to
enhance buying behaviour of
the different individuals who
are living in the society.
Such types of organisation
which aids to increase the
living standard of different
people living in the society
rather earning high level of
profit.
Differences The major variability of this
entrepreneurship is rely on the
variability in size, objectives
and various concepts and
beliefs. It aids to increase the
interest of the people.
This aids to attract large
number of customer which
helps to generate large number
of revenues for organisation.
The organisation totally
depend upon the level of
The main objectives of
company to attain growth and
success of different people.
Every business have their
different employee which are
responsible to ascertain large
amount of profit of
organisation (Del Giudice and
Straub, 2011).
3

different skills and knowledge
to perform different types of
work in proper manner.
TASK 2
P3: Interpreting and assessing relevant data statistics to elaborate impact on micro and small
businesses on economy
Local effect: The main objectives of small business organisation is to deliver god quality
of different products ad services at reasonable price which aids to increase the level of living
standard of different people living in the organisation in proper manner. It also maintain the
effectiveness in performing different types of operations of organisation in proper manner. The
main motive of such types of organisation is to produce new and innovative products which aids
to satisfy the demand and desire of different people living in the society. It also maintain the
living standard of different people which are living in the UK (Goss, 2015).
Regional effect: They put their effort in order to determine demand and desire of
different customer which tends to implement different types of changes in the existing products
and services in proper manner. It aid to satisfy the demand and desire of various people living in
the society. As there are different people living in the society in order to maintain effectiveness
in performing various activities of organisation in proper manner. This give positive impact of
organisation in order to enhance the effectiveness in performing various types of activities of
organisation in proper manner (Yallapragada and Bhuiyan, 2011).
National impact: These small business organisation contribute their effort in order to
boost the economy by giving large number of job opportunities which aid to enhance the buying
power of different people and it also aids to increase the level of profit of company in proper
manner. It aids to increase the level of profit of company in proper manner. These impact the
nation in reducing the number of unemployed people in the certain nation. It aids to increase the
level of profit of the company in proper manner. This will about the different types of profit of
whole nation and also enhance the buying behaviour of different people who are living in the
society in proper manner. These effort impact the level of economy of nation in effective manner
(Haase and Lautenschläger, 2011).
4

P4: Importance of small businesses and business start-ups to the growth of the social economy
Economic and social development: There are various number of small scale business
which plays a significant role in order to boost the economic condition of UK. As per the
international report it is reveals about the 5.7 million organisation which are related with the
private sector and performing their different operations of business in the UK which aids to
provide approx. 15.2 million jobs for the people living in the different locality of UK. So this
aids to improve the economic condition of the nation in effective manner.
Improving level of security standards: This is the factor which aids to boost the
economic condition of the nation in proper way this helps to improve the economic condition of
UK in proper manner. It also aids to enhance the buying power of the organisation in proper
manner. There are different types of strategies which helps to maintain the level of security of
different people living in the industries in proper manner. It also aids to different level of security
of the people living in the society in proper manner (Williams and Shaw, 2013).
Contribution to taxes and revenues: There are large number of small business which are
performing different types of business in the UK. So it aids to create large number of
employment opportunities of organisation. It also aids to increase the level of income of the
people who are working in the organisation in proper manner. As these small business
organisation needs to pay taxes which are impose by the government of UK. This aids to
increase the strength of the nation. Government implement different types of strategies which
aids to create effective environment in order to accomplish different types of operations of
organisation in proper manner. Due to high collection of taxes government took initiatives steps
in order to develop the better atmosphere in order to start new venture in proper manner. It helps
to achieve the financial strength to the nation (Jennings, and Brush, 2013).
TASK 3
P5: Characteristics, traits and skills of Wang Jianlin and Nandan Nilekani
A person which have the tendency and capabilities to take decision regarding the
business and also have the tendency to invest capital for new and innovative venture that is
known as entrepreneur. If the person do not focus on the different operation and functions of
organisation then do not able to sustain good position in the marketplace. Here are some skills
and traits which have been determine in the case study of both entrepreneur are given below:
5

Emotionalism: In this report it has been determined that both of them are shown their
passion and emotion in order to achieve their goals and their dream (Nabi and Liñán, 2011).
Flexibility: Both of the entrepreneur are maintain the flexibility in performing different
types of operations in order to accomplish their goals and objective of organisation in proper
manner.
Full of determination: Both of them are fully devoted to perform their work procedure which
aids to accomplish different types of operations and functions in proper manner. Wang Jialin is a
Chinese venture magnet and investors. Whereas, Nandan Nilekani is the Indian entrepreneur and
also the co- founder of Infosys.
Not afraid to take risk: The most common quality of both the entrepreneur is they do
not afraid to take risk and also do not precede to invest in new and innovative thoughts which
makes them good entrepreneur (Obeng, Robson and Haugh, 2014).
Team work skills. Both of the entrepreneur believe in performing different work in the
effective team which aids to maximise the level of profit of organisation in proper manner.
P6: Characteristics of entrepreneurial reflect entrepreneurial motivation and mind set
In order to ascertain growth and success in the business an entrepreneur needs to focus on
the different trends and experiences which are used by the entrepreneur in order to accomplish
goals and objectives of organisation in proper manner. Wang Jianlin and Nandan Nilekani are
the most ascendible small business entrepreneurs to all over the world. Both of them are put
their effort in order to implement different new and innovative thoughts which aids to perform
different types of strategies which helps to gain competitive advantages in the marketplace. Bot
of them also focus on the team effort which aids to maintain the effectiveness in performing
different types of activities of organisation in proper manner. Both of them implementing new
and innovative ideas in order to accomplish different types of strategies which aids to increase
the knowledge and skills of organisation. The founder of Wanda Group is Wang Jianlin which is
one of the biggest real estate development organisation and the worlds largest movie theatre.
They put their effort in order to prepare effective strategies which aid to perform different types
of operation of organisation in proper manner. There are various types of element which aids
which impact the mind set and attribute of Wang Jianlin and Nanda Nilekani which are given
below:
6

Family and relatives: Family and relatives plays significant roles in order to make different
types of decision which are taken by the entrepreneur. These are the main sources which provide
proper views and guidance in order to ascertain growth and development of small business. The
parents of both entrepreneurs best support from their parents (Storey, 2016).
Social factor: It is one of the most essential element which impact the decision of the different
entrepreneur. These aids to accomplish sustain strong image in the marketplace. An individuals
always aids to accomplish demand and desire of people living in the society (Wach, 2014).
Lifestyle: it plays an significant roles which give impact on the metal thinking of different
entrepreneur. Both of them belongs to middle class family which have substantial lifestyles. Both
of them learnt from their past experiences which aids to accomplish goals and objectives of their
life.
TASK 4
Covered in PPT
CONCLUSION
From the above mentioned report it has been concluded that Small business plays a
significant roles in order to boost the economy of the nations which aids to increase the
productivity and profitability of organisation in proper manner. These are also aids to
accomplish different functions and operations of new organisation in effective manner. An
entrepreneur always ascertain risk in order to developed its new business venture which helps to
create the lots of employment opportunities to people.
7

REFERENCE
Books and Journals
Acs, Z. J., and et. al., 2011. Introduction to special issue of Small Business Economics on female
entrepreneurship in developed and developing economies. Small Business Economics.
37(4). p.393.
Baum, J. R., Frese, M. and Baron, R. A., 2014. Entrepreneurship as an area of psychology study:
An introduction. In The psychology of entrepreneurship (pp. 33-50). Psychology Press.
Castrogiovanni, G. J., Urbano, D. and Loras, J., 2011. Linking corporate entrepreneurship and
human resource management in SMEs. International Journal of Manpower. 32(1).
pp.34-47.
Dana, L. P., 2013. When economies change hands: A survey of entrepreneurship in the emerging
markets of Europe from the Balkans to the Baltic States. Routledge.
Del Giudice, M. and Straub, D., 2011. Editor's comments: IT and entrepreneurism: an on-again,
off-again love affair or a marriage?. MIS Quarterly. 35(4). pp.iii-viii.
Goss, D., 2015. Small Business and Society (Routledge Revivals). Routledge.
Haase, H. and Lautenschläger, A., 2011. The ‘teachability dilemma’of entrepreneurship.
International Entrepreneurship and Management Journal. 7(2). pp.145-162.
Jennings, J. E. and Brush, C. G., 2013. Research on women entrepreneurs: challenges to (and
from) the broader entrepreneurship literature?. Academy of Management Annals. 7(1).
pp.663-715.
Nabi, G. and Liñán, F., 2011. Graduate entrepreneurship in the developing world: intentions,
education and development. Education+ training. 53(5). pp.325-334.
Obeng, B. A., Robson, P. and Haugh, H., 2014. Strategic entrepreneurship and small firm growth
in Ghana. International Small Business Journal. 32(5). pp.501-524.
Storey, D. J., 2016. Understanding the small business sector. Routledge.
Wach, K., 2014. Europeanisation of Entrepreneurship Education in Europe–Looking Back and
Looking Forward. Horyzonty Wychowania. 13(26). pp.11-31.
Williams, A.M. and Shaw, G., 2013. From lifestyle consumption to lifestyle production:
Changing patterns of tourism entrepreneurship. In Small firms in tourism (pp. 109-124).
Routledge.
8

Yallapragada, R. R. and Bhuiyan, M., 2011. Small business entrepreneurships in the United
States. Journal of Applied Business Research. 27(6). p.117.
Online
Business and entrepreneurship skills and experience. 2013. [Online]. Available Through:
<https://www.innovationpolicyplatform.org/content/business-and-entrepreneurship-
skills-and-experience>.
9