Report on Entrepreneurship and Small Business Management (Module)

This report provides a comprehensive overview of entrepreneurship and small business management. It begins with an introduction to entrepreneurship, defining its core concepts and significance. The report then delves into different types of entrepreneurial ventures, including scalable startups, small businesses, large businesses, and social enterprises, highlighting their characteristics and distinctions. It further explores the similarities and differences between various entrepreneurial ventures, such as lifestyle ventures, serial ventures, and female-led ventures. The report includes relevant statistics and data related to the impact of small businesses on the economy, emphasizing their contribution to job creation and economic growth. It examines the importance of small businesses and startups for the growth of the social economy, discussing their role in improving the standard of living and providing opportunities. The report also analyzes the entrepreneurial personality traits that affect motivation and mindset, and how background and experience can foster or hinder entrepreneurship. The conclusion summarizes the key findings and emphasizes the importance of entrepreneurship for economic and social development.

Entrepreneurship and
small business
management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship ....................1
P2 Similarities and differences between various entrepreneurial ventures.................................2
TASK 2............................................................................................................................................4
P3. Relevant statistics and data related with impact of small businesses on economy...............4
P4 Importance of small businesses and start-ups to growth of social economy.........................6
TASK 3............................................................................................................................................8
P6 Entrepreneurial personality that effect entrepreneurial motivation and mindset...................9
TASK 4..........................................................................................................................................10
P7 Background and experience can foster as well as hinder entrepreneurship.........................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
A business visionary is a man who goes out on a limb and builds up a wander to make
benefits out of the same. He is a man who additionally adds to the general public in different
path by beginning up another wander. Another wander can help In building and expanding the
work in a general public. Business is the thing that a business visionary do, It can be said as a
procedure which begins with the opening of another wander or an endeavour to provide products
and enterprises either on a social premise or for influencing benefits to out of the same. It can be
called as the way toward giving the different asset to get something of significant worth (Fayolle
and Liñán, 2014) It is this fundamental that administrations around the globe ought to energize
enterprise as it is useful for the general public and in addition the economy all in all, If there will
be appropriate help from different experts for empowering business, the development and
improvement of economy can be supported vey effortlessly. Under the present report different
parts of business person like sorts of business people, different kinds of enterprise wanders and
the distinction and the likenesses between the same has been talked about in detail. The report
will likewise discuss the measures taken by the Federation of Small business (FSB) for the
advancement of enterprise in United Kingdom (UK).
TASK 1
P1 Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurship: It is the route toward making something essential through their
headway which helps being created of viable set out to procure high advantages. On the other
hand, business undertaking is the blend of land, work, resources and income to make high gauge
of advantages. It completely depends on the point of confinement and limit of specialist to
investigate publicize, pull out all the stops and make technique for individuals to give their things
and organizations to general populace of country.
Types of Entrepreneurship – There are diverse sorts of endeavours that can be begun by a
business visionary however the sort of wander a business visionary will choose will rely upon
different factors, for example, the hazard taking capacity of individual and the sort of capital he
needs to put in the business, business chose to open up of new pursuit and so on (Gronum,
Verreynne and Kastelle, 2012). Scalable start up entrepreneurship: It is the route toward making something essential
through their headway which helps being created of viable set out to procure high
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advantages. On the other hand, business undertaking is the blend of land, work, resources
and income to make high gauge of advantages. It completely depends on the point of
confinement and limit of specialist to investigate publicize, pull out all the stops and
make technique for individuals to give their things and organizations to general populace
of country.
 Small business entrepreneurship: There are diverse sorts of endeavours that can be
begun by a business visionary however the sort of wander a business visionary will
choose will rely upon different factors, for example, the hazard taking capacity of
individual and the sort of capital he needs to put in the business, business chose to open
up of new pursuit and so on.
 Large Business entrepreneurship: These are essentially wanders which includes high
hazard and high store necessities. A definitive point is to give products and enterprises on
vast scale for the reason if making benefits. These sorts of endeavours would put a
significant sum in innovation and also fabricating offices.
Social Entrepreneurship: These are wanders who will give products and enterprises to a
definitive advancement and welfare of the general public, there are not gone for influencing
benefits to out of these endeavours. The business people who run such ventures are called social
business visionaries (Trimi and Berbegal-Mirabent, 2012).
Types of entrepreneurial typology: -
Social Entrepreneur: A few people would prefer not to begin another business or wander to
make tremendous benefits rather they would to upgrade and create society through their
administrations
Female Entrepreneur: At the point when another start up is claimed an overseen effectively is a
Woman than that lady who began the business can be named as Female business visionary
(Wales, Gupta and Mousa, 2013).
P2 Similarities and differences between various entrepreneurial ventures
There are diverse sorts of entrepreneurial wander that exist inside a given market and UK
isn't an exemption, there are distinctive sort of endeavours that exist in light of the need and
hazard taking capacity of a person. The distinctions promotion well as likenesses between them
can be depicted underneath:
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Lifestyle and a serial Venture: The likeness between both the entrepreneurial undertakings is
that they work broad number of associations at same time. The qualification which is connected
amidst errands of the two business visionaries is that lifestyle representative has focused on
change of bona fide execution of business activities and afterward once more, purpose of serial
business visionaries is to procure high advantages from their differing business limits (Durst and
Wilhelm, 2012). Female and male Entrepreneur wander: If a wander is claimed and overseen by a male
and the vast majority of the working inside the wander is taken care of by that male
business visionary than such wander is called male business visionary wander.
Nonetheless if the same is possessed and overseen by a female then it is known as a
female business person wander. FSB is ceaselessly reassuring females to begin their own
particular wander and it is hiving different help for the same too.
Private and joint entrepreneurial Venture: When at least two man meet up for a similar reason
for acquiring benefits and beginning up of a business then such business is called Joint wander.
Under this the capital is additionally placed in similarly by both the people. In any case, in a
private entrepreneurial wander the majority of the errand is finished by an individual himself and
in this manner one might say that it is possessed and overseen by a solitary or private business
person (Rauch and Hulsink, 2015).
Similarities as well as differences between different Entrepreneurial Ventures
Particulars Lifestyle Venture Social Venture
Similarities  The aim is not to earn
profits, but rather work
for the purpose of
enhancing the lifestyle.
 These are started as a
small business instead
of conducting business
on a large scale.
 The aim of such kinds
of business is to
benefit society in
general, rather than
earning profits for the
purpose of self.
 These venture serves a
broader purpose than
Lifestyle venture.
Lifestyle Venture Serial Venture
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Differences  The business is
operated from the
funds of owner
themselves.
 The business is run by
passion, and not by
strategies.
 There is no specific
location of the business
and it will be done as
and when they like.
 The venture is started
by the use of funds
from investors.
 There is a strategical
framework with the
management of the
organisation on which
the business conducts
its activities in an
effective as well as
efficient manner.
 The ultimate aim is to
earn profits on huge
scale.
TASK 2
P3. Relevant statistics and data related with impact of small businesses on economy
The small business and economy that is the activity which is to help the development and
growth of the country where an organisation to work different and produce something new that is
complete customer desire, need and wants.. People who are invest capital in the market they
want to high growth and high profitability in the market. An innovative product fulfils their
customer need and desires. In any industry in the market where an organisation want to different
type people for work then who want to show their skills and all awareness of the product and
market situation that all are is very important for the high economy in the market. In the present
time there is a competition for increasing high upper hand at commercial centre through giving
assortment of merchandise and enterprises to their potential purchasers. Each firm is centred on
receiving different changes that are reasonable for organization and its exercises. If customers
are really satisfied of the product then we are regularly connected of the only on one organisation
where people are regularly buying the product then that is good for the organisations. Because
customers are regularly help to increase of growth and profit of an enterprise and then company
will help to increase countries economy (Hayter, 2013). Changes has positive and negative effect
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on authoritative execution, so before actualizing transforms it is required for firm and its higher
specialist to examine the part of changes that these are useful for organization or not. In this firm
and faculty's need to oversee keeping in mind the end goal to maintain all business work in
productive way and innovative productivity to help of the people and increasing their standard
living life. Enterprises are giving training sessions for their customers to help the increase
communication skills, awareness by the market that all are very important for the small
businesses for their organisation increase profit and growth. Economy is very important for
development and increase productivity in the country. Small business are very helpful to increase
economy of the nation. Economy is affect 0of the country. Small businesses in local level. They
are very helpful for improving standard living life. Because the reason of that when people help
to get employment and earning are making regularly. They are providing different type of
opportunities and employments. They are providing a big stage of the fairs and meeting that all
activities to help for grooming and increasing fair level and producing new innovative and
services for their customers.
Micro Businesses: These are the kinds of businesses that is being owned as well as management
by only one person. The size of operations of these business is not much. There are around 5.3
million micro businesses that are currently operating in United Kingdom.
Small Business: It is a bit large business in comparison to micro business and thus having more
resources that needs to be maintained or managed in an effective way. The employees Strengths
in these kinds of business ranges from 0-500 employees. As per government data there are
around 6 million Small businesses that are being set up within the United Kingdom. These
businesses has contributed around 64% of the new jobs in past 20 years.
Medium size business: These are neither small nor large organisations, rather operates on
medium scale and thus there is no official definition that is being described to it The no. of
employees ranges from 250 to 500 in these firms.
Impact of small business on Economy of UK
Local Impact: It helps in improving the standard of living of people, because local people gets
job when a small business is set up in the economy. This improves as well as enhances the
standard of living and gives a support to family members of individuals in an effective way.
National Impact: If there will be proper and effective growth of small business within the
economy, it will lead to higher number of jobs within the economy. Small business helps in
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creating a pro business environment in the society in general, thus contributes in changing the
overall mindset of youth.
Small business accounts for 99.3% of all the private sector business that operate within
the economy. Total employment in small scale business is 16.1 million, which accounts for
around 60% of all the private sector jobs
P4 Importance of small businesses and start-ups to growth of social economy.
Small business and start-ups are focus on the development they are providing job and
develop employment in the local area small business defined the development in local areas
where is minimum services to get peoples., in small business where is almost 250 employees are
working. They are providing job in the local areas. There are they providing jobs and
employment and producing new innovation to create new product and services. They are help to
making United Kingdom and more competitive where come to investors and making new
innovation with new services and products. The little inequality and new businesses principal.
The centre around the advancement of neighbourhood individuals by making and giving of the
work chances to them which causes them in upgrading and increase way of life of individuals.
There is the higher standard living of individuals speaks to higher financial development of
nation. According to this keep up economy of country the little and new company should be need
to execute activities being of the general population and financial specialists. The extensive
number of speculators are pulled in to put resources into little and new company then it straight
forwardly had a constructive outcome on the economy of the country. They almost assumes a
critical part in supporting business activity of the bigger ventures through helping them in the
type of giving consultancy benefits and give imperative assets and finishing business capacities
which encourages them to work huge task in more viable and productive way. New start up big
business initially centre around recognizing the necessities and request of the clients through
making examination and afterward in like manner define an arrangement to deliver items and
administrations to fulfilling their requirements (Hayter, 2013).
Basically, Small business and start-ups focus on the quality of the product because
normally customer want to good quality of the products and services that is also given reasonable
price so small business and companies are very important for the nation. And small business and
enterprise basically provide good quality because they want large number of the customer and
high quality of the product. So they are mainly focus on their customer and good quality of the
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products. New small business and start-ups are want to large number of employee their
companies. In this situation, It is very important for the small type of businesses. Small business
and start-ups are firstly focus on the customer need and wants business enterprises are giving
training for the development and skills for their employees. Small business and enterprise to
increase their countries and economy. They are contributing in the growth of the organisation
and high profitability.
Social Economy: It is basically formed by various enterprises such as mutual enterprises,
social enterprises etc. The aim is not to make profits but to rather make an overall impact on the
social structure of the economy in an effective as well as efficient way.
Small Business Start Ups
 These are made out of new kinds of
ideas for the purpose of livelihood for
the family in an effective way.
 Usually Traditional Products are being
offered to customers.
 It can be or can not be having a scalable
business model.
 It is formed with a new kind of idea
which is creative as well as innovative.
 It refers to creation of innovative idea
which is having huge market size as
well.
 Focus is on innovation as well as
creativity in such kind of organisation.
Impact of Small business on social economy of UK are as follows: Economic and social impact: There is a direct impact of small businesses on the
economy of UK. There are around 5 million businesses in UK , and it is estimated that
they have resulted in 15.2 million job creation. Improvement on the front of Social Security: Small business helps in providing a
supplement income for individuals who lacks a source of income, once they attain a
specific age or get retired. Thus it supports the social economy in an effective way. Increase in competition: Growth of small business increases the level of competition at
marketplace, which further enhances the competition and thus helps in raising the
standard of living of people. Value creation: Value creation also takes place, once the business gets established and
starts to earn profits on a consistent basis. It contributes generating higher revenue for the
organisation over period of time.
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 New Products as well as Services: The level of competition is quite huge in small
business and thus for the purpose of attracting consumers, they come up with effective
and efficient products as well as services that leads to enhancement of standard of living
of individuals over longer period of time.
TASK 3
P5 Characteristics and traits of successful entrepreneurs
Attributes and traits are the significant features in an individual life that separate them
from others. In the event that a business person has basic qualities then they can wind up
effective in their life Richard Branson, Bill Gates both is the main faces who begins their
business as a business entrepreneur. Below described are the main traits and attributes which
must require in an individual, such as-
Willing to take risks – It is one of the most important characteristics that an individual
posses. If the entrepreneur is not willing to take risks, then there will be no or less rewards that
will be available to the entrepreneurs. Risk enables an entrepreneur to develop his personality in
an effective way which is quite healthy for organisation and person's future. Richard Branson is
known to take risks, he diversified into different businesses which most of the entrepreneurs
were reluctant to invest in.
Punctual – Punctuality of an individual is an attractive trait, this will allow them to set an
example for other employees to be punctual towards their job. Richard Branson in his biography
wrote about the importance of punctuality that enables him to ensure success in his career.
Self-motivated and integrated – There should be self motivation that an entrepreneur
must posses, he shall not depend on external forces for the purpose of getting motivation and
rather on self motivation. Richard Branson believes in self motivation that enables him to tackle
even toughest of situations in an effective as well as efficient way.
Creative – Creative is the concept of new innovation that is produce something new
innovative and ideas. Entrepreneurs are doing regularly something new innovative that is create
innovative and creativeness is making high standard living life and gain high growth and gain
high profit in effective and efficient manner. Creativeness is making something new innovative
that will help an organisation to grow beyond a point in an effective as well as efficient way.
Creativity brings a different brand image for the company in longer run and thus enable it to
compete effectively. Creativity of Richard Branson is well known as he believes in innovating
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something new rather than following the conventional wisdom. (Galindo and Méndez-Picazo,
2013).
Hard worker: Hard work is the key for success of entrepreneurs and is essential for
building a large empire from scratch. An entrepreneur must carry out his tasks with all dedication
and perseverance and this is only possible when he would be having capabilities to perform
hardest of work on time.
Communication skills: This can be regarded as one of the most crucial aspect of
managing a business thus it is inevitable that right kind of communication skills are possessed by
an individual so that necessary information regarding the business can be conveyed to people and
there should also be convincing power within them to attract large no. of individuals. Richard
Branson can be seen in media and public events describing and promoting various types of
things about his business, which act as a promotional agent for the company.
P6 Entrepreneurial personality that effect entrepreneurial motivation and mindset
Personality of an individual plays a very important part for shaping an entrepreneurial
mindset and hence the venture itself. It can be said as a mixture of various things like
characteristics, human action as well as experiences that an individual posses, it is more of a
psychological approach to the business then Physical. Openness, emotional as well as stability
etc. are some of the personality types.
Motivations
Motivation is a very important factor that will enable an individual to work even in
toughest of situation and also when the wind goes against them. Right kind of motivation tools
will help building and growing a team as well as an organisation. It is one of the most important
contributory in the development of overall personality of an individual.
Mindset
How an individual approach a situation depicts his mindset. This is also important for
shaping a brighter future for organisation and individual career in the longer run.
 Richard Branson is an individual who from his childhood always wanted to make a
difference, he never wanted to live an ordinary life, he wanted something more. His
primary motivation was not only to make money but to innovate something that will
make a huge difference within the life of individuals. Thus he opened up his own record
company early in his life.
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 He was ready to learn by attempting mistakes, but never give up in innovating different
sorts of things. This has helped in building a business of his dream in an effective as well
as efficient way.
 Richard's motivations was basically to attain satisfaction along with following passion
and a thrust to achieve something in the longer run. His personality allows him to think
differently and take necessary challenges. In his personal life as well he has taken many
challenges to boost his mental strength, like to cross deep sea through a speed boat etc.
TASK 4
P7 Background and experience can foster as well as hinder entrepreneurship
The background of an individual may play a crucial role in developing entrepreneurial
abilities within an individual. Along with that the experience that an individual carry regarding
the specific field can also helps an entrepreneur to nourish entrepreneurship traits within himself.
Background would involve the educational career, family background, work experiences etc. that
builds an individual for the purpose of taking new opportunities and risks.
The current discussion will take place about an successful entrepreneur Dr. Mohammed
Yunus and how his background and experience can foster as well as hinder entrepreneurship.
 Education: Education level of an individual is the centre trademark and genuine
resource for a business visionary. Mohammed Yunus had the all capability which
was a huge positive marker of his level of entrepreneurial Knowledge as well as skills. Having
these high capability, he could figure out how to change over his enthusiasm into the truth.
Concentrate in financial aspects helped him bring new thoughts of making new pursuits what's
more, disposing of the neediness of the villagers.
 Experience: He has experienced a lot by studying economics, he also gained knowledge
by participating in a boy scout program he also worked as a lecturer and that has fostered
him to see the situation of villagers nearby and how he can make a contribution in
improving the same.
 Age: If the entrepreneur would be having a higher age, it is quite certain that their risk
taking ability will diminish. They would be having less risk taking capabilities then
younger people. Mohammed Yunus started his career from an early age he used to
educate his brothers along with starting up his own business.
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