Entrepreneurship and Small Business Management: Qbic Hotel Report

This report delves into the multifaceted world of entrepreneurship, focusing on small business management and its impact on the UK economy, using Qbic Hotel as a case study. The report begins by defining entrepreneurship and exploring various venture typologies, including small business, scalable start-up, social, serial, female, and lifestyle entrepreneurship. It then differentiates between these types, examining their size, structure, aims, objectives, and sources of finance. The report analyzes relevant data impacting micro and small businesses, highlighting their contribution to employment and economic growth, and discussing their flexibility in adapting to changing economic scenarios. Furthermore, it underscores the importance of small businesses and start-ups in enhancing the social economy by creating employment opportunities and improving societal well-being. The report also examines the characteristics of successful entrepreneurs, reflecting on their motivations, mindsets, and the influence of their backgrounds and experiences. The conclusion summarizes the key findings, emphasizing the significance of entrepreneurship in fostering economic development and social progress.

Entrepreneurship and Small
Business Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
P1 Entrepreneurial ventures and typologies of entrepreneurship...........................................1
P2 Different types of entrepreneurial ventures and similarities and differences between each..3
P3 Interpret and assess relevant data which impact on micro and small business ................4
P4 Importance of small business and start-ups in order to enhance growth of social economy.6
M1 Diverse range of entrepreneurial ventures.......................................................................7
M2 Small, medium and large business for development.......................................................7
D1 Critically examine the scope, development and growth of entrepreneurial venture........8
D2 Critically determines local, regional and national context economy................................8
PART 2............................................................................................................................................8
P5 Successful entrepreneurs and examples of successful entrepreneurs ...............................8
P6 Reflect entrepreneurial motivation and mindset...............................................................9
P7 Background and experience hinder or foster entrepreneurship.......................................10
M3 Explore and examine lines of arguments related with entrepreneurial characteristics..10
M4 Link between entrepreneurial characteristics influence to the personal background and
experience to specific entrepreneurs....................................................................................11
D3 Traits, skills and motivational drivers for successful entrepreneurs .............................11
D4 Background and experience influence to the entrepreneurs in positive and negative aspect
..............................................................................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

Illustration Index
Illustration 1: Entrepreneurship.......................................................................................................2
Illustration 2: Elements of entrepreneurial......................................................................................6
Illustration 3: Economic growth......................................................................................................7

INTRODUCTION
Entrepreneurship determines effective activities to set up the new organisation. In this
way, innovation done in the entity in which entrepreneurs take risks. New creation in the
activities assists to solve business issues which enhance profitability and development of the
nation (Lambert and Davidson, 2013). In this context, present report is based on Qbic hotel
which is small sector of UK and provide different kinds of hospitality services. With this regard,
report assists to focus on different aspects of entrepreneurship ventures that are link with
typologies. Furthermore, it includes interpret and assessment of relevant data which impact on
the micro and small businesses. Moreover, it helps to examine person background and
experience which hinder and foster entrepreneurship for the organisation development. At last,
reflection has been ascertained for motivation and mindset.
PART 1
P1 Entrepreneurial ventures and typologies of entrepreneurship
Entrepreneurship refers as the path in which several activities carried through an
individual can plan and start new venture. Therefore, they are able to earn high amount of
revenue which enhance profit in business unit (Mitchelmore and Rowley, 2013). Hence,
individual termed as entrepreneur and venture demonstrated as the entrepreneurial venture. In
this aspect, following are different kinds of ventures engaged in the market:
Small business entrepreneurship: This type of venture determines unique and
innovative entrepreneurial venture. It influences to individual towards the organisation so that it
is essential for those people who are planning to start up this venture (Ciampi and Gordini,
2013). However, they have also required identify competition in the market to assess similar
enterprises in area. For example, it includes grocery stores, barber shop, travel agency, etc.
Within the UK market carrying the small business venture significant so that government
provides opportunities to them in order to provide fund to launch business easily. It will help to
encouraging entrepreneurs to stated goals and objectives.
Sealable start up entrepreneurship: This type of entrepreneurship venture concerned
with innovations. It creates positive impact on the business through attract more investors to
focus on favourable business ideas (Lasisi, Owens and Udagedara, 2017). Therefore, it provides
opportunities to entrepreneurs to enhance brand image and create high investment as well.
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Beside this, unique ideas need to be implemented so that it helps to enhance number of activities
within the organisation. This venture possesses typology to provide innovations in several
products and services.
Social entrepreneurship: Further, this kind of entrepreneurial ventures assists to provide
social services in the community so that welfare towards people can be enhances. As results, this
venture not carried for the purpose of achieve profit but create benefit to the society (Kim, Lee
and Lee, 2013). In this way, typology has been carried in the effective form in society which
serve in effective and efficient manner.
Serial entrepreneurship: In this aspect, entrepreneurs developed their outcomes and
performances that increase for the future orientation. They always look towards the start-up for
new venture. Therefore, unique products and services can be provided to customers (Lasisi,
Owens and Udagedara, 2017). Typology in this aspect is developed with innovative features for
future development in the organisation.
Female entrepreneurship: These types of entrepreneurs develop their outcomes through
focus on the expansion of the enterprise in international market. Hence, they are different from
male entrepreneurs because they possess effective management skills (MacDonald and Coffield,
2015).
Lifestyle entrepreneurship: They focus on future development programs that held in the
organisation to obtain and handle risk capacity.
2
Illustration 1: Entrepreneurship
(Source: Entrepreneurship, 2017)

P2 Different types of entrepreneurial ventures and similarities and differences between each
In order to develop the effective functioning, following are certain differences and
similarities has been determined in the entrepreneurial ventures:
 Size and structure: In the entrepreneurial venture, it has been assessed that small
business consider crucial element because it is important to meet with customer needs
and requirements (Cunningham, Sinclair and Schulte, 2014). In order to compare it with
large enterprise, SME need to provide unique quality in goods and services so that they
are able to attract more number of customers in the business. For example, entrepreneur
planning to start retail venture to understand need, concept, etc. of competitors. For
example, assessment of the performance of Tesco, Asda, etc. because they are the largest
player of retail market (Rundshagen, Sommer and Moss, 2014). With the help of
identifying concept, SME can adopt innovative idea to make success in the business. In
addition to this, size and structure of sealable start-up venture never matter because it
implements creative idea at initial start up.
 Aims and objectives: It is another difference which determines aims and objectives
within the entrepreneurial ventures. Therefore, social entrepreneurship has development
opportunities to make improvements in the life to make it better and increase revenue as
well. Beside this, sealable start-up venture assists to provide innovative ideas to earn high
profit and market share for long term aspect (Piperopoulos and Dimov, 2015). Hence, it
can be stated that there are various similarities and differences in term of aims and
objectives.
 Sources of finance: It is another term which assists to obtain finance in different types of
entrepreneurship. As results, it is important for entrepreneurs to arrange amount of fund
so that organisation will be expanded easily in the market. Although, comparing with
social entrepreneurs focused on the welfare of the society and not earning profits
(Rundshagen, Sommer and Moss, 2014). Main similarity is that they all are possessed
unique concept to attain desired results.
Similarities between lifestyle venture and serial entrepreneurs
Lifestyle venture Serial entrepreneurs
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Require human resource management team to
recruit skilled employees
They have also needed human resource
management team for recruiting skilled
employees
Innovative feature for future development They have also innovative feature
Have risk capacities Have risk capacities (Cunningham, Sinclair
and Schulte, 2014).
Differences
Lifestyle entrepreneurs focus on providing
reward to people to enjoy passion for
everything which done by people
Serial entrepreneurs focus on the ideas and
strategy to start new enterprise through they
are playing important role for society welfare.
Similarities between male and female entrepreneurs
Female entrepreneurs Male entrepreneurs
Female looks for expansion of business in
global market
Male entrepreneurs also look towards
expansion of business in global market.
Less turnover In this way, also less turnover take place
Encompasses 1/3rd entrepreneurs in
international market
Male entrepreneurs are large amount as
compare to female (Carter, Mwaura and Jones,
2015).
P3 Interpret and assess relevant data which impact on micro and small business
In this aspect, micro and small business have huge impact on economy so that it is
important for the enterprise to contribute and create effective growth in the nation. It also helps
to the enterprise to improves their economic condition in the country. In addition to this, it is also
essential for the organisation to obtain clear vision to accomplish desired objectives (Cowling,
Liu and Zhang, 2015). Large enterprise contributes their important participation to make
economy better to set the targets that need to be attained in systematic way. Further, businesses
also classified in micro, small and medium size on the basis of employment structure and capital
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owned by the firm. Private organisation have nature to earn high profit and revenue with sole
proprietorship so that they are obtained the financial statement to make positive functions. On
the other hand, partnership businesses have several partners those working for earning profit and
divided equally that distributed effectively (Henrekson and Sanandaji, 2014). Because of the
decline UK economy, SME businesses impact highly so that it is the main reason due to
operations are affected. In this context, following are certain impact of SME on the economy:
Contribution through employment: It is the biggest strength of SME that assists to take
participation of more number of employees within the organisation. Therefore, there are several
people can got employment through operating small business in the nation (Ayandibu and
Houghton, 2017). On the other hand, in big enterprise more number of workers compared to
SME because they are only 250 employees could be employed. On the other hand, there is no
limit in large size of enterprise. Therefore, micro organisations are those that provide
employment to more people. This increasing employment rates proves significant impact on
economy in term of GDP.
Economic impact: In order to identify economic impact, SME play vital role on the
business which is very important to improve economic growth of the country. In respect to bring
innovations, it is very important for the organisation to grow their economy so that businesses
can easily compete with another organisation. Moreover, organisation prove that it is highly
effective and helps to provide employment opportunities in the country. Similarly, larger
enterprises also impact on the economy of the nation in the form is to provide higher amount of
employment so that it aids to grow economy very faster. For example, in 2008 in UK there was
recession so that SME assists to overcome recession from the nation to provide growth and
development (Stewart and Gapp, 2014).
Flexibility with changing scenario: In this aspect, it has been assessed that economic
stability of UK fluctuating with changes in the environment. Therefore, it brings rapid changes in
the organisation that assists to accomplish desired results. As results, it has been identified that in
micro, small and the large enterprises differences assesses in systematic way. In addition to this,
SME also determines changes with taking alteration as per the customer needs and requirements.
Hereafter, at the time of recession SME obtain capabilities to make high profits and also remain
stable in economy.
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P4 Importance of small business and start-ups in order to enhance growth of social economy
Small business and start-up enterprises determines effective functions and operations that
increase growth of the social economy within the nation. It influences to the market and business
operations so that it is very important to enhance positive outcomes at workplace. Enhance employment opportunities: In order to determines effective results, small and
start-up businesses are playing major role to increase growth of social economy. It assists
to provide employment opportunities to various people so that poverty can be reduce
effectively (Carter, Mwaura and Jones, 2015). In addition to this, it also assists to
increase wealth distribution, employment and social amenities. Therefore, it provides
more revenue to the government in terms of taxes, foreign exchange, etc. As results,
performances of the firm increases in market.
 Improvement in the society: Start-ups and small enterprises also contributes major
participation to make improvement in the society. With the help of financial resources,
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Illustration 2: Elements of entrepreneurial
(Source: Mazzarol, 2017)

living standard of people can also increases that create development of people in
successful way so that it is economic condition can be enhance in the country.
 Increase GDP of the nation: Start-up and small businesses also create positive impact on
the country through take part in enhancing GDP of the country. It is the best aspect which
assists to provide more opportunities in the country for their development. It is the best
way to bring changes in the economy of nation (Lasisi, Owens and Udagedara, 2017).
M1 Diverse range of entrepreneurial ventures
In respect to determines the creative results, there are different kinds of entrepreneurial
venture take important part in business success. In this context, sealable, social, small, lifestyle,
serial, etc. entrepreneurship consist important part. In this aspect, different typology also exist
that assists to make sure that aims and objectives of the business accomplish in desired manner.
M2 Small, medium and large business for development
In order to make successful results, small, medium and large business take important part
in it. Therefore, each kind of industry has different aims and objectives to develop their
operations and functions. In this regard, proper and effective functioning will be maintained at
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Illustration 3: Economic growth
(Source: Entrepreneur Mindset: EU vs USA, 2017)

workplace so that creative results will be accomplish. Furthermore, small, medium and large
business consist important role that helps to concentrate on the targets of the company.
D1 Critically examine the scope, development and growth of entrepreneurial venture
In order to define aims and objectives of entrepreneurial ventures, their scope,
development procedure also different from each other. Therefore, they all consist important part
in economic growth. Small scale entrepreneurship has scope to develop more profits and revenue
through they can make successful results. Furthermore, medium size enterprise consist important
role to make themselves large entrepreneurship. At last, growth of the entrepreneurial venture
consist with all kinds of businesses participation.
D2 Critically determines local, regional and national context economy
In different types of economies, several aims and objectives define and play important
role. In this aspect, in local economy, it can be define that business will able to fulfil their
surrounding environment goals in systematic manner. Furthermore, employment also provide
which increase living standard of people. Along with this, in regional context growth and
economic performance will be develops through concentrate on the aims and objectives of the
enterprise. In national out frame economic performance will be develop through define aims and
objectives in systematic aspect.
PART 2
P5 Successful entrepreneurs and examples of successful entrepreneurs
In this way, there are different types of skills and characteristics possesses by
entrepreneurs that is different for each other. There are several entrepreneurs exists who possess
innovative ideas that assists to improve thinking capacity to operate effective functions and
operations. In this context, two successful entrepreneurs adopted such as Mark Zuckerberg and
Steve jobs. Both possesses effective skills and characteristics that is different from other ordinary
managers. They are also possessed effective traits and characteristics to make dynamics and
mechanics of the enterprise (Ciampi and Gordini, 2013). In this context, following are different
skills and traits possess by entrepreneurs:
Characteristics and traits
Planning for everything: These skills obtained by Zuckerberg and Jobs so that effective
plan developed in successful manner. In addition to this, leaders are also possess effective
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leadership ability. It is the effective ability they can lead with large brand that operate at global
market as well. In respect to compare with ordinary businesses, leadership skills not effectively
plan in the activities to achieve task (Rundshagen, Sommer and Moss, 2014). Therefore, it
assesses that entrepreneurs and ordinary managers are different from each other.
Development of competitive edge: These characteristics assists to individual to obtain
unique and innovative ideas. Therefore, it assists to entrepreneurs to stay different from other
ventures. Therefore, ordinary managers not possess ability to make competitive edge as compare
to the Zuckerberg and Jobs. This is because, their vision is to make effective results in the future
through competitive edge so that they accomplish assign task to achieve goals.
Skills
 Risk taking: Zuckerberg and Steve Jobs both possess effective skills to take risk.
Therefore, it assists to obtain desired results in efficient and effective manner. However,
if entrepreneurs are not taking risk, they are unable to make successful operations and
functions in their operations. On the other hand, ordinary managers do not take any risks
to focus towards the setting targets and activities.
P6 Reflect entrepreneurial motivation and mindset
Personality considered as the crucial element among the all entrepreneurs so that it is
totally different from the skills and characteristics. Personality of the individual being
characterised as per the basis of lifestyle, culture etc. which adopted by a person. It assists to
encourage individual to enhance their positive towards the setting of objectives and goals
(Rundshagen, Sommer and Moss, 2014). Entrepreneurship needs to obtain their effective
personality so that it influence to others to attain set targets and accomplish objectives. In this
context, following are different kinds of dimension of OCEAN acronym:
 Openness: In this aspect, SME need to includes culture, originality and experience
among the individuals so that it assists to develop profitability in business unit.
 Consolidation: It has aim to accomplish and develop the tendency of a person so that
main aim can be accomplish in effective aspect.
 Extroversion: It includes energy to develop positive emotions so that desire objectives
and goals can be attained (Carter, Mwaura and Jones, 2015).
 Accommodation: Moreover, it is the effective strategy that tends to compassionate
instead of suspicious.
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