Entrepreneurship and Small Business Management Report

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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................4
LO1..................................................................................................................................................5
P1 EXAMINE TYPES OF ENTREPRENEURIAL VENTURES AND EXPLAIN THEIR
RELATION WITH TYPOLOGY OF ENTREPRENEURSHIP WITH THE TYPOLOGY OF
THE ENTREPRENEURSHIP.....................................................................................................5
M1 INVESTIGATE A DIVERSE RANGE OF ENTREPRENEURIAL VENTURES TO
DEMONSTRATE AN UNDERSTANDING OF ENTREPRENEURSHIP IN BOTH THE
PUBLIC AND CORPORATE SECTOR.....................................................................................7
P2 EXPLORING THE SIMILARITIES AND DIFFERENCES BETWEEN
ENTREPRENEURIAL VENTURE............................................................................................8
LO2................................................................................................................................................10
P3 INTERPRET AND ASSESS RELEVANT DATA AND STATISTICS TO ILLUSTRATE
HOW MICRO AND SMALL BUSINESS IMPACT ON THE ECONOMY...........................10
M2 EVALUATE THE DIFFERENCE SMALL, MEDIUM AND LARGE BUSINESS MAKE
TO THE ECONOMY, APPLYING RELEVANT DATA AND STATISTICS.......................11
P4 EXPLAIN THE IMPORTANCE OF SMALL BUSINESSES AND BUSINESS START-
UPS TO THE GROWTH OF THE SOCIAL ECONOMY.......................................................12
LO3................................................................................................................................................13
P5 DETERMINE THE CHARACTERISTICS TRAITS AND SKILLS OF SUCCESSFUL
ENTREPRENEURS THAT DIFFERENTIATE THEM FROM OTHER BUSINESS
MANAGERS.............................................................................................................................13
M3 EXPLORE AND EXAMINE DIFFERENT LINES OF ARGUMENT RELATING TO
ENTREPRENEURIAL CHARACTERISTICS........................................................................15
P6 ASSESS HOW ASPECTS OF THE ENTREPRENEURIAL PERSONALITY REFLECT
ENTREPRENEURIAL PERSONALITY REFLECT ENTREPRENEURIAL MOTIVATION
AND MINDSET........................................................................................................................16

LO4................................................................................................................................................17
P7 EXAMINE USING RELEVANT EXAMPLES, HOW BACKGROUND AND
EXPERIENCE CAN HINDER OR FOSTER ENTREPRENEURSHIP..................................17
M4 ANALYSE THE LINK BETWEEN ENTREPRENEURIAL CHARACTERISTICS AND
THE INFLUENCE OF PERSONAL BACKGROUND AND EXPERIENCE TO SPECIFIC
SUCCESSFUL ENTREPRENEURS........................................................................................17
CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................19

INTRODUCTION
This report approaches the assignment of the Entrepreneurship and small business is very
important for the environment and this is very helpful for the growth of the economy. An
entrepreneur should be more take caring for running the business. Enterprise is a venture where
the innovative actions are taking place to move their business in a proper manner or for the long
term. Entrepreneurship takes the risk for the always have the willingness to develop a business
for earning the maximum profit in the organization. In the organization, entrepreneurship is
playing a vital role in the organization. By this, the entrepreneur also determines the factors of
economic growth. The small organizations and the business is very helpful for fulfilling the
needs of the customers. The entrepreneurship and the small business management are very
helpful for the organization and the growth of the business as well as for the business also
(Colombo, 2015).

LO1
P1 EXAMINE TYPES OF ENTREPRENEURIAL VENTURES AND EXPLAIN THEIR
RELATION WITH TYPOLOGY OF ENTREPRENEURSHIP WITH THE TYPOLOGY
OF THE ENTREPRENEURSHIP
Entrepreneurship is always looking for the maximum profit of the organization where the
entrepreneur and also takes the part for reducing the risk and getting the innovative ideas for the
growth of the organization. There are different types of entrepreneurial ventures which are
discussed below:-
LIFESTYLE VENTURE:-This is the venture where the lifestyle can be the change of the
people, where the entrepreneur can enjoy a lot by earning the profit from the organization. In
this, the entrepreneurs spread their business or investment in the different fields of the market for
earning the maximum profit.
SMALL BUSINESS VENTURE:-These kinds of the venture are handling by an individual or
the few peoples who can run the venture for the purpose of the profit. These kinds of venture are
for earning the money for their better living and for their enjoyment (Zarutskier 2010).
HIGH GROWTH VENTURE:-For this kind of the business the entrepreneurs need the huge
amount, capital, funds for running the business. This is mainly focused on new technologies,
development, services, and innovation.
TYPOLOGY OF THE ENTREPRENEURSHIP
INDEPENDENT ENTREPRENEURSHIP: - This is the business where an individual can take
over the risk, reward opportunities etc. These kinds of entrepreneurship are mainly focused on
achieving the entire goal of business firms.
CORPORATE ENTREPRENEURSHIP: - In this part of the entrepreneurship, the corporate
sector takes place, where they are looking for achieving the goal and the revenue of the business
(Colombo, 2015). This is a very important part of the organization.

PUBLIC ENTREPRENEURSHIP:-The aim of the entrepreneur is to fulfil the basic needs of
the customers by providing the products in the market according to the trends of the market.
These kinds of markets are very important in the fields of customers (Walley, 2010).

M1 INVESTIGATE A DIVERSE RANGE OF ENTREPRENEURIAL VENTURES TO
DEMONSTRATE AN UNDERSTANDING OF ENTREPRENEURSHIP IN BOTH THE
PUBLIC AND CORPORATE SECTOR
The public and the corporate are very different sector in the purposes of achieving the goal of the
organization. These sectors are very important for earning the profit also in the businesses and
they are mention below:-
PUBLIC SECTOR:-This is the process where the entrepreneurship under the public sector is
defined in the field of the government. In this the government policies, rules and regulation,
AOA and MOA which define the language of the law. The entrepreneur can fulfil the needs of
the customer at suitable prices so the customer can also purchase the products for their use.
These kinds of sector are also very helpful for the growth of the economy (Zarutskier 2010).
Ventures of the lifestyle and the Social have also come under the public sector. Sometimes this
sector is also affected by the performance of the employees, needs of the customer and the
political resources.
CORPORATE SECTOR:-This is the process where the small and large scale business can take
the place for earning the profit. The main goal of the entrepreneurship for the organization to
achieve the goal of earning the maximum profit. In the corporate sector, there is the
development of new technologies, innovations, products and services. These sectors are the gain-
oriented if they cannot earn the profit or the business fails due to the loss then this corporate
sector become the bankrupt, so it is very important for them to earn the profit by taking the initial
steps for the business.

P2 EXPLORING THE SIMILARITIES AND DIFFERENCES BETWEEN
ENTREPRENEURIAL VENTURE
Types of the venture Similarities Difference
Lifestyle venture These ventures have the
common goal for achieving
the goal and expand their
business for the long term in
the market.
Different kinds of the venture
have a difference in their
organization. Where the
venture is earning for their
enjoyment and for their
standards of living while the
small businesses aim is to
achieve the goal and takes the
growth in the venture so it is
very helpful for the future.
Small business venture In these kinds of venture, the
entrepreneur mainly focuses
on the development and the
performance of the employees.
The difference occurs when
there is the new changement
comes in the other venture
also. Small business provides
the facility of the employees
by which the performance of
the employees can improve.
The employee focuses on the
work properly because the
employees are the heart of any
organization by which the
organization runs properly.
High growth venture There is the biggest aim of the
lifestyle venture and the small
business venture is fulfilling
the needs of the customers in
the best ways by which the
The main focus of the lifestyle
venture is to provide the
services to the customer as per
them. In the high growth, the
services which are used to

demands of the customer can
be fulfilled and they move
towards the business by which
the business can run for a long
term in the markets.
offer to the customers these
services can give satisfaction
while in the small businesses
the customers get the services
as per their demands.

LO2
P3 INTERPRET AND ASSESS RELEVANT DATA AND STATISTICS TO
ILLUSTRATE HOW MICRO AND SMALL BUSINESS IMPACT ON THE ECONOMY
As discussed above of the assignment from where it starts or in other words the business which
depends on the small businesses playing a very crucial role in the economy field in the country
of the U.K. This assignment is depending on the Henry Ford and Bill Gates, these both
organizations is select for completing the assignment. The selection of these organizations is
very important because these are the companies which are very useful for completing the
assignment. Small business is very helpful for the growth and the development of the economy.
There are different opportunities which are an offer to the economy and also towards the rates of
the GDP (Walley, 2010). Currently, nowadays SMEs are booming in the country UK. For the
start-ups, the climate of the economy is positive.

Now a day there is the trend of the SMEs increasing every day rapidly. In the year 2016, there
are 5.4 million small businesses in the UK and 5.3 million micro businesses in 2016. As the
discussion of the weight of the SMEs which are spreading in the economy highly. SMEs are
playing a very crucial role in developing revenue in the economy. The small business takes place
90% of the UK country because these small businesses generate income and profit for the
development of the economy and also providing employment to the candidate. More than 60% of
employment is increased by the small business it is observed in a survey of the UK.
M2 EVALUATE THE DIFFERENCE SMALL, MEDIUM AND LARGE BUSINESS MAKE
TO THE ECONOMY, APPLYING RELEVANT DATA AND STATISTICS
There are 3 different types of businesses which can be categorized-Small, medium, large. The
99% of the business depends on the SMEs, there are more than 4.5 million of the SMEs is
present in the UK in the year of 2016. The figure which is mention below also shows that
The micro businesses are also the biggest part of the business in the UK where the employees
can also provide to the employees by which the unemployment of the UK country is also reduced

which is very helpful for any country. These micro-businesses having the responsibility of the
96% businesses which takes place in the UK. There are so many fields where the SMEs are
taking place. The SMEs are a more important part of any business which brings new
opportunities, development, innovation, technologies etc.
P4 EXPLAIN THE IMPORTANCE OF SMALL BUSINESSES AND BUSINESS START-
UPS TO THE GROWTH OF THE SOCIAL ECONOMY
The importance of the small business and business start-ups in various sectors in various ways,
these sectors. The business of the small scale is very helpful in the fields of the economy and for
the growth as well so according to this, there are different ways for analysing them which are
mention below:-
INDEPENDENCE:-There is no boss of the entrepreneurs, entrepreneurs are independent they
can take their decision own no one can take the participants for them. Entrepreneurs will decide
to whom they wanted to do the job and what kinds of work they like to do. Entrepreneurs can
take the risk of the business by own no one.
FINANCIAL GAIN:-This is the process of achieving the rewards in the fields of the financial
department. Nowadays the business depends on the profit the business is earning the profit from
the market or not.
CONTROLLING POWER:-In this part the entrepreneurship controls or maintain the system in
the organization because an individual person cannot handle all the system of the business. This
ability to be immersed in the business which satisfies the needs of the customers.
PRESTIGE:-Prestige is a word which also defines the words “Goodwill” where the
entrepreneurs can take the decision which is attractive to the employees in the organization.
Prestige is the standard of the entrepreneurs so it is highly maintained by the entrepreneurs. This
is the pride of the ownership.
OPPORTUNITY:-The small business opens the doors of the opportunities where these doors
are very helpful for the growth of the economy in the prospects of the organization. The
opportunities always bring the new thing in the businesses and also for the employees.
Entrepreneurship creates an opportunity for the person to make an opportunity.