Entrepreneurship and Small Business Management: A Report

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Unit 9 – Entrepreneurship and small business management

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Table of Contents
Introduction:....................................................................................................................................3
Task 1...............................................................................................................................................4
a) Critically examining the scope, development, and growth of entrepreneurial ventures
(various kinds of businesses) in your borough. You can develop your answer by considering
various kinds of entrepreneurial ventures within the private and public sector and examining
their similarities and differences..................................................................................................4
b) Critically examining how small businesses have impacted on the economy making
reference to relevant data and statistics. You must try to illustrate the importance of small
businesses to the economy and the growth of the social economy using the data and statistics.
This can be achieved by drawing a comparison to medium and large businesses......................7
Task 2.............................................................................................................................................10
I. Analyzing the characteristic traits, skills and motivational drivers of successful
entrepreneurs providing examples of well-known British entrepreneurs......................................10
II. Critically evaluating how their background and experience has influenced them both
positively and negatively using examples.................................................................................16
Conclusion:....................................................................................................................................22
References:....................................................................................................................................23

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Introduction:
The report is based on the study of the various features and factors which plays an essential role
to make the small business more effective to become the best entrepreneur business of the global
market. The report provides the learning of the various venture which has similarities and
differences in the terms of the entrepreneurial activities. The report also provides the study that
there are scope, development, and growth of the entrepreneurial which is the main part of any
entrepreneur. On the other hand, there are various entrepreneurship activities which play an
essential role so that attain the objectives of the business in an effective way. As the chairperson
of the committee, this is necessary to provide the proper business policies in the business so that
get a better outcome and make the business separate from the borough. The report gives the
knowledge that small businesses always give an impact on the economy of the country and also
contribute to enhancing the social economy after implementation of the BREXIT. Alternatively,
the report is helpful to determine the skills and characteristics of the entrepreneur and their skills
are different from the manager of the business.
There are various key aspects of the entrepreneurial mindset and their ideas are helpful to
establish the proper venture for the business in an effective way. On the other hand, the report is
based on the learning of the environment of the business which is the delay of the
entrepreneurship and makes an impact on the business. There are various important elements
which play an essential role in the entrepreneurship and how the management of the business
also give their contribution in the proper way.

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Task 1
a) Critically examining the scope, development, and growth of entrepreneurial
ventures (various kinds of businesses) in your borough. You can develop your answer by
considering various kinds of entrepreneurial ventures within the private and public sector
and examining their similarities and differences.
The entrepreneur has various type of ideas and mindset to establish the new business in the
competitive market which process called entrepreneurship. The main motive of the entrepreneur
is to enhance the employment opportunities through new entrepreneurship business in the global
market. The entrepreneur also launches the various venture in the market so that deal with the
online vendors in an effective way.
Development and growth of the venture: The entrepreneurship is the kind of process which
plays a main role in the development and growth of the business and this is helpful to set the
position of the business in the competitive market. The economy of the country is also based on
o9n the proper entrepreneurship establishment and attain the objectives of society in an effective
way. This gives their impact on the proper decision making which is favorable for the employees
and provides the various opportunities in an effective way (DeSantola and Gulati, 2017). On the
other hand, entrepreneurship is the way to reduce the unemployment rate in the country and
provides proper employment to each person so that everyone has their jobs.
Scope of the entrepreneurial venture: The scope of the entrepreneurship is based on each
individual who wants the proper opportunities in their career growth and reduces the
unemployment ratio. So, it is already concluded that employment opportunity reduces the
unemployment ration accordingly.
There are various types of entrepreneurship which play an effective role and it describes in the
below section:
 Small business entrepreneurship: These types of business have a small number of
employees in the trades and their area and revenue are small in the compare of the other

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business. These types of small businesses are done through the proper partnership and attain the
objectives through effective efforts. But the owner is only one who is liable for each loss.
 Large business entrepreneurship: These types of business are done in the various type
of partnership and it has the trades in the various countries. This type of business covers a huge
area and have a big revenue due to trading have done in the various counties. This
entrepreneurship deal with a variety of goods and services in the global market so that it is
necessary to hire a huge number of employees in the business (Birley and Stockley, 2017). But
this type of business has fewer opportunities in the comparison of the small entrepreneurship.
 Private enterprises: This type of business has the main motive to higher the profit of the
business in the competitive market and consider as the partnership so that attain the objectives
with the proper efforts.
 Public enterprises: These types of businesses have the main motive to satisfy the
requirements of the customers and maximize the profit in the market (Leitch and Volery, 2017).
There is the main objective of the organization is to maintain sustainability in the business
environment through the accomplishment of economic and social factors.
 Social entrepreneurship: This type of business is helpful to attain the objectives of the
society and there are various types of national growth businesses which is helpful to identify the
issues to attain the social goals in the proper way.
 Typologies in an entrepreneur: There are various types of typologies of the
entrepreneurship which is related to each type of entrepreneurship. But the administrative and
independent entrepreneurship which is correlated to the various types of entrepreneurship
(Arregle, et.al., 2015). The administrative typology is helpful to run the business in the
competitive edge and provides the advantages to the entrepreneurs. This typology is also helpful
to control the various situations of the business and control the specification of the business in an
effective way.
On the other hand, there are various types of entrepreneurship in the market which have the
similarities and differences that make the impact on the various ventures which is mention in the
below section:
 Public and Private entrepreneurship:

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Similarities: Both the entrepreneurship provides equal employment to the employees and
improvise their skills to maximize the profit of the business in the market.
Differences: The key motive of the public companies is to attain the objectives of the society in
an effective way. In the other hand, the main aim of the private business is to attain the own
objectives of the business in the proper way (Koryak, et. al., 2015).
 Large and Small entrepreneurship:
Similarities: Both the businesses give their contribution towards the economic growth where is
business mainly situated and increase the employment level.
Differences: The large business has a large area of business in the comparison of the small
businesses and this type of business faces the issues related to the employee turnover ratio. On
the other hand, small businesses do not face these types of issues because there is a small number
of employees in small enterprises.

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b) Critically examining how small businesses have impacted on the economy making
reference to relevant data and statistics. You must try to illustrate the importance of small
businesses to the economy and the growth of the social economy using the data and
statistics. This can be achieved by drawing a comparison to medium and large businesses.
The small business plays an essential role in the economy of the country because each person is
employed and the unemployment ration reduces by time. On the other hand, the micro businesses
have the advantages of doing not face the issues related to the employee retention rate and have
the ability to sustain their business in the long period of time. The micro business also has the
ability to extend their boundaries in the competitive market with a low level of income. The
small businesses are helping to provide better opportunities to the employees so that reduce the
issue of unemployment in an effective way. So, there is various type of factors of small business
which plays an essential role in the economy of the country which is mention underneath:
 Economic growth: The small enterprises conduct the small area for development in the
comparison of the large businesses and provides the proper employment opportunities so that
reduce the issues which related to the unemployment (Morris, et. al., 2018). The small business
is helpful to enhance the proper market share so that gives a direct impact on the economy of the
country.
 Reduce the chance of loss: The small business has less chance to face the issues which
related to the serving in the market in the comparison of the large business. This type of business
gives a positive impact on the economy of the country. Most of the large business reduce the rate
of employees which is the reason for unemployment and it also gives a negative impact on the
economy of the country.
 Improvise the market share: The small business has the ability to extend their business
beyond the boundaries and improvise the market share of the business in the proper way which is
also helpful in the increment of the economy (Bermiss, et. al., 2017).

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(Figure: Lincolnshire Research Observatory - Greater Lincolnshire)
(Source: Research-lincs.org.uk. 2018)
So, it is concluded through the study of above diagram that the micro enterprises play an
essential role in the economy of the country which is reflected through the blue line because it
indicates the micro business (Fraser, et. al., 2015).
On the other hand, there is a proper comparison between the small, medium and large business
which is mention underneath:
 Small business: This type of business has the trade that hires a small number of
employees and less area in the establishment and has small revenue as well. This business
contributes to the economy of the country and has done through the proper partnership in the
entrepreneurship process.
 Medium business: This type of business covers the large area in comparison to the small
business and accomplish on a private basis. This business has the limitation of the 10 members in
the partnership (Eberhart, et. al., 2017).
 Large business: This type of business considers as the industry and cove the huge area in
the various countries. This is helpful to deal with the variety of goods and services in the global
market and contain the various employees but fail the opportunity of employment in the
comparison of the small and medium enterprises.

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So, it is concluded that small business has the ability to give impact on the economy of the
country in an effective way in the terms of local, regional and national level and this is mention
underneath:
Local level: In the local level, the small business has the ability to provides the opportunity in
the employment to provides the job satisfaction to the employees and give impact on the local
economy of the country (Terjesen, et.al., 2016).
Regional level: The micro business can affect the regional economy by providing the
employment opportunities of the various cities. This is also helpful to satisfy their requirements
and emerging the proper facilities to increase the employment ration in the proper way.
National level: After the study of small and regional economic growth, it concluded that small
business also contributes in the national economy through their power of employment in an
effective way (Lecuna, et. al., 2017). The higher employment is helpful to increase the economy
of the country at the national level.

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Task 2
I. Analyzing the characteristic traits, skills and motivational drivers of successful
entrepreneurs providing examples of well-known British entrepreneurs.

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This presentation is presented in the gala program where explain each trait and skills of the
successful entrepreneur in an effective way. The report provides the learning that there are
various types of entrepreneur that plays an essential role in the economy of the country. The
presentation also explains the various characteristics of the entrepreneur in terms of employment
growth so that increase the economy of the country. On the other hand, the report also provides
the study that there are motivation and mindset of the entrepreneur that makes the impact on the
various aspect of the business. There is a study of the background and experiences which hider
entrepreneurship in an effective way and in the other way there is a positive and negative aspect
of the entrepreneurship which explains the learning in the proper way.

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This slide explains that there are various skills and traits of the entrepreneur which explain their
good features that make the business success which is mention underneath:
Creative and talented skill: The creative feature in the entrepreneur make the business more
effective and invent new ideas which make the environment of the business more suitable for the
growth.
Effective communication skill: The effective communication is the essential aspect which
builds the proper understanding in between the employees and creates the better relationship
with the customers to get the higher profit (Arregle, et.al., 2015).
Encouraged and motivated: The successful entrepreneur should be risk taker, confident,
optimistic and motivated so that attain the main objectives of the business in an effective way
through motivating their employees.
Increase the skills of an entrepreneur: The skills in the entrepreneur build the proper ability to
run their business and become the hard work so that get a better outcome at the end.