Entrepreneurship and Small Business Management Report

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Entrepreneurship and Small Business
Management
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Table of Contents
Introduction................................................................................................................................3
Activity 1 (LO1, LO2)...............................................................................................................4
Activity 2 (LO3, LO4)............................................................................................................10
Conclusion................................................................................................................................14
Reference list............................................................................................................................15
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Introduction
Entrepreneurship refers to planned strategies by creating opportunities for establishing
effective and successful entrepreneurial venture for developing small business growth. The
large-scale organisations offer the business by following effective entrepreneurial activities
regarding succeeding (Lindström, 2016). Business management and several entrepreneurial
activities are focused to develop and motivate the several entrepreneurs regarding starting
new businesses. The study will focus on establishing professionalism and entrepreneurship
with practical examples regarding business development. Different entrepreneurial ventures
will be discussed with scope and future growth in international context. Additionally, the
study will shed light on business growth and effective economic aspects by demonstrating the
entrepreneurship and small business management.
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Activity 1 (LO1, LO2)
(Refer to Booklet)
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Make it Work
Student name:
Student ID:
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Different types of entrepreneurial venture and how they relate to the typology of
entrepreneurship
There are several entrepreneurial ventures regarding focusing on success and measuring
criteria as developing the entrepreneurship in the economy (Premand et al., 2016). The types
of entrepreneurial ventures are:
Small Business Entrepreneurship:
It refers to develop the non-governmental start-ups in limited economy and geographical
areas. This kind of entrepreneurship focuses to identify the limited business and categories in
order to establish the development with limited profits. Typology of entrepreneurships relate
with developing venture capital to focus on establishing little profits for the venture capital.
The examples are grocery stores, beauty salons and electricians and others (Leitch and
Volery, 2017).
Scalable Start-up Entrepreneurship:
Scalable start-ups refer to different views and establishments regarding new start-ups. In this
type of entrepreneurship, the entrepreneurs think for some changes in society by their
thoughts and visions. It can be developed for enhancing the stability and growth in setting the
considerations for establishing social changes. Scalable start-ups have risks regarding profits
and gaining customers. The examples are Facebook, Twitter, Instagram, Shopping
applications and others (Bergmann et al., 2016). Another example can be given that J. K
Rowling started writing her book as scalable entrepreneurship and gradually she was
successful to retain readers or customers.
Social Entrepreneurship:
Social entrepreneurship refers to non-profit start-ups that are developed to help the people
most of the times. Social needs and current social problems are considered to place by
acquiring medical or other helps. It can be both profitable and non-profitable.
Large Company Entrepreneurship:
Large companies focus on offering and launching new products or improving existing
products and service. As per the view of Davis et al. (2016), new products and profits
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regarding technological implementation are needed to establish the core development with
large scale profits. The examples are Samsung, Apple, Google and others.
Similarities and differences between entrepreneurial ventures
There are several similarities between the entrepreneurial ventures that can be focused to
compare the venture’s activity and advices. The successful entrepreneurs like Oprah Winfrey
and J.K. Rowling focused on establishing the operational activity that helps them to bring
them success. The similarities can be considered as they have same aim to achieve success
regarding risks and venture establishments. There are corporate aims and attitudes that are
found in both Oprah Winfrey and J.K. Rowling as successful entrepreneurs. They both have
same roles and aim to contribute in changing social aspects and views for encouraging small-
scale profits and associated risks to initiate new thought or business (Burns, 2016).
The differences can be considered to expand the profit-based development and different
organisational establishments regarding aim and objectives. The strategies and development
are focused to establish effective and improved market strategies by the entrepreneurs.
Different ventures have different activities regarding identifying the aim and objectives for
establishing different service aspects to interact the customers or clients (Cécora, 2018).
Diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in the public and corporate sector
There are both public and corporate sectors in entrepreneurial ventures that are important to
establish the market development. Both public and corporate aspects are available regarding
driving forces including organisational culture with political and market growth to involve
the market analysis. According to Scarborough (2016), the management identifies the
corporate determination regarding establishing innovation and mission by increasing profits.
Public sectors have different cultural impact while establishing main in regarding profits for
the entrepreneurs. Both public and corporate sectors have focused to establish the business
and ensure business success by influencing the factors of political, economical and social
forces.
The scope, development and growth of entrepreneurial ventures
Scope of the entrepreneurial ventures is growth and innovation for establishing rate of
inflation in the country. The scope and development have education, planning, business
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scenario for enhancing profitable quality service for opportunities. Empowerment is another
development and growth in new and small business for expanding any business among the
clients and customers (DeTienne and Wennberg, 2016). Several ventures have growth
opportunities regarding establishing and ensuring profits in local and international context.
As an instance, J.K Rowling starts as small entrepreneurship and gradually it has growth
opportunity in the international industry as her book was famous internationally.
Relevant data to illustrate how micro and small businesses impact the economy
Rise of small business ventures helps the country to be productive ad advanced. The country
can get benefits and many adults get opportunities for employment and smooth employee
growth in the country. In the UK, it is found that small and medium sized business
organisations create impact and opportunity for generating revenues and profits. There are
opportunities for entrepreneurs to expand the business both locally and internationally. In
current time, 5.6 million small businesses were started at the start of 2018. It is expected that
2.2 million (+63%) will be increased by 2020 (Fsb.org.uk, 2019). Small businesses of all
private sector accounted from 99.3% at 2018 and 9.9% were SMEs. Between 2017 and 2000,
sustained growth has been measured and counted to 87% as overall increase (Fsb.org.uk,
2019). So, it can be said that small and micro business has huge opportunity to lead any
country’s economic impact. Sole proprietorships and ordinary partnerships are found as less
successful in compare to new companies in the last year.
Figure 1: Micro business in the UK
(Source: Enterpriseresearch.ac.uk)
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How important small businesses and business start-ups are for the growth of social
economy
Small business and business start-ups have importance regarding enhancing growth and
encouragements. According to Brush and Greene (2015), economical establishments and own
benefits of the start-ups have several views to support the growth of social economy. These
organisations aim to provide effective data validation for interpreting the adaptability and
enhancement regarding the small and medium sized enterprises. It is important to attain the
financial stability and assistance in terms of social economy. SMEs and new start-ups uplift
the overall economy and adjust the dynamic to attain independence for financial stability. The
competitive dynamics are needed to develop innovation and adjustments regarding financial
efficiency and overall growth f economy in the country.
Impact of small businesses on different levels of the economy and in an international
context
Small business enterprises have impact over local, regional and national level. There have
been cases to generate less revenue with establishing more financial independence with better
outcome and results that can be more effective for small scale organisations. In local level, it
is important to execute the financial independence regarding evaluating employee
opportunity in both national and international level. In order to establish organisational
inspiration and changes, market trends and development are needed to increase the
opportunity and financial profitability in internationally (Lindström, 2016). As for example,
the TV program of Oprah Winfrey is now famous internationally. She started like small
entrepreneurship and new concept by hosting. Impact of small start-up like TV reality show
may become famous international beyond local, regional and national aspects of fame and
popularity.
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Activity 2 (LO3, LO4)
Executive summary
The report has focused to interpret the successful entrepreneurship regarding several business
traits for developing successful business. It is important to set perfect mindset to enhance the
specific traits and success criteria for developing entrepreneurship in business field. It is
established due to necessary experience and decisions for avoiding risks and engaging scales
of dedication and passion.
The characteristic traits and skills of successful entrepreneurs that differentiate them
from other business managers
Some specific entrepreneurial traits are needed to establish motivational and successful
aspects regarding adopting more skills. The characteristics traits of successful entrepreneurs
like J.K. Rowling and Oprah Winfrey are:
 Motivation, creativity and risk tolerance are most needed traits that must be adopted
as introducing to other sets of activity among entrepreneurs while managers need to
execute with taking risks (Lang et al., 2018).
 Versatility and vision are other criteria that are included to driving forces and
instinctive case of innovation and entrepreneurship. It is foremost different that can be
integrated to create innovation by entrepreneurship and management.
 The process of decision-making is trait of entrepreneurs while managers have role to
execute that decision as they are paid for it. Manager’s decision-making process is
little calculative in the context of presenting business success.
 An entrepreneur has different approach while establishing an informal way with
respect of situational analysis and organisational factors while a manager has formal
approach against any situation.
 In the context of focus, entrepreneurs focus on starting and developing any start-up or
organisation while managers focus on current operational aspects and organisational
situation (Dutta and Sobel, 2016).
How aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset
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The characteristics have influenced the personality regarding specific skills and mindset of
the entrepreneurs. According to Davis et al. (2016), it is contributed to establish effective
features and ability to reflect entrepreneurial motivation. It is affected to proceed with
entrepreneurship and discussion through motivation and mindset.
Passion:
Passion through decision-making capacity is encouraged to establish key satisfaction and
revenue regarding profits or something required achievements. Own passion can change and
achieve the needs and target smoothly.
Motivation:
Motivation is another approach that can be used to identify and motivate others in order to
stabilise efforts and achievements in the business. In the business, it is needed to establish the
entrepreneurship regarding profit and revenue for the business. Motivation regarding
achieving aim is required to achieve for inspiring other and achieving dreams (Belz and
Binder, 2017).
Creativity:
It is important to establish effective creativity regarding motivation and creativity to achieve
the mindset of entrepreneurs. By this trait, an individual entrepreneur can establish different
mindset while attracting the customers and clients (Lindström, 2016). It is important to
develop the encouragement regarding reflecting the own development and improvements for
dealing the adverse situations. It is effective to organise and establish the behavioural aspects
for involving as per their aim.
Risk tolerance:
The entrepreneurs need to take risks regarding decisions and activity for enriching the
activity and motivational direction for making more competent in business (Dutta and Sobel,
2016). This can be considered as developing the core concepts regarding risks and own
development.
Entrepreneurial characteristics and analysis of the characteristic traits, skills and
motivational drivers of successful entrepreneurs, supported by specific examples
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Characteristics of successful entrepreneurs like Oprah Winfrey have significant traits that
helped her to be successful now. It is important to interpret the different aspects and belief for
ensuring resources and distributions for ideas and creativity for innovation process
(Bergmann et al., 2016). Moreover, the entrepreneurs have belief regarding different
problems faced by the entrepreneurs. J.K. Rowling had different viewpoints for encouraging
her readers when she failed to attract her customers. It is important to believe in own ideas
and creative level to explore the innovative ideas and creativity for establishing the emotional
connection and fulfilling the desires. It is considered to allow the entrepreneurial activity
regarding characteristic traits and exploration while facing challenges to be successful
entrepreneur. It is considered to be creative and allocating the development and improvement
to establish organisational achievements. It can be contributed regarding establishing and
improving own development for successful business entrepreneurship (Lindström, 2016).
Perception of entrepreneurs has several team success and collaboration for team playing.
How background and experience can hinder or foster entrepreneurship
Background and experience of individual can hinder or influence entrepreneurship to
establish the small business and entrepreneurship. According to Davis et al. (2016), there are
various factors for entering and penetrating the market with establishing the marker to
generate the significance of the entrepreneurship. An individual can foster or hinder the
entrepreneurship regarding consideration of utmost importance the activities. It can be said
that an entrepreneurship can foster the daily activity and various development regarding
business development and venture establishments (Lindström, 2016).
Background:
Background of the entrepreneurs is associated with entrepreneurial activity. Small business
enterprises have several experiences and involvements regarding highlighting the
entrepreneurship. Various social factors and background factors can influence the career
growth and previous experience for ensuring functioning of the business. According to Belz
and Binder (2017), an individual can influence and specify the strategies regarding family
support and help for budding the entrepreneurship. It is successful for ensuring budding
entrepreneurship for establishing skill and qualities for completing the work and activities. It
is important to focus on establishing complete business establishment and improvement.
Experience:
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