Entrepreneurship and Small Business Management Report - Part A

This report on Entrepreneurship and Small Business Management delves into various aspects of entrepreneurial ventures, providing a comprehensive overview of different business types, including small, large, scalable, and social enterprises. It explores the typology of entrepreneurship, examining survival, growth, and lifestyle firms. The report highlights the differences and similarities between entrepreneurs, analyzing key characteristics, skills, and traits of successful individuals. Furthermore, it assesses the impact of small businesses and business start-ups on the social economy, examining the influence of background and experience on entrepreneurial endeavors. The report also discusses the skills, traits, and personality aspects of successful entrepreneurs, providing a detailed analysis of the factors that contribute to entrepreneurial motivation and outlook. This report is a resource for understanding the complexities of entrepreneurship and small business management.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
PART A...........................................................................................................................................1
TASK 1............................................................................................................................................1
P1 Various kinds of entrepreneurial ventures along with their relation to typology of
entrepreneurship...........................................................................................................................1
P2: Differences and Similarities between entrepreneurs.............................................................5
P3: Interpretation and assessment of the relevant data and statistics...........................................8
P4: Importance of small businesses and business start-ups to the growth of social economy. .10
PART B..........................................................................................................................................11
TASK 3..........................................................................................................................................11
P5: Characteristic skills and traits of successful entrepreneurs.................................................12
P6: Impact of aspects of entrepreneurial personality.................................................................13
TASK 4..........................................................................................................................................15
P7: Background and Experience of Entrepreneurs....................................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Entrepreneur is a term which alludes to an individual who is able for making interesting
thought just as effectively actualizes strategic policies (Anderson and Gaddefors, 2016). There
are different assignments and exercises performed by entrepreneur to effectively and adequately
leading business task. Entrepreneur incorporates various practices which are critical for
compelling and productive running of a business. Entrepreneur is liable for starting, planning just
as dispatching new and exceptional business with the help of inventive thoughts. The principal
intention of this kind of business is to give innovative items and administrations to clients to
address with their issues and needs. Entrepreneur is performing strategic policies to procure more
benefits and upgrade business exercises. Entrepreneurship organizations have immense
commitment in by and large development and improvement of public financial framework just as
increasing of GDP rates. This report will incorporate data in regards to various endeavors of
business alongside their typology. In this similitudes and contrasts among various entrepreneurial
endeavors have been resolved. This report comprises of significant information to decide effect
of miniature and independent venture on economy. It incorporates meaning of independent
venture and start up in development of social economy. In this different qualities, characteristics
and abilities of effectively entrepreneur have been distinguished. Various parts of entrepreneurial
character which reflect entrepreneurial inspiration or outlook is dissected. Aside from this, effect
of foundation an encounter on hinder or foster entrepreneurship has been identified.
Scenario- A seminar will be held on Entrepreneurship & Small Business Management. It
will be attended by the different types of companies. Therefore, it is quite essential that the
managers of these companies are able to learn about the various types of ways which can be used
so that a higher-level of efficiency and effectiveness can be maintained in the right manner while
managing their organizations so that the overall level of profitability can be enhanced. The
session was attended by different types of enterprises in various categories. Some of these
enterprises are-
 Airdri
 Generosity
 Alcove
 Bonane Bistro
 UnLtd
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 Connect Catering Ltd
PART A
TASK 1
P1 Various kinds of entrepreneurial ventures along with their relation to typology of
entrepreneurship
Entrepreneurial endeavor can be portrayed as the firm which is created through the help
of interesting and development to give great items and administrations to clients (Botha and
Bignotti, 2016). This sort of business is critical for setting advantage in its business cycle with
the rationale of improving financial and social qualities. In this various practices and assignments
are performed with the intention of accomplishing shared objective and expanding the exhibition
of association. Business person adventure extreme target is to effectively performing business
exercises and improve its deals and incomes altogether. Business visionary is the individual who
is obligated to take all the misfortunes or dangers that happen while directing and performing
strategic approaches. Business person reserve the privilege to appreciate most the advantages and
benefits that are acquired by effectively execution of the business. It is fundamental for
individual to consider new and imaginative procedures for effectively and successfully directing
strategic approaches. This will help business person to viably complete hierarchical errands just
as address with the issue of clients. There are different types of ventures and all of these will
have various thought processes and methods of performing business errands. Business visionary
endeavors can be significantly ordered into four unique parts, for example, huge, little, adaptable
and social business person adventures. These endeavors have diverse typology. Business
visionary endeavors alongside its typology is referenced underneath in detail.
Small company business – This sort of business visionary endeavor can be portrayed as the
business which is working its exercises in little market zone (Burch and et.al., 2016). Private
company business venture is in like manner considered as neighborhood association that is
working its business close by market zone. There are number of autonomous organizations and
they work subtly. In this type of business, there are less than 50 workers who work for the
enterprise which makes it a Small company business. Thus, In this manner it can be said that this
enterprise can aim for enhancing its profits by adopting the right techniques and methods. For
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example- Airdri is a small business venture which provides hand dryers to its different types of
customers in the market.
Large business venture – such a business is offering its things and organizations to overall area
and tending to with the necessities of different customers (Dana, 2018). Enormous business
visionary organizations have in excess of 50 representatives and are completing business tasks in
worldwide market region. Tremendous or multination affiliation contain various delegates that
are working effectively in order to achieve objectives of affiliation. There are different
organizations which are performing business exercises as huge business, for example, Marks and
Spencer, Tesco and so on
Scalable business – This sort of association has more development rate when contrasted with
other association in the business (Fayolle, 2018). Versatile business is coordinating business
practices in order to give new and create organizations to customers. Adaptable start up
undertaking has mission or vision to change world or necessities to customers by offering
particular kind of creative things. This undertaking is thinking about new and inventive
innovation or methods while giving special items to clients. This is huge for addressing their
requirements and needs. Instances of adaptable business are Microsoft, Amazon and numerous
others.
Social business venture – This kind of association is performing various capacities and
exercises to give advantages to society and its residents (Hosseininia and Ramezani, 2016).
There are assorted social affiliation that is coordinating business action in order to decide the
issues or issue of society. The commitment or aftereffects of social business will assist with
tending to with the necessities and requirements of residents and society similarly as aiding
people who needs. Generosity is the case of social business venture and it is offering various
types of assistance for society benefits.
Various kinds of Entrepreneurial ventures
Scalable Business Start-ups:
These organizations are completely centered around the innovative piece of the business
(Ismoilov and et.al., 2020). The enduring model is powerfully changed by these endeavors. They
focus on employing productive staff in their labor to accomplish their targets. They depend on
investment reserves and monetary interests to develop. The organization Alcove which gives
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customized bundles of assistive innovation for more seasoned as well as debilitated grown-ups
who need to live at home, is a versatile Business Startup.
Small ventures:
These kinds of organizations are generally possessed freely and are very restricted in size, for
instance, bistros, auto-portable retailers, and so forth Yet in addition, the incomes from these
organizations is additionally restricted (Kunaka and Moos, 2019). Right now, UK is
encountering a lift in these organizations which are additionally assisting the country with
expanding its general business level. The Bonane bistro is Small Business found in the UK.
Large Corporations:
These are the organizations which offer a huge scope of items and administrations for huge
scope. Their income is enormous for its partners to obtain and furthermore the quantity of
individuals related with these organizations are additionally gigantic (Kuratko and Morris, 2018).
They primary center is maintainability and development by contracting new items and
administrations. The degree of rivalry in these organizations is extremely high. They should
ceaselessly build up their procedure alongside revisions in their items and administrations as per
market needs. HSBC Holdings is enormous financial organization working their items and
administrations all over UK.
Social Entrepreneurship:
Society's advancement and advantages for individuals are the primary motivation behind this sort
of business venture which points towards the improvement of administrations and items to
achieve its degree (Lambert, 2019). The principal plan is to offer social types of assistance by
executing the association's items and administrations to benefit the populace just as to build the
effectiveness in the general public. UnLtd likewise has programs for understudies and late
alumni of UK colleges and individuals living in denied networks.
Topologies of entrepreneurship
Typology can be portrayed as the grouping of various business visionary in different parts, for
example, development, endurance and way of life of the business. Diverse typology of business
is referenced underneath with the business visionary endeavor.
Survival firms – The primary intention of endurance firm is to acquire fundamental measure of
benefits that is critical for effectively running of business (Leitch and Volery, 2017). These
organizations are basically new or little undertakings that are essentially zeroing in on growing
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the liberality or image of affiliation in order to make due for the more drawn-out time in market
area. Independent company is considered as endurance firm as it is leading distinctive business
exercises to support in market territory. Private company significant methodologies are identified
with more endurance in individual market territory just as giving great items.
Growth Firms- Large association is considered as development firm as this sort of association
primary intention is to upgrade strategic policies and accomplish wanted objectives (Loarne-
Lemaire, Maalaoui and Dana, 2017). These associations are zeroing in on giving its
administrations and offering what is important to address with the issues of customers. Alongside
this intention is to create market zone similarly as overhaul customer base by satisfying
necessities of anticipated customers. Adaptable business and huge business are considered as
development firm. This kind of association is performing various capacities and exercises to
achieve development in business just as upgrade its market zone.
Lifestyles – Lifestyle ventures are the business which are zeroing in on full filling or addressing
with the requirements of clients (Mahadea and Kaseeram, 2018). This sort of association jogging
in growing the standard of lifestyle of society or occupant. Way of life undertaking firms are
driving business practices to extend the differentiation, status similarly as view of individual in
order to continue with a prevalent life. This sort of business is distinguishing the need and need
of clients with the thought process of improving it's just as giving top notch item and
administrations.
Accordingly, it has been investigated that there are various sorts of associations in market zone
that are leading strategic approaches with various rationale and plan. These associations fall
under various entrepreneurial endeavors, for example, little, enormous, social and adaptable.
These associations are leading strategic policies in more critical and compelling way just as
identified with various typology. Business person typology will prompt affect generally speaking
execution and working of business. This kind of association can be additionally characterized
into various typology that is development, endurance and way of life firms. This typology is
huge for understanding the intention and reason for business for playing out its practices in
market zone. Every single business endeavor as typology and its working is significantly needy
of the typology of the business.
P2: Differences and Similarities between entrepreneurs
Similarities and difference between various entrepreneurs
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There are different sort of entrepreneurial endeavors and business that are leading various kinds
of business activities (Mamabolo, Kerrin and Kele, 2017). These entrepreneurial endeavors will
have a few likenesses and contrasts which will prompt effect on its strategic approaches. There
are number of elements that will help with deciding contrasts and similitudes between business
visionary endeavors. Examination between different sorts of business person firms is notice
beneath.
Basis Small business Large business Scalable
business
Social business
Scope The principal
extension or
intention of
private venture is
to give its items
to clients to
acquire more
benefits. This sort
of association is
zeroing in on
critical measure
of benefits which
is adequate for
the endurance of
the firm.
Huge business is
leading its
practices with the
extent of
improving
association in
various market
zone.
development and
improvement of
association in
overall region is
extreme objective
of enormous
business. This
association is
creating
distinctive solid
methodologies to
acquire serious
edge over other
adversary
organizations.
The significant
extent of
adaptable
business is to
offer excellent
items and
administrations
to clients
which is huge
for addressing
with the
requirements
and need of
clients. This
sort of
association
needs to
present new
and inventive
items in market
region.
The significant
intention of
social business is
to give
government
assistance to
society just as
address with the
issue and need of
residents. It is
leading various
practices to
defeat the issues
of society and
climate.
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Size or scale Size of
independent
company is nearly
less as this is
directing strategic
policies in little
market zone.
This sort of
business has
bigger scope as it
is giving its items
and
administrations to
enormous market
territory.
It is offering
imaginative
and innovative
items in market
territory. It has
limited scope
as it is focusing
on specialty
market region.
Social business
has little to
medium size of
business as it is
completing
association
rehearses
specifically
market region.
Development Independent
company
development and
advancement rate
is low as contrast
with other
entrepreneurial
endeavors
This kind of
business has
higher
development and
creates rates that
are huge for
expanding its
general
exhibition.
Scale business
have higher
development
rate the normal
of industry
development
rate.
This kind of
business isn't
leading strategic
policies to
achieve
development and
advancement.
Similarities
Basis Small
business
Large
business
Scalable
business
Social
business
Creating
brand picture
Independent
company is
performing
business
exercises
compelling to
make solid
brand picture
in market
Creating solid
brand picture
is quite
possibly the
main
intentions of
bigger
business and it
is doing
This sort of
business is
presenting new
and
imaginative
items and
administration
s to upgrade
business brand
This sort of
association is
zeroing in on
creating brand
picture to
assist
individuals
with welling
give
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territory. it is
zeroing in on
creating solid
brand picture
with the
rationale of
improving
brand picture.
various
practices and
undertaking to
upgrade its
image picture
in market
zone.
picture just as
give top notch
items to
clients.
government
assistance to
society and its
residents.
Addressing
with the need
of clients
Little
association is
creating items
and
administrations
which are
critical for
addressing
with the need
and need of
clients. This
kind of
association is
useful for
effectively full
filling client’s
needs.
This sort of
business is
performing
different
practices and
assignment
which are
critical for
decide the
need of clients
so association
is make items
and meet with
client
necessities.
Scalable
business in
making and
growing
excellent
remarkable
and innovative
items which
are useful for
full filling the
need of clients
just as upgrade
their general
encounters.
Social
business
extreme
rationale is to
full fill the
requirements
and need of
clients by
giving
government
assistance to
society and its
residents.
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P3: Interpretation and assessment of the relevant data and statistics
Interpretation- From the above graph, it can be interpreted that there is a strong impact
which is created by the Micro and Small Businesses on the economy of a country (Maziriri,
Mapuranga and Madinga, 2018). Therefore, In this way it can be stated that in the UK economy
also these particular businesses create a lot of impact effectively and efficiently. The Small
Businesses have a share of 48% in the overall employment, Medium Businesses have a share of
12% in the overall employment and the Large Businesses have a share of 40% in the overall
employment level.
Small Businesses share 33% share in the Turnover, Medium Businesses share 14% share
in the Turnover and the Large Businesses share 53% share in the Turnover.
Small Businesses have 99.3% share in the overall businesses, Medium Businesses have a
0.6% share in the overall businesses and Large Businesses have a 0.1% share in the overall
businesses (Essential Facts You Should Know about SMEs in the UK, 2019).
Therefore it can be stated that the Micro and Small Businesses create a lot of impact on
the economy in a highly effective manner. They are also important for the growth of the UK
economy because in this way they are able to make sure that they can contribute towards the
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