Analyzing Ventures: Entrepreneurship & Small Business Management

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This report provides a detailed analysis of entrepreneurial ventures and small business management, examining different types of entrepreneurial ventures and their relation to entrepreneurship. It explores the similarities and differences between public, social, and private ventures, as well as micro, small, and medium enterprises. The report presents data and statistics to elucidate the impact of micro and small businesses on the economy, particularly in the UK, highlighting their contribution to job creation and economic growth. It also discusses the implications of small businesses and start-ups on the development of the social economy, emphasizing their role in addressing social and cultural issues. Furthermore, the report defines the characteristics of a successful entrepreneur, examines how entrepreneurial personality traits reflect attitude and motivation, and explores how past experiences can influence entrepreneurship. The document concludes by summarizing the key findings and providing a comprehensive overview of the role of entrepreneurship and small business in economic and social development. Desklib provides similar solved assignments and resources for students.
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ENTREPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT
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Table of Contents
Part 1:...............................................................................................................................................4
P1: Analyzing different kinds of entrepreneurial ventures and their relation to different types of
entrepreneurship (M1).....................................................................................................................4
P2: Discovering the similarities and differences between different entrepreneurial ventures........5
P3: Presenting, understanding and examining relevant data and statistic to elucidate the impact of
micro and small business on the economy......................................................................................8
P4: Elucidating the implication of small businesses and business start-ups on the development of
the social economy (M2).................................................................................................................9
Part 2:.............................................................................................................................................12
P5: Defining what makes a successful entrepreneur (M3)............................................................12
P6: Measuring how features of the entrepreneurial personality reflect entrepreneurial attitude and
motivation......................................................................................................................................13
P7: Examining, using related examples the way in which a person is past experiences and
background can encourage or deter entrepreneurship (M4)..........................................................14
Conclusion.....................................................................................................................................16
Reference List................................................................................................................................17
Appendix........................................................................................................................................19
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Introduction
The leading person from FSB (Federation of Small Businesses) is responsible for set up reports
contain the impact medium and small enterprise on the money related conditions. Company
visionary are individuals that recognize challenge and perceive opening where others focus on
confound or confuse. On the other hand, business people do their associations on the want of
stable advancement, arrangements, and advantage. In addition, the basic characteristics of
proficient executives are analyzed in the present examination. Remembering the ultimate
objective to invigorate the sit out of gear financial specialists for starting another business.
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Part 1:
P1: Analyzing different kinds of entrepreneurial ventures and their relation to different
types of entrepreneurship (M1)
In the statements of Bjerke and Gaddefors (2017), humbler advantage meander does not focus on
forming into to an incredible degree enormous business rather it is focus on working up an
attired lifestyle. The meander of entrepreneurial implies the path toward including no less than
one of the four arrangements of the lead of Schumpeter speculation. Business people are the
general population that encompass the limit and leaning of managing and making another
dealing meander with risk for construction an advantage. Associations that interest openings are
considered as imaginative practices and securing efficiency and improvement is their critical
objective. In Federation of Small Businesses report, it is shared. These sorts of business
visionaries make business goals given their points of interest and relaxation exercises. This is
seen as a fundamental bit of a country's ability to win in an a little bit at a time centred and
reliably fluctuating worldwide business focus.
Borissenko and Boschma, (2017), communicated that high-advancement meander is immediate
backwards to the following two undertakings, as the business person remain focused on growing
improvement and advantage rate to the most. Unique representatives do such business meanders.
They incorporate start and finishing business in their specific threats. The business visionaries
are fixated on examining for creative ways that can help them to broaden the business liberally.
They put inventive capacities into the business for extending forcefulness, bargains volume and
advantage rate however much as could sensibly be normal.
As indicated by the point of view of Welter et al., (2017), peril taking and creative ability,
incorporate the spirit of the enterprise. Ways of life wanders are extremely similar to smaller
advantage meanders, in which the business visionary simply has the vitality of controlling
business activities and choosing. Entrepreneurial undertakings can be requested in the humbler
advantage meander; high advancement meanders, and lifestyle ponder. They could not care less
to make or following strict principles. Unadulterated representatives, who start and direct
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associations for singular achievement, regulate such associations. Hereafter, they pick times,
meeting spots and articles of clothing according to their essentials. Mom and Pop Stores is a
better than average instance of such ponder, which is a family guaranteed business and have set
the quantity of agents. The association drives its business practices in an outstanding territory.
The affiliation is not fixated on expanding a tremendous measure of dollar benefits (Morris et al.,
2017). Additionally, they are content with compelled bargains amount, and such associations are
generally continue running by the only proprietor. Therefore, such venture are connected to the
business of small scale visionaries like “Mom and Pop Stores”, those be not even prejudice on
growing advantage exceptionally (Bridge and O'Neill, 2017).
P2: Discovering the similarities and differences between different entrepreneurial ventures.
In the going with, two tables the differences and similarities of the public, social and private
venture and extent downwards medium, small and micro ventures are described. A couple of
entrepreneurial occasions discussed in P1 have a couple of comparability and differences in their
business practices and objectives those must be measured by the leading individuals from FSB
with the objective that each meander can be elucidated legitimately.
Private Venture Public Venture Social Venture
Reverence of corporate venture Reverence of social venture Admiration of Corporate and
social venture
The key point is to profit related
regard
The key target is to pass on
organizations to the overall
public
The key point is to make
furthermore for the venture and
an incentive for more
noteworthy society
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Key partners are clients,
proprietors, financial specialist,
providers, moneylenders,
investors, competitors, and
representatives.
Significant partners’ clients,
incorporate proprietors,
contenders, providers, workers,
funders and society, banks.
Key partners are funders,
clients, workers, directors, loan
specialist, loan specialists, or
contenders and group, providers
and recipients.
They make strategies for the
headway of the society.
They make approaches
considering advantage increase,
business improvement, and
creating business part share.
They make frameworks using
activities of the wander for
achieving social objectives.
Benefit is appropriated among
investors
Benefit is administered among
financial specialists and society.
Profit is hovered among
investors and social orders
Their standard definitive
structures are an affiliation,
private, limited association, sole
shippers, compelled
commitment and restricted
company.
Their fundamental endorsed
composes are open confined
association and association.
Their shared authority records
consolidate affiliation obliged
by guaranteeing, present day
and sensible society and
gathering interest association.
Table 1: similarities and differences among private, social and public ventures
(Source: Borissenko and Boschma, 2017)
Medium Small Micro
Limited open doors for self- Personal progression is No opportunity or small for
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improvement restricted to some critical
workforce.
personal
Small outer commitment from
trusted in specialists, associates
and frameworks
Small outside wander from
family or friends
Limited or no external data
improvement
Source of wander is compelled,
a portion of the time end up
being trying to get to
Singular capital generally does
speculation
Necessity for capital is met by
putting absolute individual
resources
Small customer base obliged to
present day or land district
Small customer base inside the
region market
Customer base is close to
nothing, as a rule the area
market
Proprietor and a couple of
specialists finish business
Proprietor and some key people
oversee business
Proprietor directs business
Some formal and some casual
techniques are being utilized.
Mainly casual methodology are
used for getting things done
Easygoing procedure is used
Short term and long-term
conceive
Most of the organizing is
without further ado and some
are long-term
At this very moment planning
Table 2: Similarities and differences among enterprises of medium, small and micro
(Source: Morris et al., 2017)
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P3: Presenting, understanding and examining relevant data and statistic to elucidate the
impact of micro and small business on the economy.
The small and medium associations are utilized for the private compelled UK enterprises, and
they address total business of 99% (Manolova et al., 2017). Independent ventures and Micro
organizations are measured as the nature of the adjacent, nearby and UK public wealth, growing
improvement, making work openings, and opening new markets. The SMEs have contribute £2.8
trillions in the very beginning of 2015. In 2015, there be about 7.3 millions trade endeavours in
UK in which there are around 99.9%, related to SMEs and its business enterprises. As it is
indicated through imagination of the researchers, they propel contention and present unique
musings that examination the current situation. Thusly, the SMEs are creating in the UK
publicize always. In 2016, 490,300 (approximately) new organizations extended to 526,446 out
of 2013 and 581,173 of each 2015. The amount of novel organizations made a record between
the year 2014 and 2015 in the UK. In this way, their dedication is fundamental. While this is a
basic entirety itself, it ends up being every then and even more constraining while the compute of
57% yield of the total business from private sectors is considered, and SMEs made it emergerd.
Therefore, they should be encouraged to decoration (Powell and Eddleston, 2017).
DeGeest et al. (2018) commented that not simply in the locale, commonplace or general
economy, SMEs fundamentally influence the widespread economy as well. Beside that, it is
represented that 37% of SMEs are the emphasis on headway for extending contention and
advancement. Free organization has done work for in excess of 34.4 million people that record
for 50% of whole employment in the private territory and an extensive 78% of the whole labour
force. The money related air of the country underpins the improvement of SMEs and start-up.
There is a huge 57% rising for wanders from 2013 to 2017 (DeGeest et al., 2018). There is the
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improvement of 59% business from 2000 to 2015 in the UK. To the extent business, substantial
parts of the SMEs are not supervisors; rather they are the labourer, who works self-sufficiently.
At the beginning of 2017, there are 7.8 millions of private associations in United Kingdom that
extended the amount of specialists by 25,000 (Hove and Clarysse, 2017). For example, human
capital progression and the bank credits to SMEs are quantifiably indispensable, affect Nigerian
economy, and make changes earnestly.
P4: Elucidating the implication of small businesses and business start-ups on the
development of the social economy (M2)
This save is used as a piece of settle of the issues related with conditions of cultural and social
business in which the firm works. Social undertaking suggests the misuse of different techniques
by private actions or new organizations for making jelly. Productive social actions accept a key
piece of raising force and proficiency. Further, it incorporates making socially far-reaching
capital. The possibility of a social business enterprise can be associated with different sorts of
relationship with arranged focuses, sizes, and feelings (Qin et al., 2017). Such affiliations lead
numerous activities for giving unmistakable sorts of items and dares European single market of
and in this way; make a mass level of business. Additionally, the little and medium associations
help in working up an overpowering nationality and sweeping society.
A critical segment of these associations are set up as a section of country's denationalization
program goes for offering all the more convincing organization to people in general, however; in
the private wander, business practices are finished for extending power and general income of
the organization (Lianand Yen, 2017). Business out in the open territory suggests the
entrepreneurial exercises drove by state-asserted associations or government-favoured
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relationship. Level of the total associations in Europe is a social enterprise, which records to 2
million social, money related firms. Such agents exist in most outrageous SMEs inside the
country.
As per the report of Department for Innovation Business and Skills, around the start of 2014,
there were 7.3 million SMEs in the United Kingdom. In spite of the fact that tremendous thought
is not given to the little and medium undertakings (SMEs), still, they are considered as the most
basic bit of UK economy, as they give a business opportunity to a broad number of people
reliably. Of course, expansive associations are seen as more productive. They pay higher pay
rates and acquire advantage. They are in charge of 15.2 million occupations. Thusly, the
financial advancement of a country can be clearly related to the amount of huge associations
(Fitz-Koch et al., 2018). They are more productive in the nationals and overall market.
As demonstrated by Spence et al.,(2018), little and medium estimated wanders are the primary
issue in coming up with association methodology in EU (European Union).From Northern
Powerhouse to the central government there are epic open entryways for open contracts to set up
little start-up firms for progressing financial and advancement. It has included the snag of
cooperating as a young and little association with the governing body. Overall, the examination
made by Spend Network communicates that customary method of acquisition may have an
opposite impact that can take out the new association from government contracts. Various sorts
of business venture meander have the epic expansion of the money related change of UK.
As per the European Commission, business undertaking and SMEs are the best approach to
money related improvement, work creation, social fusing and headway. Gigantic associations at
the adjacent gathering in like manner get benefits by the SMEs a similar number of tremendous
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organizations are dependent on SMEs for the accomplishment of different business practices
through outsourcing. They contribute in a general sense to the nearby economy by offering new
business openings and filling in as building squares of the huge associations. Along these lines,
UK economy is rising at 0.5% higher than anticipated. To the extent the area economy, the GDP
of a substantial segment of the zones are growing rapidly because of the augmentation of private
activities. The SMEs incorporated a gross estimation of 54% in Europe and offered occupations
to 45% of total agents. Besides that, the data of “International Trade in Goods Statistics”
addresses the impact of the autonomous wander in an overall economy like Denmark, and
Germany, as well as in Japan, and so on (Spence et al., 2018).
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Part 2:
P5: Defining what makes a successful entrepreneur (M3)
There are diverse factors and traits inside a business visionary that help him or her to be
developed as a powerful business person is according to the accompanying (Amato et al., 2017):
Conscientiousness: It makes them twist up perceptibly fit for coordinating creation and
controlling records. The nearness of this quality can clear earnestly as limitation, precision or
viability and thought.
Entrepreneurs Skills: Every one of these abilities is imperative for managing a business
effectively and beneficially. Some characteristic capacities of business visionaries are
adaptability; finding and regulating people; contributing as long as possible; offer; learn; self-
reflection and certainty.
Agreeable Nessuno: Agreeableness shows vehemently to benevolence, joint effort, and
affectability and antagonistically as remorselessness and hostility.
Openness: It inspires the innovative thought of a business visionary is reflected in his business
works out. To experience is a fundamental entrepreneurial characteristic that tends to
imagination, significance, comprehension, and innovativeness.
Neurotransmitter: A more lifted measure of neuroticism makes narcissism, anxiety, and wiped
out identity. Lower in neuroticism enables for the rich treatment of stress and dissatisfaction.
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