Entrepreneurship and Small Business Management - Detailed Analysis

This report provides a comprehensive overview of entrepreneurship and small business management, covering various entrepreneurial ventures and their typologies. It examines the similarities and dissimilarities between different ventures and presents relevant data and statistics to illustrate the impact of micro and small businesses on the economy, particularly in the UK. The report also emphasizes the importance of small businesses and start-ups in the growth of the social economy, highlighting their role in employment creation, wealth distribution, and resource utilization. Furthermore, it delves into the characteristics of successful entrepreneurs, the influence of entrepreneurial personality, and how personal backgrounds can affect entrepreneurial endeavors, using 'Baby2Body' as an example of a small business venture.

ENTREPRENEURSHIP AND
SMALL BUSINESS MANAGEMENT

Table of Contents
INTRODUCTION................................................................................................................................2
PART 1- WRITTEN REPORT...............................................................................................................3
P1- DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES RELATED TO THE DIFFERENT
TYPOLOGIES.................................................................................................................................3
P2 – SIMILARITIES AND DISSIMILARITIES BETWEEN DIFFERENT TYPES OF ENTREPRENEURIAL
VENTURES....................................................................................................................................4
P3 - PRESENT, INTERPRET AND ASSESS RELEVANT DATA AND STATISTIC TO ILLUSTRATE THE
IMPACT MICRO AND SMALL BUSINESS HAVE ON THE ECONOMY..............................................6
P4 - EXPLAIN THE IMPORTANCE THAT SMALL BUSINESSES AND BUSINESS START-UPS ON THE
GROWTH OF THE SOCIAL ECONOMY...........................................................................................9
PART 2- WRITTEN REPORT.............................................................................................................11
P5 - DETERMINE WHAT MAKES A SUCCESSFUL ENTREPRENEUR. YOU COULD CONSIDER
EXAMPLES OF SUCCESSFUL ENTREPRENEURS AND DETERMINE THE CHARACTERISTIC TRAITS
AND SKILLS THEY POSSESS.........................................................................................................11
P6- ASSESS HOW ASPECTS OF THE ENTREPRENEURIAL PERSONALITY REFLECT
ENTREPRENEURIAL MOTIVATION AND MINDSET.....................................................................12
P7 - EXAMINE, USING RELEVANT EXAMPLES, HOW A PERSON’S BACKGROUND AND PAST
EXPERIENCES CAN HINDER OR FOSTER ENTREPRENEURSHIP...................................................13
CONCLUSION.................................................................................................................................15
REFERENCES...................................................................................................................................16
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INTRODUCTION
Entrepreneurship is defined as the activity for setting up the business ventures according to
generating revenue and making the profit as well. It is the procedure and the people who are
responsible for this new venturing are called entrepreneurs. It is also referred as the capacity or
willingness of an individual for developing the business administration accordingly. They are
majorly responsible to develop, organize and manage the organizational things along with eh
risks factors towards accomplishing the goals and objectives. In this assignment, different
entrepreneurial ventures will cover the areas that also describe the data or relevant statistics
data towards identifying the impacts of small and micro business area. Further, the significance
of small business ventures will also describe that will be helpful for the economy of country as
well as enhances the effectiveness accordingly (Burns, 2016). Along with the different aspects,
the qualities and characteristics of a successful entrepreneur will also describe, which helps in
the development and growth of the new business area.
The chosen organization for this assignment is “Baby2Body” that is the online advisory service
for the pregnant women. It was founded in 2014 in order to helping the pregnant women
according to their fitness and well-being. The major aim of this small business is to create
tailored experience for moms to be along with their health, fashion, food and fitness
accordingly.
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PART 1- WRITTEN REPORT
INTRODUCTION-
In this task, the different typologies of entrepreneurial ventures will describe, which comprises
of the different small and micro business area. Economic growth by the small business will also
cover the area and some of the factors will also describe that can affect the business growth
and the development criteria accordingly.
P1- DIFFERENT TYPES OF ENTREPRENEURIAL VENTURES RELATED TO THE
DIFFERENT TYPOLOGIES
Entrepreneur and entrepreneurship-
An entrepreneur is a person, who is responsible to take risks and develop new business area
according to make profit and generating revenue as well. The overall process or an activity
done by the entrepreneur is called entrepreneurship. They organize and manage the things for
developing new ventures by taking risks within the marketplace. They have willingness towards
accomplishing the goals along with the risks (Drucker, 2014). An entrepreneur has an idea for
providing services and goods to the people as per their needs and demands by making own
profit as well. They have the capabilities to run a small business and manage the business
administration as well. Their major function is to implement the new ideology with the
available resources towards gaining success.
Enterprise-
It is defined as the market or an institution that is responsible for the profit and the growth of
the company. There are many types of legal enterprises such as sole proprietorship,
partnership, corporations and many other local professional organizations accordingly (Gicheva
and Link, 2013). It refers a unit of economic growth in which; an organization can make the
plans or sets the strategies towards accomplishment of goals and objectives.
Types of entrepreneurs-
Different types of entrepreneurs are described below-
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Innovative entrepreneur:
They are the people who have the innovative ideas for developing new products and services
towards providing to the people and gain profit as well. They always seek for the new things
within the marketplace, so that they can make strategies for new things to the general public
and generate revenue.
Social entrepreneur:
They work for providing social services and care to the people. They are majorly responsible for
resolving the problems of people as well as makes strategies according to enhancing the social
innovations (Jóhannesson, 2012).
Lifestyle entrepreneur:
An entrepreneur who owned the business venture for sole purpose is known as the lifestyle
entrepreneurs. They are majorly works according to enhancing the quality standards of life
accordingly.
Imitating entrepreneur:
They imitating from others and follows the ideas of others in order to starting venture and
providing services to the people (Kane, 2010).
Serial entrepreneur:
They are the people who always seek for new ideas and methods for staring new ventures and
run the business administration along with the risks factors.
P2 – SIMILARITIES AND DISSIMILARITIES BETWEEN DIFFERENT TYPES OF
ENTREPRENEURIAL VENTURES
Similarities and dissimilarities between different ventures-
BASIS INNOVATIVE SOCIAL SERIAL
Role The major role of the
innovative entrepreneur
They start their business
ventures for resolving the
This kind of
entrepreneur has the
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is to make new plans and
ideas according to start
new venture and
provides services or
goods to the customers
as well (Katongole, et al.
2013). They work for
generating revenue as
well as making profit.
New ideology and the
implementation of these
plans with the proper
use of available
resources are the major
working criteria of them.
All the entrepreneurs are
working for generating
revenue and making the
profitable business area.
social problems. the
major aim of this kind of
entrepreneurship is to
provide social services
and care to the general
public and helps them to
solve the related
problems, so that the
people can live their life
freely, happier and
healthier accordingly. As
per the purpose of social
entrepreneur is the
welfare of society, so they
plans according to it and
benefited the general
public by reducing their
problems and issues
accordingly (Makhbul and
Hasun, 2010).
new ideas and tactics for
developing new ideas
and then implements it
for starting ventures and
providing services to the
people. They apply new
tactics according to
procurement of the
business administration.
Risk Comparatively they have
high risks, because they
start their ventures from
new ideas and tactics;
which initially creates
issues. It is important to
increase awareness
among the people while
developing the ideas and
Risk associated for the
social entrepreneur is
comparatively lower than
the others. The major risk
of the social entrepreneur
is funding (Mazzucato,
2015). It is the big
problem in front of them
for starting their venture
As they always come up
with the new ideas and
methods towards staring
the venture but
continuous eruptions,
discontinuity, lack of
support, funding and
many other problems.
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running the business
accordingly.
according to benefitted
the people.
Objectives The major objective of
the innovative
entrepreneur is to make
use of these new
innovative ideas and
then implements it
towards awaking the
people and providing
them such new services
and goods according to
the accomplishing goals
and generating more
revenue as well
(McLeman, 2014).
Their major aim is to
benefit the people and
helps them to resolve the
problems accordingly.
The major objective of
the serial entrepreneur
is to provide required
services and goods to
the people. as they
developing new
ideologies for starting
ventures and running the
business successfully by
benefitted the people
accordingly.
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P3 - PRESENT, INTERPRET AND ASSESS RELEVANT DATA AND STATISTIC TO
ILLUSTRATE THE IMPACT MICRO AND SMALL BUSINESS HAVE ON THE
ECONOMY
Figure: Statistics of Small Business
[Source: http://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN06152]
This above-mentioned data shows the statistics of private companies of the UK that have the
single ownership and having the less numbers of employees accordingly. As it is well known
that the private small sectors are owned by single owner, which does not incorporates with the
employees according to the revenue generator as well. The small business has been accounted
for the 99.3 percent of the private enterprises whereas the employment rate according to the
data of 2016 was around to 15.7 million; that is about the 60% of all the private sectors
accordingly (White, 2016).
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Figure: employment, turnover and the business start-ups data
[Source: White, 2016]
According to the data, the employment within the UK is around 1.3 million; that is called
employing business while 4.2 million is the non-employing business sectors. The overall
populations of the business sector comprise of majorly three components such as legal forms,
sole proprietorships and the ordinary partnership business area. Apart from that the trends of
small and medium-sized business area has been developed with substantially that increases
approximately 89 percent (White, 2016). There are various companies and business sectors
within the UK market and all SMEs have been increasing with the higher rate as well as helps in
the enhancement of economic growth of the country.
8

Figure: estimated turnover and employment statistics
[Source: White, 2016]
Figure: non-employing and employing business within the UK in year 2016
[Source: White, 2016]
Moreover, the total growth can be estimated by the growth rate that has been increasing by 59
percent. The small business area with number of employing business is increased with the rate
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of 19%, while the medium-sized business area has been increasing with the overall rate of 24%.
The large business is also increases with the period of time and helps the country to enhancing
their economic rate.
Moreover, the SMEs are also provides huge opportunity to the general public for the
employment and helps in maintaining the stable economic rate of the country (White, 2016).
With the opportunities and usage of new technologies for staring new ventures and runs the
business area successfully, they have been created market positions and stables the substantial
market growth accordingly.
P4 - EXPLAIN THE IMPORTANCE THAT SMALL BUSINESSES AND BUSINESS
START-UPS ON THE GROWTH OF THE SOCIAL ECONOMY
Small and medium-sized business areas are the important part for the country that also gives
opportunities to the general public and helps them to give employment with the ample salary.
It largely contributed their huge part in the country’s economy and maintains the substantial
growth accordingly. As the small business entrepreneurs put the positive impacts and
contributed their efforts for the development and growth of the country respectively. The
major impacts of the small and medium-sized business area as follows-
Employment creation- as it has been noticed that the small and medium-sized business area
gives opportunity to the general public by providing them such employment towards fulfilling
their desire and needs accordingly (Parker, 2011). The government and the other regulatory
bodies are majorly responsible for making the policies and strategies and they also gives equal
opportunity to the people. By providing such opportunities; it will be easier to enhance the
effectiveness.
Equalized distribution of wealth- as the small business are gives employment as well as gives
ample salary to the general public that will be helpful for the stability of economic rate of the
country. It improves the cash flow within the marketplace and maintains sustainability
accordingly.
10

Resources utilization- small industries and the medium-sized business area has been running
their business operations with the new ideas and innovative techniques; by which they can
easily provide services and goods to the customers (Santos, 2012). They use minimal resources
towards maintaining substantial growth and the economic growth of the country.
Higher production- as SMEs makes their strategies for the higher production rate towards
accomplishing the goals and objectives as well as providing such required services to the people
as well. These factors of higher productivity growth rate will be helpful for the economic growth
of the country as well as increase the efficiency.
CONCLUSION-
The aforementioned report is about the different entrepreneurial ventures and the typologies
of entrepreneurship. It describes the similarities and dissimilarities of these different
entrepreneurial ventures accordingly. Further, the significance of small and medium scale
industries have been described with the relevant data and statistics. Furthermore, the impacts
of small business area have been also discussed.
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