Entrepreneurship and Small Business Management: Venture Types, Impact

This report explores various aspects of entrepreneurship and small business management, beginning with an examination of different entrepreneurial venture types, including small, micro, and medium-sized organizations, and highlighting their similarities and differences. It assesses the economic impact of small businesses, using data and statistics to illustrate their role in employment and economic growth, particularly within the social economy. The report also delves into the entrepreneurial mindset, identifying key traits and skills that differentiate successful entrepreneurs from other business managers, and explores how personal background and experience can either foster or hinder entrepreneurial endeavors. The analysis draws upon relevant examples and research to provide a comprehensive understanding of the factors influencing entrepreneurship and small business success. Desklib offers a wealth of similar resources and solved assignments to support students in their studies.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
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Table of Contents
Introduction................................................................................................................................4
Task 1.........................................................................................................................................5
Executive Summary...100..........................................................................................................5
Introduction................................................................................................................................5
LO1. Explore and illustrate the range of venture types that might be considered
entrepreneurial............................................................................................................................5
(P1,M1) Examine different types of entrepreneurial ventures and explain how they relate 1to
the typology of entrepreneurship...............................................................................................5
P2 Explore the similarities and differences between entrepreneurial ventures..........................6
Task 2.........................................................................................................................................8
LO2. Assess the impact of small businesses on the economy...................................................8
P3 Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy............................................................................................8
P4 Explain the importance of small businesses and business start-ups to the growth of the
social economy...........................................................................................................................8
Conclusion..................................................................................................................................8
Task 3.........................................................................................................................................9
LO3: Determine and assess the key aspects of an entrepreneurial mindset [M3, D3]...............9
P5: Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers...........................................................................................9
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset..............................................................................................................................11
M3: Explore and examine different lines of argument relating to entrepreneurial
characteristics...........................................................................................................................12
Task 4.......................................................................................................................................14
LO4: Examine the different environments that foster or hinder entrepreneurship..................14
P7: Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.......................................................................................................................14
M4: Analyze the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs............................................15
Conclusion................................................................................................................................16
Reference List..........................................................................................................................17
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Introduction
The concept of entrepreneurship has been in existence for quite a long time. Entrepreneurship
indicate the ability of an individual to take a risk and actually taken by individuals to produce
or introduce something innovative in the market. Entrepreneurship actually has ample risks as
well as profits associated with it. While the pros involve enjoying, the profits chances of
failure and all other risks should also never be avoided. The emergence and the growth of
small business is considered as one of the major factors that helps in shaping up the overall
economy of a particular place and this has turned out to be one of the primary reasons for the
growth of the small business industries.
The project will consider the different entrepreneurial ventures and the ways these relate to
the entrepreneurial typology. The similarities as well as the di9ffeeences among the different
entrepreneurial ventures along with the importance of entrepreneurship in the overall
economy of the country have also been discussed in the below section. However, apart from
these a few other factors have also been discussed in the section and these are the skills and
the traits of the different entrepreneurs have also been discussed in the below sections. The
impact of the background and the experience of being a successful entrepreneur have also
been discussed in the section.
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Task 1
Executive Summary
This report comprises of the different ways in which the entrepreneurship ventures effects the
overall society of the particular place. The report will emphasize on the different
entrepreneurship ventures that exist in the contemporary times along with the differences that
exist among them. The similarities as well as the dissimilarities that exist among the different
ventures have also been included in the section. It is a common fact that activities of these
type usually impacts the society in the most profitable way possible and these have also
been included in the section with the help of proper statistics and graphs that have been
collected for the purpose.
Introduction
As discussed above, entrepreneurship has witnessed a huge growth since the 19th century
when the urge of doing something exciting greatly motivated the individuals to start
something new. People actually got bored of their daily, hectic and repetitious life and this is
what that led to the emergence of entrepreneurship. The below task will emphasize on the
range and the types of entrepreneurial ventures that are in practice in the contemporary times.
The similarities as well as the dissimilarities among the different ventures will also be
discussed in the section.
LO1. Explore and illustrate the range of venture types that might be considered
entrepreneurial.
(P1,M1) Examine different types of entrepreneurial ventures and explain how they
relate 1to the typology of entrepreneurship.
As identified by Burns (2016), entrepreneurship in the business terms identifies the process
of exploring and establishing a new business venture- it actually refers to a new way of
thinking, recreating and hence establishing a new business. The summation of the different
activities that are involved with entrepreneurship are termed as entrepreneurial activity.
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Enterprise is the output of entrepreneurship. Thus in simple terms, the concepts and the ideas
(entrepreneurship) with the help of a range of activities (entrepreneurial activities) contribute
towards the development of a business (enterprise).
The range of the entrepreneurial ventures that find their existence may include
Small business organisations- the organisations that have an employee count of the range
11 to 50 are categorised as small business organisations. If reports are to be believed then
these type of business usually, run on a comparatively low capital and enjoy a high rate of
return from the business. The main contributions of these type of organisations is noticed in
the employment sector. The presence of these type of organisations (restaurants) helps in
reducing the overall unemployment ratio of the place. The example of Little Chef can be
considered in the regard. The restaurant is an example of a roadside food chain operating in
UK for quite a long time. The restaurant runs on an average capital of $0.240 million and
enjoys an overall rate of return of 30% annually. The scalable entrepreneurs run these type of
organisations. These are mostly independently owned by single or joint ventures (Burns,
2016).
Micro sized organisations-As the name suggests, the micro organisations are extremely small
and they run on a very small capital. The rate of return of these organisations is extremely
less and the man-power of these organisations range from a few to handful. These type of
organisations help in enhancing the purchasing power along with contributing towards the
overall unemployment rate of the country. The different social entrepreneurs mostly run the
micro sized organisations (Forson et al., 2014).
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Medium sized organisations- The medium sized organisations are those organisations that
have the capacity of producing new and innovative products and services. Providing free
food delivery (online) to the different customers of the organisation are some of the examples
of the innovative services that have been developed and introduced by some of the medium
sized organisations that are operating in the contemporary times. These types of organisations
usually have an employee count of 2500 (approx). The recent analyses that have been carried
out in the sector pointed out that the medium sized organisations usually have the capacity
and the ability to take risks and the owners are actually extremely confident about the fact
that their business will bring about revolutionary changes in the society. The lifestyle
entrepreneurs run these type of organisations (Schaper et al,2014).
P2 Explore the similarities and differences between entrepreneurial ventures.
There are always a range of similarities and dissimilarities that exist among the different
entrepreneurial ventures. The similarities pave the path of success of these type of
organisations, while the dissimilarities restricts the success path of these type of organisations
Dissimilarities
Criteria Small business Medium micro
Customer number The customer number
of the organisations-
The customer number
of the organisations
The customer number
of the organisations
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19-50 are approximately 2500 are 5-20
Typology These type of
organisations are
owned and run by the
scalable entrepreneurs
This type of
organisations are
mostly owned and run
by the lifestyle
entrepreneurs who aim
at bringing about
revolutionary changes
in the society
These type of
organisations are
owned and run by the
social entrepreneurs
Growth rate Very low medium high
Similarities
Irrespective of the dissimilarities, there are also ample similarities that exist among them. All
of the organisations are aimed at generating profit and all of them greatly work towards
reducing the overall unemployment rate. The impact of these in the overall society is also
huge and positive. They also aim at introducing new and innovative products and actually
helps the society to lead an effective life (Sahut and Peris, 2014).
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Task 2
LO2. Assess the impact of small businesses on the economy.
P3 Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy
In every economy, small business plays very important role. It acts as key employer in the
economy. It employs largest segment of the economy. It has been observed in 2000 OECD
policy document of 95% of businesses in each economies consist of small and medium
business while they employ 60 % to 70% of the work force (OECD, 2009).
A 2009 CEPR report by Schmitt and Lane has also referred to the aforementioned OECD
policy document and has given a break down how small businesses spread over different
sectors of economy have been employing available workforces. For example, it has given
share of employment in manufacturing units each of which comprise less than twenty (20)
employees across several countries. The report shows that in the United Kingdom the share
of manufacturing units employing less than twenty (20) employees employs total 18.2 per
cent total employment size in entire manufacturing sector (Schmitt and Lane, 2009).
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Kushnir et al., (2010) has prepared a country indicator for small and medium scale industries.
In the corresponding report they have identified that a third of one hundred thirty two (132)
sample countries in their studies defines small unites which employs less than two hundred
fifty (250) employees. They have even presented the density map of medium and small
industries all around the globe.
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United Kingdom House of Commons’ business statistics shows that small businesses in the
United Kingdom are having employee strength of 10 to 49. Besides, the same report has
shared that there are 5.7 million SMEs in the United Kingdom. According to the same report,
the number of SMEs contributes more 99% of all businesses of the country. Moreover, it has
reported that the industry has contributed to 17 per cent of employment in the country in
between 2010 and 2014 (Rhodes, 2017).
September 2015 issue of Oxford Economics has published Economic contribution of the UK
hospitality industry. The article has reported that in 2014, UK hospitality industry has
employed over 2.9 million persons. The number of employed in hospitality industry that year
constitutes 8.3% of total employment. The same report has said that the hospitality industry
has added 663,000 jobs in the economy of the United Kingdom (British Hospitality
Association, 2015).
Restaurants are considered small businesses in hospitality sector, in the United Kingdom.
PWC, UK, has reported on the basis of 2017 data how the restaurant sector in the United
Kingdom has behaved throughout the year and the same report has also predicted the future
trend of growth of the restaurant sector the country. Its report has findings from 1989 to 2015,
the findings indicate that more and more people are eating out in the recent years compared to
years before. Such increase in customer growth for restaurants indicates that restaurants as
small businesses have a fairer chance of thriving. Besides, this opportunity will give idea of
future scope of employment. If the small businesses of restaurants thrive, then they may
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employ more people, spread over more geographic locations. It may enhance employment
rate of the economy as a whole (PWC, UK, 2018).
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P4 Explain the importance of small businesses and business start-ups to the growth of
the social economy
As discussed by Storey (2016), social economics identifies the branch of economics that
deals in understanding the relation among the different social behaviours and the constituents
of the society. The impact and the importance of small business in shaping up the overall
economy of the organisation is indeed huge and can be identified in all the levels of the
society- local, international, regional. In the local scenario, the entrepreneurship helps in
enhancing the overall economic conditions of the place. It has been estimated that the
excessive growth of the restaurants as small business firms are some of the vital organisations
that have reduced the unemployment ratio of the particular place. Moreover, since the
restaurants add a whole lot of new and innovative food and dishes to the product line of the
organisation, so the restaurants introduce the localities to a whole lot of new flavours and
dishes. It is an obvious fact that if changes are introduced in the micro level then it will surely
effect the global, national economics of the country and this is exactly how the national and
small business effects the social economy of the place in which it is operating.
Conclusion
The above project has proved to be effective enough in pointing out the similarities as well as
the dissimilarities that exist among the different entrepreneurial ventures. The impact of
entrepreneurship in the overall social economy have also been discussed in the section.
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Task 3
LO3: Determine and assess the key aspects of an entrepreneurial mindset [M3, D3]
P5: Determine the characteristic traits and skills of successful entrepreneurs that
differentiate them from other business managers.
The main characteristics of traits along with skills, which help to differentiate the
entrepreneur form the other executives in a commercial and can be described as follows:
Strong leadership quality: Quality of the leadership does not come into a person form their
birth. In order to be an entrepreneur, a person should be a good leader at first. Through the
leadership skill, he or she will motivate all of his or her team members to operate their works
in an effective and efficient manner (Burns, 2016). As an entrepreneur, the person should
have the ability to take all the main decision of his or her team as a team leader. Because, to
run an organization as a entrepreneur, the person needs to take all the necessary decisions of
his or her business. In this context, “Little Chef” is taken into consideration for achieving the
objective of the organization.
Eagerness for failing: In case of a business organization, challenge can be considered as a
primary element. To be successful, an entrepreneur should have an intellectual sprit to accept
the failure of the organization.
Self-motivation: To be successful entrepreneur, self-motivation can be taken into account as
a essential commercial quality for any kind of commercial (Schaper et al., 2014). There is
several failures that can be faced by the organization, but it is the duty of the entrepreneur to
make possible ways for overcoming those. As an entrepreneur of “Little Chef”, a person can
face different challenges and issues with own discretion and may go for a new change by
using his own activities. The workers of the organization can also get the motivation to
perform their best by the entrepreneur. Therefore, self-motivation is necessary for a
commercial.
Ethical sense: In order to organize a small business, ethics can be taken into account as one
of the most crucial factors. Through the ethics of the business, the trust and honesty of the
business for the organization can be depicted properly. If there is no value of the ethics that is
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performed inside the business then the business will suffer for lack of motivation along with
the employees of the organization will also suffer by this problem as well. Through the ethics
of the business the stakeholders along with shareholders also influenced and motivated to
invest for the business.
Innovation Quality: As a entrepreneur and a leader of the small business organization like
“Little Chef” the entrepreneur or the person should be skillful along with properly
acknowledged about the quality of innovation. It is obvious that the successful entrepreneurs
always welcome the modifications and innovation of the products, which is necessary to
make their products and services more effective and efficient. As an entrepreneur, the “Little
Chef” company invented several marketing equipments and products and new attractive
foods for boost the organization to go ahead (Storey, 2016).
Sprit of Rivalry: Every entrepreneur should include the sprit inside them to compete with
similar organizations, which help the organizations to identify their position into the market.
By this procedure, the organization can also motivate their employees to perform their best so
that they can compete with their rivals and can gain a proper place into the market. To gain
the position in the market is not only the aim of the organization as an entrepreneur; they also
need to sustain their position into the market.
Infatuation for work: The passion for working is also plays a crucial role for an
entrepreneur organization. To be a successful entrepreneur, a person must have proper
passion to continue their work (Sahut and Peris-Ortiz, 2014). The person must observe every
activity of the organization in order to identify the issues and challenges that is faced by the
business into the market. For example, in this context of “Little Chef” as a small restaurant
business of UK, the organization and their management must maintain their ethics and
motivation to continue their work so that they can overcome all the challenges.
Determination: A new business cannot achieve entire success in a day or a night. To be
successful into the market, the organization must maintain all of its operations in an effective
and efficient manner. In order to do so, the entrepreneur and the management of the “Little
Chef” organization must be able to control all the difficult situations, which can be faced by
them in the market. The entrepreneur should obtain that the failure of any case does not have
any negative impact on the motivation of the employees. Therefore, the determination plays
an important role in order to achieve the success the organization as an entrepreneur.
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Limitless Curiosity: In the present day, in case of the commercial world, the entrepreneurs
must have limitless curiosity. The entrepreneur must be flexible to every environment
through which the business of the organization will go through. The entrepreneur must
provide sufficient flexibility to the employees of the “Little Chef” so that they can thick the
working environment positive and can get positive motivation to perform their best in order
to achieve the organizational goal (Epifanova et al., 2014).
Diversity: The entrepreneur should provide necessary accommodation and flexibility to their
employees so that the employees will not get boar with their work and with the working
environment and they can come up with innovative ideas, which can help the organization to
get a proper market place.
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset.
The main features of the entrepreneur personality are reflected through the motivation and
mindset of the entrepreneur. These features can be described as follows:
By proper motivation, an entrepreneur can generate several chances and increases the wealth
of the organization in order to achieve the objective of the organizational business. The
personality and behaviour of the entrepreneur is altered along with reflected by the following
procedures:
Reach out to the clients: The main personality and mindset of the entrepreneur is to based
on reaching out to the new customers (Ratten, 2014). This procedure will help to identify the
small business as an entrepreneur to sets their target audiences along with fix their target
market. Based on the development of modern technology, the entrepreneur and the
organization may also develop their products and services to keep its proper place into the
market.
Identify a new market for available product: The identification of new market is based on
the mindset of the entrepreneur and for that the entrepreneur and organization needs to sets its
focus on identification of targeted market. So that the organization can advance their
organizational activities in order to gain more customer attractions.
Application of network for building the business: There are several entrepreneurs, who
will communicate about the vitality of the networking, but there are also few remaining, who
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specify the impotence of the networking in entrepreneurship of a small business. Though the
application of networking, the organization can calculate the return of the investment that
they are achieving form the networking efforts.
Control of the vision: This is also very important for the entrepreneur in case of a small
business like “Little Chef” to maintain the vision and objective of the organization. The
vision statement of an organization use to motivate the employees in order to boost their
performance. Therefore, it is also necessary for the organization and the entrepreneurs to
maintain their visions (Schaper et al., 2014).
Understand the power of trademark: The entrepreneur should motivate their employees of
the organization to understand the value and standard of the trademark. As the significance
and value of the organization and its business is reflected through its Brand. Therefore, it is
also necessary for the organization to make their organization recognized as a brand in the
market.
Maintain the quality control: The entrepreneur also needs to obtain all the organizational
activities in order to control the quality of the products and the services. Therefore, in case of
“Little Chef”, as a restaurant it is very important for the organization and the entrepreneur to
maintain the quality of their foods and the quality of their customer services as well. They
can do this procedure by maintaining the quality of control process (Epifanova et al., 2014).
Competition with the rivals: Many competitors like “The little square”, “Urban Tandoor”
and others are competing with the “little Chef” by providing better quality foods and
customer service. Therefore, the entrepreneur of the organization needs to make a proper
strategy for competing with its rivals and also to be beneficial form them.
M3: Explore and examine different lines of argument relating to entrepreneurial
characteristics
The main characteristics of an entrepreneur can be categorized into three different parts such
as Optimism, Pessimism and Realism. In case of optimism, the entrepreneur should think
about how to make profit for the organization, which can be taken into consideration as a
positive aspect. In case of pessimism, it denotes to those persons who thinks about negative
aspects and in case of realism, a person will take the necessary decision based on the reality.
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Therefore, to be successful an entrepreneur should be optimist and realist so that it can
provide necessary help to the business for long run.
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Task 4
LO4: Examine the different environments that foster or hinder entrepreneurship
P7: Examine, using relevant examples, how background and experience can hinder or
foster entrepreneurship.
There are multiple aspects that the influence the procedure of entrepreneurship. Between
those the educational and traditional background, creative concepts, investors, owners of the
organization can be considered as the primary motivators as entrepreneurship. In order to
explain this context, “Little Chef” is taken into consideration, which is a little restaurant of
UK including near about 30 employees. The commercials along with the entrepreneurship
plus competencies also allow the creative entrepreneurs for identifying and pursing the
opportunities of the business (Ratten, 2014). These all include a particular skill and
knowledge vital to the achievement of the creative entrepreneurship because this all helps to
develops the capability of entrepreneurs for managing the risks and also to utilize the
resources.
The immigrants may also bring the commercial along with entrepreneurship experience and
skills into their host nation (Glowball Web Network, 2018). Therefore, the knowledge and
skills along with the rivalries, which the migrant entrepreneurs pursue for their home nations
could require to being adapted for the environment of the host country. The limitation of the
languages and the skills of the commercials particular to the host nations along with there is a
shortage of familiarity with the entire operation of the market, institutions and others of host
country, which can be considered as an issue or challenge.
Besides that, the improvement of the entrepreneurship along with the commercial skills and
knowledge may also take an active role in order shape the attitudes and behaviors towards the
procedure of entrepreneurship in an effective and efficient manner. In other words, this
procedure may also be complex in order to observe the relevant knowledge and skills along
with the experience in the tradition, which includes a negative point of view for the
entrepreneurship.
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M4: Analyze the link between entrepreneurial characteristics and the influence of
personal background and experience to specific successful entrepreneurs.
Simon Cowell is taken into consideration as a successful entrepreneur who is renowned for
the “American’s Got Talent”, “American Idol” and also for” X Factor”
(Addicted2Success.com, 2014). Simon started his commercial life as a worker of mailroom
of the EMI music publishing. Form the above discussion, it can be identified that there are
three different key characteristics, which an entrepreneur should have like Optimistic,
Pessimistic and realistic. Simon becomes a successful entrepreneur as he has these all three
aspects of the entrepreneurship. For example, in case of Optimist, Simon always tried to be
successful in his life form the beginning and find the way to be successful in his life based on
modern life, which also depicts about the realist characteristic in him.
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Conclusion
The above project has proved to be effective enough in emphasizing on the different types of
entrepreneurial ventures that exist in the contemporary times. It has been estimated that
small, large and medium are some of the common forms of entrepreneurship that exist in the
contemporary times. The differences as well as the similarities among them have also been
discussed in the section. The traits and the characteristics of the different entrepreneurs have
also been discussed in the section. The project has also emphasized on the different ways in
which the background as well as the experience of the entrepreneurs effect the overall
entrepreneurship venture.
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