Entrepreneurship and Small Business Management in Redbridge, UK

This report provides an overview of entrepreneurship and small business management, focusing on the Redbridge borough in London, UK. It discusses different types of entrepreneurial ventures, including scalable startups, small businesses, large organizations, social enterprises, and medium-si...Read More

ENTREPRENEURSHIP
AND SMALL
BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Different types of entrepreneurial ventures and typology of entrepreneurship...............1
P2. Differences and similarities between the entrepreneurial ventures..................................4
M1. Investigate the diverse range of entrepreneurial ventures and understand them............5
Critically examination of the scope development and growth of the entrepreneurial ventures..5
TASK 2............................................................................................................................................6
P3. Interpretation of the relevant data and how they impact on the small businesses...........6
P4. Importance of small businesses and start-ups to the growth of social economy..............7
M2. Evaluation of different businesses which helps in developing the economy..................8
TASK 3............................................................................................................................................9
P5. Determine the characteristics, traits and skills of entrepreneur which are different from
managers.................................................................................................................................9
P6. Various aspects of the personality reflection of the entrepreneurial mindset................10
M3. Examination of different arguments which relates with the entrepreneurial features. .12
TASK 4..........................................................................................................................................13
P7. Examination of the background and experience of entrepreneur which an foster
entrepreneurship...................................................................................................................13
M4. Analyse the link between entrepreneurial characteristics and how they influences the
background and experience of successful entrepreneurs......................................................13
Critically evaluate that how the background and experience influence entrepreneurs positively
and negatively.......................................................................................................................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneur refers to an individual who use and utilize an idea and thought to make
innovation with the purpose of fulfilling the needs and demands of the target audience and
earning profit through manufactured goods and services of the firm. They are potential source to
make improvement in the economic condition of the firm through generating revenue from their
business and by creating job or employment opportunities for the people of the nation (Ayandibu
and Houghton, 2017). Entrepreneurs assists in making improvement and development in the
business of the companies so that the firm can attain its organisational goals.
This report is based on the small, micro and large business of Redbridge borough,
London, UK. This assignment will be discussed about the different types of enterprise ventures
and regarding showing the influence of small and large business organisation, determination of
statistical data will be done. Further will be explained about the importance of micro scale and
start ups business regarding to make improvement in the economic system of the country.
Attributes, skills and capabilities of business persons will be described along with mindset with
their background and experiences.
TASK 1
P1. Different types of entrepreneurial ventures and typology of entrepreneurship
Entrepreneurship is the procedure of scheming, actuation and operating a new business
which is frequently initially a small business. It is effective for the firm because with the help of
it, the organisation can make growth in business and generating something efficacious by
utilization of efficient technologies in its actions, activities and operations of the company. There
are several kind of entrepreneurial venture and they are explained as beneath:
Scalable Business Start ups- These are those business which are set up and established
by financial institutions to handle increased market demands. To make focus on these type of
enterprise is wholly towards the imaginative components of the business concern. The
uninterrupted model is unprompted nefarious by the firms. They make concentration at
employing prompt companies in their human resource to accomplish their goals. They analyse
the capital fund and monetary investment of the company with the purpose of making expansion
of the business concern. The development and growth of this sector is depends on their ideas and
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vision by which they lead the business and because of this their scope is getting wider in order to
achieve success in the market.
Small Businesses- These kind of business are refers to privately owned organisations which
have fewer workers and less annual revenue (Bogdanova and et. al., 2016). They are established
with the help of less amount of fund and human resources. The major purpose of these mind of
firms to provide job opportunities to the local people of that place and earning profit with the
help of its business. In UK, these kind of business are effective for creating employment and
providing job opportunities to the people of this nation. It is also beneficial for making
improvement in the economic system of the country. The government of this nation make more
concentration because it help in improving he living grandstands. As per this business, the
growth and development of is depends their efforts and investment. Despite of recession in UK,
the small businesses acquire a high growth rate than the overall industrial sector in terms of
production, employment etc. and through this, their scope is getting wider in terms of expansion.
Large organisations- It indicates to those organisation which operate their business at
large scale and set by the business persons by investing huge fund and capital (Brush and
Greene, 2015). The business of these kind of firms are operating with the help of large number of
employees and workers. These kind of organisations help in generating more income to its
impersonal so that they can connect a large customer base with the organisation. The major
purpose of these kind of companies are earning more profit and making expansion in the
business of the firm. There are high level competition in the marketplace against these types of
firms. The management of these firm make innovation on continuous basis of that they can offer
goods and services to its customers and fulfil their needs and increase the profitability and
enhance productivity of the firm. According to this, the growth and development of large
companies is in the hands of their loyal customers and on the basis of this they create their huge
scope for their survival in the dynamic business environment.
Social enterprise- It indicates to those commercial companies which has particular aims
and objectives and to accomplish them is the major objective of them. These kind of firm are
ballistically set up the business persons for the welfare of the society in context of making
improvement in the living standards of the people by providing employment to them. The major
purpose of these firms are make the world a better place and do not focus on the profit. These
organisations consider NGOs which are mainly work for the improvement of the society and
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community. As per this kind of venture, their growth and success is limited because they provide
welfare services to poor and needy people at no cost and their scope is remain in the social
welfare section.
Medium-sized Business: These businesses are the complex entities in which ownership
is separated from the management. They are well established and also has an observable track
record which helps in facilitating the financial decisions by the visitors. They also operate high
growth rate market and also seek reposition form the mature market.
Typologies of entrepreneurship
Male typology- It indicates those business which are closely held, operate, managed and
controlled by male businesspersons. They are responsible for making decision regarding business
activities and operations so that they can business of the firm can be operate in an effective
manner (Burns and Dewhurst, 2016). These kind of typology consist transport business,
construction business etc.
Female typology- these kind of typologies refers to those kind of business which are
operated and running by female businesspersons. In these kind of business female entrepreneurs
are responsible to operate the business and design strategies for the success and growth of the
firm. These type of typology consider fashion store and consulting services business etc.
Managed growth venture- In these kind of business both male and female are
responsible to run and operate the business and formulate polices for the success of the firm
(Burns, 2016). The major purpose of these kind of firm are made expansion in the business of the
company, hire new and fresh talent and manufacturing new products and services according to
the needs and demands of the customers.
Lifestyle venture- It reefers to those businesses which are run and operated by business
persons for their interest and hobby. They do not have the motive of earning profit from their
business and mainly engaged in private company. These kind of firm include business like,
consultant, journalists, novelists, on lien stores etc.
Survival venture- these kind of business operated by the businesspersons to earn money
or fulfilling the needs of family and individual. The major objective of these type of firm is to
run the business of the firm till time period. These venture consider small retail firms and marts
etc.
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P2. Differences and similarities between the entrepreneurial ventures
Entrepreneurial ventures  Differences Similarities
Male typology vs female
typology
 These kind of firms are
operated and owned by
male entrepreneurs and
they are the only
person who are
responsible to make
policies, strategies and
plans and take
decisions regrading the
business.
 In female typologies,
female individual are
responsible for
decision making and
formulate plans for
operating the business
of the companies.
 The major purpose of
both kind of typologies
to run and operate the
business of the firm
effectively and in
appropriate manner so
that it can achieve its
success by attaining
organisational
objective. The goal of
both firms are earning
profit (Cole, 2018).
Small business
entrepreneurship vs Large
business entrepreneurship
 Small organisations are
established with less
amount of fund and
capital. There less
number of employees
who are help in
running the business of
the company. These
kind of firm have less
number of customer
and cover small area of
 Both organisations are
same during the time of
making expansion in
the market and
products. When they
expand their business,
they cover large
market, customer and
offer more products
and services.
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market (Doern, 2016).
 Large organisations are
set up with large
capital and they offer
their services in broad
area and have a large
customer base. There
are number of
employees who are
made contribution in
the growth and success
of the firm.
M1. Investigate the diverse range of entrepreneurial ventures and understand them
From various entrepreneurial ventures it is analysed that there are different kinds of
entrepreneurial ventures which are operated by various kinds of entrepreneurs with specific
purpose. Their aims and objectives are different in order to survive in the market.
Entrepreneurship is a process which helps in the operation of new business. It is summarised that
there are different kinds of entrepreneurs such as male, female, lifestyle and survival who came
into market with specific purpose and their aims and objectives are different. These
entrepreneurs are different in nature and as some of them came for their survival and others with
the purpose to achieve success and growth of the marketplace. No organisation can run without
the two entrepreneurial ventures which are entrepreneur and managerial ventures. The growth
and development of these ventures are totally open for the small and medium businesses.
Therefore, there is a scope for entrepreneurs and the growth of entrepreneurial ventures which
rise along with the development.
Critically examination of the scope development and growth of the entrepreneurial ventures
Entrepreneurial ventures are important as it help in order to improve the competition in
market and also helpful for the development of economy. Not the single organisation operate
without the two enterprise which are entrepreneur and management. As the growth and
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development of these ventures are depend on the small and medium businesses. Hence, there is a
scope for entrepreneurs and the growth of entrepreneurial ventures which rise along with the
development. These ventures are equally important as the scope and development sector is
increases because people are now investing in the new business instead of taking 9 to 5 job.
TASK 2
P3. Interpretation of the relevant data and how they impact on the small businesses
Small and medium sized organisations are those firms which consider the involvement of
less than 250 employees. In UK, these kind of business help in making improvement in the
economy of the nation. In 2018. micro business make 5.4 million contribution in the UK
economic system (Fayolle and Gailly, 2015). These kind of business consist employees less than
10. In Red-bridge, these kind of business are operated to provide employment to the local people
of borough so that they can earn money and improve living standard. Small businesses contribute
in the economy by providing its valuable products and services to economy which helps them in
gaining sustainability and profitability in the market. Medium-sized businesses are come into the
market in order to increase its sales and revenues and also helps in generating more and more job
opportunities which helps in the development of an organisation. Large businesses came in the
market only with one reason which is to increase their profitability, sales and revenues which
helps in increasing the reputation of the economy.
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micro small
0
0.2
0.4
0.6
0.8
1
1.2
0.96
0.04
business
employment
turnover
Illustration: Business Statistics

Source: Business Statistics, ( 2018).
Impact of micro and small businesses on economy
Decrement in unemployment- Micro and small businesses help in generating
employment and job opportunities to local people and minimizing the rate of unemployment. It c
rate impact on the economic condition of nation in favourable manner in term of growth and
success.
Employment exercise- these kind of firm do not showing their interest to hire skilled
employees and they hire less skilled employees and invest fund in providing training and
learning sessions to them so that they can learn skills and knowledge according to the business
needs (Hatten, 2015). It help in engaging the unemployed and unskilled people so that they can
make contribution in economic growth.
High worker productivity- These kind of business helps in providing work to
unemployed and unskilled workers so it help in exploding fruitfulness of the firm. The rate of
increment in productivity help in making growth in the income of the nation of the nation.
Impact of small businesses: These business influences the economy through various
levels which include local, regional and international. As they contribute at local economy by
brining innovation in the society. In terms of regional level, they takes form of sales tax
collection and at national level it is useful in improving the currency and trade tax.
P4. Importance of small businesses and start-ups to the growth of social economy
Importance of small businesses to the growth of social economy
Small business, which are operated in Redbridge, make contribution in the economy of
UK. It make contribution through generating employment, increase a number of new market and
driving success of the economy (Julien, 2018). In UK, there are number of small and micro
business and help in improve the economic condition of the nation. In 2018, in UK, these
business represents about 99.3% of the overall business as per the approximation done. The
entire number of employee who are involve in small business are 60%.
Importance of start ups to the growth of social economy
Improvement of technology- These kind of business make technological changes in the
business of the firm and when the employees use new technologies the it help in increase
productivity. It help in develop social economy.
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Generate new job opportunities- These kind of business are effective to create
employment and make growth in economy. These kind of firms are set by business persons with
the purpose of new innovation so they hire employees and help in improvement of social
economy.
Encourage the innovation systems and research- Now these days, start ups business are
set by educated institutions and organisations so they are focusing on promoting research and
development or knowledge of the innovators. So that they can develop new ideas which are
helpful for making contribution in the success of social economy.
M2. Evaluation of different businesses which helps in developing the economy
Businesses differs in many ways including the size, scope and development of the
economy. As the small and micro businesses can adapt changes easily and also more likely to
adapt new ideas as on the other hand the large firms positioned in order to buy and sell large
quantities and also invest in the research and development in order to influence the policies.
Through the different businesses and their operating system it is analysed that the micro and
small businesses occupy more market and contribute huge amount of profit by exchanging
foreign currencies which helps in the development of nation. There are various small and micro
businesses which helps in generating high income, increase job opportunities and eliminate the
problem of unemployment.
These organisations helps in the development of nation which is beneficial for their
customers and also offer various services according the demand of their respective customers.
Moreover, these businesses are capable enough in generating revenues on the basis of their
strength, skills and experience. In addition to this, social economy is the primary factor which
emphasis on building the relationship with people by considering the social norms and ethics. It
also impacts the behaviour of consumers and motivate the purchasing power of public. Small
businesses are the primary ways in order to contribute in the nation as they provide various
facilitates such as financial independence, encourage innovation, create employment
opportunities and many more.
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TASK 3
P5. Determine the characteristics, traits and skills of entrepreneur which are different from
managers
There are different kind of traits, skills and characteristics are important to have
successful entrepreneurs so that they can attain the success the success of the firm and operate its
business in effective manner. There are two entrepreneurs who are chosen for this document,
they are Philip Green and Richard Branson whose skills, characteristics and traits are as
following:
Traits:
Hard work- it is an important characteristic of an entrepreneur because with the help of it
they can perform their work and duties in appropriate manner. This characteristics consider both
the business persons like Philip Green and Richard Branson. Due to having it, they continuously
do their work which make contribution in the growth of their business. It will make them from a
manager because with this characteristic they can take appropriate decision only.
Passion- It is another effective characteristic for business persons. With the help of it,
they can work hardly and make expansion in their business. Philip Green and Richard Branson
also have it so they focus on their work and achieve their set goal efficiently. It makes them
differ from managers because when the situation of loss generated in business, they lost patience
and do not take decision appropriately.
Characteristics:
Confident- With help of this trait, Green and Branson feel are positive which help in
developing and generating new ideas regarding business. It assist in providing favourable
outcomes in term of profit and improving brand image or increasing customer base. It
differentiate them from manager because with the help of this trait, administrators can decision
regarding organisation success and growth.
Disciplined- Due to having this trait, both entrepreneurs and do their work in designed
way. With this, they can make separation among their personal and professional life and they
can focus on their business and its objectives. they can make balance between the personal and
professional life. Due to having this traits,
Skills:
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Innovative thinking- It is an important competency and due to having this skills they can
resolve the issues and hurdles which are generated in their business and work. With the help of
this skills Green and Philip can minimise and resolve problems and issues which are occurred in
their operations and work during the time of attaining objectives and goals.
Leadership-It is an essential skill and with the help of it, Green and Philip and provide
guidance to their employees so that they can work properly and effective manner. With the help
of it can motivate them them when they are feeling demotivation. It make differ them from
manager because with the help of this skill, they can design effective polices and implement
them with in the firm.
Brief Analysis: From the above discussion it is analysed that skills, traits and characteristics
which are discussed should be present in any entrepreneur in order to become an successful
entrepreneur as by considering the Peter Jones, he is very hard working and passionate about his
work. On the other hand, Simon Cowell has leadership skills which help him in order to support
their workers and subordinates and also helpful in order to develop healthy relationship with
them.
P6. Various aspects of the personality reflection of the entrepreneurial mindset
It is important to monitor the personality of entrepreneurs and for this, there is an model
which is developed to analyse the traits of personality, it is as following:
OCEAN model
This model is also known as Big Five Personality Traits and it considered five aspects of
personality related to individuals. They are defined as below:
Openness- It consist to those individuals who are showing their interest to learn new
things and get new experience and usually score high in openness. This trait consider
imaginative, being insightful and having a large assortment of interests (Julien, 2018). As per
this trait, people tends to be more creative and imaginative and these people are very open in
nature. They also love to take new challenges and risk of the business environment. People who
are low in this trait do more struggle with their abstract thinking.
Conscientiousness- This trait consist methodic, thorough and being organised. The
individual who have this quality are also have a high degree of carefulness, dependability and
punctual. These individuals will always think about their behaviour and action before taking it as
they analyse that how it will impact the behaviour of people. Moreover, they always plan their
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strategies and policies in advance and manage their life according to them. These people follow
tight schedule in order to finish their important task.
Illustration 1: Big Five
Personality Traits
(Source: Big Five Personality Traits, 2019)
Extraversion- It include traits of talkative, energetic and assertive. Those people who
have these qualities get their energy by making communication or interacting others (Cole,
2018). These people are considered as extroverts in personality and are very energetic and
enthusiastic in nature. These people are tends to be more social and talkative because they like to
interact with more and more people. In addition to this, they also have big circle of friends
because they are friendly in nature.
Agreeableness- The people who have these kind of traits are cordial, conjunctive and
merciful. This trait assist affectionate, gracious and sympathetic (Ayandibu and Houghton,
2017). This type of personality is best in those in all the discussed factor. Moreover, these
individuals can sacrifice their own interest in order to achieve the organisational interest or
objective.
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Neuroticism- This trait consider being saturnine and tense. This trait is also know as
emotional stability. Those individuals who are high in neuroticism infrequently occurrence
affectionate firmness and harmful feeling. These people are easily irritable and feel anxiety and
mood swings in their nature.
Big Five personality Trait of Philip Green:
Openness Consciousness Extraversion Agreeableness Neuroticism
High High High moderate High
Progressive,
open to new
material
possession and
thoughts.
Caducous,
Organised,
Coherent
intellection,
never give up
Overcomes
anxiety, positive,
enjoys being the
centre of
attractiveness
Combative,
obstinate
Emotionally
unstable,
assertive
Big Five Personality Trait of Richard Branson:
Openness Consciousness Extraversion Agreeableness Neuroticism
Very high High High High Low
Peculiar, Passion
for work and
multitude,
open for new
possibility,
audacious
Answerable,Social
consciousness,
self direction,
Determinative
Relationship
management,
centre of
attraction,
energetic,
enthusiastic.
Adjustable,
Down-to-earth,
Protective,
Co-operative.
Emotionally
stable,
deals well with
stress.
M3. Examination of different arguments which relates with the entrepreneurial features
Entrepreneurship is not an easy process at it require lot of knowledge, skills and
experience in order to become an entrepreneur. Entrepreneurs always follow their passion and
for this they do lot of hard work and work for long hours in order to achieve their goals and
objectives (Burns, 2016). In order to become a successful entrepreneur it is important to have the
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above discussed traits, skills and characteristics which is helpful for them in order to achieve
success in market. As these elements are also helps in motivating other individuals and small
entrepreneurs in order to become a successful entrepreneur. The OCEAN model is discussed in
order to analyse the personality for the entrepreneurs which depicts their understanding and
which personality factor suits them which helps them in coordinating with their employees and
makes the climate of an organisation flexible for them (Big Five personality test traits, 2019).
TASK 4
P7. Examination of the background and experience of entrepreneur which an foster
entrepreneurship
Philip Green:
Background- Green was born in 15 March 1952 in Croydon, Surrey in a middle-class
Jewish family. His father was a property dealer and retailer. His father was died when he was 12
years old. When he was 16, he started working with his mother Alma, she was an entrepreneur.
She obsessed the portfolio of garages and car showroom. In the age of 21, Green started his
clothing business with help of loan which taken form family.
Experience- Green was completed his childhood education from a Jewish boarding
school Carmal college in Oxfordshire. In the age of 16, he left the college whereas he was good
in studies but he had interest in business. So he started his own clothing business in the age of 21
years. He has a great experience because he faced various ups and downs in his life related to
business and surviving.
Richard Branson:
Background- Richard Branson was born in 18 July 1950, in Surrey, England. He was the
first child of Eve Huntley Branson and Edward James Branson. Branson's Father was a barrister
and his mother worked as air hostess. He was started his business in the age of 16 from the burial
chamber of a church and provide advertisement of it in the famous magazine “The Students”.
With this he got more success and then start trading records under the name “Virgin”.
Experience- Branson did his schooling at Scaitclffe School till the age of 13. For further
studies, he joined Stowe School which is a boarding school in Buckinghamshire, England. He
was not good in studies so he was not able to interact with other students. At the age of 16 he
dropped out school when he was realised that he was not in a right place.
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M4. Analyse the link between entrepreneurial characteristics and how they influences the
background and experience of successful entrepreneurs
The two entrepreneurs and discussion about their background and experience also foster
the performance of small entrepreneurs as their background and history reflects that how these
entrepreneurs go through from their hard times which fosters the other individuals to work by
which they can easily achieve success of business environment (Ayandibu and Houghton, 2017).
From their backgrounds, experiences, knowledge and struggle it is identified that it is very
helpful in order to achieve success for their business and helps in motivating them in order which
is helpful for others. It is important for new entrepreneurs to gain something form the
background of these entrepreneurs as it helps them in operating their business smoothly and
successfully in dynamic business environment. Moreover, it is analysed that how they overcome
from their drastic situations in which they suffer a lot and defeat those barriers.
Critically evaluate that how the background and experience influence entrepreneurs positively
and negatively
The background and their success factors positively influences other people in order to
become a successful entrepreneur as it motivates and influences them to do so something risky.
As risk factor is the important factor which should be present in the entrepreneur in order to
become successful land also helps in gaining the competitive advantage of the business. The
analysis of the backgrounds and success factors helps in developing the potential individuals.
CONCLUSION
As per the defined information, it can be monitored that business persons are those
individuals who change and transferred they ideas and thoughts in the form of business. There
are several kind of entrepreneurial ventures which are affiliated with different types of typologies
and entire are effective and important for the growth of the business of the firm. The small
organisations, business firms and start ups help in creating or providing employment
opportunities to the people so that they can make improvement in their living standards. It is also
effective for making contribution in the growth of economic system of the country. There are
various skills, capabilities and traits of entrepreneurs which are effective for the appropriate
operations of the business and accomplishing the designed aims and goals of the firm in
appropriate manner.
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REFERENCES
Books & Journals
16

Online
Big Five personality test traits. 2019. [Online]. Available Through:
<https://www.123test.com/big-five-personality-theory/>.
Business Statistics. 2018. [Online]. Available Through:
<https://www.enterpriseresearch.ac.uk>.
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