Report on Entrepreneurship and Small Business Management UK SMEs
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This report provides an overview of entrepreneurship and small business management, focusing on the different types of entrepreneurial ventures and their relationship to the typology of entrepreneurship. It explores the similarities and differences between various types of entrepreneurial ventures, considering factors such as objectives, roles, and characteristics. The report presents and assesses relevant data and statistics to illustrate the impact of micro and small businesses on the economy at local, regional, national, and international levels. It also explains the importance of small businesses and business start-ups in the growth of the social economy, examining the characteristics, traits, skills, and motivational drivers of successful entrepreneurs. Furthermore, the report investigates a diverse range of entrepreneurial ventures in both the public and private sectors and evaluates the differences that small, medium, and large businesses make to the economy, applying relevant data and statistics to support the analysis. Desklib offers a range of solved assignments and past papers for students.
Entrepreneurship and Small Business
Management
1
Management
1
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Contents
Introduction................................................................................................................................ 3
PART 1:..................................................................................................................................... 5
P1: Provide an introduction to the report by examining different types of entrepreneurial
ventures and explaining how they relate to the typology (different types) of
entrepreneurship.....................................................................................................................5
P2: Explore the similarities and differences between each type of entrepreneurship venture.
................................................................................................................................................ 7
P3: Present, interpret and assess relevant data and statistic to illustrate the impact micro and
small business have on the economy......................................................................................9
P4: Explain the importance that small businesses and business start-ups on the growth of
the social economy...............................................................................................................10
M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both public and private sector...................................11
M2: Evaluate the differences that small, medium and large businesses make to the
economy, applying relevant data and statistics....................................................................12
D1: Critically examine the scope, development and growth of entrepreneurship ventures. 13
D2: Critically examine how small businesses have an impact on different levels of the
economy in a local, regional, national and international context.........................................14
PART 2.....................................................................................................................................15
P5: Determine what makes a successful entrepreneur.........................................................15
M3. Examine different lines of arguments..........................................................................19
M4. Analyze link between features of the entrepreneurs and successful entrepreneurs......20
D3. Analyzing the characteristics traits and skills and motivational drivers of successful
entrepreneurs........................................................................................................................21
D4. Evaluate the entrepreneurs positively and negatively...................................................22
Conclusion................................................................................................................................23
References................................................................................................................................ 24
2
Introduction................................................................................................................................ 3
PART 1:..................................................................................................................................... 5
P1: Provide an introduction to the report by examining different types of entrepreneurial
ventures and explaining how they relate to the typology (different types) of
entrepreneurship.....................................................................................................................5
P2: Explore the similarities and differences between each type of entrepreneurship venture.
................................................................................................................................................ 7
P3: Present, interpret and assess relevant data and statistic to illustrate the impact micro and
small business have on the economy......................................................................................9
P4: Explain the importance that small businesses and business start-ups on the growth of
the social economy...............................................................................................................10
M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both public and private sector...................................11
M2: Evaluate the differences that small, medium and large businesses make to the
economy, applying relevant data and statistics....................................................................12
D1: Critically examine the scope, development and growth of entrepreneurship ventures. 13
D2: Critically examine how small businesses have an impact on different levels of the
economy in a local, regional, national and international context.........................................14
PART 2.....................................................................................................................................15
P5: Determine what makes a successful entrepreneur.........................................................15
M3. Examine different lines of arguments..........................................................................19
M4. Analyze link between features of the entrepreneurs and successful entrepreneurs......20
D3. Analyzing the characteristics traits and skills and motivational drivers of successful
entrepreneurs........................................................................................................................21
D4. Evaluate the entrepreneurs positively and negatively...................................................22
Conclusion................................................................................................................................23
References................................................................................................................................ 24
2
3
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Introduction
In this report on “Entrepreneurship and Small Business Management”, various types of
entrepreneurial ventures are discussed. The relation of these entrepreneurial ventures is
shown with the topologies. The difference and similarity between different types of
entrepreneurial ventures is also explained below in this report. The difference is shown on
factors, such as roles, objective and characteristics. With the help of statically data
considering regional, local, national and international economic impacts. Below in this report,
reasons for making a business successful is being explained in detail. Traits and
characteristics of a successful entrepreneur along with its personality was defined in this
report. This report also carries the relation between risk and reward. Along with this, relation
between past experience and person’s background is also shown in this report. Importance of
small business and business start-ups on the economy of the country and is growth is
measured deeply in the report.
4
In this report on “Entrepreneurship and Small Business Management”, various types of
entrepreneurial ventures are discussed. The relation of these entrepreneurial ventures is
shown with the topologies. The difference and similarity between different types of
entrepreneurial ventures is also explained below in this report. The difference is shown on
factors, such as roles, objective and characteristics. With the help of statically data
considering regional, local, national and international economic impacts. Below in this report,
reasons for making a business successful is being explained in detail. Traits and
characteristics of a successful entrepreneur along with its personality was defined in this
report. This report also carries the relation between risk and reward. Along with this, relation
between past experience and person’s background is also shown in this report. Importance of
small business and business start-ups on the economy of the country and is growth is
measured deeply in the report.
4
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PART 1:
Introduction
This report will provide a brief introduction to the entrepreneurship and entrepreneurial
ventures and also tells about the typology of entrepreneurship. In addition to this, it also
covers the differences between the types of entrepreneurial ventures. Furthermore, a
discussion on the impact of micro and macro scale businesses on the economy is given. The
report ends with the explanation of the importance of small business start-ups on the growth
of social economy.
P1: Provide an introduction to the report by examining different types of
entrepreneurial ventures and explaining how they relate to the typology (different
types) of entrepreneurship.
Entrepreneurship is all about developing and creating a business in order to gain profits. The
modern definition emphasise the transformation of the world by solving big problems. This
can be related to developing a new product or service, initiating social changes, or presenting
a major life-changing idea. As described by Ducker (2014), “entrepreneurship is the most
innovative approach towards the business operations in order to manage, organise, and lead
the workforce of an organisation. This is done to achieve the organisational goals.
Talking in terms of societal benefits, this can help in lowering the unemployment and poverty
by creating jobs. Since it is all about building one’s life on pre-defined terms, it leads people
in the direction set by them. The scope of the entrepreneurship is different in different
countries. For example, in the developing countries like India, the poverty and unemployment
rate is very high, therefore entrepreneurial activities can be an efficient way to deal with the
situation. In addition to this, in the developed country, entrepreneurship can help in
eradicating the socio-economic imbalance (Anderson, 2017).
Different researchers have given their own entrepreneurship typologies based on different
criteria, such as need for achievement, security, power, recognition, attitude to growth,
decision-making, etc. Various types of entrepreneurship have been defined in here:-
Large Corporations: These type of entrepreneurship aims at acquiring the growth and
sustainability by synthesising new products and services. These have a certain life cycle and
are subjected to large competition in the market. Their success depends on the innovation in
the product.
5
Introduction
This report will provide a brief introduction to the entrepreneurship and entrepreneurial
ventures and also tells about the typology of entrepreneurship. In addition to this, it also
covers the differences between the types of entrepreneurial ventures. Furthermore, a
discussion on the impact of micro and macro scale businesses on the economy is given. The
report ends with the explanation of the importance of small business start-ups on the growth
of social economy.
P1: Provide an introduction to the report by examining different types of
entrepreneurial ventures and explaining how they relate to the typology (different
types) of entrepreneurship.
Entrepreneurship is all about developing and creating a business in order to gain profits. The
modern definition emphasise the transformation of the world by solving big problems. This
can be related to developing a new product or service, initiating social changes, or presenting
a major life-changing idea. As described by Ducker (2014), “entrepreneurship is the most
innovative approach towards the business operations in order to manage, organise, and lead
the workforce of an organisation. This is done to achieve the organisational goals.
Talking in terms of societal benefits, this can help in lowering the unemployment and poverty
by creating jobs. Since it is all about building one’s life on pre-defined terms, it leads people
in the direction set by them. The scope of the entrepreneurship is different in different
countries. For example, in the developing countries like India, the poverty and unemployment
rate is very high, therefore entrepreneurial activities can be an efficient way to deal with the
situation. In addition to this, in the developed country, entrepreneurship can help in
eradicating the socio-economic imbalance (Anderson, 2017).
Different researchers have given their own entrepreneurship typologies based on different
criteria, such as need for achievement, security, power, recognition, attitude to growth,
decision-making, etc. Various types of entrepreneurship have been defined in here:-
Large Corporations: These type of entrepreneurship aims at acquiring the growth and
sustainability by synthesising new products and services. These have a certain life cycle and
are subjected to large competition in the market. Their success depends on the innovation in
the product.
5
Small Scale Business Entrepreneurship: These entrepreneurship usually operate in the
local and regional market. The examples of this typology are supermarket, internet café,
general stores, restaurants, etc. These are developed by a few members only (Storey, 2016).
Social Entrepreneurship: This type of entrepreneurship aims at developing the services and
products that serve the society and benefit the people.
Scalable Business Start-ups: These ventures have the potential to change the entire business
model dynamically. This type of entrepreneurship model emphasises more on quality and
creativity.
6
local and regional market. The examples of this typology are supermarket, internet café,
general stores, restaurants, etc. These are developed by a few members only (Storey, 2016).
Social Entrepreneurship: This type of entrepreneurship aims at developing the services and
products that serve the society and benefit the people.
Scalable Business Start-ups: These ventures have the potential to change the entire business
model dynamically. This type of entrepreneurship model emphasises more on quality and
creativity.
6
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P2: Explore the similarities and differences between each type of entrepreneurship
venture.
Venture Objective Role Characteristics
Large
Corporations
The main objectives
of this venture is to
generate high ROI,
profits and revenue.
These have acquired
a competitive role.
For this purpose,
these venture focus
on quality and
sustainability.
These have a certain
life cycle and are
subjected to large
competition in the
market. Their
success depends on
the innovation in the
product.
Scalable or Micro
Entrepreneurship
Their main aim is to
reach at the top of
the market and
acquire the largest
section of the market
share.
These type of
entrepreneurship are
directed by the
persons who act as a
leader. They analyse
both internal and
external strengths
and weaknesses as
well
(Anderson, 2017).
These
entrepreneurship
have a strategic
model to achieve the
market shares.
These type of start-
ups are controlled,
supervised, and
managed by the
founders themselves.
They aim at
transforming the
existing market and
acquire a larger
share in the market.
Small Business
Entrepreneurship
or micro level
entrepreneurship
To reap the
maximum benefits
out of the existing
local and regional
market (Storey,
2016).
These
entrepreneurship
help the workers in
attaining the
technical knowledge
and experience.
These
entrepreneurial units
These
entrepreneurship
usually operate in
the local and
regional market and
are formed by fewer
members. The
production scale and
7
venture.
Venture Objective Role Characteristics
Large
Corporations
The main objectives
of this venture is to
generate high ROI,
profits and revenue.
These have acquired
a competitive role.
For this purpose,
these venture focus
on quality and
sustainability.
These have a certain
life cycle and are
subjected to large
competition in the
market. Their
success depends on
the innovation in the
product.
Scalable or Micro
Entrepreneurship
Their main aim is to
reach at the top of
the market and
acquire the largest
section of the market
share.
These type of
entrepreneurship are
directed by the
persons who act as a
leader. They analyse
both internal and
external strengths
and weaknesses as
well
(Anderson, 2017).
These
entrepreneurship
have a strategic
model to achieve the
market shares.
These type of start-
ups are controlled,
supervised, and
managed by the
founders themselves.
They aim at
transforming the
existing market and
acquire a larger
share in the market.
Small Business
Entrepreneurship
or micro level
entrepreneurship
To reap the
maximum benefits
out of the existing
local and regional
market (Storey,
2016).
These
entrepreneurship
help the workers in
attaining the
technical knowledge
and experience.
These
entrepreneurial units
These
entrepreneurship
usually operate in
the local and
regional market and
are formed by fewer
members. The
production scale and
7
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are responsible for
empowering the
workforce.
the working space is
small. The
maximum number of
employees is 5 to 10.
Social
Entrepreneurship
By developing the
effective services
and products, the
society is being
benefited (Parker,
2018).
Being a responsible
venture, the key role
is to provide benefits
to people, the
environment, and
society.
These can be non-
profitable and can
help in serving the
society and nature.
8
empowering the
workforce.
the working space is
small. The
maximum number of
employees is 5 to 10.
Social
Entrepreneurship
By developing the
effective services
and products, the
society is being
benefited (Parker,
2018).
Being a responsible
venture, the key role
is to provide benefits
to people, the
environment, and
society.
These can be non-
profitable and can
help in serving the
society and nature.
8
P3: Present, interpret and assess relevant data and statistic to illustrate the impact
micro and small business have on the economy.
According to OECD, small and medium-sized enterprises provide nearly 60% employment in
the global economy. As discussed in this report, different entrepreneurship ventures operate
differently in developing and developed countries. These help the developing countries in
generating wealth and jobs. In addition to this, some successful entrepreneurship models
attract the overseas investments in the country. At a regional level, the small-scale models
provide effective solutions to some crucial issues regarding the development. For instance,
these SMEs can provide solutions regarding the access to clean water and energy and training
as well (Storey, 2016).
In under-developed regions, the SMEs and entrepreneurial models can promote shared
prosperity by unleashing the private sector-led growth. Small businesses play a significant
role in attending the development challenges in the local communities as they are the driver
of local growth. Small-scale businesses assist in capacity building of larger companies
dealing in wide range of areas, such as ICT, green technology, market intelligence, etc.
In the context of the UK, more than 27 million people are working in the small enterprises. It
is also important to note that the growth of the small-scale business is boosting. The number
of small-scale businesses has outnumbered the large-scale firms in the UK. In addition to this,
they are challenging the large scale industries by implementing smart, innovative, and
creative strategies in the business model. As a result of which, the UK's 39.5% revenue
comes from small-scale businesses.
9
micro and small business have on the economy.
According to OECD, small and medium-sized enterprises provide nearly 60% employment in
the global economy. As discussed in this report, different entrepreneurship ventures operate
differently in developing and developed countries. These help the developing countries in
generating wealth and jobs. In addition to this, some successful entrepreneurship models
attract the overseas investments in the country. At a regional level, the small-scale models
provide effective solutions to some crucial issues regarding the development. For instance,
these SMEs can provide solutions regarding the access to clean water and energy and training
as well (Storey, 2016).
In under-developed regions, the SMEs and entrepreneurial models can promote shared
prosperity by unleashing the private sector-led growth. Small businesses play a significant
role in attending the development challenges in the local communities as they are the driver
of local growth. Small-scale businesses assist in capacity building of larger companies
dealing in wide range of areas, such as ICT, green technology, market intelligence, etc.
In the context of the UK, more than 27 million people are working in the small enterprises. It
is also important to note that the growth of the small-scale business is boosting. The number
of small-scale businesses has outnumbered the large-scale firms in the UK. In addition to this,
they are challenging the large scale industries by implementing smart, innovative, and
creative strategies in the business model. As a result of which, the UK's 39.5% revenue
comes from small-scale businesses.
9
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P4: Explain the importance that small businesses and business start-ups on the growth
of the social economy.
In the 1980s, the government of the UK recognized the potential of SMEs in reducing the
social challenges, such as poverty, unemployment, and socio-economic gap. Recent research
works have shown that the long-term prosperity and economic growth of the United
Kingdom require the full participation from the SMEs. Government is opting for fostering the
small-scale entrepreneurship as a suitable instrument to curb the economic crisis. With the
rising percentage in the employment opportunities in the small businesses, the local, regional,
and national development goals can be achieved. In simple words, the SMEs are the spine for
economic development in the UK (Parker, 2018).
The net employment growth in the small-scale start-ups is 1.8%. Small businesses play a
significant role in attending the development challenges in the local communities as they are
the driver of local growth. Small businesses contribute to local economies by bringing
innovation and growth to the local communities. These businesses trigger the economic
growth and social growth as well. The help the newcomers to gain relevant field knowledge
and experience, thereby increasing their chances of getting employment in the future. Larger
businesses often work with small enterprises in order to complete their consignments through
the process of outsourcing (Mukherjee, 2016).
SMEs are more stable in the times of economic crisis as their scale of operation is not large,
thereby their losses are not as huge as that of large-scale enterprises. Therefore, these firms
barely fire their employees in the time of recession. Small business does not always remain
small as with time their scale of operation grows. They often headquartered at the community
in which they started their businesses. This helps in the development of that region by
providing jobs for the locals and stimulating the local economy.
10
of the social economy.
In the 1980s, the government of the UK recognized the potential of SMEs in reducing the
social challenges, such as poverty, unemployment, and socio-economic gap. Recent research
works have shown that the long-term prosperity and economic growth of the United
Kingdom require the full participation from the SMEs. Government is opting for fostering the
small-scale entrepreneurship as a suitable instrument to curb the economic crisis. With the
rising percentage in the employment opportunities in the small businesses, the local, regional,
and national development goals can be achieved. In simple words, the SMEs are the spine for
economic development in the UK (Parker, 2018).
The net employment growth in the small-scale start-ups is 1.8%. Small businesses play a
significant role in attending the development challenges in the local communities as they are
the driver of local growth. Small businesses contribute to local economies by bringing
innovation and growth to the local communities. These businesses trigger the economic
growth and social growth as well. The help the newcomers to gain relevant field knowledge
and experience, thereby increasing their chances of getting employment in the future. Larger
businesses often work with small enterprises in order to complete their consignments through
the process of outsourcing (Mukherjee, 2016).
SMEs are more stable in the times of economic crisis as their scale of operation is not large,
thereby their losses are not as huge as that of large-scale enterprises. Therefore, these firms
barely fire their employees in the time of recession. Small business does not always remain
small as with time their scale of operation grows. They often headquartered at the community
in which they started their businesses. This helps in the development of that region by
providing jobs for the locals and stimulating the local economy.
10
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M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both the public and private sector.
In the UK, both public and private sector is responsible for the development of
entrepreneurial models. These fully grown models lead to the economic growth of the nation.
To notice their effect, one should study the socio-economic development and achievements
of the nation. In addition to this, the privatisation plays a vital role in strengthening the
economic growth of the region and provide a large number of jobs (Mukherjee, 2016).
Government and private sector together contribute to the development of entrepreneurial
ventures by providing them technical and financial support
Talking about the developing countries, they require new and effective approaches to carry
out and sustain economic growth and seize the potential opportunities from these flows.
Private sector entrepreneurship ventures are critical to attaining this. Governments of nations,
such as India, Bhutan, Sri Lanka, and Africa are encouraging and supporting entrepreneurial
zeal in the country.
The country’s business environment is depending on the public and private sector
performance and policies formulated by the government. World Bank’s Ease of Doing
Business indicators set rules, examine the business environment and promote investment in
the country. In developing countries, the private and public sector are developing the
strategies based on the criteria given by the World Bank’s indicator and the results are quite
ambiguous.
11
understanding of entrepreneurship in both the public and private sector.
In the UK, both public and private sector is responsible for the development of
entrepreneurial models. These fully grown models lead to the economic growth of the nation.
To notice their effect, one should study the socio-economic development and achievements
of the nation. In addition to this, the privatisation plays a vital role in strengthening the
economic growth of the region and provide a large number of jobs (Mukherjee, 2016).
Government and private sector together contribute to the development of entrepreneurial
ventures by providing them technical and financial support
Talking about the developing countries, they require new and effective approaches to carry
out and sustain economic growth and seize the potential opportunities from these flows.
Private sector entrepreneurship ventures are critical to attaining this. Governments of nations,
such as India, Bhutan, Sri Lanka, and Africa are encouraging and supporting entrepreneurial
zeal in the country.
The country’s business environment is depending on the public and private sector
performance and policies formulated by the government. World Bank’s Ease of Doing
Business indicators set rules, examine the business environment and promote investment in
the country. In developing countries, the private and public sector are developing the
strategies based on the criteria given by the World Bank’s indicator and the results are quite
ambiguous.
11
M2: Evaluate the differences that small, medium and large businesses make to the
economy, applying relevant data and statistics.
Many experts have given their argument regarding supporting the entrepreneurship for the
economic development. Supporting the most relevant type of business model can help in
unlocking the potentials of national as well as local economies. Businesses have a different
scale of operations. Small and microscale business models can easily adapt to change and
explore innovative ideas. On the other hand, bigger firms seeking larger profits are
positioning themselves to make large profits (Mukherjee, 2016).
There are certain facts related to the promotion of a particular scale of the business in the UK.
Increasing the micro-entrepreneurial model of business and large-scale business can
have a negative effect on the economic growth of the nation, especially in the
developing country.
Increasing the number of medium size businesses in the nation can have a positive
impact on economic growth, especially in the developed country.
Based on this fact, government and private sector should promote the right mix of small,
medium, and large scale businesses at the local, regional, and national level.
12
economy, applying relevant data and statistics.
Many experts have given their argument regarding supporting the entrepreneurship for the
economic development. Supporting the most relevant type of business model can help in
unlocking the potentials of national as well as local economies. Businesses have a different
scale of operations. Small and microscale business models can easily adapt to change and
explore innovative ideas. On the other hand, bigger firms seeking larger profits are
positioning themselves to make large profits (Mukherjee, 2016).
There are certain facts related to the promotion of a particular scale of the business in the UK.
Increasing the micro-entrepreneurial model of business and large-scale business can
have a negative effect on the economic growth of the nation, especially in the
developing country.
Increasing the number of medium size businesses in the nation can have a positive
impact on economic growth, especially in the developed country.
Based on this fact, government and private sector should promote the right mix of small,
medium, and large scale businesses at the local, regional, and national level.
12
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