Unit 9 ESBM - Entrepreneurial Ventures, Skills, and Economic Impact

This report provides a detailed analysis of entrepreneurship and small business management, focusing on various entrepreneurial ventures and their relation to the typology of entrepreneurship. It examines the differences and similarities between different entrepreneurial ventures, including small business entrepreneurship, scalable start-up entrepreneurship, large company entrepreneurship, and social entrepreneurship. The report also discusses and evaluates data assessing the impact of small businesses on the economy, highlighting their importance in the development of the social economy. Furthermore, it examines the skills an entrepreneur possesses compared to other business managers and assesses how aspects of entrepreneurial personality replicate mindset and motivation, using the OCEAN model as a framework. Finally, the report explains how background and personal experience can hinder or foster entrepreneurship, concluding with key findings and recommendations.

Entrepreneurship and
Small Business
Management

Table of Contents
Introduction......................................................................................................................................1
Task 1...............................................................................................................................................1
Explain various kinds of entrepreneurial ventures and how they relate to the typology of
entrepreneurship.....................................................................................................................1
Explain the differences and similarities of different entrepreneurial ventures.......................2
Task 2...............................................................................................................................................3
Discuss and evaluate associated data assessing how small businesses impact the economy.3
Examine the importance of start-ups and small ventures to the development of social
economy.................................................................................................................................5
Task 3...............................................................................................................................................5
Examine the skills an entrepreneur has in compare to other business managers...................5
Assess how aspects of entrepreneurial personality replicate mindset and motivation...........6
Task 4...............................................................................................................................................7
Explain with appropriate examples how background and personal experience can hinder or
foster entrepreneurship...........................................................................................................7
Conclusion.......................................................................................................................................7
References........................................................................................................................................9

Introduction
Entrepreneurship is described as the procedure of formation and extraction of value through
starting new enterprise with the generation of new and innovative ideas, it generally involves the
an individual who is known as entrepreneur starts an enterprise bearing all the risk involved for
the purpose of making profit. This report highlights various forms of ventures and their impact of
the London economy along with their similarities and differences and also the ventures
influencing economy and importance of small business in the growth of social economy. In
addition to this skills of entrepreneur and his personality reflecting his mindset is also
highlighted and how his surroundings and personal experience hold back and encourage
entrepreneurship is also highlighted.
Task 1
Explain various kinds of entrepreneurial ventures and how they relate to the typology of
entrepreneurship
Small business Vs entrepreneurial venture
The small business are the small size business which generally deal with known products
and services in the marketplace, but whereas the entrepreneurship is the process of creation of
essential value through establishing new innovative enterprises bearing all the risk for the
purpose of getting rewards (Bhardwaj, 2018). The various kinds of entrepreneurial business are
mentioned below:
Small business entrepreneurship: These types of entity that are generally small in size
started by the single entrepreneur involving very small amount of investment. The increasing
numbers of small venture largely contributes in the enhancement of the economy.
Example: A small café started by an entrepreneur is an example of small business
entrepreneurship.
Scalable start-up entrepreneurship: The scalable start up are started with some
innovative and creative ideas by the entrepreneur, the entrepreneur always tries to bring
something new and innovative in the market (Truong and Nagy, 2020).
Example: Facebook is one of the example of Scalable start-up entrepreneurship venture
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Large company entrepreneurship: This kind of enterprises are generally big in size
requires large amount of investment, offering large number of products and services to fulfil the
demands of the target customers and with aim of maximising profit.
Example: Apple is one of the example of large company entrepreneurship
Social entrepreneurship: The last kind of entrepreneurial venture is the social
entrepreneurship, continuously working towards the welfare of the society through fulfilling their
needs and wants (Giménez and Calabrò, 2018).
Example: Aspergers East Anglia in UK is one of the example of social entrepreneurship
Typologies of entrepreneurial ventures: The typologies of the venture is defined as the
different type of entrepreneurs and their different types of ventures.
Innovator entrepreneur: The innovator entrepreneurs are innovative in nature brining
innovation.
Female entrepreneur: This involves the enterprises are started by the female
entrepreneurs.
Typologies
Lifestyle enterprises: These types of enterprises involves where entrepreneur works
towards improving life others.
Growth enterprise: It works towards regular growth and development.
From the above it is analysed that the various kind of entrepreneurial ventures and different
typologies are directly linked with each other and effectively working towards enhancing the
performance and profitability and fulfilling the needs and wants of the (Kim, 2018).
Explain the differences and similarities of different entrepreneurial ventures
The various differences and similarities among the various forms of entrepreneurial
ventures are mentioned below:
Similarities
 All the four entrepreneurial ventures works towards fulfilling the demands of their target
buyers.
 All these started with some unique and creative idea which was later converted into
business enterprise.
 In addition to this another similarity between all four is that they all offers quality and
value added products and services to their customers.
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Differences
Basis of
difference
Small business
venture
entrepreneurship
Scalable start-up
entrepreneurship
Large business
Entrepreneurship
Social venture
Entrepreneurship
Number
of
employees
The small
business
enterprises are
small in size so
the numbers of
workforce
involved are less
than 50 mostly.
The Scalable
Start-up is started
with some
innovative ideas
so the number of
employees
depends on the
size of the
business.
The large
company
enterprises are
large in size so
under this the
numbers of
employees
involved are more
than 200 mostly
(Corsi and
Prencipe, 2019).
The social
enterprises are
started with the
aim of fulfilling
the demand
society, so the
number of
employees
depend on the
willingness to
join.
Goal and
objectives
The goal of these
types of
enterprises is to
survive and earn
minimum profit.
In this case the
objective of these
type of enterprise
is to bring more
and more
innovation in the
marketplace.
The goal of large
company
enterprise is to
fulfil the needs
and wants of the
customers and
earns maximum
profit.
In case of social
enterprises, they
continuously
functioning
towards the
improvement of
the society.
Task 2
Discuss and evaluate associated data assessing how small businesses impact the economy
The micro and the small company enterprises are the major contributor towards the growth
and development, the micro business are micro in nature started just with personal saving in
order to survive, the small business are small in size started with small amount of capital by a
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single entrepreneur (Lee and Hallak, 2018). Increasing number of micro and small business
helps in the overall growth and development of the economy and also enhancing overall
performance of the economy and also enhancing the overall performance of the economy
(Garcia-Lomas and Gabaldon, 2020). The small business are started with innovative idea.
(Source: The Role of Start-ups and Small Businesses in Today’s Economy, 2019)
From the above graph it is analysed that the small business are largely contributing towards
the development and success of the economy in the UK. Among the share of the business in the
UK economy the small business are the highest contributor in comparison to the medium and
large size business. For the above graph it is analysed that there are around 99.3% small
business in the UK which is large share in the economy (Leiß and Zehrer, 2018). The small
business are contributing towards the growth of the economy through employing around 48%
and turnover of 33%. Providing employment opportunity will help in providing direct
employment opportunity in the society, increasing employment opportunity will directly helps in
the growth of the overall economy of the country. The increasing number of small business has
direct influence on the functioning and profitability of the economy, as small business generally
started with the new creative and innovative idea, so brining innovation in the market will
automatically assist in the overall growth of the economy.
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Examine the importance of start-ups and small ventures to the development of social economy.
The start-up and small business largely contribute to the development and growth of the
social economy, the both are offering job opportunities of 48% which leads to the overall
enhancement of the social economy, in addition to this both small business and start-up are
activity fulfilling their corporate social responsibility such as offering educational facility,
healthcare facilities and so on in order to improve the lives of the community. The increasing
number of small business helps in increasing the GDP rate of the country. The various important
feature which leads to the growth and enhancement of the social economy are mentioned below:
Offering employment opportunity: The small business and start-up are largely
contributing towards offering large number of employment opportunity. Both mainly started in
the local community to fulfil their demands which also leads to direct employment opportunity to
the local people. This helps in the growth and progress of the social economy (McGee and
Peterson, 2019).
Enhancing living standard: The start-up and small business helps in enhancing the
living standard of the society through offering quality and value added product and services to
them and also through brining innovative idea into the society.
Development of the economy: The small business are largely contributing towards the
development and growth of the economy, as well as the development of the society also directly
leads to the development of the economy of the country.
From the above it is evaluated that the growing small business and start up helps in the
development and growth of the society, the various activities performed by the both such as
creating employment opportunity of participating in the corporate social responsibility as well as
providing quality and innovative products and services helps in the overall development of the
economy (Mitra, 2019).
Task 3
Examine the skills an entrepreneur has in compare to other business managers.
An entrepreneur is a risk bearer always ready to take challenges and transferring his ideas
into the business enterprise taking all the risk for the purpose of taking rewards, an entrepreneur
has a set of skills which motivates him to work towards achieving desired goals. Some of the
skills of the entrepreneur skills which make him different from the manager as mentioned below:
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Motivated: One of the most essential skills that entrepreneur has is the motivational skills,
they are always self motivated towards their goals and objectives, with self motivation they also
motivate others also, their self motivation allows them to work towards achieving desired goals
and objectives.
Passion: Another skill of entrepreneur which makes them different from any other manger
is their passion. They always follow their passion and dream, this gives them the reason to work
harder as without any passion or dream there will be no reason to work for an entrepreneur.
Following their passion and bearing all the risk makes them different from any other manager.
Creativity: An entrepreneur is creative, their creativity level leads them towards new and
innovative ideas. They always find creativity or any kind of innovative ideas in any challenging
situation. Each and every entrepreneurial venture starts with an innovative and creative idea
only.
Future oriented: An entrepreneur always has clarity about their future, they always works
hard to achieve their future goals and objective, they always have clarity about their future goals.
Assess how aspects of entrepreneurial personality replicate mindset and motivation.
The personality is defined as the characteristics and qualities of a person, each individual
carries their own personality which makes them different from other in term of their
characteristics pattern of thinking, feelings as well as their behaviour. An entrepreneur has his
own unique set of personality which reflects his mindset and leads him towards growth (Obeng,
2019). To understand how entrepreneurial personality reflect his mindset OCEAN model is
highlighted below:
Openness: The openness as a personality trait allows entrepreneur to be more open and
imaginative, this trait also helps entrepreneurs to analyse their level of creativity, skills. These
kind of entrepreneurs are generally open minded (Olaniran, 2020).
Conscientiousness: The entrepreneurs with this personality trait are generally more
reliable and flexible in nature which makes them to be more focused and effective in their work,
this kind of entrepreneurs always future oriented and plan each and everything well in advance.
Extroversion: The entrepreneurs with this kind of personality trait are extroverts and
outspoken, they mostly like to socialize with other as they can easily interact and talk to them,
they are also considered to be the one having more amount of energy. They are generally good in
making good relationship with others.
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Agreeableness: The entrepreneurs with this personality trait are generally agrees to each
and every thing and are mostly soft hearted in nature. This personality allows them to help each
and every one in need. This kind of entrepreneurs generally works towards the welfare of the
society (Outsios and Kittler, 2018).
Neuroticism: The last one is the neuroticism personality type, the entrepreneurs with high
frequency are generally emotionally unstable and with less frequency of this trait are more
emotionally stable and controlled.
Task 4
Explain with appropriate examples how background and personal experience can hinder or foster
entrepreneurship.
The entrepreneurs background and the experience plays an very important role in hinder or
encourage entrepreneurship, the personal background and personal experience can lead him
towards growth and success. The personal background involves the family, friends, relatives of
an individual which can directly influence the success of an entrepreneur. The financial
background also has huge influence of the working of the entrepreneur (Purwaningsih, 2019). In
addition to this the personal experience such as the learning and skills which helps him to grow
and become successful in their career.
For example, Steve Jobs who is the founder of Apple, his background and experience had a
huge influence his growth and success in his career. As per his background he was a college
dropout and belonged to a very middle class family, but support from his family motivated him
towards working hard in his life (Pelz, 2019). He started working as small entrepreneur
designing computer with the help of his calligraphic skills, this personal experience helped him
foster his entrepreneurial skills further more and today he is the owner of Apple which is an top
multinational company.
Conclusion
From the above report is concluded that small business largely contribute to the
development and enhancement of the economy, growing entrepreneurial ventures helps in the
overall development of the economy. It is also analysed that there are various consultancy firm
which offers advice and support to the small business and entrepreneurs, this report helps in
analysing the various forms of venture there similarities and differences also the small business
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largely contribute to the development of the economy and growth of the social economy. An
entrepreneur has certain set of skills and personality which helps him to grow and reflects his
mind set as mentioned in this report. In addition to this the background and experience of
entrepreneur directly influence the entrepreneurship.
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References
Books and Journals
Bhardwaj, B.R., 2018. Can education empower women through entrepreneurial
marketing. Journal of Enterprising Communities: People and Places in the Global
Economy.
Giménez, D. and Calabrò, A., 2018. The salient role of institutions in Women’s
entrepreneurship: a critical review and agenda for future research. International
Entrepreneurship and Management Journal, 14(4), pp.857-882.
Kim, H.J., 2018. Reconciling entrepreneurial orientation and dynamic capabilities: a strategic
entrepreneurship perspective. The Journal of Entrepreneurship, 27(2), pp.180-208.
Lee, C. and Hallak, R., 2018. Investigating the moderating role of education on a structural
model of restaurant performance using multi-group PLS-SEM analysis. Journal of
Business Research, 88, pp.298-305.
Leiß, G. and Zehrer, A., 2018. Intergenerational communication in family firm
succession. Journal of Family Business Management.
McGee, J.E. and Peterson, M., 2019. The long‐term impact of entrepreneurial self‐efficacy and
entrepreneurial orientation on venture performance. Journal of Small Business
Management, 57(3), pp.720-737.
Mitra, J., 2019. Entrepreneurship, innovation and regional development: an introduction.
Routledge.
Obeng, B.A., 2019. Strategic networking and small firm growth in an emerging
economy. Journal of Small Business and Enterprise Development.
Olaniran, S.O., 2020. Are education graduates only trained to teach? A review of
entrepreneurship opportunities in the education sector. Journal of Entrepreneurship
Education, 23, pp.1-9.
Outsios, G. and Kittler, M., 2018. The mindset of UK environmental entrepreneurs: A habitus
perspective. International Small Business Journal, 36(3), pp.285-306.
Pelz, M., 2019. Can management accounting Be helpful for young and small companies?
Systematic review of a paradox. International Journal of Management Reviews, 21(2),
pp.256-274.
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Purwaningsih, E., 2019. Intellectual Property Rights in Supporting Entrepreneurship in Indonesia
Micro Small Medium Enterprises Scale. Journal of Advanced Research in Law and
Economics (JARLE), 10(39), pp.336-347.
Rashad, N.M., 2018. The impact of entrepreneurial marketing dimensions on the organizational
performance within Saudi SMEs. Eurasian Journal of Business and Management, 6(3),
pp.61-71.
St-Hilaire, W.A., 2020. Applied Managing for Entrepreneurship. CRC Press.
Zeng, J., 2018. Fostering path of ecological sustainable entrepreneurship within big data network
system. International Entrepreneurship and Management Journal, 14(1), pp.79-95.
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