Entrepreneurship and Small Business Management Report and Analysis

This report on Entrepreneurship and Small Business Management provides a comprehensive analysis of different types of entrepreneurial ventures, including small business, scalable start-ups, large company, and social entrepreneurship, and their relation to the typology of entrepreneurship. The report investigates the similarities and differences between these ventures, and evaluates the impact of small, medium, and large businesses on the economy using relevant data and statistics, particularly focusing on the UK. It also interprets data to illustrate the impact of micro and small businesses on the economy and explains the role of small businesses and start-ups in the growth of the social economy. Furthermore, the report delves into the characteristic traits and skills of successful entrepreneurs, explores aspects of entrepreneurial personality, and examines how background and experience can influence entrepreneurial performance, providing an in-depth understanding of the field.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1 ...........................................................................................................................................2
P1 Different types of entrepreneurial ventures and manner in which they related to typology
of entrepreneurship......................................................................................................................2
M1 Investigation of diverse range of entrepreneurial venture to demonstrate and
understanding of entrepreneurship in public and corporate sector.............................................4
P2 Similarities and difference in between entrepreneurial ventures...........................................4
M2 Evaluate the differences small, medium and large businesses make to the economy
applying relevant data and statistics............................................................................................1
TASK 2 ...........................................................................................................................................1
P3 Interpret relevant data and statistics to illustrate how micro and small business impact on
the economy................................................................................................................................1
P4 Explain small business and business start ups to growth of the social economy .................3
TASK 3............................................................................................................................................4
P5 Characteristic traits and skills of successful entrepreneurs ...................................................4
P6 Aspects entrepreneurial personality.......................................................................................6
M3 Explore and examine different lines of argument relating to entrepreneurial characteristic7
TASK 4............................................................................................................................................1
P7 Different ways by which background and experience can hamper the performance of
entrepreneurship..........................................................................................................................1
M4 Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs .............................................2
CONCLUSION................................................................................................................................2
REFERENCES................................................................................................................................3

INTRODUCTION
Entrepreneurship is a formative action in which a business is set up as to gain profit and
stability. This form of business is an entrepreneur take risk to start their venture with small
capital in order to gain profit (Ács and Szerb 2014). A small-business and start up units acts as
an most important part of a country in order to strengthening its position and economic stability.
Present case scenario is based on, Entrepreneur and Small business management. This report
include different form of entrepreneurial ventures along with impact of small and micro business
unites of a economy. In addition with this report covers skills and traits of an successful
entrepreneur. Lastly, different aspects of entrepreneurial personality, mindset, motivation and
manner in which experience and background can foster or hinder concept of entrepreneurship is
included in this report.
TASK 1
P1 Different types of entrepreneurial ventures and manner in which they related to typology of
entrepreneurship
As per the definition of Koontz & Fulmer, entrepreneurship is mainly a person ability to
evaluate business opportunity in order to gather capital together as to take advantage of
opportunity as to run a business while taking risk of failure and hoping for success.
Entrepreneurship is a form of business process in which creation of a successful entity is
done with the help of effective ides and innovation (Aspects of Entrepreneurial personality.
2017). An entrepreneur start their business with a sum of limited resources and capital along with
a risk factor in order to effectively contribute in nation economy. There are different forms of
entrepreneurial ventures which is described below:
Small business entrepreneurship:
There are wide range of small-business ventures existed in UK. Small businesses venture
are operated by small ratio of employees along with owners or also can be run by friends, family
and partners. Some of the examples of small entrepreneur include, small scale production houses,
internet cafes consulting and mobile retailers.
Scalable start-up entrepreneurship:

Entrepreneur of these business start ups put their more focus on innovation and quality
of a product and services. Main purpose of entities within small scale entrepreneurship is scale.
In this venture capital and financial investment is required to expand their business.
Large company entrepreneurship:

Companies within large scale entrepreneurship put their more focus on offering best
effective and innovative products and services to their customers. As in this dynamic changing
world where preferences and demands of customers are changing in a fast phase it is essential
for entrepreneur to effectively mould their ideas and bring more innovation in their offering as to
effectively compete with their present competitors.
Social entrepreneurship: In this form of entrepreneurial venture entrepreneurs effectively
contributes their ideas in order to serve society and environment in better way. In this,
entrepreneur develop more innovative products and services that will help them serve society is
a better way.
All these types of entrepreneurial venture effectively contribute their functioning and
ideas in order to create a more develop market environment (Drucker, 2014). This will not only
help them to create more profit base but also benefit economy of a country to effectively
strengthen their market stability.
Typologies of entrepreneurship ventures:
Topologies refers to the segmentation of things based on their types. This segmentation
can be based on structure, form, style and plan. The typologies of entrepreneurial ventures are
discussed below:
Survival Ventures: These ventures are formed for meeting the basic necessities of
humans in order to survive in the market. The business companies in this sector are not
registered due to which they did not perform the business operations in any type of premises.
Micro ventures are common example of such ventures.
Lifestyle Ventures: These are formed for meeting the income satisfaction of the
entrepreneur. Such ventures are not subjected to growth and expansion. These ventures has
constant employees and operate their business from a single premises. Example include small
business organisations.
Managed Growth Ventures: Such ventures are formed for expanding their business
operations, launching new products and services with innovative ideas, shifting their
geographical locations and hire new staff etc. Example of such venture includes medium sized
organisation.
Aggressive Growth Ventures: These are technology based ventures having strong
innovative potential. These organisation gathers the necessary funds from equity capital in order

to seek more growth. Their main focus is on globalising their business. Example of such ventures
include large scale business enterprises.
Social Enterprise: Enterprises like social and scalable perform their business functions
with a motive to grow their business in a short period of time by offering best effective services.
Small Enterprise: Organisation those who perform their functions in small scale
enterprise provide required amount of benefits to consumers by evaluating their needs and wants
in best effective way.
Lifestyle Firms: Lifestyle venture also aim towards creating high end goodwill in a
marketplace and perform their daily basis operations with a purpose to create huge profit.
M1 Investigation of diverse range of entrepreneurial venture to demonstrate and understanding
of entrepreneurship in public and corporate sector
Social entrepreneurship: Entities within this sector, perform their functions in public
sector as they operate their day-to-day functioning in order to satisfy customers in best effective
way without considering high profitability base.
Large company entrepreneurship: Companies within large company entrepreneurship
operate their goals in corporate sector. Companies within this, put more focus on providing
products and services to customers along with expecting to gain more profitability base.
P2 Similarities and difference in between entrepreneurial ventures
There are different types of elements with the help of which similarities and
differentiation of a task and a activity can be effectively conducted. There are some certain
differences and similarities is done for entrepreneurial ventures:
Types of enterprises Similarities Differences
Small v/s Large Business
enterprise
 Business enterprises
within small and large
enterprises perform
their functions by
offering all possible
benefits to consumers
 Appropriate
differentiation in
between large scale and
small business
enterprises can be
effectively done by

by ensuring their actual
demand and need in a
best effective way.
measuring their
financial conditions.
For instance,
organisations of large
scale operate their
business with huge
ratio of fund in order to
effectively conduct
their day-to-day
business functioning.
While on the other
hand, entities within
small enterprises
perform their business
functioning with
limited source of
capital and resources.
Social v/s Scalable
Enterprise
 Business entities within
social and scalable
enterprises mainly
conduct their day-to-
day business functions
with a motive to offer
welfare services to
society and individual.
 Entities engage in the
process of creating
wide range of new and
innovative ideas in
order to serve people
by providing them best
 Social enterprises
conduct their business
operations with a
formative aim to offer
welfare services to
consumers. On the
other hand,
entrepreneur of
scalable enterprises
perform their business
functions with a motive
to bring best effective
and innovative
offerings to their

beneficial services as to
make their life more
easier (Kirzner, 2015).
customers.
 Entrepreneurs in
scalable enterprises
perform their day-to-
day operations while
satisfying large
consumer base in order
to increase enterprise
probability. While on
the other hand,
entrepreneurs of social
enterprises effectively
perform their business
operations as to solve
different types of issues
that has been faced by
individuals.
Lifestyle and survival
Entrepreneurial Venture
Ventures like survival and
Lifestyle operate their day-to-
day functions with a motive to
earn huge profit along with
sustainable growth. (Fassi and
Buelens, 2011).
In lifestyle venture
entrepreneurs run their
business functions as per their
interests and passion. They
perform their business
operations according to their
field of interest. For instance,
travel bloggers and fashion
bloggers. While, entrepreneurs
form survival venture conduct
their business operations as to
ensure long term sustainability
of their business.

M2 Evaluate the differences small, medium and large businesses make to the economy applying
relevant data and statistics
Enterprises within small and large business enterprises conduct their day-to-day
operations as to offer best effective and qualitative products and services inn order to accomplish
their objectives and targets in a well defined way (Islam, 2011). Whereas, Enterprises in small
scale sector operate their business operations in national and local marketplace while, large scale
enterprises perform their functioning at international and national marketplace. All the
companies performing their functions in this sector effectively contributes in UK economy by
increasing GDP up to 6.1 %. Along with this in the employment sector these companies helps in
raising estimated amount of 33% increase within UK.
Figure 1UK SME's Data, Charts and Graphs
Source: Merchant navy, 2018

Medium Scale Business:
Medium scale business is a unit in which number of personnel fall below some certain
limits. Some of the examples of Medium scale enterprises are independent firms, subsidiary.
Large Scale Business:
They are large scale units those who engage in the process of huge transaction. Companies
within this sector require huge manpower and infrastructure along with capital assets.
Small Scale venture impacted largely on the economy of UK as it efficiently increases
Employment rate at the rate of employing upto 16. 3 million individuals in UK (The Role of
Small Business in the UK economy, 2018). In addition with this, small business units had
estimated amount of 2.0 million Euros turnover which helps UK to remarkably increase its
overall ecomony.
TASK 2
P3 Interpret relevant data and statistics to illustrate how micro and small business impact on the
economy
Micro and small organisation are consider as essential part of any economy of country
which help them in increasing their presence in international market (Decker, 2014). According
to report published by government of UK, it is analysis that micro and small business more than
87 percent are contributing in boosting economy of country. In UK there are more then 4.1
billions micro and small company conducting their business and help in growing economy.
Through this GDP of UK get strengthen by 6.1 percent. Along with this, these type of

organisation generate job opportunities at local, state, national and international level by offering
effective products and services to customers. By evaluating data published in past many year it is
identified that now a day micro and small business organisation increasing rapidly.

Illustration 1: Impact of Economy on UK, 2018
(Source: Impact of Economy on UK, 2018)
By analysing above given graph it can be evaluate or interpreter that, Brexit impact on
UK market in positive manner because by after it micro company grow near about 88.2 percent
and as compare to GLLCP than it is expanding more than 0.6 percent rate. Along with this other
industry i.e. small and large are having similar kind of starts. So it can be conclude that micro
level company are more likely to confluence economy in both negative and positive manner of
United Kingdom.
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