ENTR501: Analysis of Entrepreneurship and Small Business Management

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by defining and categorizing different types of entrepreneurial ventures, including scalable startups, large company ventures, small businesses, and social enterprises, highlighting their similarities and differences. The report then examines the impact of micro and small businesses on the economy, analyzing their influence at regional, local, national, and international levels. Furthermore, it emphasizes the importance of small businesses in the social economy, particularly within the UK, exploring their roles in job creation, innovation, and community development. The report also identifies the key characteristics of a successful entrepreneur, exploring aspects of entrepreneurial personality and the factors that can either hinder or foster entrepreneurial endeavors. The report covers a broad range of topics from the different types of ventures to the impact of small business on the economy and characteristics of a successful entrepreneur.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION-...................................................................................................................... 1
TASK 1....................................................................................................................................... 1
P1 Entrepreneurial ventures Types and Typologies of Entrepreneurship. ...........................1
P2 Different types of entrepreneurial ventures(similarities and differences) .......................3
P3 Impact of Micro and Small business on economy..........................................................4
P4 Importance of Small Business in Social Economy.........................................................6
TASK 2....................................................................................................................................... 7
P5 Characteristics of a successful entrepreneur...................................................................7
P6 Aspects of entrepreneurial personality...........................................................................9
P7 Person's background can hinder foster entrepreneurship..............................................10
CONCLUSION.......................................................................................................................... 10
REFRENCES............................................................................................................................. 12
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l壱INTRODUCTION-
Small business management and entrepreneurship is a venture which every entrepreneur
have to go through. Every large organisation and business enterprise initiate themselves as small
business. Small business management need different business framework rather than large
companies. An entrepreneur risk its money, time and efforts in order to shape ideas and concept
into a business enterprise (Onetti, 2012).
Entrepreneurship is something innovative and creative ideas given wings to fly
accordingly but the chance is not for ever. How an good entrepreneur start a business and lead it
to success and manages all operations and systems and exist in industry.
This assignment will study all aspects of entrepreneurship and small business
managements including various kinds of entrepreneurship and there differences. It studies roles of
an entrepreneurs as well as evaluate data of micro and macro business influence occur in
company. It analysis behaviour of entrepreneur influence business and factors of economic
development.
l壱TASK 1
l弐P1 Entrepreneurial ventures Types and Typologies of Entrepreneurship.
Entrepreneur different from a businessman establish a business venture with knowing
every possible risk of of success and failure. Instead the danger of failure in start-up in venture of
business, entrepreneur have it and learn from failures. Entrepreneur design new plan of action
and create it along with limited resources and funds and sponsor and reach achievement to get
success as well as failure risk.
Entrepreneurship Types -
1. Scalable Start Up Entrepreneurship-
This type of entrepreneurship was initiated by Silicon valley Investors and their venture
stockholder (Martin, McNally and Kay, 2013). Contrast view from small entrepreneurship, such
entrepreneurs begin their ventured journey with believing this concept that their thought can
change the world. They try to influence crazy investor to invest ion their ideas - Venture
Investors. Scalable entrepreneur hire bright, crazy employees. Their pursuit are repeatable and
ascendable enterprise model.
2. Large Company Entrepreneurship-
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Large companies always available large number of resources to fill their needs. Their
major innovations cater to improve core products. Such companies need to increase qualities of
their product to gain costumers with new trend and time (Welter, 2011). Therefore, large
company create disruptive products complex to imply.
3. Small Business Entrepreneurship-
Small business entrepreneur decide specific products and definite target costumers and
crate a business plan. This consist grocery stores, saloons, travel agent, consultant, Electrician,
internet commerce store fronts plumber, carpenter etc. Few people starts such venture for some
earnings and living and they employee local employee. These entrepreneur don't utilize
promotion mix and collect funds from loans.
4. Social Entrepreneur-
Social entrepreneur concentrate on social problems and help with business funds and
serving them (Barringer, 2012). Unlike scalable entrepreneur, they serve society to make it better
place. They may make no profit and profit.
Entrepreneurship Typologies-
Various types of entrepreneurial venture has been evaluated of which of some are below-
Lifestyle venture-
These investments render steady financial gain to businessman. In order to give
competitions, they manage some time for their business. Such venture generally employee many
workers and work individually because of that they don't get success.
Survival ventures -
Such venture are usually initiated to make livelihood for themselves and their families.
They build these operations upon basic of Barter and cash system instead of hold any contract
with banks and land site,moreover these entrepreneur don't consider to register their business
usually.
Managed growth ventures -
Managed Growth Ventures usually provide stabilized growth and feasible model of
entrepreneurship. These people invest on improved and developed business and manage survives.
They have few staff, launched product and managed growth ratio of their business strategies·
Aggressive growth ventures –
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Such entrepreneurial ventures run their business with new technical innovations and
methods (Alsos, Carter and Ljunggren, 2011). These are not funded by Equality Capital.
l壱P2 Different types of entrepreneurial ventures(similarities and differences)
Types of Ventures
CategorySimilarities DifferencesSmall and social entrepreneurial1. Both utilize Creative
concept and planning to meet their requirements.
2. Target of both is public, One to sell and another to serve.1. Social entrepreneurial emphasize
their employees and society and public whereas Earning profits and margins to fill their needs is
Small business entrepreneurs do.
2. Serving Social needs and issues is major objective of Social Entrepreneur whereas Earn capital
for surviving of oneself and their families is Small entrepreneur motive.
3. Small business person focus on profit whereas Social entrepreneur serve profits.Large and
scalable entrepreneurs 1. They want to earn determined amount of profit according their
strategies.
2. Both want innovation in exciting market and industry.
3. Both hire potential employee with gleaming and ambitious personality. 1. Scalable
Entrepreneur loss are defined and measurable whereas large enterprises can recover little loss.
2. Scalable entrepreneur concentrate upon Venture investors who can handle their crazy ideas
whereas Large entrepreneur focus upon sponsors and funds to spread business in
worldwide.Lifestyle venture and serial entrepreneurial ventures1. To merchandise commodity
in various platforms- same vision of business venture.
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2. Adopt new and innovative concept for there venture1. Lifestyle entrepreneur don't cope with
small business whereas Serial Business believe in merging business venture worldwide.
2. Serial Entrepreneur focus on new concept of business whereas Lifestyle entrepreneur believes
in proper and successful lifestyle of individual. Female and male Entrepreneurial 1. Manifest
equal knowledge level.
2. Work hard and spend time in order to meet success.
3. Even danger of success and failure in Industry.1. Male Entrepreneur only cope time with
family and spouse whereas Female Entrepreneur struggle with time and personal wants.
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l弐2. Male entrepreneur make effort but Female Entrepreneur are generally more innovative and
generous.
l弐P3 Impact of Micro and Small business on economy
Micro enterprises define small firms that employ few employees within organisation in
order to get definite profits in market. Such business are mobile and bendable which can be
formulate by any age, gender and individual on their own terms and policies (Leitch, Hill and
Neergaard, 2010). Micro business provide annual income, and impact economy capital, trade
factors and investment.
Source 1: Impact of Small Business, 2016
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Small enterprises are formed to gain maximum increment with help of employees.
According this framework , such business can have from normal to maximum 500 employees. It
depend on organisation and market in which enterprise has been established.
Analysis of influences of Economy according various segments are mentioned below-
Regional Impact -
Regional market show various impact on regional market and their maximality in market
can impact on country economy (Awogbenle, and Iwuamadi, 2010). Regional Entrepreneur start
up in several areas that influence market pricing, product choices and recent trends in industry.
Programmes that occur in a regional area including infrastructure and development like
housing, education, parks, hospital help Govt. in developing people serving commodity and Govt.
expansion in every regional place. Also activities like agriculture impact Nation economy and
export and resource management in order to fill public needs and requirement. Regional clusters
and real estate improvement promote economy and increase capital in market which impact upon
country GDP.
Local Impact -
Local entrepreneur have various impacts on regional as well as local market. This
influence nation economy with providing funds, new pricing restart and new laws and legislation
for particular market. Small and micro business decrease unemployment and provide access of
earning capital as well as increase funds of Govt. by submitting taxes (Bosma and Levie, 2010).
Small business is engine of development in a local areas which conclude regional and community
development. It raise local income of any state that list that locality in elite and poor list. Small
businesses make a city into big organisation by combining over all income of that particular
place.
International and national economic impact -
Such business yearly income are trillion and provide huge amount of employment in
industry to nation public. This influence Govt. policies, industry product price, commodity
quality and national income ratio. Therefore, small business and micro enterprises also pay taxes
and exchange money in market and affect national investment by taking a version of huge amount
with combining of all small enterprises exchange and investment.
What makes a country developed or developing that defines its economical condition and
per person net income in a year. Small business increase employment in country and provide
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youth job in different sectors. That make country rich and developed and build a goodwill and
reputation globally. Also it increase more resources and jobs that offer foreigner to join those
opportunities as well as strong resource management raise export values and decrease import
commodity.
l弐P4 Importance of Small Business in Social Economy
Small enterprise and fresh start ups are major strengths of a nation in order to funds,
invest and employee their public and raise country toward development among world's other
country. Small Business and Start ups have an important role in UK social Economy as they
exchange capital and provide employment to local youth and public (Bruton, Ahlstrom and
Nicholls, 2010). Therefore, UK Small business are affecting society and economy in various
ways. Some of them are following-
·Small Business an start ups render jobs, employment, innovation and technology change in
nation economy and social economy. Such enterprises provide commodity in comfortable and
completable prices and convenient areas to localise which society can easily access. Such
business impact social economy process, price, policies and products.
·Such business influence several rivals, investors and sponsor in market. They assist their
community, society and regional by decreasing unemployment and gaining states of employment
in a particular areas.
·Small business and start ups particularly contribute in social system by cater innovation and
creative concept in financial and economic system of society. These business contribute by
getting funds or selling shares to large organisation and provide value added product and
strengthen economy system of society of a nation.
·Such business concern with different regions and communities too. Through this, they serve
society and community in order to improve a particular area or locality ( Tracey, Phillips and
Jarvis, 2011). By this approaches, they contribute in nation economical activities and practices
and make a large part in country economic income.
·Small business and start ups braincase per person living and standard in a nation. By establishing
Small Business, nation can strengthen every individual income in society which is why UK has a
good social economy among other countries.
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·Small business crate challenge for other market and new entrepreneurs to establish themselves
among society. This strong capacity of social economy also open adults to be more creative and
innovative concept to start up new venture and stay in market.
·China is a developed country full of small business market existing among major population.
Thus, Small business make country and society more dependent and powerful economy and
decrease reliability on other nations and imported products.
·TASK 2
·P5 Characteristics of a successful entrepreneur
Good potential, leadership, determination and a lot of potential made an individual a good
entrepreneur. An entrepreneur can lead organisation toward success or loss of business and ideas.
An entrepreneur concept can change world way to see business and market(Delgado, Porter and
Stern, 2010). Qualities of entrepreneur can make a person to go forward for a venture of business
and even can lead world. Like Steve Jobs never though that one day whole world be using his
technologies and gadgets and Apple will be consider as a brand. It is Steve Job' s lead and
determination that took Apple to far. So what make an entrepreneur a best one. Here are some
qualities and traits of entrepreneur that can change organisation vision-
1. Determination -
Entrepreneur must have clear goals and visions for organisation. To develop company,
gain costumers and recruit employees, it need to have micro objectives which are so determined
and execute successfully so no one can change their mind into becoming that impossible.
2. Risk Taking-
Venture is full of risks and danger and an entrepreneur begin with that risk while
establishing a business. Those danger include financial risk, and danger of investment.
Entrepreneur must prepare to dive into deep of ocean of uncertainty. Entrepreneur risk money,
time and efforts in order to give wing to concepts.
3. High Confidence -
Entrepreneur must have a great deal of confidence in order to get over from even most
stressful condition and start with fresh idea (Neck and Greene, 2011). They understand major
troubles and threats and reward business with new strategy.
4. Learning Crave-
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Market is dynamic and evolving, always with new technologies and innovation trending
in industry. Staying rigid can make an entrepreneur face the loss. A good entrepreneur always
crave for new knowledge and learn something new and never behold on same concept for so long
until it is better.
5. Passionate and Flexible-
Passion can take a bird to reach high of skies. A successful entrepreneur offers new
innovation and gratifies costumer requirements and business needs. A successful entrepreneur is
flexible according any situation and passionate about their business and venture(Schaltegger and
Wagner, 2011).
Example -
Several entrepreneur have started their business as small business firm never knew that
they would reach so far so they can innovate the way of market. Mark Zuckerberg is a good
example as it can noticed that whole world has got addict of Mark's innovation. Mark innovated
Facebook, while he was in college and felt dearth of good communication tool which make him
build a website by which people can connect easily. Now everyone is a part of social media and
connected with Mark invention.
l弐P6 Aspects of entrepreneurial personality.
Struggle and patience is requirement of market which is a successful require to sustain in
market full of vary and complexities. Research has been analysed entrepreneur beliefs play an
essential part in improvement and growth of company. An entrepreneur make themselves unique
with their determination and strong perspective which they apply upon their venture. Their
possession and commitment toward their business and their and vision give them strength, this is
important element to act so determined and concentrate on financial profits. An entrepreneur stay
positive in different struggles and situations which help them organise events and activities
efficiently and effectively and work every strategy influencing in market.
Entrepreneur face danger and lessons from failure from every problems come under the
circumstances either they are negative or positive (Hockerts and Wüstenhagen, 2010). If an
entrepreneur will get impelled by troubles and issues occur in process of success, it will be
impossible to reach achievements and high of market. An entrepreneur lessons from worse
experiences and results occur in life but they still raise and run in world of troubles and barriers.
It sharpens their view to see opportunities and chance to increase increment. This is traits of
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capitalist which meant to be self confidence and entrepreneur never scared of circumstances that
occur and feel like bone in fish. Their high confidence take them to heights and stay positive even
in worst situation that can occur. Building Attitude and have good opportunities that provide
facility to reach their desired results.
A good enterprise study marketing environment and good strategies as well as study
market trends and product quality and requirement and then build strategies according all
research and analysis for business. This make them identify problems in market and help in
decision making process for organisation. Family and environment shape a entrepreneur into a
successful person and a leader to successful entrepreneur. It may be possible that some are
inherited with abilities of good business person but what make a business person into a good
entrepreneur is personality and traits of businessperson. Determined vision and concept can make
a business person fall and rise again and again in order to reach limits and meet beyond
limitations of worlds.
Thus an entrepreneur is full of knowledge, skills and abilities of a good leader with a lot
of potential and determination to rise in troubles and problems. They have been shaped by
situations, and various troubles and come as a precious diamond of business and make a history
with their innovative concepts.
l弐P7 Person's background can hinder foster entrepreneurship
Entrepreneurship can be refer as a venture of new start upon new idea and concept in
order to sustain in market and develop their idea within market to cater change in exciting
strategy. Weather entrepreneur separate institution then it will be easier to meet wanted goals for
company and to reach self passion. There characteristics, skills, experiences, attribute and traits
provide a hand to entrepreneur to vary organisation background and objectives directly and
indirectly. Their backgrounds and experiences have motivated and inspired them and made them
creative and more innovative in their concept shaping practices and bring new technologies.
UK has conducted a survey and analysed this and studied that entrepreneur background
and experiences shaped and improved their thinking and ideas which has ability to conduct their
plans into practices. An enterprise reflect entrepreneur ability and traits and their backgrounds as
well in their habits and reach (Djankov, 2010). Thus, Entrepreneur is not born with skills and
knowledge, They learn it with time and struggles that they have faced in times and their
determination that led them to those success. This ability of them help them to endure and refrain
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