Report on Entrepreneurship and Small Business Management Fundamentals

This report delves into the core concepts of entrepreneurship and small business management, examining various venture types like small business entrepreneurship, scalable start-ups, and large company entrepreneurship, and their significance in the economy. The report highlights the impact of small businesses, particularly their role in job creation and competition within the UK economy. It explores the key aspects of the entrepreneurial mindset, including openness, extraversion, and agreeableness, and analyzes environmental factors that can hinder entrepreneurship, such as social networks and education. The report uses TCG consulting group as a case study to illustrate the application of these concepts. It concludes by emphasizing the importance of entrepreneurship for societal and economic development and the role of TCG in advising small businesses. The report cites multiple academic sources to support its findings.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1. Range of venture types that can be considered entrepreneurial..............................................1
2. Impact of small businesses on the economy...........................................................................2
3. Key aspects of entrepreneurial mind set.................................................................................3
4. Various environment that hinder entrepreneurship.................................................................3
CONCLUSION................................................................................................................................5
REFERENCE...................................................................................................................................6

INTRODUCTION
Entrepreneurship refers to the different kind of factors by which they can perform their
business activities in an effective manner. Along with this, on the basis of economic term
generally it includes in capital, land, labour and companies for making effective production
system in a perfect way. Wherein, small business management is the process of running business
activities in order to make productive business. Apart from this present assignment is based on
TCG consulting group which offer effective advice to small business. Impact of small business
on economy and large number of venture will get discussed. Lastly, various environment that
hinder entrepreneurship and entrepreneurial mind set aspect will get describes (Drucker, 2014).
TASK 1
1. Range of venture types that can be considered entrepreneurial.
Entrepreneurial: An entrepreneur is an people and individual who runs their business by
taking all kind of risk and rewards factor for running business smoothly. Therefore,
entrepreneurial ventures mainly target uncertainty and higher returns.
Intrapreneurship: It is sort of entrepreneur of an organisation, they are always self
motivated, action oriented people who can take their decision for making organisation effective.
Along with this there are various ventures which can be considered as entrepreneurial, these are
listed below:
Small business entrepreneurship:
These are controlled and managed by the person in business entity which mainly involves
in hiring local person and their family members. In reference with TCG they are applying this
hiring process for running their business in a perfect way (Fassin, Van Rossem and Buelens,
2011).
Scalable start-up entrepreneurship:
As per this entrepreneur develop proper strategical and innovative ideas for changing
some situation in business operations. In TCG they required to maintain their funding resources
for betterment of future.
Large company entrepreneurship:
According to this, larger organisations always focuses on their innovative things so that
they can exist in the market for long period of time.
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From the above discussion this can be said that all these ventures are important for
gaining better productivity of firm towards the TCG so that they can influence others in an
appropriate manner.
2. Impact of small businesses on the economy.
According to the small and micro businesses 250 people has been appointed within the
business in order to operate business activities. Wherein, 9 people is not agree with micro
business so that it gives limited job opportunities for people (Choi and Majumdar, 2014). But
on the other side business is able to enhance their results in a perfect way for raising job
opportunism for people. Therefore, this can be said that the revenue of small businesses has large
impact on the economy in which medium business does not have impact on it.
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Choi, N. and Majumdar, S., 2014 Now this can be observed that 99% of total business is
compared with medium and small business and there is a large competition towards the
industries economy within the UK.
3. Key aspects of entrepreneurial mind set.
In the present scenario each and every entrepreneur has their own value and ideas in
order to achieve their specific goals and objectives perfectly. Some of the entrepreneurial mind
set are given below:
Opennesses: According to this term people are involves in different factors such as
insightful, imaginative etc. on the basis of this nature they can make better results for their
business and able to sustain for long period of time in market place (Bosma and et. al., 2012).
Extraversion: As per this individuals have huge energy towards their work and able to
influence people for effective work. On the basis of this they can attain their goals in a short
period of time.
Agreeableness: It is very much essential and effective aspect which helps them to
develop new and effective ideas for operating business in a easiest way. By using this element
entrepreneur can adopt different kind of strategies and also impact on other people for
completing their future requirements effectively.
4. Various environment that hinder entrepreneurship.
Entrepreneurship refers to the effective process of designing, running and launching new
business in a particular way is always called entrepreneurs. Along with this they always make
effective ideas and thoughts in order to make their business effective in an effective manner. For
reaching successful goals towards business this can be said that entrepreneur should be always
ready for taking risk and making plan accordingly by this systematic scenario they can face
challenges and able to gain higher sales and revenue in an appropriate manner. In TCG there are
some characteristic and environment by which entrepreneurship can foster, those are listed
below:
Social Networks: According to this, an entrepreneur has lots of experience by which
they can develop effective plan by having more knowledge about social sites. With the help of
using this network they can make better strategies for their business in order to gain proper
attention from people because they are the only one who can increase business image and
productivity in a perfect way (Bridge and O'Neill, 2012).
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For this can be observed that knowledge about social networks is much beneficial for
entrepreneur to gaining more attraction and their appropriate goals perfectly (Ács, Autio and
Szerb, 2014).
Education: On the basis of this factor entrepreneur can get motivated at higher level
because education is most important feature in order to make Choi, N. and Majumdar, S.,
2014effective quality of product within the business entity. With the help of lots of knowledge in
particular subject an entrepreneur can build good image of their business functions. For example:
Muhammed Yunus is one of the best entrepreneur who was born in the year of 1940 in Bengal,
along with this he is a banker and leader of civil society so that he has huge knowledge of
education so that he is an successful an entrepreneur in a perfect way (Blackburn, Hart and
Wainwright, 2013).
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CONCLUSION
According to the above respective assignment it has been noticed that entrepreneurship is
every important concept for societies and economies by which people can get job opportunities
for making their society in an effective manner. Along with this TCG is one of the best company
which provides different advices to small businesses so that they can make their management
functions in an effective manner. As entrepreneurs having different mind set so it is a good
process for making their business attractive in which business ventures are helpful for making
higher goals in business.
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REFERENCE
Book and Journal
Ács, Z. J., Autio, E. and Szerb, L., 2014. National systems of entrepreneurship: Measurement
issues and policy implications. Research Policy. 43(3). pp.476-494.
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Bosma, N. and et. al., 2012. Entrepreneurship and role models. Journal of Economic Psychology.
33(2). pp.410-424.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Choi, N. and Majumdar, S., 2014. Social entrepreneurship as an essentially contested concept:
Opening a new avenue for systematic future research. Journal of business venturing.
29(3). pp.363-376.
Chrisman, J. J. and et. al., 2012. Family involvement, family influence, and family‐centered non‐
economic goals in small firms. Entrepreneurship theory and practice. 36(2). pp.267-
293.
Decker, R. and et. al., 2014. The role of entrepreneurship in US job creation and economic
dynamism. Journal of Economic Perspectives. 28(3). pp.3-24.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’ perceptions
of business ethics and CSR-related concepts. Journal of Business ethics. 98(3). pp.425-
453.
George, G. and Bock, A. J., 2011. The business model in practice and its implications for
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Islam and et. al., 2011. Effect of entrepreneur and firm characteristics on the business success of
small and medium enterprises (SMEs) in Bangladesh. International Journal of Business
and Management. 6(3). p.289.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Kiss, A. N., Danis, W. M. and Cavusgil, S. T., 2012. International entrepreneurship research in
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Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Online
UK Small Business Statistics. 2018. [Online]. Available Through:
<https://www.fsb.org.uk/media-centre/small-business-statistics>.
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