ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT - Report - UK Context

This report provides an overview of entrepreneurship and small business management. It defines the role of an entrepreneur, detailing their involvement in new business ideas, risk-taking, and profit generation. The report explores the impact of small and medium businesses on the economy, discussing their importance in terms of standard of living and innovation. It highlights the characteristics of successful entrepreneurs, such as self-belief and passion, as well as essential skills like learning and decision-making. Furthermore, the report examines the entrepreneurial personality traits using the OCEAN model and discusses how background and experiences can influence entrepreneurship. It concludes by summarizing the different types of entrepreneurial ventures and their contribution to the economy.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

 The entrepreneur is a person
who is involved in coming up
with new business ideas
taking all risks and enjoying
the profits in the market
place. he is individual who
look after all the resources
and combine them to
produce effective goods and
services for the organisation
and earn the profits in the
long run
Introduction:

 Small business units: These business needs
around 50 worker in the organisation generating
the income of 5 million annually.
 Medium entity: these business needs around
50 worker in the organisation generating the
income of 5 million annually.
 Larger business: organisation focus on
operating at larger scale to place their goods in
the market place
Micro-small business impact on
economy :

 Standard of
living:
 Innovation:
Importance of small business and starts-up:

 Low overheads:the small business entity operates
its activities at lower scale which reduce the
overheads expenses of the organisation such as
rents, wages , electricity and miscellaneous expense
 Employment to the local workers: : the small and
medium business helps in providing employment
opportunities to the people of the UK market.
wherein, larger business need competent and skilful
employee working for common goals and objectives
.
Continue:

 The skills and important characteristic of two
successful entrepreneurs such as Louis Vuitton and
Henry ford are :
 Self-beliefs: The skills and important
characteristic of two successful entrepreneurs such
as Louis Vuitton and Henry ford are
 Passionate: : it is necessary for the
entrepreneurs to have great passion towards their
business ideas which helps them to achieve the
desire results in the profitable manners
characteristic ofsuccessful
entrepreneurs:

 Creativity :
 Disciplined:
Traits:

 Learning skills: this skills helps the
entrepreneurs to learn the new skills and
capabilities which helps them to perform
the activities in the most effective manners.
 Decision –making: all the entrepreneurs
are good in making the sound business
decision for the organisation which helps
them to increase the profit margin in the
competitive market place.
Skills:

 To understand the
personality of the
entrepreneurs , Ocean
model of personality is
used which explain the
attributes of the
entrepreneurs:
 Openness:
 Conscientiousness:
Entrepreneurial
personality :

 Extraversion: entrepreneur is a extrovert
person who likes to share its ideas and
thought with its team members so that best
outcome can be seen in the organisation with
effective utilization of available resources.
 Agreeableness: these they of entrepreneur
are very helpful and generous in the team and
they are very cooperative person in the
organisation. these people like to volunteer
and engage in social activities.

 Neuroticism: the people who holds this
traits are very emotional unstable and not
happy with their work in the organisation.
these person experiences anxiety, mood
swings, discomforted while working in team
or as a individual in the organisation.

 The entreprenur have find out the effective
way to compete the task in the most
valuable manners so that profits can be
earned in present as well as in the long
period of time. The another way to
cultivate effective entrepreneur is having
successful family background which them to
the make best use of available resources.
background and experiences can
hinder or foster entrepreneurship