Analysis of Entrepreneurship and Small Business Management Tasks

This essay provides a comprehensive overview of entrepreneurship and small business management, covering various aspects such as types of entrepreneurs (owner-manager, serial entrepreneur, intrapreneur, scalable startup entrepreneur), types of entrepreneur ventures (small businesses, large company entrepreneurship, social entrepreneurship), and typology of entrepreneurship (survival firms, lifestyle firms, growth firms, managed growth firms, aggressive growth firms, corporate entrepreneurship, public sector entrepreneurship). It also discusses the characteristics, traits, skills, and motivations required for a successful entrepreneur, highlighting the differences and similarities between entrepreneurs and managers. Furthermore, the essay explores the relationship between entrepreneur ventures, the development of entrepreneurs, and the impact of micro, small, and medium enterprises on the UK economy, along with the scope of local, global, and social entrepreneurship in the UK. Finally, it provides examples of different entrepreneurs, including social, local, and global entrepreneurs, showcasing their contributions and impact.

Entrepreneurship and
Small Business
Management (TASK -1
& Task -2)

Types of
entrepreneurs
Typical or Owner-Manager Entrepreneur- The
entrepreneur who know that what is process to make
customers happy. They calculate overcoming situational
and analyse the ideas after starting a business (Lee-Ross,
2010).

Continued
 Serial Entrepreneur- This are the entrepreneurs who
opposite of typical entrepreneur and come up with ideas
then starts Company. They start the business with ideas.
This type of entrepreneur establishes rules and policies
before the formation of businesses.
 Intrapeneur- This is a type of entrepreneur who holds its
business with inside activities. The person who creates
products and services with innovative ideas. They involve
creative ideas and risk factors.
 Stalable start up entrepreneurship- This is a type of
entrepreneur ventures whose vision and mission is clear to
the world and knowing from day one. Investors plays an
important role for this company.

Types of entrepreneur
ventures
 Small businesses- There are many small businesses have
start in united kingdom. In the US 5.7 million small businesses
working and all are the non governmental organisation. It
includes hairdressers, travel agencies, grocery stores,
consultancy services, carpenters, electrician and plumbers etc
(Schaper, 2014).

Continued
 Large company entrepreneurship- Large kind of
entrepreneurship includes the innovation process for its
life cycles. Large companies uses new technologies and
creates new legislation. It builds disruptive products like
ironically.
 Social entrepreneurship- Social entrepreneur focuses
on the creativity. It involves innovation process to invent
new products and services. The products developed by
social company satisfies the needs of customers and
services solves social problems.

Typology of
entrepreneurship
 Survival Firms- This are the small kind of business
organisation who operates business of survival. Small
and medium size of business is a part of survival firm.
 Lifestyle Firms- Lifestyle firm is a term of providing a
reason of making goods and services for lifetime to
founder. It is a type of modern firm or businesses. Its
annual growth rate usually increases day by
day(Burns, 2010).
 Growth Firms- This is a type of firm who is growing
rapidly. As compared by the competitors. The
company who is earning profits faster than economic
rates.

Continued
 Managed Growth Firms- The
company who needs to grow in
the market and have to
manage the imbalance in the
profitability(Bridge, 2012).
 Aggressive Growth Firms- It
can be described by a mutual
fund to achieve the highest
capital gains. It focuses on
conviction approach.

Continued
 Corporate entrepreneurship- This type of firm can be
described by the activities of corporation. It focuses on
the internal growth of the businesses.
 Public sector entrepreneurship- This type of firm
formed for a particular objective. It focuses on public
needs and their satisfactions.

Characteristics of
entrepreneur
 Entrepreneur is a person who takes financial risks
and sets up a business for earning profits, is known
as entrepreneur.
 It can be described by willingness and capacity to
develop businesses with any risks to make a
profitability that person identified be the name of
entrepreneur.

Behavior and experience of
entrepreneur
 The main skills required to become a successful
entrepreneur are motivation, creativity, risk
tolerance, flexibility, versatility and other superb
business skill.
 Creativity is a innovative feature for the
entrepreneur. It is technique by which a person
can invent many products that are very beneficial
for the organization.
 Entrepreneur should be risk tolerance. A person
who can bear risk that can achieve more
successful than others

Motivation
 Motivation power plays an important role
to become a successful entrepreneur.
 It helps to motivate employees to work
hard.
 From this power employees can develop
more productivity and technologies.

Difference between entrepreneur
and manager
 Entrepreneur can be described as a organizer of a business or
firm who forms it for productivity and achieving goals. It is a
group of persons who deals with uncertainty and bear risk for
maximizing profits and to achieve business. Manager is a
person who motivate employees to work for the organization
objectives(Pretorius, 2009).
 Entrepreneur uses the innovation techniques for solving the
problems of firm. They try to get satisfactions from the
employees of the firm. Development of entrepreneur can be
understand by evolution of entrepreneur. Manager deals with
the internal problems of business. He make sure that
employees are working at right path.

Relationship between
entrepreneur ventures
 Small businesses involves the social activities like social
work and welfare of society, its main purpose is to provide
services not to earn profits. In the other hand small
entrepreneurship situated for maximizing profits from
increasing productivity.
 There are some similarities also between small
entrepreneurship and social entrepreneur. Some times small
businesses formed for satisfying customer's needs or for a
social work.
 Large entrepreneurship bears more risks than small
entrepreneurship. There are more responsibilities and
policies which is required for business goal.

Small businesses have less risk as well as less
productivity but large entrepreneurship gain more
profits than other businesses.
 Some large entrepreneurship like life insurance
company have same purpose to provide services that is
profitable for customer(Stokes, 2010).
Continued

Development of
entrepreneurs, differences &
similarities between them
 Entrepreneur can be described as a organizer of a
business or firm who forms it for productivity and
achieving goals. It is a group of persons who deals with
uncertainty and bear risk for maximizing profits and to
achieve business objectives(Pretorius, 2009).
 Entrepreneur uses the innovation techniques for solving
the problems of firm. They try to get satisfactions from
the employees of the firm. Development of entrepreneur
can be understand by evolution of entrepreneur.

Continued
 In the earlier period of market there was a macro polo
that was established for a trade route to sell his goods.
The contract was based on insurance policy. The firm
was successfully sold its product and services with a
complete profitability.
 Managers in 17th century, from this century
relationship was emerged with the connection risk and
entrepreneur. Both are related with each other.
Entrepreneur was entered in contract with government.

 There was a legislation in which profits and losses was
bear by the entrepreneur not to the other member.
During the period of 20 th century entrepreneur was
seen as creator and innovator.
 In the economic sector entrepreneur played an
important role for the growth of business activities.
During this period entrepreneur revolutionized the
pattern of productivity and marketing process.
Continued

Micro small and medium
business
 Micro businesses can be measured by a business that have
one ownership only. In a firm where are only five employees
works together is known as micro business. In this business
there are more flexibilities and mobility then other
businesses types.
 Small businesses are the businesses who owned by more
than one owner. These businesses are operated by owner
independently. In these businesses there may be more than
five members that can be extend to 500 employees.
 Medium businesses involves more responsibilities and risks
than micro and small businesses. In these businesses there
may be more than 500 employees can work.

Small businesses for
economic growth
 Small businesses are very important for the growth of
economy. It plays an important role for the society. It
increases the level of living standard of customers.
 It provides products and services to the customers and
fulfil their needs. It satisfies consumers by providing
services (Ligthelm, 2010).
 There are many small scale businesses in the world that
is very important for growth of economic level.

Impact of micro, small and
medium enterprises on UK
economy
 Micro, small and medium enterprises have increased self
employment in UK. From this economic growth become
successful.
 There are many techniques have developed in UK which
are very important for productivity.
 SMEs are easier than ever to expand its businesses to
new countries. In many cities products and services can
find.
 SMEs is helpful for the globalisation, selling of product
and services to other than UK countries or to increases
profitability and economic growth.

Scope of local, global and
social entrepreneurship in
UK Local enterprises- Peter David Jones is known as a British
entrepreneur. Who invented television, phones, media
and other products. He formed business in the year 2006.
 Local business involves the promotion within local areas
of city. These business help to increase profitability by
selling products and services to the local
market(Blackburn, 2009).
 Global enterprises – International organisation focuses
on the activities and operations of external businesses. It
promotes communication activities in UK.

Continued
 In these businesses can be extend by globally.
Technologies can help the organisation to develop
structures of economic growth.
 Social enterprises- Social businesses aim to
create social value and pursue mission with
commitment. These businesses measure
performance of profit and loss. These businesses
make sure that society can gain positive return.

Characteristic of traits, skills and
motivation required for
successful entrepreneur
 There are mainly five characteristics of traits that
help to appreciate experience and for planning of
activities.
 The main skills required to become a successful
entrepreneur are motivation, creativity, risk
tolerance, flexibility, versatility and other superb
business skill.

Continued
 Creativity is a innovative feature for the entrepreneur. It is
technique by which a person can invent many products that are
very beneficial for the organisation.
 Entrepreneur should be risk tolerance. A person who can bear risk
that can achieve more successful than others(Blackburn, 2013).
 Motivation power plays an important role to become a
successful entrepreneur. It helps to motivate employees to
work hard. From this power employees can develop more
productivity and technologies.

Experience of people can
encourages and discourages
entrepreneurship
 In the corporation business can be managed by the ability of
managing income. If an entrepreneur have the ability to manage
business income that encourages entrepreneurship and in the other
hand there is no ability to manage money than company can not
survive(Preuss, 2011).
 The employees who have a experience of raising money helps for a
successful entrepreneurship.
 The member of organisation that have ability to increase productivity
encourages entrepreneurship and helps to grow businesses. If there is
lack of productivity in the businesses than it reduces the profitability.

Continued
 To understand strengths and weaknesses can make a
perfect businesses strategies. It encourages the
entrepreneurship.
 Hiring effective people helps to determine and increase
skills of entrepreneur. Having great skills in the
employees can help to achieve organisational goals.
 There must be a ability to train new employees, it
encourages entrepreneurship and makes different to
other entrepreneurs(Preuss, 2011).

Different entrepreneurs
 Social entrepreneur – By discovering social ventures a
social entrepreneur works to increase social capital.
 Example- ANN Lesley Cotton
 Her goals was to replace the existing cycle of poverty and
inequality with a new cycle of employment an
opportunity
 She is a well-known British entrepreneur and
philanthropist .
 She is well-known for her work in Campaign for female
education .
 This is a charitable organization that aims to help women
and children in distinct location of Africa

ANN Lesley Cotton

Continue...
 Local entrepreneurs - -These entrepreneurs expand
their business in their own local community
 Example – Dame Anita Lucia Roddick
 She was a British business women in UK and also the
founder of body shop .
 This company was the first one to prohibit animal
testing on their ingredients
 H e was born in 1942 and his craving for adventure
was too strong.
 For the environmental and social issues Roddick was
invoked in activism and campaigning. .

Dame Anita Lucia Roddick

Continue...
 Global entrepreneurs – These are entrepreneur whose
business is expanded all over the globe.
 Example – Oprah Winfrey
 She is an America medial proprietor , talk show host,
actress and producer
 Her show the Oprah Winfrey show was very popular and
also it was highest rated show on TV.
 By the president Barack Obama she was awarded the
presidential medal of freedom
 She was born in poor family but her dedication and hard
work made her one of the successful entrepreneurs
across globe.

Oprah Winfrey

CONCLUSION
 From the above tasks the organisations can understand different
types of entrepreneurial ventures and their relationship with
others. There are some differences and similarities between
entrepreneurial venture from which relationship between can be
identified by it. In this readers can differentiate micro, small and
medium enterprise and examine the impact of all these businesses
on economic growth. At the end it can be determined that what
are the skills that required for the successful businesses. There are
some features of entrepreneur that plays an important role to
become successful.

Reference
 Pretorius, M., 2009. Defining business decline, failure and turnaround: A content
analysis. The Southern African Journal of Entrepreneurship and Small Business
Management. 2(1).
 Wagener, S., Gorgievski, M. and Rijsdijk, S., 2010. Businessman or host? Individual
differences between entrepreneurs and small business owners in the hospitality
industry. The Service Industries Journal. 30(9), pp.1513-1527.
 Ligthelm, A.A., 2010. Entrepreneurship and small business sustainability. Southern
African Business Review. 14(3).
 Blackburn, R. and Kovalainen, A., 2009. Researching small firms and
entrepreneurship: Past, present and future. International Journal of Management
Reviews. 11(2), pp.127-148.
 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.
 Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and
small business policy. Entrepreneurship & Regional Development. 23(9-10), pp.787-
814.