In-depth Report on Entrepreneurship and Small Business Management

This report provides a detailed analysis of entrepreneurship and small business management, examining different types of entrepreneurial ventures and their relation to the typology of entrepreneurship. It explores the similarities and differences between various ventures, presents data and statistics to illustrate the impact of micro and small businesses on the economy, and explains the importance of these businesses in the growth of the social economy. The report also investigates entrepreneurial ventures in both the public and corporate sectors, evaluates the differences small, medium, and large businesses make to the economy, and critically examines the scope, development, and growth of entrepreneurial ventures at local, regional, national, and international levels. Furthermore, it determines the characteristics of successful entrepreneurs, assesses the link between entrepreneurial personality and motivation, and examines how a person's background and experiences can influence entrepreneurship, both positively and negatively, using relevant examples and comparing different perspectives.

Entrepreneurship and small business management
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Table of Contents
Introduction................................................................................................................................4
Part 1..........................................................................................................................................5
Introduction................................................................................................................................5
P1 – Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.....................................................................................................5
P2 –Explore the similarities and differences between entrepreneurial ventures........................7
P3. Present, interpret and assess relevant data and statistic to illustrate the impact micro and
small business have on the economy.........................................................................................9
P4. Explain the importance that small businesses and business start-ups on the growth of the
social economy.........................................................................................................................11
M1 - Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding
of entrepreneurship in both the public and corporate sector....................................................12
M2 – Evaluating the differences that small, medium and large businesses make to the
economy, applying relevant data and statistics........................................................................14
D1 – Critically examine the scope, development, and growth of entrepreneurial ventures.. . .16
D2 – Critically examine how small businesses have an impact on different levels of the
economy in a local, regional, national and international context.............................................17
Conclusion................................................................................................................................18
Part 2........................................................................................................................................19
Introduction..............................................................................................................................19
P5. Determine what makes a successful entrepreneur. You could consider examples of
successful entrepreneurs and determine the character traits and skills they possess. Similarly,
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you could explore whether entrepreneurs are born or made and whether entrepreneurship
skills can be learned over time.................................................................................................20
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset. You may wish to consider how personality is shaped by family upbringing,
lifestyle, cultural differences and personal motivation and drivers amongst other factors......22
P7: Examine, using relevant examples, how a person’s background and past experiences can
hinder or foster entrepreneurship. Factors to consider may include level and type of
education, national culture, economic circumstances and character traits. The risks and
rewards of starting a business should also be considered........................................................23
M3. Develop your response to P5 and P6 by exploring and examining different lines of
argument relating to entrepreneurial characteristics................................................................24
M4. analysing the link between entrepreneurial characteristics and the influences of personal
background and experience to specific successful entrepreneurs............................................25
D3. Analysing the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples........................................................................26
D4. Critically evaluating how background and experiences influence entrepreneurs, both
positively and negatively, by comparing and contrasting examples........................................27
Conclusion................................................................................................................................28
Conclusion................................................................................................................................29
References................................................................................................................................30
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Introduction
In the reported study, various concepts and conventions relating to the small business
enterprise have been discussed. Federation of small businesses is a UK based organization
which represents small and medium-sized business. In addition to this, the reported study also
highlights the reputation of small businesses as well as professional start-ups in an effective
and efficient manner. The entrepreneur is an individual who runs a minor business, supposing
all the risk and recompenses of an endeavor. The overall aim of this report is to explore the
wide range of business ventures. In simple words, entrepreneurship can be defined as way or
method for identifying skills and abilities to start a new business. This report also discusses
various types of entrepreneurial ventures including their impact on the economic rate. In
addition to this, the reported study also highlights the impact of micro and small business
financial rate of local, regional, international level.
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Part 1
Introduction
This section of the reported study talks about the various types entrepreneurial ventures relate
to different types of a typology of the entrepreneur. Different environments are also discussed
in this report that can be responsible for fostering or hindering the value of entrepreneurship.
In this report scope, progress, and growth of commercial ventures are analyzed in an effective
manner
P1 – Examine different types of entrepreneurial ventures and explain how they relate to
the typology of entrepreneurship.
The entrepreneurial endeavors are generally focused on providing effective services to an
early stage of the firm. As per the words of Audretsch, et. al. (2017), the role of
entrepreneurial ventures changes from time to time. Different types of entrepreneurial
ventures are described below:
Small Business Entrepreneurship- In the current era, small business like the grocery store,
salon, food vendor and others are making the huge chunk of start-ups all over the world. They
usually hire local employees or their family ones to run their business in a systematic way.
Their businesses are hardly profitable in a marketplace (Audretsch, et. al., 2017).
Scalable Start-up Entrepreneurship- These type of entrepreneur starts a company knowing
from day one that their mission and vision can be able to change the whole world. Their role
is to search for a repeatable and scalable business model.
Large Company Entrepreneurship- According to Charman, et. al. (2017), corporate
entrepreneurship is a method of developing new and effective ideas for leading the business
ventures along with improving its profit and productivity rate. Their main aim is to increase
economic rate in minimum resources and raw materials. They also develop their ventures for
the satisfaction of their target customers.
Social entrepreneurship- The role of social entrepreneurs is to make effective services and
goods for their customers at affordable price. They used to solve the social needs and
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problems by identifying the people and activities which are responsible for empowering them
in an effective manner (Charman, et. al., 2017).
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P2 –Explore the similarities and differences between entrepreneurial ventures.
The small corporate manager and entrepreneur are mostly used interchangeably. The
entrepreneur completely plays a different role than a manager of a small corporation.
Capitalists are the one who starts the business but the managers are the one who runs that.
According to Galli, et. al. (2017), entrepreneurs try to create the values for the shareholders
of their business. For increasing the equity of the Federation of small businesses they are
allowed for the intentional dispensations. Entrepreneurs try to create more energy for the
progress of the business. On the other hand, the supervisors of the small business feel
satisfied with whatever they are doing for running the association. Many of the times the
managers get sentimental by looking for the benefits of the society or community (Galli, et.
al., 2017).
The entrepreneurs are the self-motivated force of launching and planning the new
organization. They are the people who handle all the issues which are happening in the
process of designing any kind of products. The entrepreneurs determine the most efficient
method of production so that they can find the perfect customers. According to Krishnan, et.
al. (2017), the managers of the small organization is the one who operates an organization
which is surviving from the starting stage. An objective of FSB is to keep the association
growing and operating the business in an efficient way. Most of the entrepreneurs hire the
managers so that they can get help in building their small business into a large unit. Managers
are the one who recognizes that their creations and visions can help the company in achieving
all the targets in best possible manner. The entrepreneurship mainly involves the process of
being recognized and able to accept the risk in which they may get the failure. For the
entrepreneurs, failure can get considered as the loss of money and the situation from which
they get disappointed. But the managers are the one who carries the capabilities of facing all
the risks of failure in every manner. A manager of the small business deals with the pressure
of working with efficiency for building the large association in the competitive market
(Krishnan, et. al., 2017).
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(Source: Why To, 2015)
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P3. Present, interpret and assess relevant data and statistic to illustrate the impact
micro and small business have on the economy.
The small business can get considered as a very critical part of a community, job creation,
and entrepreneurship. Some of the times they do not generate that much revenue as the large
organizations do, but they are an essential part of the local economies. Below is the graph
which explains the impact of small business and micro business have on the economy-
(Source: Office for National Statistics, 2017)
Above mentioned graph helps in understanding that micro and small business have the high
impact on the economy. Small business runs with around 10 to 49 employees wherein
medium business runs with around 10 to 249 numbers of employees and at last the large
business works with moreover 250 workers.
The small business is known as the building blocks to most of the organizations. Below are
the points which describe the impacts of the small organizations have on the society or
economy.
 Mapping the future- According to Martinez, et. al. (2017), the most important way in which
small organizations contributes to the local economies is growth and innovation. FSB try to
harbor the spirits of entrepreneurial by producing some innovative things with the help of
their creative ideas. It helps in attracting the customers in a high manner. They tend to
improve on pre-existing services or products. For example, it can get seen in the tech-related
industries. Many of the technicians are gently growing out of the garages.
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Economic Growth- The small organizations do not remain small for always. Most of the
business like Burt Bees, Wal- Mart etc. are the one who started from a very short type of
business but now they are well known as the challenging players within the national and
international market and continuously supporting the prosperity of economic (Martinez, et.
al., 2017).
 Giving Back-Whenever the customer chooses to visit the small organizations, they are
actually giving back to their society or communities. The local businesses which are
successful in great manner support the society or community by paying all the taxes. It also
includes local tax as well. This kind of taxes gets paid to support the offices of local
government, schools, and departments of fire and to the police as well.
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P4. Explain the importance that small businesses and business start-ups on the growth
of the social economy.
According to Golden, et. al. (2017), the small organizations are the backbone of the economy
of UK. They contribute by creating the new jobs, launching the new markets and by driving
the growth as well. They encourage their employees for bringing up the new ideas and the
competition which challenges the status quo. In many of the small associations, it becomes
important to think of the large landscape and to see the way ahead about its challenges.
Planning is the most important requirement of FSB for the achieving the profits. The small
organizations play a vital role in the growth of the social economies (Golden, et. al., 2017).
Many of the people like financial consultants, hairdresser, and plumbers are the one who
helps in a great manner and contributes their support to the economy. For completing the
needs of large organizations like maintenance, printing, stationery, services of photography
etc., small business helps in getting the right skills and in developing the positive attitudes as
well. Somehow it develops the personal relations too.
Many of the small business possesses all the abilities to adapt the quick changes which are
related to the economies and important for the organization. They become able to do so just
because they are totally customer –oriented. The small business tries to satisfy their
customers. According to Dugguh (2017), the small business gets the growth into the
competitive market but still remains at the same society in which their business was
established at the starting, like FSB. Having a huge business headquartered in the
communities and societies helps in providing stimulate and employment to the local
economy, which is a great help. The small businesses mostly generate the revenues on a very
higher level because of which they pay higher taxes. This kind of money gets used in many of
the social sectors. Some of the times they also accumulate the fewer revenues than the larger
organizations, which mean that they have very least amount to the loss in times of the
economic crisis. All of the above discussions, simply clarifies that small association really
plays a most important character in the growth of the social economy (Dugguh, 2017).
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M1 - Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both the public and corporate sector.
To examine a diverse range of organization ventures and validate the understanding of an
entrepreneurship in corporate and public sector, points are explained below-
Micro Business- According to Akar, et. al. (2017), micro business or association is the one,
which runs with very few numbers of people. It only includes 0-49 number of people. This
kind of organization does not exceed the profit or turnover of 25-30 Lakh in their balance
sheet.
Small Business- The organizations, who owns the partnership on their own. The sole
proprietors and corporations those who run with very few workers and archives less amount
of turnover form their business are the one, who takes place in Small business (Akar, et. al.,
2017).
Medium Sized Business- The associations who runs with the investment of more than 5
crores but does not exceed the limits of 10 crores. The medium-sized business is the one who
runs on a very high scale of an amount in the industries.
Public Sector- According to Panwar, et. al. (2017), the public sector basically discovers the
character of an entrepreneurship in the association. Nowadays, political science and public
management compare the ideas of main business in terms of entrepreneurship and leadership.
It gets considered as a process which gets entered into the associations of the public sector
and provides the best results with innovation. The public sector also includes different
technologies, techniques, new services, risk-taking, productivity and the new strategies as
well.
Corporate Sector- Entrepreneurship comes in the corporate sector that is crucial for the
bigger organizations. These kinds of businesses are opposed to taking the risk or making
anything innovative. It helps in improving the level of the corporate sector (Panwar, et. al.,
2017). It provides higher profits and betterment to the organizations of the corporate sector.
This sector basically believes in innovating the new ideas and opportunities which establishes
the large scale of businesses.
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