Entrepreneurship and Small Business Management Report - LCC Conference

This report provides a comprehensive overview of entrepreneurship and small business management, examining various types of entrepreneurial ventures, including social, scalable start-up, and large company entrepreneurship. It analyzes the similarities and differences between these ventures, explores their impact on the economy using statistical data, and highlights the importance of small businesses and start-ups in social economic growth. The report also identifies key characteristics and skills that distinguish successful entrepreneurs from managers, assesses the influence of entrepreneurial personality on motivation, and uses case studies to illustrate how background and experience can both hinder and foster entrepreneurial endeavors. The analysis includes discussions on male and female entrepreneurship typologies and concludes with a review of the findings and implications for future entrepreneurial activities.

Entrepreneurship and Small
Business Management

EXECUTIVE SUMMARY
Entrepreneurship is one who design and operate a new venture in the global market.
Similarities and differences among entrepreneurial ventures are studied to understand their each
concepts. How micro and small business is influencing economy is determined in order to makes
necessary chances in the loop holes. On the other hand importance of small business and
business start-ups to growth of social economy are examined so more entrepreneurs can be
motivated to come up with innovative idea. The traits, skills and characteristic which differ
entrepreneur from manger are evaluated so that weak skills can be improved with the phase of
time. Tessa Clarke and Andrew Diprose are the two selected entrepreneur who background and
experience is deeply studied in order to foster entrepreneurship.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Explain Various types of entrepreneurial ventures................................................................1
Illustrate similarities and difference between entrepreneurial ventures.................................4
TASK 2............................................................................................................................................5
Interpret and assess applicable data and statistics to exemplify how micro and small
businesses effect on economy................................................................................................5
Importance of small businesses and business start ups to the growth of social economy......7
TASK 3............................................................................................................................................8
Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.......................................................................................8
Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset...................................................................................................................................9
TASK 4..........................................................................................................................................11
Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship...................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurship is the process of launching, designing and running a new venture in the
global market. Whereas, entrepreneurs are those who are accountable in taking high risk for the
business growth and development. They are contributing more in the upliftment of the nation
economy because new and small businesses are generating huge job opportunity for the general
public. New venture is opened with innovative idea so they are able to create job opportunity for
people in various area. By this ratio of unemployment is reduced and living standards of the
people are raised as compare to earlier day. Government should support the entrepreneurs
financially so that more small businesses can be opened in the market place. LCC has invited to
Local Authority Business Conference. This conference is conducted once in a year to promote
entrepreneurship in the area. This assignment covers, various types of entrepreneurial ventures
and how they are interrelated with entrepreneurial typology. Similarities and differences among
entrepreneurial ventures are studied to understand their concepts. Statistical diagram is evaluated
to understand how micro and small businesses impact economy. Importance of small business
on growth of the social economy is determined. Two entrepreneurs are selected and study to
known how their background and experience hinder entrepreneurship.
TASK 1
Explain Various types of entrepreneurial ventures
Different typology of Entrepreneurship
Social entrepreneur typology- It consist those kind of entrepreneurs who are passionate to work
for the welfare of the society and dedicated to solve social issues in order to improve the living
standard and life style of specific community in an effective manner (Kunaka and Moos, 2019).
This type of entrepreneurship consist non governmental organisation, charity firm and trusts etc.
These firms are basically offer social services to resolve social problems.
Speaker notes:
Scalable entrepreneur typology- Within this typology, it involves scale start-up entrepreneurs
who makes their efforts to collect creative and effective ideas and thoughts in context of business
activities for accomplishing sustainable profit margins ratio. These kind of person impose time
management quality which directs them to gain effective outcomes in appropriate manner within
set time frame without any complexities.
1

Male entrepreneur typology- Under this type, it mention that male entrepreneurs are
more effective in making control and determining whole business operations and activities in
comparison to female. Moreover, small and large business are related with such typology
because these firms are competitive and challenging business atmosphere. Due to which, it help
in making their planning and critical thinking quality more strong for achieving effective level of
sales and profitability (Landström and Harirchi, 2019).
Female entrepreneur typology- This determinant of typology states that females have
more patients compare to male that direct them to apply effective decision in term of particular
issue and complexity. In context of it, social entrepreneurship has been advised which is
affiliated with this typology as they pointed as good decision maker that advantageous them in
devising effective relations in business assumptions.
Various types of entrepreneurial ventures
Entrepreneurs refers to as individual to open up a new venture is accountable to handle all profit
and loss incurred by the organization in the cut throat competitive world (Demirel and Tamvada,
2019). In the market entrepreneurs come up with those product and services which are demanded
by customers.
Speaker notes:
Many time they come with innovative idea and create demand for that goods and services so that
consumer are stimulated to purchase them. Profit maximization is the main motive of
entrepreneur who are opening their small business among rivalry.
Entrepreneurial venture are that type of organisation which are having varied scope and
sizes and are functioned by entrepreneurs in the internal market. This covers public and private
venture. In public venture government monitors the business activities and work for providing
services to the general public. Their main motive is not to earn profit. Whereas, private
organization is any corporation, person, agency or partnership which are functioned by public
body. In this type of business there is no government interference only business owner operate
their business. They are running the firm with the motive of generating huge profit by selling
their goods and serves in the global market. New venture are able to grow and develop business
in the market because their business and goods are completely innovative. In today's world
customers are more attracted towards those product and services which are unique in nature. The
various entrepreneurial ventures are discussed as under:
2

Small business entrepreneurship: They are independent and are conducting business
activities at small level in the market place (Julien, 2018). The size of the small entrepreneurship
is limited. There is no government interference and are running the business to earn their
livelihood. With less capital this type of venture in be opened in the market Example: TSB bank
in Barnet are serving their bank services to the local people to that their issues related to finance
can be resolved easily. The scope of TSB bank is to assist local people and community to expand
unitedly. By this raising issues related to cash, pension etc. can be solved easily. TSB bank has
growth opportunity in national and international level. They are coming with effective policies
related in car insurance, life insurance, home loan and many more. By this business of bank can
be expanded in the market easily and huge customer base can be raised for the service.
Scalable start up entrepreneurship: Here, innovative idea or thought is selected and
find out repeatable business model that can turn into profit and growth of the company. In the
open market place this type of entrepreneurs does not enter in the vast because they have no
certification of being implemented in the market. Example: Trouva provides online marketplace
for brick and mortar independent boutiques selling. This organization provide products in UK
and Europe. The scope of the business is to provide quality services to the customers. There is
growth opportunity for this business because in today's world people mostly prefer to deal
online (Kraus and Schüssler, 2018).
Large company entrepreneurship: To operate this type of business in the market
sufficient amount of fund is required. Large company entrepreneurship is running the business in
order to gain huge profit by selling their goods and services to their potential customers. There is
more government interference in this type of business. Example: Mark and Spencer is a large
company entrepreneurship which is British retailer and are serving their goods and services
across the globe. The scope of the company is to provide high quality clothing , food products
and home product to their targeted customers. By coming up innovative goods in the market
business can easily grow and develop in the international market. By scanning the global market
creative products should be launched in the market to make it successful.
Social entrepreneurship: This type of business mostly work for the betterment of the
society and community. Social entrepreneurial come up with those product and services which
are beneficial for the people living in the society. By this living stand of the general public can
be raised by solving their problem. Example: The Create foundation is a social firm which is
3

working for creating job in the nation. Along with this they train young mind to restart their life
again who are homeless and marginalised. The scope of the business is to reduce unemployment
from the country (Kunaka and Moos, 2019). This foundation has growth opportunity in the both
national and international level because they are training those young mind who are homeless by
this poverty can be reduced to a large extent.
Difference between entrepreneurial ventures
Basis Small business Scalable start up Large company Social
entrepreneurial
ship
Characteristic Low capital is
required to start
up the business in
the market. No
government
interference is
done in this type
of business.
Scalable business
concentrates more
on new start up
business so that
huge profit can be
maximized.
Goods are
produced in the
market according
to the taste and
demand of the
customers by
large company.
Their main
characteristic is to
serve the society
for the betterment
.
Continue...
Basis Small business Scalable start up Large company Social
entrepreneurial
ship
Objectives The objective is
to earn livelihood
(Brush and
Welter, 2019).
To invite free
enterprise and to
stimulate them to
invest in their
Their main
objective is to
come up with
innovative goods
Social
entrepreneurship
objective is to
uplift the
4

new business. and services in
the market.
community by
solving the issues
prevailing in the
open market place
(Mafundu and
Mafini, 2019).
Continue...
Basis Small business Scalable start up Large company Social
entrepreneurial
ship
Motive To satisfy the
needs of the
customer is the
main motive.
The motive of
this firm is to turn
their creative
thought or idea
into profitability.
Innovation in the
exiting goods and
services is the
main motive.
To uplift the
living stand of the
people towards
betterment is the
motive of social
entrepreneurship.
Continue...
Basis Small business Scalable start up Large company Social
entrepreneurial
ship
Growth and
development
Small business
has opportunity to
grow their
business in other
By identify
repeatable
business model
business can be
By expanding the
business in other
segment business
can be develop in
Firm can grow
and develop by
solving the
community issue
5

local area so that
revenue can be
maximized
developed by
turning them into
more profits and
growth of the
firm (Maziriri,
and Madinga,
2018).
the nation
successfully.
like, making
people aware
regarding cancer
and it's
symptoms,
education level,
awaring people
about their human
rights and so on.
Conclusion
From the above it can be concluded that there are various types of entrepreneurial ventures and
are related with typology of entrepreneurship. Brief explanation of the entrepreneurial ventures
such as, Small business entrepreneurship, large entrepreneurial, Scalable start up
entrepreneurship and Social entrepreneurship are done so that concepts regarding them can be
enhanced.
Speaker notes:
Moreover, various typologies are determined like, male typology, female typology and so on. So
that their interrelationship with ventures can be examined effectively. The similarities and
differences are between entrepreneurial venture is done in order to understand them much better
what are their positive and negative side. Diagram is used to illustrate how micro and small
business impact on the economy because images helps to evaluating the data more easily and
appropriately.
References
 Brush, C., Edelman, L. F., Manolova, T. and Welter, F., 2019. A gendered look at
entrepreneurship ecosystems. Small Business Economics. 53(2). pp.393-408.
 Demirel, P., Li, Q. C., Rentocchini, F. and Tamvada, J. P., 2019. Born to be green: new
insights into the economics and management of green entrepreneurship. Small Business
Economics. 52(4). pp.759-771.
 Julien, P. A., 2018. The state of the art in small business and entrepreneurship.
Routledge.
6

Entrepreneurs refers to as individual to open up a new venture is accountable to handle
all profit and loss incurred by the organization in the cut throat competitive world (Demirel, P.,
Li and Tamvada, 2019). In the market entrepreneurs come up with those product and services
which are demanded by customers. Many time they come with innovative idea and create
demand for that goods and services so that consumer are stimulated to purchase them. Profit
maximization is the main motive of entrepreneur who are opening their small business among
rivalry.
Entrepreneurial venture are that type of organisation which are having varied scope and
sizes and are functioned by entrepreneurs in the internal market. This covers public and private
venture. In public venture government monitors the business activities and work for providing
services to the general public. Their main motive is not to earn profit. Whereas, private
organization is any corporation, person, agency or partnership which are functioned by public
body. In this type of business there is no government interference only business owner operate
their business. They are running the firm with the motive of generating huge profit by selling
their goods and serves in the global market. New venture are able to grow and develop business
in the market because their business and goods are completely innovative. In today's world
customers are more attracted towards those product and services which are unique in nature. The
various entrepreneurial ventures are discussed as under:
Small business entrepreneurship: They are independent and are conducting business
activities at small level in the market place (Julien, 2018). The size of the small entrepreneurship
is limited. There is no government interference and are running the business to earn their
livelihood. With less capital this type of venture in be opened in the market Example: TSB bank
in Barnet are serving their bank services to the local people to that their issues related to finance
can be resolved easily. The scope of TSB bank is to assist local people and community to expand
unitedly. By this raising issues related to cash, pension etc. can be solved easily. TSB bank has
growth opportunity in national and international level. They are coming with effective policies
related in car insurance, life insurance, home loan and many more. By this business of bank can
be expanded in the market easily and huge customer base can be raised for the service.
7

Scalable start up entrepreneurship: Here, innovative idea or thought is selected and
find out repeatable business model that can turn into profit and growth of the company. In the
open market place this type of entrepreneurs does not enter in the vast because they have no
certification of being implemented in the market. Example: Trouva provides online marketplace
for brick and mortar independent boutiques selling. This organization provide products in UK
and Europe. The scope of the business is to provide quality services to the customers. There is
growth opportunity for this business because in today's world people mostly prefer to deal
online (Kraus and Schüssler, 2018).
Large company entrepreneurship: To operate this type of business in the market
sufficient amount of fund is required. Large company entrepreneurship is running the business in
order to gain huge profit by selling their goods and services to their potential customers. There is
more government interference in this type of business. Example: Mark and Spencer is a large
company entrepreneurship which is British retailer and are serving their goods and services
across the globe. The scope of the company is to provide high quality clothing , food products
and home product to their targeted customers. By coming up innovative goods in the market
business can easily grow and develop in the international market. By scanning the global market
creative products should be launched in the market to make it successful.
Social entrepreneurship: This type of business mostly work for the betterment of the
society and community. Social entrepreneurial come up with those product and services which
are beneficial for the people living in the society. By this living stand of the general public can
be raised by solving their problem. Example: The Create foundation is a social firm which is
working for creating job in the nation. Along with this they train young mind to restart their life
again who are homeless and marginalised. The scope of the business is to reduce unemployment
from the country (Kunaka and Moos, 2019). This foundation has growth opportunity in the both
national and international level because they are training those young mind who are homeless by
this poverty can be reduced to a large extent.
Different typology of Entrepreneurship
Social entrepreneur typology- It consist those kind of entrepreneurs who are passionate
to work for the welfare of the society and dedicated to solve social issues in order to improve the
living standard and life style of specific community in an effective manner. This type of
entrepreneurship consist non governmental organisation, charity firm and trusts etc. These firms
8

are basically offer social services to resolve social problems. Small scale entrepreneur is linked
with social typology of entrepreneurship because they are creating huge job opportunity for the
society people. As well as contributes in rising the living standards of the people.
Scalable entrepreneur typology- Within this typology, it involves scale start-up
entrepreneurs who makes their efforts to collect creative and effective ideas and thoughts in
context of business activities for accomplishing sustainable profit margins ratio. These kind of
person impose time management quality which directs them to gain effective outcomes in
appropriate manner within set time frame without any complexities. Large scale entrepreneurship
is directly linked with scalable typology because both are focusing on innovation so that huge
profit can be maximized in the global market.
Male entrepreneur typology- Under this type, it mention that male entrepreneurs are
more effective in making control and determining whole business operations and activities in
comparison to female. Moreover, small and large business are related with such typology
because these firms are competitive and challenging business atmosphere. Due to which, it help
in making their planning and critical thinking quality more strong for achieving effective level of
sales and profitability (Landström and Harirchi, 2019). It is associated with small scalable
businesses because both makes their efforts to collect creative and effective ideas and thoughts
in context of business activities for accomplishing sustainable profit margins ratio.
Female entrepreneur typology- This determinant of typology states that females have
more patients compare to male that direct them to apply effective decision in term of particular
issue and complexity. In context of it, social entrepreneurship has been advised which is
affiliated with this typology as they pointed as good decision maker that advantageous them in
devising effective relations in business assumptions. It is directly linked with scalable
entrepreneurship because they are independent and are conducting business activities at small
level in the market place while female typology also do the same. Both are working day and
night to meet the emerging needs of the customers in the set deadline.
Illustrate similarities and difference between entrepreneurial ventures
The distinguish types of Scalable start up, Large company and Social entrepreneurship
are illustrated as under:
The differences between entrepreneurial ventures are as follows:
Basis Small business Scalable start up Large company Social
9