ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT REPORT DETAILS

This report delves into the multifaceted world of entrepreneurship and small business management, examining various types of entrepreneurial ventures, including small businesses, scalable startups, and lifestyle businesses, and their relation to different typologies. It highlights the similarities and differences between these ventures, analyzes data related to their impact on micro and small businesses, and emphasizes the importance of small businesses and startups in fostering social economic growth. The report also explores the characteristic traits and skills essential for successful entrepreneurs, the significance of personality, reflective motivation, and mindset, and how personal background and experiences can either support or hinder entrepreneurial endeavors. The report provides a comprehensive overview of the key elements for understanding and succeeding in the dynamic landscape of entrepreneurship and small business management.

ENTREPRENEURSHIP
AND
SMALL BUSINESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P1 Various kind of entrepreneurial ventures and their relation to typology..........................1
P2 Similarities and difference between different types of entrepreneurial ventures.............4
P3 Present, interpret and assess related data with impacts micro and small business............6
P4 Importance that small businesses and business start ups in growth of social economy..11
M1.........................................................................................................................................13
M2.........................................................................................................................................14
D1.........................................................................................................................................14
D2.........................................................................................................................................14
TASK 2..........................................................................................................................................14
P5 Characteristic traits and skills to make successful entrepreneur.....................................14
P6 Aspects of entrepreneurial personality reflective motivation and mindset.....................16
P7 How person's background and past experiences can hinder or foster entrepreneurship. 18
M3.........................................................................................................................................19
M4.........................................................................................................................................19
D3.........................................................................................................................................20
D4.........................................................................................................................................20
CONCLUSION..............................................................................................................................20
REFERENCES..............................................................................................................................20

INTRODUCTION
The term entrepreneurship may described as an innovative and unique strength of
creating something new and start new ventures. It is done through advanced ideas, thoughts and
views by which an effective projects can be done. In this case, growth will be achieved by
professional and personal careers as they both are focussed. An entrepreneur is a person who has
special ability of generating new and creative things to grab fresh opportunities to make better
profits. They have special qualities such as passion, independent thinking, optimism, self
confidence, resourceful, problem solver, tenacity, vision and many more (Alsos, Carter and
Ljunggren, 2011). An entrepreneur has that capability of bearing risk and challenges because
they always try to introduce something new in the market. Basically an entrepreneurship I related
with small business in terms that it is common tract of developing, necessitate creative ideas to
bear a level uncertainty. This report is based in different kind of entrepreneurship relevant with
typology along with similarities and differences. Significance of small businesses and start ups
for improving economic growth. Various unique traits and skills to build a successful
entrepreneur will also explained along with personality and reflective motivational mindset.
TASK 1
P1 Various kind of entrepreneurial ventures and their relation to typology
Entrepreneurship and small business are connected in case when a person have an interest
to start new firm then they need to invest with unique and innovative idea. It will facilitate to
build base for a successful business for achieving desired profits. On the other hand, enterprise
can be considered as whole activity of business depending on the purpose of starting a company
which includes all the departments like operations, marketing, financial and other sections that
may aid in hitting targets right on time.
Small business entrepreneurship:- This can be described as several types of small firms
are established by individuals through an innovative and unique idea to attain profits. These
enterprises are generally contribute into field of entrepreneurship to achieve better productivity
as well as profitability in business industry (Audretsch, Falck and Heblich, 2011). It is beneficial
for country in terms that profitability of companies contribute to annual income which improve
economic position amongst all the nations at global level. In small business, at the time of
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starting point they people appoint their own family members and known persons to carrying out
or run that firm properly.
Scalable start ups entrepreneurship:- The term scalable start ups of entrepreneurship
may refers to that capability by which they copy and enhance free adjective through barriers of
person's skills. Examples for this type of entrepreneurship are Facebook, Twitter, Instagram,
Amazon.in and so on.
Lifestyle entrepreneurship:- This can be explained as simply attaining an individual's
standard of, lifestyle and sustain at the level by running that specific business successfully. It is
just to make survival of owners easy and comfortable through hat business (Awogbenle and
Iwuamadi, 2010).
Large business entrepreneurship:- This can be described as large organisations which
are generally carrying out or owned by some partners in which they all have amount of shares in
company. In case of these enterprises, entrepreneur ship to implement fresh and innovative ideas
or thoughts to launch some new products or services for achieving better productivity as well as
profitably, it is necessary to enhance image of brand to grab more market area along with
increasing number of clients for an organisation.
Medium size business:- These organizations are engaged in offering best services to
their clients by coming with advanced ideas in order to enhance the overall society. If an
association is having employees in between 50- 200 then it is known as a medium size. Along
with this their main objective is to gain maximum benefits by satisfying consumer needs or
requirements.
There are various kind of entrepreneurs who has their own working styles and creating
new aspects and implement that into company's procedures or activities. Different people has
their dissimilar mind set ups and thoughts and according to that they perform their tasks or
activities. Some of them are given below:
Sceptical entrepreneur:- This type entrepreneurs are general first observe others
concepts and create questions on it. And besides of this, they have to make ideas to apply but
predict outcomes in basis of looks of an individual and lucky point. Such people are less
confident and due to this, they take their thought to limited heights.
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Copycat entrepreneur:- As per name, this type of persons are fond of copying other's
concepts work on that to expand profits of business (Bruton, Ahlstrom and Li, 2010). Generally
they make exact replication of products and services from reference of websites, samples etc.
Research entrepreneur:- These entrepreneurs are fond of doing proper research by
collecting appropriate data and study market scenario along with desires or preferences of
customers. It is helpful to make correct goods to attain satisfaction of people and improve
productivity of the company.
Different activities that are link to entrepreneurship:
It is mandatory for entrepreneur to keep up the changes so that many benefits can easily
be gained right on time. Some of specific activities are given beneath:
 It is needed for entrepreneur to be ready and predictable through which changes can
easily be adopted.
 Planning for unique product can also be considered as another activity that should be kept
in mind by entrepreneur while starting up a new business.
 Brian-storming the next business, entrepreneur should kept in mind and should have
capability to pull out ideas and execute them right on time.
 Entrepreneur should keep on studying mind of employees that are going to work with
him/her so that business activities can get successfully done in much effective and
efficient manner.
Relation between entrepreneur ventures and typologies Survival in micro firms: - The survival entrepreneurship is basically applicable ib micro
levelled company as they think about to earns efficient to survive in current scenario. Lifestyle in small firms: - This type of entrepreneurship is applicable tgor amsll sized
firms to fulfil desires of their lifestyles. Managed in medium firms: - The managed one is utilised mainly by medium sized
enterprise to earn profits as well as little bit growth of business.
 Aggressive growth in large organisations: - The high standards of growth is required in
large levelled organisations to compete with its competitors at global market.
Difference between entrepreneur and intrapreneur
Entrepreneur Intrapreneur
 An entrepreneur is a person who set up  This can be described as an employee
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their own business with fresh concept.
 Creates a leading position in market
and independent.
who undertaking innovations.
 Change of modify existing system of
company and dependent.
Some of examples of different ventures undertaken by entrepreneurs are given beneath:
 An entrepreneur in modern world can start online retail consigner where he/she just need
to have a camera and old clothes. Then pictures which has been taken can be uploaded
among different e-commerce sites.
 Entrepreneurs in today's era can start his/her own business with the help of Instagram
where person can become as a consultant. Most of organisations are doing promotional
activities on Instagram rather than on Facebook or other famous social sites.
 Another sort of venturing is famous in UK's business environment which is copywriting
and editing services. Person can start up with few computers and then this sort of
business can get run in a successful manner.
P2 Similarities and difference between different types of entrepreneurial ventures
In current scenario of business industry, it is observed that there are different types of
entrepreneurial ventures bearing certain differences along with several similarities amongst
them. They are as follows:
Survival Lifestyle Managed Aggressive
It is required in micro
sized firms for
surviving properly.
This is utilised by
small sized enterprises
to fulfil desires of
lifestyles.
This method is used in
medium sized firm for
managing little bit
growth to achieve
bui8ness success.
It is mainly
implemented in large
organisation in
maintain position in
market at high level
and attain better
position.
Basis of differences Small business
entrepreneurship
Large business
entrepreneurship
Ownership  Small firms are  In large organisations,
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generally owned by
single person and in
some cases they are
entrepreneurs in their
firms.
the are are number of
partners in which one
them is an entrepreneur
or they appoint an
employee fr this aspect.
Management  Management in small
firms are easily tackled
and comfortably
implement new
strategies to achieve
better outcomes (Desai,
2013).
 There are several kind
of departments as per
different operational
procedures and
management is quite
complex and applying
new concept is little bit
difficult.
Marketing  Usually, small firms
are spread n local or
regional area only then
they have to put less
capital for promotional
events and easily make
people aware about
their products.
 Large organisations
have to make attractive
procedures for
marketing as they deals
at global, level and
have many competitors
them they need to put
more efforts towards
advertisements and
other promotional
activities.
Similarity:- There are various kind of legal rules as per that country legislation where
operational activities are going on. Different rules and norms are prepared by government
authorities which are necessarily followed by each and every large, small and medium sized
organisations. Several penalties or punishments are implemented by legal people in terms of
money or ban on certain firms for short or long period of time.
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Difference between scalable and sceptical entrepreneurship
Scalable entrepreneurship Research entrepreneurship
 These are relevant to small business
and perform their task to sustain
profitability of them by modifying
ideas and thoughts (Djankov and et. al.,
2010).
 They usually concentrate on profits in
terms to return invested capital return
to owner with some desired income.
 In case of scalable, concepts are copied
and modify it to implement fore
creating better outcomes.
 This type of entrepreneurs are conduct
proper research to determine facts and
work on them to improve brand image
by focus on long term goals.
 They work on actual findings as per
research and increase productivity and
profitability of organisations for long
time.
 They concentrate on future outputs and
work for long time achievements.
Similarities:- Both kind of entrepreneurs has same visions to build innovative strategies or
policies for implementation to attain better productivity as well as profitability of an organisation
for a long time. It is important for them to attract more customers and retain the current ones by
providing advanced quality product or services.
P3 Present, interpret and assess related data with impacts micro and small business
According to report of business population estimation of UK and regions, 2016, it has
been recorded that around 5.5 million private organisations were started. It got raised around
97,000 than 2015. that means it enhanced around 14,000 business. This has impacted positively
on economical conditions of United Kingdom. On the other hand, total employment which was
being was in the amount of 15.7 million which is around 60% over total employment of United
Kingdom.
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From above mentioned image, it has been found that 5,497,670 businesses are running
successfully. On the other hand, there are around 4,172,185 private organisations are there that
majorly do not have employees. Apart from this, 7,200 organisations are there that majorly
carrying good name in UK and have employees more than 250.
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According to the above graph, it is being analysed that around 99.3% of private
companies that are small in nature and have given around 48% of employment to citizens of UK.
On the other hand, turnover of this sector is less than large section which is around 53%.
Different types of businesses are described below:
Micro business:- Some of enterprise generated at very small level in business industry
and hey appoint several employees as per their limited requirements. They have micro standards
of firms and work on various projects to achieve fair profits through efforts applied in
appropriate manner (Drucker, 2014).
Small business:- It basically involve sole traders and partnerships and hire staff members
as per there needs to complete several tasks or procedures for generating better outcomes. They
has limited level of missions and targets on that they have to perform in accurate way to gain
better outputs.
Medium sized business:- This kind firms can usually invest in their business and hire
various skilled staff members to fulfil procedures to gain several desirable profits. Such
enterprises may appoint up to 300 employees for completing tasks and activities properly.
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(Source:- Annual report on European SMEs, 2017)
Nature and features of sole, partnerships and private business
Corporation Sole proprietor Private
This ma includes large
organisation and they are
basically run by share holders.
Such businesses are quite
complex and used to create
better productivity as well as
profitability.
This can be described as such
firms are owned by single
natural person and there is no
lawful discrimination amongst
individual and concern entity.
It can involves loans, dents
and many more (Fayolle,
2013).
There are various small or
medium organisations which
are owned and carrying out by
private individuals or group of
share holders. Non
governmental people has
ownership of such enterprises.
The above mentioned discussion had shown that there are various kind of firms are
running in current scenario and they impacts on economy of country. It helps in improving the
economic condition of nation to become more strong. Impacts are given below:
International and national impact:- It refers to global and national market in which
every organisation have to face different kind of competitors and make strategies and policies to
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Illustration 1: Annual report on European SMEs