Entrepreneurship & Small Business Management - Unit 9 Detailed Report

This report provides a comprehensive overview of entrepreneurship and small business management, focusing on Unit 9 topics. It examines different types of entrepreneurial ventures, including social, commercial, small-scale, and large-scale ventures, and their relation to various entrepreneurship typologies like copycat, determined, and research entrepreneurs. The report explores the similarities and differences between these ventures, their impact on the economy using relevant data and statistics, and the importance of small businesses and start-ups to the growth of the social economy. Additionally, it identifies the characteristic traits and skills of successful entrepreneurs, assesses how entrepreneurial personalities reflect motivation and mindset, and examines how background and experience can hinder or foster entrepreneurship. The analysis includes examples from both the public and corporate sectors, providing a critical examination of the scope, development, and growth of entrepreneurial ventures and their impact at local, regional, national, and international levels. The report concludes by highlighting the key factors contributing to entrepreneurial success and the influence of personal background and experience.

Unit 9: Entrepreneurship and Small
Business Management
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Table of Contents
Introduction......................................................................................................................................2
LO1..................................................................................................................................................2
Introduction......................................................................................................................................2
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship...........................................................................................................2
P2 Explore the similarities and differences between entrepreneurial ventures...............................5
M1 Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of
entrepreneurship in both the public and corporate sector................................................................7
D1 Critically examines the scope, development and growth of entrepreneurial ventures..............8
LO2..................................................................................................................................................9
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy....................................................................................................................9
P4 Explain the importance of small businesses and business start-ups to the growth of the social
economy.........................................................................................................................................11
M2 Evaluate the differences small, medium and large businesses make to the economy, applying
relevant data and statistics.............................................................................................................13
D2 Critically examine how small businesses have an impact on different levels of the economy
(local, regional, national) and in an international context.............................................................14
LO3................................................................................................................................................15
P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers..............................................................................................15
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P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset...........................................................................................................................................16
M3 Explore and examine different lines of argument relating to entrepreneurial characteristics.17
D3 Analyse the characteristic traits, skills and motivational drivers of successful entrepreneurs,
supported by specific examples.....................................................................................................18
LO4................................................................................................................................................19
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship............................................................................................................................19
M4 Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs..................................................20
D4 Critically evaluate how background and experience influences entrepreneurs, both positively
and negatively, by comparing and contrasting examples..............................................................21
Conclusion.....................................................................................................................................22
References......................................................................................................................................23
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Introduction
An entrepreneur isa person who takes risky decision to perform risky activity that assist to
maintainlong-term growth and sustainability in tough competitive business environment. To
generate high income and success entrepreneuralways look for new growth opportunities. He
makesnew innovation, concept, process and idea to operate different business operations in most
appropriate and suitable manner. Entrepreneur required various skills and qualities such as
quickdecision making, risk taker, management skill, communication skill and innovative skill
that assist to start new business and also help to attain desired result. This assignment is based on
Austin Fraser which is consultancy based company that deliver great services to customers in
UK. There are various different types of ventures has been examined in this assignment with
several types of entrepreneurial typology. In the other section contribution of micro, small and
large business has been examined towards the economy of UK.Apart from this, several key
aspects of entrepreneurialmindset is analysed that assist to attain set goals.
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LO1
Introduction
Entrepreneurship is study of process of starting new venture to generate high profitability and
success in large marketplace. In this section, a different type of entrepreneurial ventures has been
examined. Also has been discussed about growth, scope and development of different
entrepreneurial ventures.
P1 Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.
Entrepreneurship is a processof starting new business and venture to generatea high level of
profitability and success in the tough competitive marketplace. It is necessary for an entrepreneur
to manage funds to start newfor generating high income and profitability.In the UK there are
wide scopes of entrepreneur venture that contribute so much tothe growth of the economy. A
personestablishes small venture and startupto achieve high success and development in the tough
competitive business environment. There are types of an entrepreneurial venture that generate a
highlevel of profitability whichis examined as under:
Social venture:This type of venture works for the benefits of society and provide high-quality
products to people at less price. The main aim of social venture is to reduce social problem and
issues by delivering great services to them.
Commercial venture: They provide high-quality products and services to customers to generate
high income and sale. The main aim of this type of venture is to earn high profitability at
maximum cost. Commercial venture gives high attention to satisfy current requirements and
expectation by using the unique and new idea in the production process (Amiriand Marimaei,
2012).
Small-scale: The main aim of small-scale venture is to earn a high level of growth and
profitability in available resources. In the UK there are huge numbers of small-scale business
operated by an entrepreneur to earn high income that contributes so much to the growth of the
country.
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Large-scale venture:This type of entrepreneur venture providea wide range of products and
services to customers to fulfill their requirement in a proper way. The main aim of the large-scale
venture is to earn high profitability and growth in the tough competitive marketplace. To achieve
set goals and objectiveslarge-scaleventure to operate its business activities and operations at
international scale.
Apart from entrepreneurventure, there are some typologies of entrepreneurship which are
examined as under:
The copycat entrepreneur:This kind of entrepreneur use others idea, concept and thought to
generate high income and success.A copycat entrepreneur facesfewer issues as they use an idea
which is already used by someone. To earn the high income they develop great plans and
strategies that help to maintainlong-term sustainability (Barringer, 2012). For example,Andrew
Carnegieis a copycatentrepreneur who achieves success by following other’s planning and
strategies.
The determined entrepreneur:They do not copy any one’s idea and concept to operate
different business activities and operations. Determinedentrepreneurdo hard work to attain high
profitability and growth in the tough competitive business environment.For example, Mark
Zuckerberg is a greatpersonality who is determined entrepreneuras he is highly focused towards
his work.
The research entrepreneur:This type of entrepreneur gives high attention toresearch for
achievingthe desired result in business activities. Research entrepreneurbelieves in a learning
process that assist to face any difficult situation to earn a highincome in the certain period. For
example: Bill gate is researchentrepreneur who doresearch to resolve different issues and
problem.
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P2 Explore the similarities and differences between entrepreneurial ventures.
There are so many common features of large, small, social and commercial ventures which are
examined as below:
The main aim of these organisations is to satisfy wants, requirements, desire,and expectation of
customers in mostappropriate and suitable manner by delivering high quality of products and
services at fewer prices.
All the organisation like small, large, social and commercialhavethe main motto to generate high
income and growth in the tough competitive business environment (Dacin, et. al., 2010). For
this, they operate various functions like production, marketing, finance and HRM in a systematic
way.
There are various similarities and difference between entrepreneurial ventures which can be
examined easily by giving high focus on some points which are analysed as under:
Difference between social and commercial venture
Social Commercial venture
They give more focus to reduce social issues
and problem
Social venture provideshigh-quality goods at
less price to enhance the living standard of
customers.
Give high attention to generate high income
They provide a high quality of products in the
marketplace to enhance satisfaction level of
customers in an effective way.
Difference between Large and small-scaleventure
Small venture Large-scale venture
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Small venture havea narrow scope of growth.
Need fewer employees to operate business
functions and activities
Small venture required less funds for
functioning
They have wide scope to gain new growth
opportunities.
They need a huge number of employees to
operate business activities.
Large-scale venture needsa huge amount of
funds to operate business functions.
Similarities between social and commercial venture
Both organisations develop great strategies and planning to operate their business operations and
activities in a mostappropriate manner to earn maximum profitability at minimum cost. They
take help of various idea, concept,andprocessto develop high quality products and services for
customers.
The commercial and social organisation takes help of effective and successful strategies, policies
and techniques so that they can operate their daily business operations in an appropriate manner.
Apart from this, both organisations perform business functions for generating a high level of
financial profit.
Similarities between large and small scale venture:
There are several similarities between them because both have the same motto to earn high
profitability and success in the tough competitive marketplace. Both organisations contribute so
much to the growth of nation and economy of the country.
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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.
There are various different types of entrepreneurialventuresthat have different target and motto.
These are examined as under:
The Public sector:They provide great quality of products and services to customers to increase
their living standard in a proper way. In the UK there ishuge public sector organisation that
works for the benefits of people and society (Grimaldi, 2011).
The corporate sector:In this all type of organisation such as small, large and commercial come
that have main aim to earn high profitability and success in the toughcompetitive marketplace.
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D1 Critically examines the scope, development,and growth of entrepreneurial ventures.
According toHall, et. al., (2010), In UK there are so many starts up and small organisationthat
contributetowards the growth of economy and development of the nation. They provide huge
growth opportunities to people through they can easily improve living standard and level of
income. It is important for them to take help of advancedtechnology for producing high-quality
products andservices at less cost to enhance satisfaction level of customers.
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LO2
P3 Interpret and assess relevant data and statistics to illustrate how micro and small
businesses impact on the economy.
Towards the growth of economy and development of nation both micro as well s small business
organisationcontributes so much. It is necessary for the government to provide proper funds to
them so that they can easily operate different business activities and functions in a proper way to
generate high income and growth in the toughcompetitivemarketplace. Austin Fraser is a
smallorganisation that delivers great quality of services to customers.
(Figure: Growth of Small-scale enterprises)
(Source: Business Advice, 2017)
Small business improvesthe economy of United Kingdom by providing a different range of
products and services to people at less cost. They develop great strategies and plans to fulfill
currentrequirements, desire and wants of customers in most effective manner. In the UK there
are 90% of small and micro business organisations run by entrepreneurship that play great role
improvethe living standard of people and development of the economy (Kibler, 2013). Huge
growth and new opportunitiesare provided by them to local people that improve their income
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level and living standard in a suitable way. Huge job creation is done by micro as well as the
small business organisation that contributesso much to the national income of the Country.
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