Analysis of Entrepreneurship and Small Business Management Unit 9

This report provides a comprehensive analysis of entrepreneurship and small business management, focusing on venture types, the impact of micro and small businesses on the UK economy, and the characteristic traits and skills of successful entrepreneurs. It examines the similarities and differences between various entrepreneurial ventures, including serial and social entrepreneurs, and discusses the role of small businesses and start-ups in the social economy, particularly in terms of employment rates, competition, and business diversity. The report also explores how background and experience can either hinder or foster entrepreneurship, using ASDA as a case study to illustrate key concepts. Desklib offers this report and many other resources for students.

Unit 9 - Entrepreneurship and
Small Business Management

Table of Content
INTRODUCTION................................................................................................................................3
TASK 1.................................................................................................................................................3
Examining types of entrepreneurial ventures, their relation with typology of entrepreneurship . .3
Discussing similarities and differences of entrepreneurial ventures...............................................4
TASK 2.................................................................................................................................................5
Discussion on relevant data and statistics analysing micro and small businesses impact on
economy...........................................................................................................................................5
Importance of small businesses and start-ups in social economy....................................................7
TASK 3.................................................................................................................................................8
Discussing characteristic traits and skills of successful entrepreneurs ...........................................8
Aspects of entrepreneurial personality reflect entrepreneurial motivation and mind set ...............9
TASK 4...............................................................................................................................................10
Examining background and experience, which can hinder or foster entrepreneurship ................10
CONCLUSION ..................................................................................................................................11
REFERNCES .....................................................................................................................................11

INTRODUCTION
Entrepreneurship can be understood as one of the most essential aspect evolving in todays
competitive business worldwhere creating change with innovation, high scale resource planning and
new scale growth are essential factors.Role of entrepreneur is to bring on creative change among
businesses with varied innovative operation strategies, expand towards commercial aspects and hold
optimistic approach. ASDA company entrepreneurs have been taken in report to analyse various
factors within their skills, evolving towards new vision oriented goalswith high revenue standards.
ASDA has been competently growing by constant innovation, delivering constant quality products
to customers, making entrepreneurs success highly successful. Report will be discussing various
entrepreneurial ventures, relation with typology of entrepreneurship and their differences,
similarities among each other. Study will analyse impact of start-ups, small businesses tocreate
social impact on economy scenarios imperatively and for strengthening employment rates. The
research will further focus on traits, skills of successful entrepreneurs, which plays crucial role in
productive diversity horizons and varied aspects impacting motivation among employees.Study will
further bring analytical understanding towards background and experience impact on
entrepreneurship, in hindering or fostering entrepreneurship further.
TASK 1
Examining types of entrepreneurial ventures, their relation with typology of entrepreneurship
Entrepreneurship is ability to develop, organise new business enterprise with high passion
vision, for implementing newinnovative ideas and analyse uncertainties in order to create profits in
longer time frame. Entrepreneurial activity can be understood as evolving on enterprising human
action in pursuit of generation towards value, creation or expansion in diverse economic activities
by evolving on new ideas. The types of entrepreneurial ventures can be analysed in terms of size

and growth rates, with unique contributions to economic vitality at economy level (Four Types of
Entrepreneurship, 2021).
 Micro enterprises: This venture type can be understood as small business which sells goods
and services in local market and employs less than 10 people, with limited range of financial
funding. Small Businesses have no employees other than the self-employed owners, which
form micro enterprise business goals.
 Medium sized enterprises: This type of firm generally has more than 10 employees but less
than 50 employees in workforce, which forms varied range of creative working operations.
The medium sized enterprises are growing in structure aspects where creative diversity is
also vividly expanding on new domains furtehr.
 Large sized enterprises. With over 1000 employees employed and annual revenue over 1
billion, these companies are named as large sized firms.
Based on typology entrepreneur ventures can be analysed as follows:
 Serial entrepreneurs: This category of entrepreneurs are someone who starts and leads one
business after another, multiple businesses at same periods. There is constant growth in
development of new ideas, for day to day operations among corporate growth towards
varied business platfroms.
 Social entrepreneurs: They form category of leaders who pursue novel functions , have
new potentialities to bring on widecommunity based services, catering to welfare and social
care facilities. There is effort to create long scale changes in positive working behaviour by
building new creative initiatives, for best wellbeing
 Entrepreneurs: These are entrepreneurs who catch hold of new ideas for products, services
for bringing new rise in framework of company operations. Entrepreneurs with wide scale
innovations perceive competency factor to rise among innovations, to frame technical
strength and also to evolve on new domains.
Discussing similarities and differences of entrepreneurial ventures
Entrepreneur ventures can be analysed based on various scenarios where there are large
scale paradigms involved related with size, functions and many more, to keep up with benchmarks
in performance domains. There are various aspects of differences and similarities between
entrepreneurial ventures which can be analysed based on various factors which are as follows
(SMB, SME, and Large Enterprise: Why Your Business Size Classification Matters, 2021).
 Similarities between entrepreneur and entrepreneur: Both types of ventures demand new

vision oriented operational efficiency to be evolved, as creative usage of various ideas for
strengthened market evolvement among target customers. There is risk factor involved on
both venture style where usage of resources should be implanted in proper format.
 Difference between entrepreneur and entrepreneur:: An entrepreneur is independent,
whereas entrepreneur is dependent to function on decisions taken by entrepreneur which
creates major difference factor. Razing of fund can be done by entrepreneur whereas
entrepreneurs cannot raise fund on their own,risk balance factor can also be analysed in
depth. Entrepreneurs often bear risk, but entrepreneurs cannot bear risk among businesses
which create strong impact functionally on varied horizons for stable diversification.
 Similarities between serial entrepreneurs and social entrepreneurs: Both types of
entrepreneurs have ability to set concrete ideas, new goals actively among working horizons
and aim effective management disciplined leadership. Good time management also creates
best performance benchmarks effectively among company parameters, where new scale
advancement plays crucial role. There is also crucial role to reach as per customer oriented
aspects for best innovation working operations, by evolving on dynamic business platforms.
 Difference: The difference between serial entrepreneur and social entrepreneur can be
understood as majorly crucial factor, where serial enterprises focus on profit aspects also in
revenue. Whereas social entrepreneurs on other hand majorly heading towards free of costs
services, to develop change in society for Structure of serial entrepreneur’s business is
wide as there is consistent demand for innovation to seek in, whereas social entrepreneurs
have constant focus on creating change in bringing commercial growth
TASK 2
Discussion on relevant data and statistics analysing micro and small businesses impact on economy
UK economy being one of the most widely transforming economy at global level has 5. 9
million private new business as analysed in recent surveys, where more than 99% are small and
medium-sized businesses. SMEs and new start-ups are employing businesses fewer than 250
employees accounted for 60 % of all private sector jobs in UK, total of 16.6 million. SMEs are
crucial to UK economy with contribution increasing every year, high rise in employments rates
among community and effective varied rise among skills.
 Small business employment figures impacting UK economy: SME make up around 99% of
businesses currently operating in UK, employing millions of people collectively, with
enormous impact on UK economy. SME employs around 16.3 million people contributing to

around 60% of jobs in UK. It has been reported that SM creates wide range of employment
rise among start-ups, where there is constant rise on employment rates within economical
domains. Skilled employees within companies have been constantly growing on best
economic growth benchmarks, where this indicates economic competencies of UK has been
positively growing. Businesses have been employing around 16.3 million people,
contributing around 60% of jobs in UK, creation of over 2 million jobs in past 5 years. SME
has given positive work growth push to UK economy scenarios functionally, where constant
rise in skilled trained employees have been widely informative. There has been also wide
range of work goal advancement analysed in recent years, which has been constantly raising
new employment benchmarks of UK GDP (What Are SMEs & Why Are They So Important
for the UK Economy? 2019).
 Micro businesses turnover has strong impact on shaping UK economy: SMEs are
generally seen as key engine of growth and sustainability factors on economy scenarios
pertaining towards varied scenarios. Micro business annual turnover of less than 50 million,
where diverse new star ups have been constantly fuelling competition among diverse
businesses. This factor plays crucial role for strategic diversity to be implemented among
new micro business growth in economies and scale performance rise towards new vision
oriented aspects. There has been creation of skilled and semi-skilled employees to support
new scale industrial expansion, in business working goals which has developed stronger
GDP rise. Contributing 47 % of revenue in UK economy, small and medium sized
enterprises have key role in boosting productivity work goals effectively on varied
scenarios. Innovation and expansion to international markets have been found as
fundamental drivers in boosting productivity among UK SMEs. With vast new scale
working opportunities among small businesses there is corporate growth advancement
functionally, where focus on international development is also vivid.
The above factors have in detail concluded varied aspects of SME and small start-ups contribution
in varied competitive scale diversity, where there has been constant rise. It can be also analysed that
UK economy has been informatively yielding progression towards new scale innovation, expansion
on untapped business horizons exerting focus towards new vision (De Araujo, Joseph and Sánchez,
2020).
Importance of small businesses and start-ups in social economy
Small businesses and start-ups have integrally shaped social economy structure actively
within UK to bring on new level of expansion in innovation, higher functional working scenarios in

employment opportunities (Valine, Ash marina and Stove, 2020). UK has witnessed rise in small
businesses and start-ups among social economy parameters recently, where there has been constant
rise among working operations.
 Growth in employment rates: Opening of new small businesses and start-ups have shaped
growth in new employment rates where UK employment rates has been constantly rising
towards diverse opportunities. As work growth opportunities in corporate scenarios are
rising in recent time with new start-ups, small businesses shaping various creative ideas
effectively there has been also primitive rise within employment rates. Community
involvement and growth of employment rates has shaped business culture actively among
varied domains, where varied efficacy work goal parameters have shaped new aspects to
shape employment rates. With new creative small businesses coming in, demand of best
skilled trained employees has been also at constant rise among professional domains. UK
family firms generates 25% of the total UK GDP, family firms generate 25% of total UK
GDP giving strong boost to economy employment in UK (Boosting UK productivity with
SME growth, 2016).
 Higher competition factors: As thousands of new start-ups and small businesses are coming
up, there is also constant push to competition factor among corporate work opportunities.
High competition factor among businesses has also shaped ideologies in working scenarios
on functional levels, where start-ups have given positive rise to competion in business
scenarios. Communities positive business environment has also been diversely shaping
culture of small business, start-ups to be keenly working towards new smart inventions.
There has been also productive rise in innovative business standards among companies,
where competition among start-ups and new ethical fundamentals has shaped economy.
(Pardo-Garcia and Barac,2020).
 Rise in diversity of business opportunities: There has been instant rise in diversity of
business opportunities within UK economy, where factors such as less cost expenditure and
large economic push to opportunities have been found prominently on rise There are varied
aspects of creative work goal advancement, higher use towards innovative business
productivity which has been constantly on rise by new employabilityopportunities. Diverse
factors of varied scale business opportunities have been informatively rising on varied
platform in social economy, contributing to constant rise in GDP (Garrido-Yserte, Crecente-
Romero and Gallo-Rivera, 2020).

TASK 3
Discussing characteristic traits and skills of successful entrepreneurs
Successful entrepreneur’s characteristic traits and skills can be analysed to be widely crucial
aspect for strengthening vision oriented growth, new scale varied efficacy aspects for competent
fundamental progress. There are various characteristic traits and skills, which has enabled ASDA
entrepreneurs to hold uniqness in all working scenarios and deliver new working diversity.
 Team building skill: Entrepreneurs for beingsuccessful need to possess strong team
building skills in their working efficiency where coordination, in depth functional working
efficiency generates high scale motivation. Team building skills also demands leader to be
competent in working performance aspects for varied scale innovation, higher creative
working skills for harnessing new diversity (Decker-Lange, Lange and Walmsley, 2020).
This factor also generates new imperative work domains on which yielding synergy for
motivating employees play strong role, in building company targets. Team building also
creates innovative business positioning in longer pertaining horizons with best leadership to
be implemented among teams.
 Risk tolerance: Successful entrepreneurs also need to possess risk tolerance in their
working operations where risk tolerance factors come in, also it becomes crucial for wider
scale imperative performance targets Risk tolerance characteristic demands entrepreneur to
hold optimistic functionality on wider scale efficacy among working parameters. Also to
bring nalysis investments priorities and hold decisiveness within varied departments. There
should be knowledge of varied latest trends in competitive business environment for best
performance benchmarks raising towards new growth domains (Verver, Roessingh and
Passenier, 2020).
 Strong work ethics: Entrepreneurs for pertaining towards new success domains among
companies working performance horizons need to ensure best work growth outcomes be
delivered among employees. Also strong expertise among employees need to be delivered
by training all workforce, with high professional acumen and new expertise within business
working operations. Strong work ethics generate new scale advancementamong corporate
functional operations towards directive domains, to rise towards new scale working goals
actively (Guiso, Pistaferri and Schivardi, 2021).
Aspects of entrepreneurial personality reflect entrepreneurial motivation and mind set
The aspects of entrepreneurial personality reflect entrepreneurial motivation and informative

minds set widely as working operations among entrepreneurs, enable innovation to diversify.
Entrepreneurs personality with high vision oriented growth factors, strengthened corporate
analytical approaches gives positive work shift to new directions. ASDA entrepreneurs have been
positively growing towards new innovative mind set working operational growth goals, where
aspects of their personality reflecting motivation and mind set are as follows:
 Self-determination and independence: This aspect of entrepreneurial aspect reflects
positive self-determination, motivation and informative mind set to keep up with confident
performance horizons. This factors also plays essential role to deliver new scale
advancement for corporate strengthened domains, where positive mind-set enables
independent work to be delivered. Also self-determination yields new competencies raised
on commercial acumen for further diversity, to be competent towards new horizons.
 Persuasive communication ability: Entrepreneurs as leaders in company need to evolve on
smart persuasive communication ability among teams where new keen performances within
business goals are strongly demanded (Zahra, 2021). Also this brings on demand for leader
to be active on bringing best creative training sessions among company’s goals, which
generates innovation. Passionate understanding towards new communication skills enable
entrepreneurs to be competent towards wider targets actively, also to evolve on newbest
performance goals.
 Intrinsic motivation drive: This aspect of successful entrepreneurs informatively reflects
motivation,mind set horizons with positive directions where intrinsic motivation plays
crucial rolegenerates strong profound work growth efficacy. Willpower and positive
dedication gives positive push among leaders,to develop profound work growth innovations.
Also drive for takingbest working decisions among teams plays essential role to
strengthenvision for longer profound stability, best committed working operations and
functional diversity.
 Positive mental attitude: This aspect within entrepreneurial personality reflects best positive
mental attitude by which motivation and mind set are influenced definitely, to create
stronger working operational efficacy. Leaders with dynamic experience and positive
mental attitude can generate smarter working goal innovative performances, bring on best
competencies functionally among workforce. Positive mind set also functionally enhances
new performance benchmarks among company’s long term business goals, leverage new
strengthened ideas professionally (Zucchella, 2021).

TASK 4
Examining background and experience, which can hinder or foster entrepreneurship
The experiences and background has strong impact on working aspects among
entrepreneurs, which can hinder or forester relationships within extrendeddomains actively for
keeping up with performance domains. Globally there are various examples of entrepreneurs whose
ideologies to bring on varied scale innovationin businesses, enables us to analyse impact of
background experience on future performance (Morris, 2021).
 ASDA brothers started businesses with single petrol forecourt, heading to owning expanded
businesses where experiences in background enabled variably. This factor enables in depth
analysis where background, influence of previous professional experiences have strong
impact on hindrance or fostering entrepreneurs. It can be analysed that passion, consistent
vision oriented growth factored new scale advancement in fuelling leadership and competent
new performance growth towards new targets. Analysis enables us to analyse both brothers
have faced struggles in there beginning career, which strongly hindered in financial
struggles also. There has been constant rise in fostering business professional relationships
among their performance goals tokeep up with new smart operational work parameters.
 Mark Zuckerberg, CEO of Facebook is also another globally recognised entrepreneur whose
successful leadership,best business decisions, hasshaped smart work goals activly in shaping
innovation smartly. Mark background enables us to analyse being drop out from college
hindered his initial business capital venturing, where various challenges such as starting up
of new businesses were analysed. His creative ideologies to analyse latest business trends,
shape innovation actively among corporate commercial fundamentals has also enabled
leader to bring on new functional scale growth. Entrepreneur experiences has fostered
passion, willpower to form new best company performances onwards, in varied efficacy
horizons for constant target growth towards new performance domains (What Is
Entrepreneurship? – Types & Importance, 2021).
 Another example, J. K Rowlingone of the richest author in world has been leading
entrepreneur whose vision and courisma has shaped her writing career professionally. This
factor plays strong role in bringing on focus towards analysis, where her personal
background has been dynamically shifting to new domains variably. Her professional
success also brings on varied emphasis where initial challenges, has been widely impacting
as hindrance towards future commercial performance goals. There has been constant rise
towards writer’s career due to her passion, creative understanding and willpower to analyse

new changes among corporate working scenarios.
CONCLUSION
Entrepreneurship has been concluded in report as one of the major aspect in creating wide
range of business development, within competitive diverse world. From the above analysed report
it has alsoconcluded in depth that entrepreneurship ventures are divided on basis of size, lifestyle
factors and their operational factors among economy scenarios. Study has concluded role of small
businesses and new start-ups as crucial aspect in rising employability, higher GDP benchmarks
and deliver diversity among community involvement. Entrepreneurs skill such as passion,
foresighted vision and dedication to bring on diversescale operational diversity whcih enables to
create best positioning in competitive business domains. Study has also concluded further self-
determination, dedication drive and positive mind set reflects motivation for strengthening
competent scale goals among corporate scenarios. Further report has concluded examples such as
ASDA brothers, J.K, Rolwling and Mark Zukerberg where background, experience creates impact
for hindering and fostering growth within entrepreneurship.
REFERNCES
Books and Journals
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entrepreneurship skills of engineering students through problem-based learning: A case
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Decker-Lange, C., Lange, K., and Malmsey, A., 2020. Exploring Entrepreneurship Education
Effectiveness at British Universities–An Application of the World Café
Method. Entrepreneurship Education and Pedagogy, p.2515127420935391.
Garrido-Yserte, R., Crecente-Romero, F. and Gallo-Rivera, M.T., 2020. The relationship between
capacities and entrepreneurial intention in secondary school students. Economic
Research-Ekonomska Istraživanja. 33(1). pp.2322-2341.

Guiso, L., Pistaferri, L. and Schivardi, F., 2021. Learning entrepreneurship from other
entrepreneurs?. Journal of Labor Economics. 39(1). pp.135-191.
Morris, M. H., 2021. Poverty and entrepreneurship in developed economies. In World Encyclopedia
of Entrepreneurship. Edward Elgar Publishing.
Pardo-Garcia, C. and Barac, M., 2020. Promoting employability in higher education: A case study
on boosting entrepreneurship Skills. Sustainability. 12(10). p.4004.
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international entrepreneurship research: a multilevel analysis of antecedents, processes,
and outcomes. International Entrepreneurship and Management Journal. 17(1). pp.321-
368.
Velinov, E., Ashmarina, S. I. and Zotova, A. S., 2020, May. Importance of International
Entrepreneurship Skills Among MBA Students: Global Comparative Study.
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Verver, M., Roessingh, C. and Passenier, D., 2020. Ethnic boundary dynamics in immigrant
entrepreneurship: a Barthian perspective. Entrepreneurship & Regional Development.
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Zahra, S. A., 2021. International entrepreneurship in the post Covid world. Journal of World
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Zucchella, A., 2021. International entrepreneurship and the internationalization phenomenon: taking
stock, looking ahead. International Business Review, p.101800.
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