Entrepreneurship and Small Business Management Report for Comatch

This report delves into the multifaceted world of entrepreneurship and small business management, examining various types of entrepreneurial ventures, including small business, scalable start-ups, large company, and social entrepreneurship. It differentiates between serial entrepreneurs, intrapreneurs, and owner-managers, highlighting their key roles and responsibilities. The report analyzes the significant impact of small and medium enterprises (SMEs) on the UK's economy, including their contribution to GDP, employment, and innovation. It also explores the effect of small businesses and start-ups on the development of the social economy, and evaluates the impact of small, medium, and large businesses at different economic levels. Furthermore, it discusses the traits and skills of successful entrepreneurs, entrepreneurial personality aspects, and the environmental factors that foster or hinder entrepreneurship. The report also assesses the impact of Brexit on SMEs and the UK economy, including both positive and negative effects. Finally, the report provides insights into the impact of small businesses on different levels of the economy and the importance of SMEs in generating employment.

Entrepreneurship and
Small Business
Management

TABLE OF CONTENT
TABLE OF CONTENT...................................................................................................................1
INTRODUCTION...........................................................................................................................1
SCENARIO 1...................................................................................................................................2
1. Examination of various types of entrepreneurial ventures.................................................2
2. Key difference and similarities between serial entrepreneurs, intrapreneurs and owner
managers.................................................................................................................................3
3. Describing public and corporate sectors entrepreneurial ventures.....................................3
4. Examination of scope, development and growth of entrepreneurial ventures...................4
SCENARIO 2...................................................................................................................................4
1. Impact of small and medium enterprises on UK's economy..............................................4
2. Small business and start ups effect on development of Social economy...........................5
3. Evaluation of Small, Medium and Large businesses on different levels of economy.......5
4. Impact of small businesses on different levels of economy..............................................6
SCENERIO 3...................................................................................................................................7
1. Trait and skills of successful entrepreneur.........................................................................7
2. Aspect of entrepreneurial personality reflect entrepreneurial characteristics....................8
3. Evaluation of Characteristics, traits, skills and motivational drivers of successful
entrepreneurs..........................................................................................................................8
4. Background and experience that foster and hinder entrepreneurship...............................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship refers to a start up business. On the other hand small businesses can be
defined as a those business organisations which does not have huge turnover. It can also be
termed as a basis of each large business organisation, as each business has started its business as
an entrepreneur only. Comatch is an advisory firm of UK which was established in 2014. The
company provides professional advises to various business organisations in UK. The present
study shows a report of trainee consultant that includes a description of variety of
entrepreneurship along with their typologies and a brief description about serial, intrapreneurs
and owner managers along with their scope, development and growth. The report also includes
interpretation of relent data and statistics for showing significant impact over UK's economy
along with showing growth and development of start-ups in UK's economy. In addition, it shows
a difference among small, medium and large businesses and impact of small business over
different levels of economy. Further, the study shows a brief description about characteristics
and traits of successful entrepreneurs along with and examination about various environments
being foster and hinder entrepreneurship.

SCENARIO 1
1. Examination of various types of entrepreneurial ventures
The entrepreneurial can be major divided into 4 parts.
 Small business entrepreneurship: Small scale entrepreneurship can be defined as those
business which contains the smallest part of the competitive business. These are genrally
private entrepreneurial ventures (Kirzner, 2015). These includes grocery stores, consultancy
services etc. that does not need a large amount of investment for starting their business.
The 3M, Sun microsystems are some small business entrepreneurship clients of Comatch.
Company provides advise as to enhance attract more customer and increase their
profitability and market share within the business.
 Scalable start-up entrepreneurship: these are those entrepreneurs who have those kinds
of business ideas that can change the trends and tactics of business in the whole world.
These business requires more funds than the small business enterprises. Generally these
types of businesses attracts investors so that they can get enough fund and can effectively
launch their new idea in the market as well. Comatch provides services to these
entrepreneurship for attracting larger number of investors towards them. So that they can
generate more funds and proceed to launch their innovative plans and ideas into market.
 Large company entrepreneurship: Large company entrepreneurship offers new
products sustainable innovations, the latest techniques, etc. they have power to change
the taste of customers. Sony is an example of scalable start up entrepreneurial venture. It
innovates its product in such a way pre-preference and taste of its customers gets change.
Comatch provides advises about how they can innovate their products and services.
 Social entrepreneurship: Social entrepreneurship provides services and products to
public with a motive to provide social services in the country. They do not have profit
motive behind their performance. Further, they helps the overall country in attaining a
better place in the whole world. Non profit organisations are major examples of the social
entrepreneurship. Comatch provides advise to these entrepreneurships so that they can
improve their services and provide more health and wealth care services to their
customers.

2. Key difference and similarities between serial entrepreneurs, intrapreneurs and owner
managers
Key difference between serial entrepreneurs, intrapreneurs and owner managers
Basis Serial entrepreneur Intrapreneurs Owner managers
Meaning Serial entrepreneur is a
person who manages and
leads more than one
enterprise at a single time.
Intrapreneurs are those
employees who are
authorised to make
innovation in the products,
services, business process,
policies etc. for the purpose
of enhancing its
Owner managers are
those individuals who
perform both ownership
and management
function in a single
business.
Key focus Over startup companies Both startup and existing
businesses.
Existing businesses
Status They work as leader in the
company.
Intrapreneurs work as
employees of the firm
These performs their
tasks by being managers
of business
Resources Serial Entrepreneurs use
their own resources for
performing their tasks
Intrapreneurs use resources
of the company for their
performance.
Owner managers use
company's resources.
Similarities
Major similarity among the above three individuals is that all these personalities performs
their tasks for providing growth to the company. Further, they add values in the existing
resources of the business and develops plans for enhancing the efficiency of the overall business.
3. Describing public and corporate sectors entrepreneurial ventures
Public sector entrepreneurial ventures
Public sectors can be defined as those section of enterprise in whose operations and
controlling system government gets involved (Burkholder, Stam and Hulsink, 2016). Public sector
entrepreneurial ventures are those ventures that involves greater amount of perspective towards
the economy of country.
Corporate sector entrepreneurial ventures

Corporate sectors involves those corporations that are owned and controlled by private
bodies. Corporate sector entrepreneurial ventures works for creating innovation within the
business organisation. These ventures mostly helps the economy in gaining more innovative
ideas of performing business activities.
4. Examination of scope, development and growth of entrepreneurial ventures
Development of the entrepreneurial venture depends upon the change in recession in the
country. Due to lack of job opportunities, the interest of public is increasing towards
entrepreneurship. It may result in enhancement of scope in the entrepreneurial ventures.
On the other hand, although, the entrepreneurial venture involves a huge risk, burt with
the help of increase in scope and development in the entrepreneurial venture, these are attaining a
rapid growth in the business as well.
From the above examination, it can be the scope, development and growth of the
entrepreneurial venture is rapidly increasing in the UK's economy.
SCENARIO 2
1. Impact of small and medium enterprises on UK's economy
SMEs are defined under European commission defines as enterprise that has less than
250 employees and has annual turnover not exceeding €50 million.
The impact of SMEs on UK's economy has been huge and tremendous. They boosted the
economy of UK by contributing in GDP of the country, provided employment opportunities to
the unemployed people, economic development of the country. They contributed in the growth
as well as in bringing innovation and creativity in the country.
SMEs are contributing in 50 percent of the UK GDP. They are providing 67 % of UK's private
job. They are responsible for creating jobs for people in last few years and is increasing
employment opportunities day by day. They are helping the economy in creating wealth and
increasing productivity of the economy (Burkholder, 2016).
In terms of productivity, the contribution was from small businesses especially which involved
exports. The major growth of SME started at the time of recession when few entrepreneur grab
the opportunity to grow. The SME contributed in the economy to an extent that government of
UK supported them for research and development in the budget.

The majority of bushiness in UK are small and medium enterprises which account in generating
15.7 million jobs. They enable the government to pursuit innovation and progress and also
government funded them and created and environment for them which allow them to grow and
expand.
2. Small business and start ups effect on development of Social economy
Social economy consists of co- operatives, associations which share common values. In
socialist economy all the members share ownership and government uses the resources of the
country for social welfare. It promotes equality between rich and poor and government play as a
positive role for the welfare of the people.
The main objective of social economy is to have no exploitation of people and maximising social
welfare (Mariotti, 2015). It distributes the wages and work according to the need of people and
helps in making economic plans with certain objectives like infrastructure, etc. to achieve it for
the betterment of the people.
The social economy deals with welfare of economy and society and small enterprises and start
ups has played an important role in its development providing jobs to people that lead to equality
and income generation for needy and poor.
Entrepreneurs created ways to connect resources and use them in a best way possible. They
improved the quality of life. They contributed in economic and social development of country
and society and contributed to research findings. It has contributed in balance of payments which
is the most crucial feature of UK economy.
Most of the small firms and start ups are involved in exporting and providing international
services (68 % of them are in exporting business) which made the balance of payment efficient.
These enterprises also helped in enhancing equality as there are almost 15 million women self
employed and these SMEs lead by female contribution is invaluable in the economy.
3. Evaluation of Small, Medium and Large businesses on different levels of economy
When UK left the EU, the small medium large enterprises got affected badly. It created
the negative impact among enterprises. Brexit resulted in range of negative results by impacting
capital investment that declined the growth of enterprises.
It impacted minds and thought process of entrepreneur who were considered to be innovative
and creative. Boosting productivity and economic growth got highly affected. Eventually only 13

percent entrepreneurs said Brexit will have a positive impact on the economy. Brexit has
impacted Sme and large firms and that eventually impacted economy (Mariotti, 2015).
This will impact local, regional and national income negatively in terms like now exporting will
become more expensive and complex as UK loses it accesses to custom unions. Sme used to
contribute the most in boosting productivity and economic growth which got affected by Brexit
negatively.
Brexit also affected large enterprises mostly service related, hi tech firms and declined
employment generation and their sales at global level. It affected institutional instability at
national level ( Role of start ups in Economy, 2018 .)
Brexit also impacted positively on sme that lead to creation of opportunities for new markets
with the potential to trade with India, china etc. internationally. It might lead to increase in sales
and if sme get indulged in export business will lead to wealth creation, and economic
development.
Recent innovation of Digital single market is a benefit that would benefit UK at regional as well
as national level by removing unwanted regulations and improving goods and services. Also,
now new SMEs will not be bias and will able to recruit employees from abroad as well which
will help them in creating skilled talent workforce that will lead to productivity.
4. Impact of small businesses on different levels of economy
Impact of small businesses on different levels of economy -
National economy – Small businesses contributes to national economy in a various way
as there are many small businesses in UK, they contribute the most in boosting the economy. It
impacts positively to national economy by -
GDP contribution – It contributes to the gross domestic product of the country and leads
to overall development of the country ( Role of start ups in Economy, 2018 ). It helps in
increasing output, profit and value addition in the economy. It leads to positive rate of return on
additional capital.
Balance of payments – It contributes in BOP as most of the small businesses are
involved in exporting or providing services abroad which balances BOP.
Taxes and duties – Small businesses contribute in generating revenue for government
through taxes and duties imposed by the government which indirectly lead to social welfare of
the society.

Local economy – Small businesses contributes in boosting local economy as well by -
Employment opportunities – Mostly small businesses are labour intensive which
requires labour and that create employment opportunities for people which lead to generation of
income and increase in productivity and also optimum utilisation of resources. It helps
individuals in developing their skills, experience and knowledge by creating job opportunities.
Access to services – It helps individuals to increase their standard of living and also
provide them with flexibility of services and create an opportunity for themselves to create a
loyal customer base with flexible and innovative services.
SCENERIO 3
1. Trait and skills of successful entrepreneur
The trait and skills of Alan sugar that others don't have is his vision and to think
differently than others. The qualities that Alan Sugar possesses are ability to plan and think
before speaking anything.
Alan has a developed mindset that can make and create plans that are effective and easy to
achieve (Ferreira, 2017). Alan poses some excellent organisational and administration skills and
instead of giving importance to small issues and details, looks at the bigger picture. Alan
evaluates the plan and its positive and negative impacts and that is what makes a difference and a
secret of successful organisation he owns. Alan instead of showing off stay grounded that make
normal people relates to Alan. Alan uses practical and logical approach for solving issues and
problems.
Alan utilizes practical skills, good working conditions to make a friendly environment of work
and to save money and economic resources of the company. Alan other than that take cares of
health and stamina to be able to work continuously and efficiently which is again a great quality
of entrepreneur and he prioritizes work and health and maintain balance between both. Alan
posses clear vision with efficient planning skills and skills of managing workers ( Role of start
ups in Economy, 2018).
Alan focuses on building positive relationships with employees and creating a positive
environment in the company that leads to success of the company and these all qualities and
traits makes the difference and allow Alan to be a successful entrepreneur

2. Aspect of entrepreneurial personality reflect entrepreneurial characteristics
The five factor model called Ocean model helps to find out the personality traits of individual. It
talks about 5 traits -
Openness – People who are open to new experiments and experiences and are open to
learn new things are high in openness. It includes imagination, foresightedness and having
various interests.
Conscientiousness – It includes being managed, organised and have clear mind. Higher
the conscientiousness, higher the person s reliable, straight forward and trust worthy.
Extraversion – The qualities like being energetic, talkative and assertive. In simple
words' extraversion people get their energy by talking top other people whereas intro-wards get
their energy from within (Ferreira, 2017).
Agreeableness - They easily agree with others. They are highly friendly, cooperative
and passionate about their work. The people with agreeableness are mostly kind, emphatic and
caring towards others.
Neuroticism - This quality reflects emotional stability. This trait includes negative
thought a person imagine and to what extent. People with emotional instability and negative
emotions have high Neuroticism and these people are often moody and tense.
Based on this five factor model the personality of Alan Sugar and Richard Branson can be find
out -
Trait Alan Sugar Richard Branson
Openness Always open to new ideas. Highly imaginative.
Conscientiousness Quick decision making. Slow decision making process.
Extraversion Is an extrovert and effective
leader
Is an intro ward and shy
personality.
Agreeableness Is kind and caring towards its
employees.
Is sympathetic and think about
employees and their welfare.
Neuroticism Not moody and stay happy and
motivated.
Predictable, happy and reliable
leader.

3. Evaluation of Characteristics, traits, skills and motivational drivers of successful entrepreneurs
Trait Advantage Disadvantage
Business focus They have clear visions and
goals, focus on optimising
profit. They focus on human
resource and communicate
with them efficiently.
Sometimes the focus on goal
gets too rigid that it turns out
to be a curse and lose of
customers.
Confidence Entrepreneurs who are
confident has ability to
succeed and are action
oriented.
Sometimes confidence turns
over confidence and they start
planning ahead and get
prepared for extra
contingencies without its need
Creative thinker They are quick learner,
imaginative and curious that
open many ways for them to
be successful.
It gets difficult for them to
work in team and they often
change their direction of
thinking which creates
confusion.
Risk taker The risk takers are extremely
confident, are practical and can
deal with complexities.
Sometimes over confidence
lead to loss of money, errors in
judgement and hustle.
Promoter This quality possessor are
mostly enthusiastic, persuasive
and are a good leader.
They lack objectivity and
ignore flaws in the plan or
task.
Independent They are multi tasker,
responsible and focus on main
objective.
They cannot build the team as
believe in themselves and
cannot easily trust others.

4. Background and experience that foster and hinder entrepreneurship.
Alan Sugar is one of the best known businessman of UK, his background and experience
helped him grow and nurture as a businessman and sometimes also pulled him down from the
position (Dana, 2018).
The background of Alan sugar was not rich, with the help of dedication and hard work
Alan managed to be a successful entrepreneur. In the early days of being an entrepreneur Alan
managed to start the venture but in the early stages of life Alan was too selfish and self centred
which later made Alan emotionally unstable and the experience of going away from parents. At
the age of 31 Alan was successful but the emotional instability and sadness was all over .
Alan in early stages of venture was over confident, rational, selfish and practical and whole focus
was on profit maximisation and capturing market share.
As he got distant from parents, wife and kids the realisation of family and emotional need
emerged in Alan and that experience changed the style of work and traits he had in the
beginning. Alan admitted his own mistakes and turned out to be a good man with emotional
feelings and not so friendly approach which helped him grow more.
Alan faced many problems and experienced any troubles but in 1970 he turns out to big turnover
and healthy profit margins in millions but early 1990 was not so good time for him but with all
the positive attitude Alan survived and continued to became multi millionaire.
CONCLUSION
The report concludes about the small medium large enterprises and how they affect and
contribute to different levels of economy. The report classified the impact of Brexit on different
enterprises and its positive and negative impact. The report evaluated the skills and traits of
entrepreneur and its need to be successful in the market. The report outlined the traits of two
entrepreneurs and their evaluation and the reason that motivate them and made them, successful
along with their background and experience.