University of Business Studies - Unit 9: Entrepreneurship Report

This report, focusing on Unit 9 of an Entrepreneurship and Small Business Management course, provides a comprehensive analysis of various aspects of entrepreneurship. It begins by exploring different types of entrepreneurial ventures, such as small business entrepreneurship, scalable start-ups, and social entrepreneurship, and analyzes their relation to the typology of entrepreneurship. The report then differentiates and compares these ventures, highlighting their similarities and differences. The impact of micro and small businesses on the economy is assessed using relevant data and statistics, emphasizing their contribution to job creation and economic growth. Furthermore, the report explains the significance of small businesses and start-ups in the growth of the social economy, discussing their role in technological advancements and job opportunities. The report also analyzes the characteristics, skills, and traits that distinguish entrepreneurs from managers, providing examples of successful entrepreneurs like Elon Musk and Richard Branson. Finally, the report discusses the effect of entrepreneurs' backgrounds and experiences on their ventures.

Unit 9 –
Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION................................................................................................................................3
TASK 1 ...............................................................................................................................................3
P1 Discuss several types of entrepreneurial ventures & analyse how they relate to typology of
entrepreneurship ..............................................................................................................................3
P2 Present differences and similarities between entrepreneurial ventures......................................4
TASK 2.................................................................................................................................................5
P3. Assess relevant data & statistics to illustrate how micro as well as small businesses have
effect on the economy......................................................................................................................5
P4. Explain significance of small businesses & start-ups to the growth of the social economy.....7
TASK 3.................................................................................................................................................8
P5 Analyse characteristics, skills, & traits of entrepreneurs that are different from managers.....8
P6 Explain different entrepreneurs personality which reflect entrepreneur mindset and motivation
.........................................................................................................................................................9
TASK 4...............................................................................................................................................10
P7 Discuss effect of background and Experiences of an Entrepreneurs .......................................10
CONCLUSION..................................................................................................................................12
REFERENCES...................................................................................................................................13
Books & Journal:...........................................................................................................................13

INTRODUCTION
In business sector, it is important to examine and analyse the type of entrepreneurship
which is needed to be adopted. It is essential to chose the suitable so that decision making is done
properly (Hamisi, 2017). Main of this report is to clearly understand the scope of entrepreneurship
& an understanding of enablers & barriers to business start-up. This report includes types of
ventures, similarities and difference between entrepreneurial ventures, impact of micro & small
business on economy, importance of small businesses, traits & skills of entrepreneurs, aspects of
entrepreneurial personality reflection, effect of background & experience on entrepreneurship.
PART A
TASK 1
P1 Discuss several types of entrepreneurial ventures & analyse how they relate to typology of
entrepreneurship
There are various types of ventures according to which they are able to run business.
Entrepreneurship refers initiating of new business and venture with new ideas. It includes
controlling, organising, managing functions and operations of business and activities. In context
with Deliotte, they they have a large business across the globe. Basically there are different types of
ventures which are described below-
Small business entrepreneurship- This refers to business which dis run by small limited
capital and market. It includes, shops, bakery, cafe, restaurant etc. Owner enjoys the profit as sole
person. It depends upon owner to decide whether to hire staff or not & accordingly decision making
is carried out (Ajibade, 2017).
Scalable start-up- These are defined as business with medium size of market that establish
their functions as well as operations with motive of survival in market. They take financial assist
from angel investors, financial institutions etc. Also, to expand their business firm they go for
choosing of joint ventures, partnership etc. through which they are also able to access international
market.
Large entrepreneurship- This is defined as ventures with larger market and they establish
them selves with aim of introducing change or something innovative. Entrepreneur cannot take
decision-making on their own as they need to consult with shareholders, management etc. They
invest large amount of capital in promotion and advertising of their products as well as services.
Social entrepreneurship- These are those who establish business with aim of helping
citizen of society, individuals etc. Thus, their purpose is not to ear profit but provide social welfare.

Moreover, they size as as scope is limited to particular region or country.
Serial entrepreneurs- They are those who run business with motive of developing new ideas or
changes. Such kind of entrepreneurs are able to deal with risk and challenges at every aspect. Their
main aim is to change the market nature by creating a development within the existing system or
sector. In order to bring changes which is necessary for improvement of business organisation, the
organisation focuses on investing large amount of fund for growth and success of organisation.
Herein, the example can be taken of largest organisation such as TESCO.
Lifestyle venture- They are one who run venture with purpose of enjoying their passion
lifestyle. Main objective is to access larger size of market with by targeting different customers.
Herein, the organisation focuses on bring changes according to marketing trends, taste as well as
preferences of its user. The example can be taken of largest organisation named as ZARA.
Social economy- This involves foundations, associations etc. which are formed to share
common ideas, thoughts and decisions with democratic governance. They also give importance to
every individual thoughts which is considered by everyone. This typology is related to social
enterprise whose main motive is to provide products and services not for achieving profit but for
welfare of company. For example National health organisation(NHS) provide services for the
purpose of increasing standard of living of individual person in society.
Survival venture- These type businesses are being run with purpose of their personal
survival. Furthermore, they are strives for resources and customers (Brown, 2018). It is connected
with small organisation who focuses on survival and maintenance of organisation. For example
funding circle who operate their business at smaller scale.
Characteristics of successful entrepreneurs
 They are motivated at every aspect.
 These are always ready to access the risk and challenges.
 Furthermore, a successful entrepreneur is flexible in nature.
Hence, it has been analysed that types of entrepreneurship and ventures are needed to be
examined appropriately so that decision making is done in positive way. Typology &
entrepreneurship are related with each other as they both assist in development of business at larger
scale & through them it is possible for them to access in proper decision making. Moreover, by
focusing on them, entrepreneurs chooses current form of ventures and which is helpful for their
business.

P2 Present differences and similarities between entrepreneurial ventures
Entrepreneurial ventures are different from each and according to which they run their
business after selecting of suitable option.
TYPES Similarities Differences
Small v/s Large enterprise These both establishes their
business with purpose of
earning profit & revenues.
Small enterprises carry out
their businesses with limited
amount of capital whereas large
enterprises have huge capital
for their activities.
Social V/s Scalable enterprise They both provides quality of
services to their end users and
total satisfaction (Ahmad,
2018).
Social businesses aim is to
assist others and society
whereas scalable enterprise
carry out their activities to
create a change.
Lifestyle & survival
entrepreneurial ventures
These both focus on increasing
firm profit scale to survive for
longer period of time.
Survival ventures operates their
activities for their personal use
whereas lifestyle focus on
enjoying of passion.
TASK 2
P3. Assess relevant data & statistics to illustrate how micro as well as small businesses have effect
on the economy
Market comprises of both small and large businesses which is needed to carried out in
proper manner. In UK, small as well as micro businesses contributes 48 % of profit percentage to
economy. Most of the small businesses are being privately owned which have diversified business
at marketplace. Government of UK, unpin both micro & small business as they provide huge
benefit to the economy. It has been also examined that 5.4 million small enterprises exist in UK
with consisting of overall 80% of business (Schjoedt, 2020). Moreover, they most of the
employment opportunities comes from small businesses d at wider level.

Effect of micro and small businesses on economy
 Decrease in unemployment rate- It has been specifies that small and micro enterprises
assist in providing employment opportunities to individuals. They also improves economic
condition by giving number of jobs which enhances productivity scale rapidly.
 Increases productivity- As these both business provide employment to people, this assists
them in increases of productivity level at larger level. Through this, they are able to develop
skills and knowledge in organisation. Due to increase in productivity level, the company
will pay more tax to government then the government invest their money in economic
growth of country. In addition to this, enhancing productivity level increases GDP of
country as a result it is the reason of economic growth of nation.

From the above displayed picture, it has been analysed that micro, small as well as medium
organisation provide more contribution in comparison to larger organisation. The larger organisation
was going to be downward in 2010. And after this year, all organisation boost their business at
larger level in UK (Manotas, 2020).
The above stated graph depicts that both small and micro enterprises provide 18 % of profit
ratio for development & growth of country economy. They also enhances opportunity for
government to earn tax as the business sector and employment scale grows rapidly. This has been
also seen that through this economy develops and changes.
After a brief analysis of the above stated matter, it has been seen that government should
gives leverages to new start-ups so that it become easy to achieve the overall growth and
development.
P4. Explain significance of small businesses & start-ups to the growth of the social economy
Social economy- It refers to mixed economy that comprise of both private as well as public
sectors. Besides this, it help in examining of ethics, beliefs, attitude of individuals etc. (Rubaszek,
2020) These focuses on social welfare rather than earning profit or revenue. These social economy
access at both domestic and international level depending upon their scope or size. For example-
Safe Point Trust is being considered as social organisation. In this, capital are required for running
business and operations.
Importance of small businesses towards growth of social economy:
It has been seen that with help of social economy it assists in increasing of overall growth
and development of country's economy. Such as it provides employment opportunities to

individuals at larger scale. It is being determined that 88.8 % of business is generated by UK from
start-ups and small enterprises (Ruchkina, 2017).
 Development in technology- As the new entities take place at market place, innovative
ideas regarding technology, research are generated which improves as well as develop
technology at larger level. Furthermore, it help in delivering of quality of services to clients
as well as customers.
 Introduce new systems and research- Increase of start-ups assists in development of
research through use of new tools or technologies. This leads to up gradation of system at
higher level. By innovation, it is possible to develop existing market at international level.
 Generate job opportunities- Main benefit of establishment & increasing of small business
is that they generate ample number of job opportunities in market. This results in reduction
of unemployment rate within the country.
Thus, the given paragraph shows that small enterprises have deep impact on growth of social
economy. This has been examined that profit earned through micro & small enterprises is more if
compare with other form of firms. Therefore, it is necessary to focus on them for rapid growth.
PART 2
TASK 3
The Mindset of entrepreneur
P5 Analyse characteristics, skills, & traits of entrepreneurs that are different from managers
Managers & entrepreneurs are integral part of organisation who are responsible for handling
managing all the activities of business. Both help in accomplishing of goals & objectives but are
with use of different procedures (Gumel, 2017).
For example- there two entrepreneurs who have heterogeneous attributes and behaviours who are
Elon Musk and Sir Richard Branson. They both have different qualities according to which they
behave at work place.
Characteristics of successful entrepreneur-
 Motivation- A successful entrepreneur is motivated in life and professional career.
 Enthusiasm- Always energetic towards goals and objectives.
 Risk taker- A successful entrepreneur is ready to take challenges and risks at every stage.

Elon Musk Richard Branson
Traits Innovation- Elon Musk is a
great innovator as he has
innovated solar panel, cars, etc.
Motivation- Musk is an
motivated person from his early
age as he used to develop new
opportunities.
Innovation – Branson is also
being considered as innovator
of developing a diversified
organisation at global level.
Enthusiasm- Branson is an
enthusiastic person who is
always ready to take risk in his
life & face them properly.
Characteristics Team player- Musk is a team
player as he believes that one
cannot achieve solely as by
own. (Arief, 2020).
Risk taker- He is risk taker
who is always ready to invest
and introduce new products
with new methods.
Skills Communication- He use
effective communication
methods because of his good
communication skills.
ICT skills- Musk has
knowledge of using ICT skills
at right time & right place.
Focused- Sir Richard Branson
is a focused entrepreneur who is
focused towards development
of business at international
stage.
Decision making- Sir Richard
has another skill which is that
he has knowledge to make
decisions in most appropriate
way.
Elon Musk & Sir Richard Branson both are different form each other as they have
heterogeneous attitude as well as behaviours.
Basis Manager Entrepreneur
Meaning
Manager is one who manages
all the activities, operations and
functions of management as
well as enterprise (Leonelli,
2016).
An entrepreneur is one who
initiate or start new business
with motive of creating a
change.
Focus Manager is focused towards Entrepreneur focuses on

completion of given task within
period of time.
development of change. They
also focuses on establishment
of strategies & tactics.
Status Their status in organisation is
employee.
Their status in firm is known as
boss, owner etc.
The above matter states that managers and entrepreneurs are different from each and
possess heterogeneous skills. They play important role in developing organisation as well as
achieving of goals and objectives. So, it is important to understand their role in most effective
manner. It results in making decisions appropriately. They both assist in running of business with
correct measures. It is crucial to understand the difference between these both so that all activities
are carried out in appropriate manner(Siivonen, 2019).
P6 Explain different entrepreneurs personality which reflect entrepreneur mindset and motivation
Every person is heterogeneous from each other and according to their personality they react
and behave. Due top the difference in mindset of people they take decisions and to understand such
various personality OCEAN Model has been explained below-
Openness- In this type of personality, individual is open with others and is always ready for
new challenges. They only care about self growth & development. Moreover, other than this this
type of personality is one who want no problems and risk in their life. They prefer a simple living
life (Hamisi, 2017). In relevance with Elon Musk, who is an open personality & have the ability to
talk with anyone with confidence. It created a deep impact on-
Mindset-
 Due to his openness personality Musk was able to deal with different kind of people ion
positive manner.
Motivation
 As Elon was able to deal with people it motivated him to become entrepreneur.
Conscientiousness- In this, these are considered to be as perfectionist who want everything
perfect and rigid. They always remain to be top in every situations without making any problems or
errors. Besides this, another one is reactive personality who only react after properly understanding
and analysing of every situations. They took time for analysing critical event so that correct
decisions are made (Ajibade, 2017).
Mindset-

 Musk is said to be known as perfectionist because he used to do everything in systematic
order and with proper detailed analysis.
Motivation
 Due to this it affected motivation as he achieved positive results of his every outcome.
Extraversion- These are those who are extrovert in nature and who talk with everyone
with confident. Such kind of person are able to communicate with strangers in most efficient way.
They also keep evolve them selves within the public within short period of time. Whereas introvert
are those who do not like to talk to strangers or have fear of evolving with public. They always
remain calm & shy.
Mindset-
 Sir Richard Branson have positive mindset with his extrovert nature & it makes mindset
more strong of doing business.
Motivation
 With his personality of being an extraversion he used to motivate others also to do business
& become self made man.
Agreeableness- They are kind, shows empathy towards others. These are always ready to
help other people. Such kind of individuals have a good way of perception towards strangers &b
they stay happy in every situation. Whereas non-agreeableness are one who do not show their kind
behaviour & are selfish in nature. Moreover, these personalities are clever who wish to gain self
growth as well as development (Sedek Abdul Jamak, 2017).
Mindset-
 In this type of personality, Musk fit as because his mindset is focused towards helping
society as Elon has developed hybrid vehicles.
Motivation
 Then further, Musk is always an motivated person who like to achieve success and growth.
With this agreeableness personality he is able to motivate others to accept the new change.
Neuroticism- Then comes the person who are emotional and distract others from their
goals. These have dynamic mood swings who are share their emotional thoughts with everyone.
Further is one in which person have fixed mood wings and do not share their emotional feelings
with anyone. They do not distract other people because of emotional behaviour.
In this, from both entrepreneurs no one fit because they both self motivated & focused towards

helping of society or community which reflect their good personality.
By analysing all kind of personalty through OCEAN model, it is easier to says that
entrepreneur also have different personalities according to which they behave in business. It is
essential to understand so that problem do not occur in future. This model gives brief knowledge
about personalities which affects the attitude of person (Brown, 2018).
TASK 4
P7 Discuss effect of background and Experiences of an Entrepreneurs
Entrepreneurs get affected by background, experience and past reflections at deeper scale.
It is necessary to have a proper knowledge regarding both present & past experiences so that risk
can be eliminated in near future (Ahmad, 2018). In reference with chosen entrepreneurs they too
have been affected by their background as well as experience at depth.
Family background-
Elon Musk was born in Pretoria, South Africa. His mother was Canadian and father was
South African. He is the oldest in his family and have brother and sister. Musk mostly lived with
his father and he was bullied at school at age of 10 (Schjoedt, 2020).
Positive aspect
 Because of successful people in his family Musk was also motivated towards becoming self
made man which created a benefit for him to become entrepreneur.
Negative aspect
 Due to separation from his parents he was unable to focus on his study & took time to get
settled.
Sir Richard Branson, was born in London on 18 July, 1950. He has two young sisters and
his grandfather was the high court of justice. Branson attended Cliff House view School in Sussex.
He has dyslexia & had poor academic performance. His mother was also an entrepreneur who sold
wooden tissue boxes.
Positive aspect
 Sir Richard has poor academic performance in his early age. This motivates him to become
an successful entrepreneur.
Negative
 Due to his suffering disease from dyslexia, he was unable to read & listen. Due to this it was