Entrepreneurship & Small Business Management: Analysis and Strategies

This report provides a comprehensive analysis of entrepreneurship and small business management, covering various types of entrepreneurial ventures, their similarities and differences, and their impact on the economy. It examines the role of micro and small businesses in the UK economy, highlighting their contribution to job creation and economic growth, especially in the context of Brexit. The report also explores the importance of small businesses and startups in the social economy, emphasizing their role in fostering innovation and meeting social objectives. Furthermore, it delves into the characteristics, traits, and skills of successful entrepreneurs, differentiating them from typical business managers, and discusses how background and experience can either hinder or foster entrepreneurship. The analysis incorporates relevant data and examples, including the UK's SME landscape, to provide a thorough understanding of the subject matter. Desklib provides access to this document and other study resources for students.

ENTREPRENEURSHIP
AND SMALL BUISNESS
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
P1. Discuss different type of entrepreneurial venture and relate them with typology factor of
entrepreneurship.....................................................................................................................1
P2. Illustrate the comparison and similarities between entrepreneurial ventures..................3
Task 2...............................................................................................................................................5
P3. Analyse the relevant data to be access and strategies of micro and small business impact
on economy............................................................................................................................5
P4. Demonstrate the importance of small business and start up business towards the growth of
the social economy.................................................................................................................7
Task 3...............................................................................................................................................8
P5. Elaborate the characteristics, traits and Skills of successful entrepreneur which is different
from other business manager..................................................................................................9
P6. Demonstrate the personality traits in the mid set of entrepreneurship mind set of
motivation factor..................................................................................................................11
Task 4.............................................................................................................................................12
P7. As per using relevant example of entrepreneurs about how background and experience
through hinder and foster Entrepreneurship.........................................................................12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
The background of Entrepreneurship is form of creativity about the productive business
orientation which brings effective outcomes. Small business management is comprise about
specifies the business venture of enhance the moderate development in terms of employment,
infrastructure etc. in local regions (Acs, Szerb and Autio, 2017). By establish own
business firm which refer the innovative mind set of corporate culture as well as provide the
society integration in positive direction through individual known as Entrepreneur. Their
objective is to facilitates economic scale of product and services to customer for enhance their
buying power, making awareness about their business existence in every localities and more
profit maximisation for long term period (Aldrich, 2017).
According to this report of entrepreneurship based on highlight the different types of
entrepreneurial venture along with typology factor includes in first phrase and to represent the
differentiate and similarities generates among type of entrepreneurship ventures. Through
importance factor are mention on the perspective of small and start up business venture that
create an impact in social economy, by determining the two entrepreneurs from United kingdom
based and have to measure their traits and skills. After that by applying Ocean model personality
to compare with entrepreneurs along with their background and experiences through hinder and
foster entrepreneurship.
Task 1.
P1. Discuss different type of entrepreneurial venture and relate them with typology factor of
entrepreneurship.
Entrepreneurship: The effective framework of having innovative business ideas which
form the new business orientation that emphasis about new functional roles in company
perspective that having one motive to optimise profit maximisation to stable in the business
environment for long term aspects.
Different Types of Entrepreneurship ventures are:
 Local Entrepreneurship: This type of venture is construct the business and growth in
local organisation where they formulate unique business ideas and opportunities driven in
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the local premises (Barba-Sánchez and Atienza-Sahuquillo, 2018). For
Example: In United Kingdom, there are many local entrepreneurship like Peter Jones
who is well known UK based business entrepreneur of company Dragon Den which is
popular series in BBC Television.
 Global Entrepreneurship: It is basically determine and establish new innovative
business activities related in particular country's boundaries. The activities which
involves is improvising, exporting and opening of new sales office in another part of
business venture. For examples, Philip Green is a owner of Acrdia group which is
retailer company as well as he is British billionaire in United Kingdom. His company
covered other areas of UK boundires and it well famous at globally (Belz and Binder,
2017).
 Social Entrepreneurship: A business which is presumes through individual in
perspective of development towards in society and culture as they have not motive to
earn profit rather than to generate more optimum opportunity of infrastructure
development. Social Entrepreneurship involves the effective nature of aims and set of
beliefs. For example, Seagulls is a social enterprise in United Kingdom that presumes in
the 3Ps like People, profit and Planet to develop the environment practises in terms of
better households as well as positive environment.
Typologies Entrepreneurial venture:
 Growth based Entrepreneurship: It is the venture which is determine the particular
company's performance through growing motive and overview of business description is
to influence many people to procure them products and services. There is important role
of small business management where they regulates the business overview of particular
business entrepreneurship it support to improvise the buying power increases and provide
them optimum product and services (Bhachu, P. ed., 2017).
 Social based Entrepreneurship: This typology of entrepreneurship is operates on the
basis of objective which driven by individual to provide guidance to overcame from
critical issues and challenges and motivate to earn profit. They basically focus towards
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the negative factor which occurs in the society will allows barriers in terms of economic
environment and productivity aspect.
P2. Illustrate the comparison and similarities between entrepreneurial ventures.
Difference between Entrepreneurial venture:
Basic Local
Entrepreneurship
Global
Entrepreneurship
Social
Entrepreneurship
Major Features This venture having
feature that their
business is only
operates from local
areas.
Global
entrepreneurship are
having their presnece4
in globally and they
have different business
styles which handle by
individuals
To develop the
environment and
society as well as they
can enhance their
social business value
chain in world
perspective.
Aim of Existence Their objective is to
just attaining regular
objectives and provide
sufficient product and
services to their
affordable customer.
They basically
enhance the customer
buying purchase
capacity.
As the effective
objective of Global
entrepreneurship is to
expansing the business
more in other
countries as well as
focus to high profit
maximisation
maximisation through
their products and
services (Blundel,
Lockett and
Wang, 2017).
They have optimum
objective to generates
more benefits and
people are enhancing
their standard of living
for customer
perspective. To
facilitates the positive
environment and
infrastructure
improvisation.
No of Employees and
Turnover value
In Local business
entrepreneurship are
less number of
As per the Global
business venture the
number of employees
In this venture the
Number of employees
are to determine on the
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employees working
and their revenue is
not appropriate up to
25 ,00,000 pounds
approximately.
are work currently up
to 200-500 and the
company turnover up
to 8.5 millions pounds
(Cooper, 2017).
basis of their business
size and annually
income. It only
proceeds of working
for welfare of society.
Similarities between entrepreneurship.:
Basic Local
Entrepreneurship
Global
Entrepreneurship
Social
Entrepreneurship
Growth objective The local business is
having agenda to
increasing of their
business as well as
their family.
They are majorly
determine to
accomplish their
effective target as well
as more business
expansion along with
profit maximisation.
For working to
keeping a objective in
mind is development
motive towards the
society as well as
social business are too
proficient to handle
any challenges or
issues.
Focus on
Environment benefits
It keen to consider to
manufacturing
innovative goods and
services to fulfil their
customer needs
To enhance productive
feature of goods and
services that not create
any impact towards
the environment.
To only focus that to
not harm the
environment through
their decision that
reflect the social
benefits (Etzkowitz
and Zhou, 2017).
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Task 2.
P3. Analyse the relevant data to be access and strategies of micro and small business impact on
economy.
 Small business: It consists the business which is operates by an individual person where
it not having optimum capitalisation where their business expansion are not awareness
factor in other region of country. They includes the different various form of business
like partnership firm sole propertiter etc in which they engaging their workforce and
determine to accomplish better profit maximisation.
 Macro Business: According to this type of business venture are not so perfectly
organised along with they have low presence of capital structure as well as limted
resources. Macro business is more smaller than Small business in terms of profit,
objectives and workforce criteria.
In context of United kingdom, the government is more encouraging to small business and
macro business for better infrastructure and providing the jobs towards people , but there is
implication related with UK based scenario that Brexit market is making negative influence to
small and macro business growth. In the following there is importance related with small and
macro business towards the economy factor of UK :
 Providing Meaningful Jobs: The presence of Small and Macro business in the economy
factor will bring the positive factor to enhancing the better job availability and procure
many deliverables of employment. In domestic sector where the scope of employment is
not appropriate to which it generates productive and low specification of work
(Frederick,, O'Connor and Kuratko, 2018).
There is statistical relevant data of small and macro business impact in United
kingdom economy:
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Impact in economy:
From above figure of Small business Enterprise of United Kingdom is representing the
situation of economy is stabilise when the small business are enhance employment to deliver
productive jobs as well as in particular company having the workforce existence determine the
company performance in the competitive market which enhance the economy. In between 0-49
the ratio of employee is low where the economy was not wealthy enough while in the scenario of
50-249 point there is high employment rate which directly shows the growing of British pound
sterling or in another words the United kingdom economy get productive while the employment
rate is increases through Small business entrepreneurship (Henry, Hill and Leitch, 2017).
Many SME's to be considered as the lower performer venture in United kingdom, but they play
important role to provide the more moderate level of opportunity in terms of product and service
availability as per the economic scale, where people who having low buying purchase in which
small and macro business enhance the buying power.
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Illustration 1: SME's of United kingdom, 2019
Source : SME's of United kingdom, 2019

P4. Demonstrate the importance of small business and start up business towards the growth of
the social economy.
Introduction of Social Economy:
A Social economy it refers to the directly impact the relationship between of economic
and social aspect behaviour of people presence in the society. They are based on relevant terms
as ethics and norms are structured support for the product and services. The role of small
business and start up venture are produce creative and valuable product which provides the
benefits towards the economy factor.
There are some of the importance about the small business and start ups in context of social
economy improvised. :
 Opportunity for Jobs: The presence of the small and start up business enterprise can
facilitates the new employment opportunity where people get engaged towards working
aspect. It creates many moderate productive platform where people who are unskilled
they also get employed and improvised the standard of living.
 Enhance the Innovation factor: By optimising the innovative type of technology and
products are optimise towards attract the people. Innovation in business term can bring
dynamic changes in the infrastructure of company as well as allows new productive and
skilled workforce through different sector.
 To meeting the social objective: Small business and start ups are not only to making
their business expand and providing the jobs. In fact, they also contribute towards the
social objectives like influence to consumer for using eco-friendly products and service
s. Even though start ups are more focus their business idea that served towards the
benefits for society (Hitt and Duane Ireland, 2017).
 Increasing the buying capacity: Many product and services are manufactured goods
and make to available to the needful customer as they can fulfil their needs and wants
through small and start business venture. They making the pricing strategy for product
as affordable by the customer that supports to directly increase their buying capacity .
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Task 3.
8

P5. Elaborate the characteristics, traits and Skills of successful entrepreneur which is different
from other business manager.
To being a successful entrepreneurship require the specific skills set, characteristics and
traits are highly important and considered which supports and provide proper guidance forming a
individual professional entrepreneurs. They are to focused and motivate to being an entrepreneur
and they promote their business venture along with their corporate world as to awareness that
supports to making a position in the business world to establishment their mission, vision and
values in it.
By considering the two entrepreneurs from the United kingdom where they are many
examples of successful entrepreneurs who are currently pursue their profession as well as their
career into it effectively and getting succeed in corporate world. The two entrepreneurs are to be
consider Peter Jones and Simon Cowell they both are belong from UK. In following the
characteristics, traits and skills is to be elaborated.
Peter Jones:
Characteristics and traits:
 Presence of Innovation: For preparing about something innovative in business
perspective, it require the innovation mind set which performs unique way by
generates new productive ideas which have some outcomes in return aspects. For
Example: Peter Jones having a innovative mind where he created many
Television shows in international channels which provides him a little success.
Traits:
 Having a optimum leadership Quality: This trait quality is commence about a
person who can influence to provide guidance and instructed to their employees
towards their goals and optimum objectives which bring certain outcomes
(Kazanjian, Drazin and Glynn., 2017). For Example: Peter Jones makes their
people influence through his speeches and making them understands about important
motivation tips in his shows that reflect the quality of leadership that having in Peter
Jones where he becomes more successful entrepreneur.
Skills:
 Effective Communication skills: To having the ability to share or convey the idea or
messages through better vocal communicate way that sounds sense and relevant as
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well as better understanding. For Example: Peter have decided to open his new
television channel where he wants to become an public influencer and for that it
requires better communication skills, which Peter have this skills and he is an experts
in communicate in different styles. He able to convey and share his messages to many
people in seminars and other digital platform.
Simon Cowell:
Characteristics and traits:
 Having creative mind set: To must having creative mind set to making the changes in
the business background which brings some unique content that creates impactful to the
business objectives (Meyer, Neck and Meeks, 2017). For example, Simon is very
talented and he has having creative attribute which makes his profession more wider such
as now he is current known as television personality, entrepreneur, business man and
entertainment manager etc.
Traits:
 Ability to accept the feedback: It is consists about the individual who have a strength
to facing the feedback on their deliverables. As example. Simon has faces many
rejection in his career as well as professional but still he is confident and effective
strengthen to facing the challenges in perspective of feedback.
Skills:
 Effective adaptability skills: This skill defines in the perspective of individual having
a curiosity to learn new things or activities that plays additional learning outcomes.
Through the example, Simon Cowell has been explore many aspect towards business
and entertainment factor where he gets learn and adapt new information related to
different profession.
Difference between entrepreneurs and business managers
Basis Entrepreneurs Business managers
Concepts Entrepreneurs are the person
who measure their vision and
according to that bears all risk
related to monetary and non-
In this a business mangers is
working for salary due to this
they does not take any risk.
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