Icon College - Unit 9: Entrepreneurship and Small Business Report

This report delves into the multifaceted world of entrepreneurship and small business management. It begins by examining different types of entrepreneurial ventures, including small business entrepreneurship, scalable startups, large company entrepreneurship, and social business ventures, and defines their relation to the typology of entrepreneurship. The report also compares and contrasts these ventures, highlighting their similarities and differences. It then analyzes the impact of micro and small businesses on the economy, supported by relevant data and statistics. The report further explores the characteristics of successful entrepreneurs, differentiating them from other business managers and explaining how personality traits, motivation, and mindset influence entrepreneurial success. Finally, it examines how background and experience can either hinder or foster entrepreneurship, providing relevant examples to illustrate these points. The report provides a comprehensive overview of key concepts in entrepreneurship and small business management.

ENTREPRENEURSHIP AND
SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
LO 1 ................................................................................................................................................3
P1 Examine the different type of entrepreneurial ventures and define how they relate to
typology of entrepreneurship.......................................................................................................3
P2 Description on similarities and difference between entrepreneur ventures............................5
LO 2.................................................................................................................................................8
P3 Interpretation and Assessment of relevant Data and Statistics to analyse the Micro and
Small business impact on the Economy.......................................................................................8
P 4 Importance of SME In the economy......................................................................................9
LO 3...............................................................................................................................................10
P5 Determine the characteristic of successful entrepreneurs and differentiate from other
business managers......................................................................................................................10
P6 Define the access that how entrepreneur aspects personality reflects entrepreneurship
motivation and mindset..............................................................................................................12
LO 4 ..............................................................................................................................................14
P7 Examination with use of relevant example that how background and experience hinder or
foster entrepreneurship...............................................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurs are those who start there businesses from a start and these businesses have
to make a place for themselves in the market (Akhmetshin and et.al., 2018). Entrepreneurs have
to take a lot of risks in the business which is very essential for the business to grow and if the
entrepreneurs want the businesses to reach their objectives and goals then this is a very important
factor that the businesses have to take care of. Small businesses which are starting online is
known has entrepreneurship in the market and these are a very important factor for the countries
which have these factors since they give a unique identity to the country if there are innovative
and creative ideas which are coming up in the country. There are typologies which can define a
business in the market and that is a very important factor for the businesses. There is a lot of
motivation and determination one should have to start a business in the market and that will help
the entrepreneur to grow in the market and that is a very important factor so that they can be in
the market for a long run.
When the business is small then there are a lot of factors which the entrepreneur has to
take care of because they are all in the market for a long run and there main objective is to make
a lot of profit in the market and that is a very important factor in the market. The report is going
to cover the different typologies in the market, various entrepreneurs, ventures of entrepreneurial
and small businesses, impact on the economy because micro and small businesses and
motivation, personality and mindset of an entrepreneur and there experiences in the market
because these are a very important factor that one should know about if they want to start a
business in the market.
LO 1
P1 Examine the different type of entrepreneurial ventures and define how they relate to typology
of entrepreneurship.
Entrepreneur is termed out as person that organise and operates business or businesses
that takes greater than the normal financial risk in order to conduct business activities.
Additionally, entrepreneur define as an individual who starts and run business with help of
limited resources and planning (Antoncic and et.al., 2015). On the other hand, entrepreneurial
ventures termed out as to consider on to offer advisory services to mid stage and early

companies. The role of entrepreneurial ventures varies as this depending on the stage of the
company. Henceforth, entrepreneur venture are as-
Small business entrepreneurship- Small business deals mostly deal with the business activities
that is already known and established. In the current scenario, the most of the entities are running
small businesses. Small business entrepreneur is defined as an individual who runs the small
business activities to meet out the needs to customers (Favaretto and et.al., 2017). It is entity that
earn low amount of profit and they use amount of revenue for living and support to their
families. In order to set up this small set ups, entrepreneur needs small sum of funds. They can
arrange it from borrowing their friends, families, personal savings and acquaintance etc. This set
up are usually running to cope up with their basic standard of living.
For example- The entities as small grocery stores, stationary, saloon comes under the category
of small and medium entity. Henceforth, this is the set up that need low amount of money to give
initiate to their business activities.
Scalable start ups- This is the form of entrepreneurship in which individual and groups start
their business activities with any creative idea and innovative business solution (Bronfenbrenner,
2017). Thus, main purpose of this entities is to develop the perception of people. Henceforth,
they fund their business with help of hiring the skilled individual who suppose to carry out
activities of business at higher level. Therefore, core examples of scalable business ventures are
as Facebook, Twitter and Instagram etc. They are the entities which provides shape to business
functions.
Large company entrepreneurship- This is enterprise whose main aims is to sustain the
innovation and to offer new commodities that are differ around core product and services (Coffie
and Blankson, 2018). Thus, the entrepreneur of large set up primarily focus over to earn huge
amount of profitability. They can arrange funds from financial institution, banks etc. Therefore,
huge corporation starts their business activities with maintaining innovation, offering of new and
creative commodities and qualified services to compete strongly along with different firms
competitors. Henceforth, this entity develops this by joining with large entities as Google, HCL
and Sony etc.
Social business ventures- This is defined as ventures in which an individual develops product
and services in terms to manage the society issues and difficulties and this faced by number of

individuals. Thus, one of the main motive of this entity is to assist the weaker section of society
by availing product and services at low cost.
Typologies of entrepreneurship-
Survival- This is kind of typology in which business entity offers core services to individuals
and families those operates with lesser number of assets and resources. It related with the small
business enterprise in which individuals and group runs their activities with aim of fulfilling
basic financial needs.
Lifestyle- As per this typology, an individual or group of person assist to have balanced income
and also they have no objection to enlarge their business functions (Czarniewski, 2016). It is
entity whose business activities are linked with social enterprise in which individual operates
business activities with aim of improving the needs of society instead of earning the large
amount of profitability by exchanging product and services.
Managed growth venture- As per this typology, an individual or partnership operates the
business function with purpose of stable development and to enter within new market place to
gain high market share and customer base. This typology linked with the scalable business
enterprise as this entities wants to expand their business functions with undertaking continuous
growth opportunities.
Aggressive growth ventures- It is the typology that put consideration over the advanced
technical advancement with increasing creativity and innovation to operate business activities.
This leads to growth and produce more amount of profitability for business. It is typology that is
connected with large business enterprise in which owner use the more advanced technical tools
to offer better commodity and services to customers.
P2 Description on similarities and difference between entrepreneur ventures.
Similarities and differences of different type of entrepreneurial ventures are defined in
following manner as are-
Similarities Small business Scalable
business
Large business Social enterprise
Goal The small entities
aims is to set
object to operate
It is the enterprise
which put
primarily focus
This is the
enterprise that put
their main
The social entity
has main is to
have balanced

and grow
business despite
the product and
service offered. In
this, owner of the
business has short
term and long
term goals to
enlarge activities
of business.
over to use
innovative and
creative approach
to attract
customers.
Therefore, the
firm owner has
main aim is to
operate their
business
functions
appropriately by
use of innovative
approaches
(DeTienne,
McKelvie and
Chandler, 2015).
consideration is to
develop new
commodities and
offer innovative
service to
customers.
growth and this is
the enterprise
whose main aims
to is promote
welfare to society
and conducts
proper
development of
the country.
Funding from
venture
capitalist or
investor
Small business
owners funds
their business
operations with
use of families
and relatives.
The owners of
scalable business
enterprise mainly
fund with help of
investor and
involved in
partnership
business.
Large business
owners fund their
business with
taking loans from
bank and other
kind of financial
institutions.
Social enterprise
fund their
business
operation with
use of large firms
and also
contribute own
capital to society.
Differences Small business Scalable
business
Large business Social enterprise
Managerial
styles
Small business
enterprise adopts
The business
entities as
Entities as large
business use
Entity as social
follows laissez

the autocratic
style as they
undertake
decision with
their own and
have no
subordinates.
scalable adopts
democratic style
in which they
include
employees in
decision-making
process of firm.
persuasive style
that allow the
employees to give
their ideas and
opinions.
Henceforth, the
final decision in
this made by the
owner of the
business.
faire managerial
style in which
employees
allowed to make
decision in
relation to
problem of entity
and solve
independently
without any
intervention of
managers.
Economic
motives
The main purpose
of small entities is
to covert the basic
financial needs.
The one of the
main object of the
scalable business
to earn long
amount of
profitability that
offers stable
growth and
revenue.
The primarily
object of scale
business to earn
high amount of
profit in terms to
expand business
operations
(Dunne, 2017
Edwards-
Schachter and
et.al., 2015).
The main of
social business
entity is to
contribute funds
to weaker section
of society and
promote welfare
opportunities.
Managerial
focus
The consideration
is to handle the
business activities
in manner that
aids to cover the
basic survival.
The business
managers of
scalable entities
put their core
focus on to
employees so that
they undertake
Large business
entity has main
aim is to
managing the
technical
advancement and
new commodities
The social entities
manages their
activities that can
directly fulfil the
needs of society
instead of earning
the profits.

the activities that
aids to
accomplish long
term objectives.
that helps to earn
huge profits and
also capture the
huge market
share.
LO 2
P3 Interpretation and Assessment of relevant Data and Statistics to analyse the Micro and Small
business impact on the Economy.
There is a huge impact on the economy of the country when there is a small and micro
businesses in the market of the country and in United Kingdom 47% is the contribution to the
countries economy and that is a huge impact because the GDP of the country is increasing
because of this factor (Saleem, 2017). There is a lot of employment which is coming up in the
country because there are so many entrepreneurs coming up in the country and the government is
supporting them to grow the market for them so that the country and the individual can grow.
The standards of the country people is improving because the per capita income is increasing.
There is a very low investment which is required to start a business in the country and that is
only possible when the people are willing to make a change in the market and the government is
making the people aware that how easy it is to start their own businesses in the country because
the major problem of the country is getting solved by this method which is employment. The
country is dependent on the private sector in the market because they are giving the maximum
employment to the people of the country. The country's economy is on the upward direction
because there is an increase in the GDP and there are more opportunities which are opening in
the country for the benefit of the people. Government is trying to provide the enterprises a free
investment and start-up loans so that there are more people who are ready to invest in small
business ventures so that there is more employment in the country (Ratten, Dana and Ramadani,
2017).
From the above data it can be analysed that there is a contribution of small business in the
country's employment by 48%, 33% in turnover and 99.3% in number of small businesses in the
country. From the medium businesses in the country it can be seen that they contribute 12% of
employment, 14% of turnover and 0.6% of medium businesses in United Kingdom. The large

businesses in the country are 0.1% and they contribute to employment and turnover by 40% and
53% respectively.
It was noticed in 2016 that the country's 99% of the population is from the small and
medium enterprises sector which is why the government had to come up with better ideas for the
benefit of the country so that the government can benefit from it by providing what the people
expect out of the government (Gielnik, Zacher and Schmitt, 2017). There are a lot of strategies
and methods which the government is using for motivating the enterprises of the country because
this can make the country make the GDP of the country very good which will help in developing
the country over all. The value of the currency and inflation on the import and export in the
country has increased rapidly because there was a growth in the GDP which was noticed and that
has helped the country in a lot of ways possible. There are a lot of varies which are coming in the
products in the market which is giving the country a power on switching the products which are
coming in the market whenever they wish to (Amato and et.al., 2017). There is a liquidity in the
cash which is flowing in the market which is very important because free cash flow can help the
businesses to expand themselves all around the world and this will help the country to get the
GDP of the country even more better. And as because of the liquidity of cash in the market
means that the small and medium enterprises can now price there products at a higher rate which
Illustration 1: SMEs in UK
(Source: Essential Facts You Should Know about SMEs in the UK, 2019)

will be more profitable for the businesses and this will help for the capital growth in the
economy of the country which is a very important factor.
P 4 Importance of SME In the economy
The impact of small and medium enterprises in the country is huge because they are
making the population of the country have a high rate of employment which is helping a lot of
people to have a standard of living in the country and there are any more factors which is
responsible for the growth in the economy of the country (Wegner and Koetz, 2016). In the
reports in the past few years it has been proved that the economy of the country is improving
because of this factor which is small and medium enterprises in the country. The backbone of the
country is the small and medium enterprises which are being encouraged in the country because
there are a lot of people who are having innovative ideas and strategies for the business to grow
and that is a very important factor for the country. The industry of small and medium enterprises
is also providing the customers with a lot of variety in the market so that they can choose their
own products from the market and this is because there are so many products which are coming
in the country. Rates of interest in the banks has reduced because they can help the companies in
the market to invest more in the products they are producing and improve them according to the
needs and wants of the customers which will help the small and medium enterprises to capture a
larger market for themselves (Burns and Dewhurst, 2016). The technology in the market has also
increased and that is make the companies in the market go to e-commerce which is way cheaper
and is attracted a larger base of customers o the company and this can even capture the entire
world customers. The demand of the products in the market is increasing because there is a
growth in the population of the world and that will help the company to have a lot of more
improvements to make in the products so that they can satisfy more and more customers in the
market. There is a demand of innovation and creativity in the market so that the companies in the
market can grow and the trends in the market are changing as well therefore to make the
economy stable of the country it is very important to make the changes and improvement in the
products which are in the market improve.
The skills and knowledge of the employees get better when there is an introduction of
employment in the people and that helps the people to grow their personality and achieve there
personal goals and objectives of life. The bigger enterprises have started to give their raw

material to the small and medium enterprises because that is a lot of cost friendly and time-
consuming in the market. There is a lot of innovations which are taking place in all the
companies of the market and it is very important for the companies to let out there entire
information which is necessary for the customers to know is put out so that the customers can
select there product wisely which is a very important factor. The chances of mismanagement or
misconduct is very low in a small and medium enterprise because there is only one leader or
person who will be commanding the entire business therefore the direction of the company will
be one and the objectives and aims will be achieved timely (Burns, 2016). The enterprises have
to be sure of the measures they are doing to take for the benefit of the company.
LO 3
P5 Determine the characteristic of successful entrepreneurs and differentiate from other business
managers.
Richard Branson is the popular personality and the business magnate. The established
firm Virgin group is the sign of his success as entrepreneur. Peter David Jones is popular TV
personality who has proven himself as successful business owner. Skills of these persons are
described as below:
Skills of Richard Branson
 Leaning willingness: Richard always gives emphases to new learning, he believes that
person should be encouraged to learn new things. This gives them path to get success in
their life. He always learns new technologies and sales process which has helped him to
established his virgin group in a great manner.
 Time management: He is very particular about his time and always manage time well.
This makes him able to complete his all projects on time and utilize time in best possible
manner. This skill of Richard makes him unique from others.
 Resilience: One of the main skill of Richard is that he handles rejection in a positive
manner, whenever he gets failure he finds some positive things from failure and
according make efforts so that he can get success in next chance. He is very focused
person; this determination has made him popular in this sector.

 Communication: Richard is the great communicator; he always exchanges his views with
others in appropriate manner. His interaction with its consumers and team are held in the
right direction that helps the person in getting desired results.
Characteristic of Richard
 Passionate: Branson has shown his passion towards business, he is dedicated towards his
firm and show his confidence to others as well. He is proactive which helps him to gain
the success and avoid consequences.
 Optimistic: This is another great quality of entrepreneur, Richard has faced failure many
times in his personal and professional life. But he is very optimistic person and has
constant dreams. He always pays emphases on matters that can make things better. That
is the reason that Richard has become able to move forward by avoiding all the
negativities.
Skills of Peter Jones
 Risk taker: Peter being a brand name has faced lots of difficulties in his life, he always
finds new ways to get success. He takes risk because he believes that taking risk can give
unbelievable results to person. This skill of him has made him completely different
persons from others.
 Managing skill: Peter has great management capabilities, he manages his staff and other
team members in proper manner so that they feel motivated and work together to meet
the common goal of business.
 Strategic thinking: Peter is the thinker, he analyses each situation carefully and makes
strategies accordingly. This skill of him has made him able to get creative solutions and
find the positive results.
Characteristic of Peter Jones
 Future oriented: Jones is the mature person who always thing for his bright future. He
makes goals and work to meet that objectives. Strong vision has made him able to
become a great business personality.
 Professionalism: This is the quality of successful entrepreneur, a business owner must be
dedicated and professional. This makes employees loyal towards them. Peter is self-
discipline person and organized as well. That is the reason that investors and rest
stakeholders have great trust on him.

 Empathy: Jones always show his empathy towards his employees. He gives value to
every person who is dedicated towards his work. he has ability to control over his
emptions and to take care of others emotions as well. Whenever employees feel
overburden then Peter creates such friendly atmosphere at workplace that can boost
energy of staff members and they give their best results.
P6 Define the access that how entrepreneur aspects personality reflects entrepreneurship
motivation and mindset.
Entrepreneur motivation termed out as the process of transforming an ordinary individual
towards the powerful businessman (Elo, 2016). It is one of the effective term that aids to create
the opportunities and assist in to maximize the economic and wealth development. In order to
become the entrepreneur it is crucial to undertake investigation of strength and opportunities
from the external environment. Henceforth, entrepreneur motivation and mind set defined in
following context as-:
Ocean model of personality- This is termed out as the personality traits and can be known as
five factor model. It assists to define the personality traits. Therefore, five components inclusive
of Openness, consciousness, extraversion, Agreeableness and Neuroticism etc. Henceforth, its
defined as-:
Openness- The trait is consists of the imagination, insight as well foresight ability of a person.
An entrepreneur is an individual whose have high openness and wider range of the interest
within the activities of business. They are known to as an individual who are curios to identify
new things, people and creative opportunities. It is personality that undertakes and adopts new
experience and also flexible in change. In addition to this, Richard is the best example of trait as
open personality and also he is very open minded adopting the creativity. Branson also effective
in adventurers marketing efforts and this leads to produce greater efforts in undertaking business
activities.
Conscientiousness- If an individual is having high level of the conscientiousness that means
they are accoutred with goal oriented behaviour. They undertake the activities with required
action on time. Peter johns is the personality that carries out each activity in punctual manner and
also an organized person. He did not procrastinate the things. Thus, he has effective managerial

capabilities as he managed each thing within proper course of time and along with proper
actions.
Extraversion- This is trait that shows the emotional views within an individual. Therefore, an
individual who is talkative and gives prompts reaction on to the stimuli are more able to handle
the social situation successfully (Favaretto and et.al., 2017). In addition to this, Richard Branson
is the personality who is had high level of extraversion and this is the personality trait that makes
him extrovert individual. Therefore, his vibrant and active nature aids to conducts the things
effectively and efficiently.
Agreeableness- This is term that is containing the social ethical behaviour as affection, kindness,
affection and trust. Therefore, an individual who has positive side of agreeableness are care for
their belongingness and also treat the others with the empathy and provide the proper assistance
when they want. Therefore, Richard and peter johns both are the same at this level. They both are
the managerial personality that takes the good care of people.
Neuroticism- It is defined as personality traits in which an individual deal with psychological
behavioural and they suffer from mood swings, anxiety issues, worries and stress. It is not good
for the individuals who are decide to do something that is risky that demotivate people, stress in
tough situation. In addition to this, Neuroticism are the most favourable things that create the
positive mindset of an individual.
Abraham Maslow's theory of motivation-
As per the theory of motivation as Maslow's, each individual has basic five needs such as
physiological needs, safety, love, belongingness and self actualization need etc. In addition to
this, individual seek towards to fulfil the requirements. These are the needs that assist to motivate
the individuals to do their best.
Henceforth, this can be understood with help of example as some people whose have full
time job, decent salary and all amenities. Thus, still those personalities do not feel satisfied due
to the lacking of self actualization need. Entrepreneurship is termed out as the personality that
render the opportunities to serve the love and need of belongingness. Like an individual who
believes in to maintain relationship and work-life balance prefers business. Therefore, an
entrepreneur has a flexible working hour and more leisure time to spend with friends and family.

LO 4
P7 Examination with use of relevant example that how background and experience hinder or
foster entrepreneurship.
The background usually motivates entrepreneur to build business and to accomplish the
desired aims and objectives. Thus, entrepreneur personality as Richard Branson took birth on 18th
July 1950. He is kind of person who is investor and creator. Hence, he has introduced virgin
group of institution that manages the more than 400 enterprises. Branson has desired to become
an entrepreneur from the young age from his mother as she was also successful entrepreneur of
design of waste issues and wooden boxes. Firstly, Branson introduced his magazine on the age of
16 and this magazine called student. In 1970, he had introduced mail order and record the
enterprise that opened the series of record outlets. Virgin brand of Branson became successful in
the course of 1980. He has established virgin Atlantic airline. In the year 2004, he has also
introduced space flight enterprise as virgin Galactic.
Richard wants to know that how to grab the opportunity and he has learned about this in
childhood. His mother left him at countryside as punishment for misbehaviour at the back seat.
He also took the direction of other before doing anything. Thus, he got successful as he puts this
kind of lessons to undertake business too. It is particular incident that make him more fearless
and confidence with his decision. Experience directly impacts the risk decision making as an
individual and he has more positive experiences and welcome the risk and change. In contrary
bad experience leads to imperceivable change.
For example- If Mr. A wants to diversifies business activities within the construction industry as
his other information technology firm is performing well in the market. In this case, financial
resources, huge investment and sudden demand by legal authorities lower the morales to go
further.
Peter is also one of UK's successful entrepreneur and also became televisions celebrity
through his appearances on BBC two show Dragon Den on his American televisions show
American inventor. From the teenage he had passion towards the tennis. In early 1990, Peter had
experienced the cruel hand of the market at time when cocktail bar venture got failed. After
many of the failures he was an ambitious person and this attitude has helped him to overcome the
obstacle in life. The year 2005 was quite significant for Jones and he also become the well
recognized television for the appearance on TV show Dragon Den within 2005.

CONCLUSION
Hereby, it can be concluded that Entrepreneurship termed out as process of design,
launching and running the business activities. The present report is based on business activities
of Entrepreneurship and small business management.
Furthermore, report has covered activities as to determine the type of entrepreneur venture and
typologies that are interrelate to each other. Furthermore, similarities and typologies between
ventures has been defined. Thus, study has also laid focus on the impact of economy on micro
and small businesses and motivation. Lastly, personality and mindset of an entrepreneur has been
defined to reflect their successful traits.

REFERENCES
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Online
Essential Facts You Should Know about SMEs in the UK. 2019. [Online]. Available Through:
<https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-medium-
businesses-in-the-uk>.
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