Unit 9 Entrepreneurship and Small Business Management - HND Report

This report provides a comprehensive analysis of entrepreneurship and small business management, covering various aspects of entrepreneurial ventures, their types, and typologies. It examines the impact of small and micro businesses on the economy, supported by relevant data and statistics from the UK. The report further evaluates the importance of small businesses and new start-ups to social economy growth, highlighting their ability to adapt to changes, generate employment, and foster innovation. It also explores the entrepreneurial mindset, identifying key characteristics and skills of successful entrepreneurs, and assesses how entrepreneurial personality reflects motivation. The report concludes by emphasizing the role of entrepreneurship in economic development and the importance of fostering an entrepreneurial environment.

Unit 9 –
Entrepreneurship and
Small Business
Management

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
REFERENCES................................................................................................................................1

PART 1- Entrepreneurial Ventures (PDF Brochure)
INTRODUCTION
Entrepreneurship refers to the activity of an entrepreneur for setting a business in order to
gain various advantages. When an enterprise pursues new practices and opportunities in order to
enhance their profitability and growth is describes an entrepreneurial venture. The following
brochure covers different type of entrepreneurial ventures as well as the impact of small
businesses on the economy.
MAIN BODY
Analysing different type of entrepreneurial ventures and typologies
Entrepreneurial ventures are type of business which is distinguish in different categories
according to their nature. There are different types of entrepreneurs and they create business are
also different. The basic different kind of entrepreneurial ventures are described below:
Small business entrepreneurship- It describes the idea of entrepreneur for opening a
business without turning it into a large corporation. In this types of entrepreneurial ventures, their
entrepreneurs operate their business within a city or town. For example, CafePod Coffee Co. of
UK and it was founded by Peter Grainger and Brent Hadfield.
Scalable start-up- It describes those companies that are started by the unique idea of
their entrepreneurs in order to change the life style of people. Their entrepreneurs has a beliefs
that their business has potential in order to grow in the economy in effective manner. For
example, Perkbox limited based in UK and its was founded by Saurav Chopra and Chieu Cao.
Large company- It refers to a new enterprise section created inside an existing
establishment. The main aim of entrepreneurs is to increase their market share as well as
profitability in effective manner. For example, Tesco which was founded by Jack Cohen in UK.
Social entrepreneurship- It is established with a goal of creating a benefit for society
and people. The entrepreneurs does not want to earn maximum profit, they want to solve the
social and environmental problems with the help of their product and service in effective
manner. It focus on helping communities and environment. For example, Active Prospects UK
which was founded by Maria Mills.
Different type of entrepreneurial typologies-
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Entrepreneurial typologies are the classification of different types of entrepreneurial
ventures according to the nature of their business. The main typologies that relates with different
entrepreneurial ventures are given below:
Lifestyle entrepreneurship- It includes those entrepreneurship whose entrepreneurs
started the business with a aim of changing the livelihood of people or supporting the society or
environment instead of earning profit. Entrepreneurial ventures that includes in this typologies
are scalable start-ups and social entrepreneurship because they are established for the purpose of
societal benefits.
Growth entrepreneurship- It includes those entrepreneurship whose entrepreneurs
operate their business with a aim of enhancing their growth and profitability in effective manner.
Entrepreneurial ventures that includes in this typologies are small and large business
organisation. They makes their focus on achieving their goals and increasing their market share
in effective manner.
Similarities in between different type of entrepreneurial ventures-
Different entrepreneurial ventures has different natures in order to conduct their business
in effective manner but they have some similarities that makes them to considered for conducting
their business in effective manner. Some similarities in between different entrepreneurial
ventures are mentioned below:
 In all type of ventures, their entrepreneurs main purpose is to conduct their business
effectively in order to survive for long time in the market.
 All they also wants to fulfil the needs and wants of their customers with their products or
service effectively and make them satisfied.
 All of this entrepreneurship improve economic growth by creating employment in
effective manner.
 Different types of functions are operating in all types of entrepreneurship in order to
achieve their goals in effective manner.
Differences in between different types of entrepreneurial ventures-
Basis Small business
entrepreneurship
Large company
entrepreneurship
Scalable Start-
ups
Social
entrepreneurship
Focus The focus of small
businesses
The main focus of
the large business
The focus of
scalable start-
The main focus of
social
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entrepreneurs to
meet the demand of
the consumer and
achieve their goals.
entrepreneurs is to
increase their
market share and
gain competitive
advantages.
ups
entrepreneurs is
to change the
lifestyles of
people with
their unique
ideas.
entrepreneurs is to
help the society
and environment
in effective
manner.
Challenges The basic
challenges faced by
the small
entrepreneurship are
lack of capital, lack
of knowledge about
market and more
competitors.
The challenge
faced by large
business are
increase in
globalisation,
increase in
pandemic
situations.
The challenges
faced by the
scalable start
ups are fear of
expecting their
new ideas by the
customers, lack
proper
technology and
labours.
The challenges in
social
entrepreneurship
are increase in
pandemic
situation, proper
funding and
hazardous
environmental
situations in
country.
Interpreting and assessing the relevant data and statistics that illustrate how small and
micro business impact on the economy.
SMEs has a great impacts on the growth of the economy as they create more employment
and help country to develop effectively. It also helps in serving the equal distribution, effective
production, increase in export and employment creation in order to improve the economic
growth of the country in effective manner.
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As per the above relevant statistical data, micro business are increasing rapidly in the
economy in comparison to others. The growth of micro business in UK economy is 95%, small is
4%, medium business is 1% and large business is 0.1%. All these sized of business helps
economy by creating employment in order to increase their growth in the economy in effective
manner. Maximum employment in the UK economy is created by the large sized company that is
39% then 21% by micro business, 15% by small business and 13% by medium scale businesses.
Increase in business also create the turnover that helps in increase in economic growth in
effective manner. Maximum turnover is created by the large businesses that is 48% and rest by
other businesses which includes 15% by medium sized businesses, 14% by micro and 11% by
small businesses.
Evaluating the importance of small bushinesses and new start-ups to the social economy
growth
Social economy refers to the set of different foundations, mutual organisation,
associations and cooperatives that conduct their business within a specific values and social
purpose in effective manner. Micro, small and medium enterprises provides their greater
supports to the social economic growth in effective manner. They creates new market
opportunities, employment that aids in increasing the the growth of social economy in most
effectual manner. Following are the importance of small businesses and new start ups that helps
in increasing the growth of social economy are mentioned below:
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Illustration 1: Impacts of small, micro, medium and large business in UK
economy

Respond and adapt changes quickly- In today's world, many things are changing and
developing rapidly that also impacts the economic growth in effective manner. Small businesses
and new start ups are operating their businesses effectively that respond and adapt changes in
quick manner that makes social economy growth in effective manner.
Generate employment opportunities- Increase in the small and new start-ups in the
economy also create employment opportunities in order to provide effective employment to the
unemployed persons in effective manner. This will also help social economy of UK to improve
their growth in relevant manner.
Generate competitions and encourage further innovations- The entrepreneurs of
small businesses and new start-ups establish their business with more creative and innovative
ideas in order to improve the lifestyle of people and fulfil their needs and wants in effective
manner. This create competitions as well as encourage further innovation in the social economy
in effective manner.
Evaluating the differences of small, medium and large businesses make to the economy
There are many factors of small, medium and large businesses that creates the impacts to
the economy in effective manner. As the size of all these businesses are different which creates
the different turnover in order to help economy to improve their growth in effective manner.
Small and medium businesses are increasing rapidly in comparison with large business which
creates more and more employment that also helps economy to improve their growth in more
effectual manner.
CONCLUSION
From the following information, it is concluded that entrepreneurs establish their business
with their unique ideas in order to explore their passion in effective manner. Different types of
entrepreneurial ventures are social, scalable, small and large entrepreneurship. Growth and
lifestyles are two type of entrepreneurial typologies that relates with the different entrepreneurial
ventures in effective manner. Small business helps economy to improve their growth by creating
more and more employment.
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PART 2- Exploration of the Entrepreneurial Mindset (PPT)
INTRODUCTION
Entrepreneurship describes an act of running and starting a business as well as an attitude
of a person in order to something creative and innovative in order to gain various advantage in
effective manner. Entrepreneurial mindset describes the specific collection of Knowledge, belief
and thought processes that drives the behaviour of an entrepreneur in effective manner. This
makes entrepreneurs to focus on opportunities in order to explore their ideas and skills in
effective manner. The following presentation covers the important factors of an entrepreneurial
mindset along with the project environments that hinder or foster the entrepreneurship.
Determine the characteristic traits and skills of successful entrepreneurs that projectiate them
from other business managers
Skills and traits describes the ability of an individual that makes them effective in order
to conduct their business in more efficient manner. There are several characteristics, traits and
skills of a successful entrepreneurs which makes him unique from others. It is crucial role and
responsibility of management of a business to focus on different characteristics of an
entrepreneur in order to perform majority of objectives and goals of business . The various
characteristics, traits and skills of successful entrepreneurs are mentioned below:
Decision making- The decision making is considered as a major approach which is
beneficial for increasing competitive strength of organisation at the marketplace. It is
crucial role of an entrepreneur to take decisions according to situation in the company.
The act of decision making developed by an organisation helps a company to gain desired
success at the marketplace.
Dynamic personality- Personality of a candidate plays a major role in development of
decision making parameters. It is crucial role of an entrepreneur to have dynamic
personality in order to impress other employees on regular basis. The personality
development is affected with the support of training and development environments
which is formulated by an entrepreneur.
Problem solving- The problem solving skills helps an individual to develop and
formulate optimum solutions. It is essential role of a leader or entrepreneur to develop
problem solving techniques which are essential for development of performance and
solve various conflicts in the company.
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Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation and
mindset.
The entrepreneurial personality is combination of several aspects and traits which makes
a leader more competitive at the marketplace. It is crucial role of an entrepreneur to develop a
dynamic and vivid personality to influence majority of employees in the company. Collective
and collaborating working is also supported with the help and support of entrepreneurial
personality. The mindset and motivation of different employees are also affected with help and
support of psychological conditions. The motivation helps the entrepreneur to develop moral and
mental strength in the employees which leads to contributing to employee productivity. A
business organisation should also cover majority of personality traits and develop them with
support of effective techniques. The entrepreneurial mindset is also a primary aim and target of
every organisation in order to lead the marketplace. It is also one of the ethical responsibility of
management to analyse focused short and medium term goals which are essential for growth and
development of a company. In the recent times, importance of motivation has increased in
entrepreneurial ventures which helps a company to gain competitive advantage. The flexibility
personalty of an successful entrepreneurs makes them effective in order to deal with the
challenges that creates problems to them in order to operate their business in effective manner.
The successful entrepreneurs has a passion in order to risk for starting a business with their
unique and creative ideas in order to operate a business in effective manner. All these personality
of an entrepreneurs makes them effective in order to operate their business in effective manner.
Analysing the background and experience of local, global and social entrepreneurs that hinder
and foster the entrepreneurship
Experience and background of entrepreneurs has a great impacts on their passion of
starting or running a business that foster and hinder the entrepreneurship in effective manner. It
also helps entrepreneurs to achieve their goals in effective manner. Example of local, social and
global entrepreneurs with their background and experience that hinder and foster the
entrepreneurship are mentioned below:
Local entrepreneurs- CafePod Coffee Co. is a local business of UK which is established
in 2011. It was founded by the two entrepreneurs that are Peter Grainger and Brent Hadfield.
They want to convey happiness in everyday life of peoples as well as help them to thrive in the
bustle and hustle life in effective manner. The ideas of its establishment started when Peter
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Grainger was travelling to South America for a year. He discontinue his job in the middle of the
financial crisis and trip across a coffee plantation as well as an independent shop that makes
Nespresso a compatible capsules using unusual and exciting coffees. He noticed that retail coffee
in supermarkets of UK lacked the energy and excitement of high street coffee shops. Then he
design a range of strong and exciting coffee blends for coffee that makes people to enjoy at home
in effective manner. This becomes the effective reason to them in order to start a business
effective as well as fulfil the demand of customers in effective manner.
Global business- Tesco is supermarkets retailing Chain of UK which was founded by Sir
John Edward Cohen in 1919. He started it with a stall by selling war- surplus groceries. In 1917,
he volunteered to join the Royal Flying Corps, where he used his tailoring skills in order to make
balloons and other aircrafts. Then in 1919, he started his own work by opening Tesco in a small
stall. In 1924, he created the Tesco brand with the initials of a partner tea suppliers. The trading
business in market became the difficulties in order expand their business because partners tended
to be undependable so finally he changed its high street shops. The first two Tesco stores in 1931
at Becontree and Burnt Oak. In 1939, he had almost 100 Tesco stores in UK market. All his
experience makes them effective in order to expand their bushiness in international market in
effective manner.
Social entrepreneurs- Active Prospects is social enterprise of the UK which is founded
by Maria Mills. She is highly dedicated, passionate and results driven senior executive with a
successful background. She delivers the significant social care and community services to
support better lives of all the people. She is wide experience in service delivery fundraising or
income generations as well as business strategy in different sectors which includes personal and
co-produced health, well being and care, employment volunteering, enabling and learning. Her
main focus on people's experience and talents as well as engage around national personal and
local issues. She is passionate about delivering the quality that add the significant values for the
society in effective manner. Her strong entrepreneurial skills is to deliver earned and fundraising
income streams. She enjoys leading, motivating and delivering the results through the new
approaches as well as meeting social challenges through partnership, people and collaboration.
All these things makes her to start a business effectively in order to provide effective service to
the people in effective manner.
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CONCLUSION
From the following presentation, it is concluded that entrepreneurial mindset describes
the ability of a person that makes them effective in order to operate their business in more
effectual manner. Decision making, Dynamic personality, Problem solving, Leadership,
Patience, Creativity and Adaptability are some traits and skills of an entrepreneurs that makes
them effective in order to operate their business in more effectual manner. Personal experience
and backgrounds of an entrepreneurs makes them to start and run a business in most effective
manner. Entrepreneurial characteristics of an entrepreneurs describes the ability in order to
operate their business in effective manner. Entrepreneurial characteristic, traits and skills helps
them to achieve their goals in most effectual manner.
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REFERENCES
Books and Journals:
Bhawe, N. and Zahra, S.A., 2019. Inducing heterogeneity in local entrepreneurial ecosystems:
The role of MNEs. Small Business Economics, 52(2), pp.437-454.
Morris, M.H. and Kuratko, D.F., 2020. The entrepreneurial journey: intention versus emergence.
In What do Entrepreneurs Create?. Edward Elgar Publishing.
Morris, M.H. and Kuratko, D.F., 2020. What do entrepreneurs create?: Understanding four types
of ventures. Edward Elgar Publishing.
Murnieks, C.Y., Klotz, A.C. and Shepherd, D.A., 2020. Entrepreneurial motivation: A review of
the literature and an agenda for future research. Journal of Organizational
Behavior, 41(2), pp.115-143.
Neumeyer, X. and Santos, S.C., 2018. Sustainable business models, venture typologies, and
entrepreneurial ecosystems: A social network perspective. Journal of cleaner
production, 172, pp.4565-4579.
Park, S. and LiPuma, J.A., 2020. New venture internationalization: The role of venture capital
types and reputation. Journal of World Business, 55(1), p.101025.
Reeves, P.M., Zappe, S.E. and Follmer, D.J., 2019. A comparison of the types of problems
encountered by entrepreneurial students and successful professional
entrepreneurs. Entrepreneurship Education and Pedagogy, 2(3), pp.214-244.
Spigel, B. and Harrison, R., 2018. Toward a process theory of entrepreneurial
ecosystems. Strategic Entrepreneurship Journal, 12(1), pp.151-168.
Yang, S., Kher, R. and Lyons, T.S., 2018. Where do accelerators fit in the venture creation
pipeline? Different values brought by different types of accelerators. Entrepreneurship
Research Journal, 8(4).
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