HND Business: Unit 9 Entrepreneurship & Small Business Management

This report provides a comprehensive analysis of entrepreneurship and small business management, focusing on various entrepreneurial ventures and their typologies. It examines the similarities and differences between these ventures, highlighting the impact of micro and small businesses on the UK economy. The importance of small businesses and start-ups for the growth of the social economy is also discussed, along with the characteristics, traits, and skills of successful entrepreneurs. The report further explores how an entrepreneur's background and experience can affect their entrepreneurial journey, using examples like Richard Branson and Elon Musk. It also includes an overview of TXO System Ltd, a small telecom service network provider in the UK, to contextualize the concepts discussed. This resource is available on Desklib, where students can find similar solved assignments and study materials.

ENTREPRENEURSH
IP AND SMALL
BUSINESS
MANAGEMENT
Table of Contents

INTRODUCTION......................................................................................................................3
TASK 1.......................................................................................................................................3
P1 Discuss different kinds of entrepreneurial ventures and analyse how they relate to
typology of ventures...............................................................................................................3
P2 Similarities and differences between entrepreneurship ventures......................................4
TASK 2.......................................................................................................................................6
P3 Analyse Impact of micro and small businesses on the economy in UK...........................6
P4 Examine Importance of small businesses and Start-ups for growth of the social
economy.................................................................................................................................7
TASK 3.......................................................................................................................................8
P5 Characteristics traits and skills of successful entrepreneurs.............................................8
P6 Entrepreneurial personality reflect entrepreneurial motivation and mind-set..................9
TASK 4.....................................................................................................................................11
P7 Examples of entrepreneurship and how background & experience can affect
entrepreneurship...................................................................................................................11
CONCLUSION........................................................................................................................14
REFERENECES......................................................................................................................15
Books & Journal:..................................................................................................................15

INTRODUCTION
In a business sector, it consists of different types of organisation and entrepreneurs on
the basis of which activities are being executed within market. Entrepreneur is defined as a
person who brings new product and services to people (Armelius, 2017). Main purpose of
this report is to understand the importance of small business and Management. TXO System
Ltd, which is a small telecom service network provider company located in United Kingdom.
This organisation deals in providing telecommunication network with equipment and has
been increasing their connection with the different suppliers. This report comprises of
entrepreneurial ventures and their relation with typology, comparison and contrast between
entrepreneur and adventures, impact of micro and small business on economy, what is how
small business and start-ups, traits, skills and characteristics of entrepreneurs, entrepreneurial
personality stage, overview of background and experience of entrepreneur affecting their
entrepreneurship.
TASK 1
P1 Discuss different kinds of entrepreneurial ventures and analyse how they relate to
typology of ventures
Entrepreneur is a person who to produce new goods and services to public. There are
different types of entrepreneurship Ventures on the basis of which functions and operations of
are carried out. Different types of ventures are mentioned as follows-
 Entrepreneurship- It is a kind of entrepreneur venture in which entrepreneur
introduce new organisation and execute their activities accordingly. Entrepreneur in
this category have a high scale of risk because of large investment and changing
market situation. Indirectly item on overall organisational structure and also decision
making process is a time consuming (Bakri, 2017).
 Intrapreneur-ship- It is a kind of a venture in which employee manager both act as
an entrepreneur and they are self-motivated proactive as well as action oriented
people who like to achieve goals within their life with the different vision and
mission. In Intrapreneur-ship, the entrepreneur performs its work along with freedom
and their characteristic is to foster independence as well as behaviour for work within
business organisation.
 Managerial- These is also an entrepreneur venture in which it is referred to as a
managerial company which implies play important role and have a higher power in

organisation to execute their work, roles and responsibilities. This type of venture
provides power to others body needs and used a higher position and takes decision
effectively to increase their performance level.
 Scalable start-up- It is also a type of a venture their main focus is to achieve their
vision at anyhow. They have a large number of investors within their organisation and
brainstorm an idea which helps them to survive in market.
 Large company entrepreneurship- These are those types of Ventures who execute
their functions and operations at large level and accomplish their goals within a
specific period of time (Bakri, 2017). Also risk associated with the large company
entrepreneurship is higher due to environment of number of people and resources. For
example Apple Google is considered into this category.
 Small profit venture- It is a small prophet venture in which their focus is to survive
in market with earning small amount of profit and increase their sustainability period.
They operate at smaller scale and mainly focus on increasing their survival period for
longer time interval.
 Lifestyle venture- It is defined as a business organisation in which entrepreneur
mainly focuses towards earning higher profit and accomplishing of their goals at all
aspects. They take their own decisions and enjoy their lifestyle.
 Higher growth venture- High growth ventures are those who have a main purpose of
increasing their profit and sale ratio at wider context. Also, they focus towards
increasing productivity within the Enterprise.
P2 Similarities and differences between entrepreneurship ventures
Different types of entrepreneurship Ventures are heterogeneous in nature and have
similarities and differences accordingly for example ventures such as public private and
social are different from each other. It is further explained below-
Attributes Public Ventures Private ventures Social Ventures
Definition Public ventures are those
whose main focus is to
provide all necessary
services to public and
people in market for their
living standard and fulfilling
all needs or demand.
Private ventures are
those who have a main
focus on accomplishing
their goals and earning
high profit in market
(Bertoni, 2019).
Social Ventures are
those who works for
the welfare of people
and recognised as a
non-profit
organisation.

Goal Main goal of public
ventures is to provide
necessary services and fulfil
all needs and demands of
people for their better
living.
Goal of private
company is to increase
business performance
level and manage
resources for future
development.
Social venture goal is
to provide help to
people and public at
all aspects whenever
there is need and
requirement.
Strategy
Development
Strategies are being adopted
by public adventures the
purpose of improving
service level and to provide
better solution (Brüne,
2020).
Development of
strategies is being
implemented by private
ventures with purpose
of reducing the
competition level in
market and becoming
leading organisation.
Social ventures
adopted strategy with
purpose of improving
their service level and
using resources
efficiently.
Revenue
Source
Revenue sources are being
generated through public
tax, property and corporate
tax, events and many more
In private Ventures,
revenues are being
generated by sale of
products and services
market (Dilli, 2018).
Social organisations
generate and obtain
their profit as well as
revenue with the help
of investors and large
number of volunteers.
Profit
distribution
Profit of company is being
distributed amongst
stakeholders, management
and suppliers.
Distribution of profit is
done amongst
stakeholder’s owners
and with employees.
Social organisation
distributes their profit
for welfare of the
people and
development of their
living standard.
Stakeholders They have a large number
of stakeholders like owners,
shareholders employees etc.
They also have
stakeholders like
government, owners,
investors, etc.
Stakeholders involved
like volunteers
hospitals businessman,
Angel investors etc.
Example For example Virgin Group
comes under public venture.
Swire – Private venture For example- NHS is a
social firm in UK.

TASK 2
P3 Analyse Impact of micro and small businesses on the economy in UK
Small and micro businesses are important for improving the development and growth
of economy of a particular country because most of the employment opportunities are
generated by this type of organisation and they have a wider impact on business world.
United Kingdom is fast going economic countries which have a highest number of small and
micro businesses which country due to large growth development of country's economy. The
list of micro and small business organisation in UK is growing rapidly which is also
increasing and enhancing knowledge skills and confidence level of people with different
regions (Keane, 2018). There are round 6.8 million enterprises with UK and 70% of them are
micro and small businesses. Government have also being providing many services and
resources to these micro as well as small business organisation so that in it become easy for
both country and their people to have access to number of opportunities.
From above reflected picture, this is saying that small medium and large companies
are growing in United Kingdom with higher rate of presence. The picture reflect that 99.3%
small business organisation are growing from past years medium enterprises are growing at
slower rate whereas larger organisations are at medium point (Kutsuri, 2019).

From the above reflected graph it has been analysed that small and medium
enterprises generate higher employment opportunities with the 29.2 per cent which is also
increasing.
Impact of SME’S
The impact of small medium enterprises directly affect upon country economy and
development. This is because most of the resources and activities are being generated by
these organisations at large scale which provide benefit to economy of a country. Moreover,
in United Kingdom most of the employment opportunities and other are generated through
small and medium enterprises.
Effect of small company on various economic levels
 Local level- Small Company impact on local level because they have the power to
fulfil all basic needs and demands an impact on digital level of economy because
smaller companies explore new information and data which are useful for their
development and economic growth at regional level (Landström, 2018).
 National level- Small companies also impact on national level because their uses
resources and which directly affect the economic survival.
 International level- Small enterprises also have an impact on international aspect
because they try to expand their business with other foreign countries and companies.
P4 Examine Importance of small businesses and Start-ups for growth of the social economy
Small business and start-up are essential for development of growth and social
economy because they are rising at rapid scale within market and provide number of products
as well as services (Obschonka, 2017). This is also seen that it is very important to have a
proper track on market activities because small organisation takes place frequently in order to
accomplish their goals. Start-ups in United Kingdom have been also improving their level
and base. Main benefit of both small businesses and start up is that they generate new ideas
and focuses towards improving and fulfilling needs as well as demands of people. This has
been analysed that more and more start-ups are being initiated with new ideas and new
product development of services. It is also seen that at current point of situation in this covid-

19 pandemic, economy of every country is growing at slower rate due to low know number
of start-up and which is also directly impacting upon economic development.
From above discussed paragraph it has been analysed that small and start-up
businesses need to focus on improving the social economy of a country so that it become
easier to engage with people community and society in most effective manner.
TASK 3
P5 Characteristics traits and skills of successful entrepreneurs
There are type of traits as well as skill that imposes direct effect on entrepreneurs
motivates them and also achieving success and growth in organisation of entrepreneurship.
There are different characteristics as well as skill that are going to be mentioned below:
Entrepreneurs Richard Branson Elon Musk
Characteristics Thinking differently-
Richard Branson has the
ability to think differently
and he has a different vision
and mission as a leader and
entrepreneur (Owen, 2018).
Passion for innovation- It is
the most important
characteristic of Elon Musk
because he has a passion for
developing and producing
innovation
Skills Work life balance-
It is the most important skill
of Richard Branson he has
the capability to manage its
personal and professional life
simultaneously.
Communication skills- It is
the most important skill of
Richard Branson as he have a
most effective and good
communication skill on the
basis of she is able to
influence others decision.
Problem solving skill- Elon
Musk has the skill of solving
problem with innovative
solution and methods.
Decision making- This is
another which is possessed
by Elon Musk because he
take decision very wisely
duty which today he is a
successful entrepreneur
Traits Positive thinking- It is also
trait of a Richard Branson
which is used by him as he is
a positive thinker and think
differently at any point of
situation (Park, 2019).
Will to achieve- It is a trait
of this entrepreneur because
he always like to achieve
something new in life and is
now focusing towards new
development.
It is analysed that it is necessary for entrepreneur to have a proper knowledge and
awareness about their characteristics skills so that this can be used within their professional as
well as personal life in most efficient manner. From above stated table, it is seen that two

successful entrepreneurs Richard Branson and Elon Musk have been chosen and there are
different types of skills characteristics as well as traits have been differentiated.
Comparison between entrepreneur and business managers
BASIS Entrepreneur Business managers
Meaning Entrepreneur is a person who
is responsible for running the
organisation with the new
product and services.
Business managers of those
who act as both employee as
well as entrepreneur and
when organisation.
Focus Focus of entrepreneur is on
expanding the activities of
organisation at larger scale
and accomplishing goals.
Main focus of business
managers is on solving the
problem which is faced by
organisation and producing
effective solution with the
help of decision making.
Risk Entrepreneur takes risk and
they have the ability to
convert risk into a profit.
Business manager also faces
many risks and de reduce the
certainty of a risk.
From the above matter It is seen that entrepreneurs and business managers both are
different from each other and accordingly and strategies are implemented within a particular
organisation. This is also stated that entrepreneur roles and responsibilities provider as well as
broader in corporation.
P6 Entrepreneurial personality reflect entrepreneurial motivation and mind-set
Each and every individual has a different and heterogeneous personality on the basis
of which they act as well as behave in front of others. It is critically important for
entrepreneurs to be aware about different type of personality zone so that decisions and
strategies are implemented accordingly. In order to understand the various types of
personality of entrepreneur ocean model has been discussed as follows-
OCEAN MODEL
It is a model which consists of different components and types of personality which is
possessed by a particular individual. So, it is further explained underneath-

Openness
It is a type of personality in which individual is creative and innovative and faces new
experience. In this category, Elon Musk comes under this personality as because he has the
ability to innovate and develop new product and services (Bakri, 2017).
Elon Musk motivation and mind set-
This personality directly reflects Elon Musk motivation as well as might he is a great
leader and innovator at current point of situation as because he has produced and developed
many new products and services to people and is making their life easier.
CONSCIENTIOUSNESS
This is a kind of a personality in which individual is more focused and concern
towards their goal as well as mission. Such types of individuals work with proper planning
and in organised way. For example Richard Branson work systematically and accordingly
establish new business in other countries (Armelius, 2017).
Reflect on motivation & mind set-
This personality reflects the motivational mind-set of Richard Branson because he is
developing and expanding his business into diversified products with the proper
implementation of planning and gathering of market analysis.
AGREEABLENESS
This is another type of a personality in which individual focuses towards of well they
can engage with other people and make relations. People with high agreeableness are able to

communicate and engage with other at workplace easily whereas people with low degree are
insensitive and do not like to talk with other people. In this type of personality, with a high
degree of agreeableness both Richard Branson as well as Elon Musk fit into this personality.
Reflect on mind set & motivation
This personality reflect mind-set as well as motivation level of both the entrepreneurs
because they both are easily able to engage with other people and are kind in nature which
also motivates them to make people life easier and better.
NEUROTICISM
It is personality which is concerned with natural reaction of an entrepreneur towards
stressful situation and uncertain situation. Entrepreneur and leaders with higher neuroticism
are fed up with stress and also they are anxious at the time of problem. People with low
degree remain calm & optimistic which helps them to solve problem and address issue
effectively (Bakri, 2017). Both Elon Musk and Richard Branson come under this category
with lower degree of neuroticism which reflects their mind-set and motivation.
Impact on mind set & motivation
It is seen that this personality impact and reflect mind-set as well as motivation level
of both the entrepreneurs as because various kinds of problems are being faced by them
during their journey but they remain calm and deliver positive output to business at all
aspects.
Therefore this is examine to that personality of every entrepreneur need to be properly
analysed so that it is easy to take decisions and implement strategies with the market
appropriately. This helps businesses and organisation to adapt to change and encourage
others in efficient manner (Bertoni, 2019).
TASK 4
P7 Examples of entrepreneurship and how background & experience can affect
entrepreneurship
Background and experience of entrepreneur plays important role in their journey
because many things and problem solving and conquered by entrepreneur within their life.
Also background and experience both directly impact on entrepreneurship journey at wider
context because past experiences somehow effective decision making and other skills of
entrepreneur. So examples of entrepreneurs are being given and described as follows-
Richard Branson- Background

Richard Branson was born on 18th of July 1950 in London, England. He has two
younger sisters and what he was educated from Scaitcliffe School. Branson was also having
dyslexia which is kind of a disease in which a person is unable to read and write properly due
to which Richard had a poor academic career (Brüne, 2020).
Experience
At the early age Branson launched a magazine which named student it and was lost in
1966. After this in 1968 and after year Branson net worth was to be recorded as $50000. In
order to expand his business he then started a new record shop in Oxford Street in 1971.
Fostering entrepreneurship
From the above reflected background and experience of Richard Branson It is seen
that both background and experience impacted upon his entrepreneurship journey because
due to the dyslexia he was unable to properly read and write which it was a difficult situation
for him and it took time to become a successful entrepreneur and businessman magnet.
Elon Musk- Background
Elon Musk was born on 28 June 1971 and is the business magnet and entrepreneur.
He was intelligent from his childhood only because at the age of 12 he developed the game
blaster and sold. He was easily able to understand programming language from his childhood
only which reflected his intelligence and genius. He is also a drop out student from Stanford
University because he wanted to start his business career. He also received a bachelor degree
in economics and physics and then moved California in 1995 to attend the Stanford
University (Dilli, 2018). After that he dropout from college he started his founding web
software company zip 2 and then the start-up was acquired by Compaq. Also so must then
who founded online bank x.com and in 2002 former new company paper which was then
purchased by eBay in 2002.
Experience-
Elon Musk started his business career after dropping off from Stanford University and
started his own company named as x.com. His focus was to become entrepreneur and solve
the life of people. He has a long lasting experience of his business due to his strategies and
higher IQ level. He also faces many problems during both his person as well as professional
career which directly affected his entrepreneurship journey.
Fostering entrepreneurship
This is critically examine to that Elon Musk background and experience both affected
his entrepreneurship journey at wider level because he faces many problem and issues but

due to his genius mind he was able to solve those problems in effective manner. Furthermore,
it was also seen that he was having a great vision to change the world which made him today
a successful entrepreneur.
Therefore it is stated that entrepreneurship of entrepreneur is being affected by many
factors which are properly to be analysed so that it become easy to take future decision in
proper manner and deal with different problems effectively. In this changing time period, it
is identified that underground need to be active with the market and have a proper
information in data so that they are capable of running their own organisation smoothly and
operationally effectively (Keane, 2018).

CONCLUSION
After a brief analysis of about discussed report it has been analysed that it is critically
important for every business organisation to manage their activities and operations in
systematic way so that benefits are achieved. So, discussions have been made about different
types of entrepreneurial ventures with topology, differences between Ventures. Then effect of
micro and small businesses on economy, importance of small business and start-ups,
characteristics and skills of entrepreneurs. Furthermore, personality of different entrepreneurs
and their background is discussed briefly. This is evaluated that it is necessary to have a
proper focus on market situation so that decisions are not taken in positive aspect.

REFERENECES
Books & Journal:
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Letters, 155, pp.31-34.
Bakri, 2017. The impact of social media adoption on competitive advantage in the small and
medium enterprises. International Journal of Business Innovation and Research,
13(2), pp.255-269.
Bakri, 2017. The impact of social media adoption on competitive advantage in the small and
medium enterprises. International Journal of Business Innovation and Research,
13(2), pp.255-269.
Bertoni, 2019. The role of governmental venture capital in the venture capital ecosystem: An
organizational ecology perspective. Entrepreneurship Theory and Practice, 43(3),
pp.611-628.
Brüne, 2020. The effect of entrepreneurship education in schools on entrepreneurial
outcomes: a systematic review. Management Review Quarterly, 70(2), pp.275-305.
Dilli, 2018. Varieties of entrepreneurship: exploring the institutional foundations of different
entrepreneurship types through ‘Varieties-of-Capitalism’arguments. Small Business
Economics, 51(2), pp.293-320.
Keane, 2018. Comparing how entrepreneurs and managers represent the elements of the
business model canvas. Journal of Business Venturing Insights, 9, pp.65-74.
Kutsuri, G.N., Kamberdieva, S.S., Dedegkaev, V.K., Sopoeva, I.A. and Shelkunova, T.G.,
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Internet of business. In Journal of Physics: Conference Series (Vol. 1399, No. 3, p.
033008). IOP Publishing.
Landström, 2018. The social structure of entrepreneurship as a scientific field. Research
Policy, 47(3), pp.650-662.

Obschonka, 2017. Using digital footprints in entrepreneurship research: A Twitter-based
personality analysis of superstar entrepreneurs and managers. Journal of Business
Venturing Insights, 8, pp.13-23.
Owen, 2018. Enabling investment for the transition to a low carbon economy: government
policy to finance early stage green innovation. Current Opinion in Environmental
Sustainability, 31, pp.137-145.
Park, 2019. Government support and small-and medium-sized enterprise (SME)
performance: The moderating effects of diagnostic and support services. Asian
Business & Management, pp.1-26.