Entrepreneurship and Small Business Management Report, University Name

This report delves into the realm of entrepreneurship and small business management, examining various types of entrepreneurial ventures, including lifestyle, managed growth, survival, and aggressive growth ventures. It differentiates between small businesses, social enterprises, public, and corporate entities, as well as scalable start-ups and large companies, highlighting their roles and objectives. The report further explores the effects of micro and small businesses on the economy, analyzing factors like turnover, employment, development, industry, and competitiveness. It emphasizes the significance of small businesses and start-ups in economic development, providing insights into how they contribute to local, national, and international economies. Additionally, the report outlines the characteristics and traits of successful entrepreneurs, the role of personality as a motivational tool, and the background experiences that can influence entrepreneurship.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures ......................................................................1
P2 Role, characteristic of different ventures..........................................................................3
P3 Effect of micro and small business on economy...............................................................5
P4 Significance of small business and business start-ups in economy development.............7
TASK 2............................................................................................................................................8
P5 Characteristic and traits of successful entrepreneur..........................................................8
P6 Personality of entrepreneur act as a motivational tool......................................................9
P7 Background and experiences which can hinder or foster entrepreneurship....................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Small business organisation are fully controlled and operated by private firms,
associations, sole traders and single organisation where less employee are work for achieving
desired goals and objectives. Private companies are majorly help in increasing growth of
economy of the country in proper manner. They were develop innovative and creative products
and services in effectively (Gorgievski, Ascalon and Stephan, 2011). Entrepreneur has high skill
and ability for managing and controlling all types of functions and activities within an
organisation. In this report, it can be analysed the different types of entrepreneurial ventures and
also explain the similarity and difference between these ventures.
TASK 1
P1 Different types of entrepreneurial ventures
Entrepreneurship: this is a important pillar of economy for growth. An entrepreneur is a
person who runs his business by his own as well as entrepreneurship in simple term, is a set of
activity which concern with running and developing bushiness by owner in competitive market
with hopes of profit, through his own. It is all about taking risk in market through introducing
new things and it also helps in employment generation. This means to think out of the box and
sees possibilities. For an entrepreneur it is necessary to be a risk taker, cause this is the only
thing that helps entrepreneur in smooth business.
Entrepreneurial activities are needed to be planed in proper way other wise hazard will
come over. These steps are concern with business's beginning and mid phases stage here owner
needs to looks over every aspect of advertisement. This also means in usage of accessible things
and planning for forecasting product and serveries. Here in all the out look comes in context of
considering prise, risks of company.
Ventures of entrepreneur
Lifestyle venture: here, these entrepreneur are likely to invest in area where he is going to
be serves and makes market more competitive. Life style venture are all about taste of general
person and related with those products and services which are created for people in accordance
of needs and local belief. It provides stability in income for owner and maintain work mode
business as in managing manner. In this venture, it has a limits, usually has single location and
number or employees are less or constant and it dose no seeks to expansion and also has limited
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growth. A drawback is present in this venture that for this it is difficult to attain economic
operations or rooting up his root in oversees.
Managed growth venture: with times this venture seeks stability in growth and has
workable business model. Here ongoing reinvestment are took place as launching new product,
growth in expansion of facilities, location, employees, and a very strong and local brand that are
developed in few time ago. This business need continuous moderation in offering things for
growing business. It will guides to owner in order to manage organisation.
Survival venture: This venture means that a basic new market added to individual to
helps organisation in survival. In very new market, entrepreneur has opportunity to promote his
product without any competition and it facilitates him with profit that are needed for survival
Aggressive growth: these venture are refer to advancement. Technical based organisation
are comes under it. So here, technological based venture has enough capacity for innovation. In
this venture entrepreneur seeks exceptional growth and fund. These kind of organisation are
more interested in launching innovation. They have bright future as public are more attracted
towards technical things. The areas that company going to serve helps them to rooting their
business in prominent level and owner enjoys profit.
Typology general means of it is, classification in accordance with social science, general
types, psychology.
Private venture entrepreneurship: as name depicts some of enterprises are privately
operated in UK. In this type of firm has only single entity or one possession that provides owner
to make good profit and offer what they want. Governmental forces are applicable in very less
manner
Scalable start-up: small and higher level firms are comes in this. Smell scales business
are those who begins it's firm in very niche market with less financial tool. They don't have to
deal in big project they just serves normal people, and not seeks to luxury items.
Large company entrepreneur: they deals in large scale product and target higher level or
class person. These types of entrepreneurs has enough financial tool to survive his business.
Social business enterprises: it may be profit or non-profit firm (George and Bock,
2011). The only purpose of the enterprise is to provide good quality of product and services in
market to satisfy customer's needs and wants. These kinds to organisation does not seeks extra
profit, they work for social cause.
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P2 Role, characteristic of different ventures
Basis Small business Social enterprises
Definition Small business refers to that
organisation which is small in
size and their work are
managed and controlled in
effective manner.
This enterprise help in
providing innovative and
creative products and services
to their customers and satisfy
them.
Role The major role of this firm is
to earn maximum profit.
It is the one of the leading
organisation which aim is to
provide social security to the
country people.
Objectives The main objective of this
organisation is to make
effective profit and try to fulfil
all demand and wants of
customers.
Social enterprise main purpose
is to satisfy all required needs
and wants of society people
and conduct welfare
programmes.
Basis Public Corporate
Similarity and Differences The major likeness among
both the venture are that public
and corporate need to expand
their business in other
locations and earn maximum
profitability.
Public sector desire to ean
profit but they only use those
income which are earned by
public. The main goal of
public sector is to provide low
price products and services to
the large customers. On the
other hand, corporate sector
are earn money for their
personal development and
offer different goods at high
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price and their main motive is
to earn more profit.
Difference between scalable start up and large company
Basis Scalable start up Large company
Meaning This is an organisation which
help in attaining accurate
vision by doing proper
planning.
Large scale organisation
always change with the change
in customer taste and
preferences.
Characteristic Give attention for developing
maximal venture by growing
their business in proper
manner.
They will adopt continuous
process as per consumers
needs and wants.
Objectives The main motive of this firm is
to gain attention of different
investors who invest capital.
The purpose of this
organisation is to produce
products and services which is
based on customers taste and
preferences that is depend on
latest technology.
Comparison:
Small enterprise Medium enterprise Large enterprise
Small business organisation
need large number of
employees who works for
achieving desired goals and
objectives. They have less then
50 workers.
In this enterprise, less than 50
or more than 250 employees
are works there for attaining
goal.
In this enterprise, there are
250 or more than 500
employees works within an
organisation.
They required minimum Medium organisation required They required large cost of
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capital for start up their
businesses.
average money for investing in
this business.
money for beginning new
business in large scale.
There are some methods which
help in performing job
functions and activities of
small firm in proper manner.
The government authorities
help in providing funds for
smooth running of medium
scale business and also expand
the business.
In this organisation, maximum
profit and risk are available in
effective manner.
P3 Effect of micro and small business on economy
There are various small business organisation which will directly affect on country
economy and it is also play an important role in growing economic rate. Private sectors is the
backbone of UK economy and it will assist in developing business possibility (Down, 2010).
Small business organisation face different challenges which are related to different situations and
conditions. There are various ways which help in managing and controlling business operations
and also analyse affect on economy that are as under:
 Turnover- This is the first step which directly impact on country economy in a year.
Organisation directly affect on annual revenue and turnover for the improvement in the
country. The turnover shows the actual position of business in the competitive
marketplace.
 Business- Increasing the number of endeavours which help in developing large number of
employment opportunities to the whole nation for enhancing living standard of people.
Private companies are big assets for providing jobs to the unemployment individuals.
 Development- The improvement is required for growing firm in the large area and
expand their business operations and functions in effective manner. The development of
products are necessary for attracting large number of customers towards buying these
goods and services.
 Industry- Increasing in creative and innovative activities will motivate and encourage
employees for developing more products and services. This will directly impact on
country growth rate in each manner. The establishment of different industry and
association are getting more profit and making large growth rate of nation economy.
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 Competitiveness- This factor show the raise in the number of corporation and make it
aggressive at international level and also encourage competition in the country.
Apart from this this can be concluded that management of ventures are directly affect
advanced country economy and it will play an important role in making these factors by internal
and external fluctuations (Dennis Jr, 2011). These are some business that will contributes in
developing procedures in various manner which are discussed as under:
 adopt imaginative ideas and thoughts
 developing work opportunities
 satisfying and fulfil the request of various purchasers
 Probability similar type of products
 production of innovative goods and commodities
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Illustration 1: UK investment in technology, 2017
(Source: UK investment in technology, 2017)

The influence of small business enterprise is directly on local, national and international
economy. Small business have great impact at different level of economy and it will play an
important role in world economy which are as follows:
Local- This will help in distributing various items in specific area and also try to satisfy
all needs and wants of customers in better manner.
National- Emergence of total products by producing innovative and creative goods and
services.
International- Maximum exchange rate of products which help in crossing limits of
foreign direct investment.
P4 Significance of small business and business start-ups in economy development
Small businesses and new start up business helps to increasing economy growth and
provides standard of living to people (Carland and Carland, 2015). When a entrepreneur start a
new organisation may be they can think about their own profits but these start ups are directly
effect on economy. A firm is always work for community, region, state, country and for a
specific area of people. They helps to make some changes in direct or indirect way like-
Build a connection with each and every one- When a organisation is start at a particular
place they provides their products and services to each and every customer. Before this process
they work to explore on market to get a brief information about customers demands and their
needs. Through the analysis they get a small interaction with each and every one, this interaction
is helps to build a connection with them.
Creating of wealth and its sharing- When a person established a entity, they invest their
funds and resources and also attract other for capital from investor, lenders and public's too
(Burns, 2010). A small scale business never make their costing as much high as much customers
do not afford. So first of making a trust in customers mind they need to provide their services
and products at low costing. It will to help to making wealth as much as possible.
Provide employment services- In a economy, where every one wants a great opportunity
of job if a person become a entrepreneur, there will be one less job seeker and then they can
provide employment services to multiple job seekers. The think to create job opportunities helps
in business to achieve their future objectives and also contributes in economy development.
Government of a country also promote and support to new start ups and helps to attract other
countries for provide new ideas through hiring.
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Regional development- New business and new industrial entity helps in regional
development on a particular location like less developed and backward areas. The growth of
these types of industries are provide batters batter roads, railways link, electricity and water
supply, school and hospital development and other public services to people. These type of
business are directly and indirectly contribute to the growth of economy and helping others who
have need.
Increasing standard of living- Improve and developed a standard of living of a
community and a individual is also a another key of economy development. This is not a think to
provide job services although it helps to adopting new techniques and innovative idea which will
helps to make things in advance and also provide a new way of thinking (Bridge and O'Neill,
2012). They also motivate to educational and learning of advance techniques by the uses of
different resources.
Flexibility- This is a part of provide different services which can be change according to
timely and necessarily. Some health care policies are changed according to their needs and
training process, education institutional, internship process etc. These services are helpful for
individuals and for a economy progress.
TASK 2
P5 Characteristic and traits of successful entrepreneur
Entrepreneurship refers to that statement which help in developing and creating
innovative products for their customers in the large marketplace. A person who will oversee
particular venture which is also known as business visionary. They will produce best quality
products and services for their buyers in the large market area. Employees have skills and
experience who able to minimising business issues or problems in effective manner. The two
entrepreneur who have quality and attributes for dealing with difficult situations. The name of
these entrepreneur are Mark Zuckerberg and Henry Ford. They both have ability and capability
which help in establishing large and new business by producing effective products. On the other
side, Henry ford who is the owner of ford motors organisation and he have some ability and
capability which is different from other people (Hall, 2015). There are certain traits and
characteristic that are as follows:
Attributes of Henry Ford
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There are various characteristic of Henry Ford that should be followed by their life
experience and it will help them for becoming more successful leaders in current time period. Confidence- Henry Ford is confident person and he is sure about their decision making
process which they are made. Disciplined- The main concern is to develop effective decision for an organisation in
right manner and this will help in eliminating all errors or barriers during achieving
desired goals and objectives (Daneke and Lenox, 2010). Determination- It is important for a person is to set accurate objectives and goals which
they required to dedicate for completing activities and task. Open-minded- They have also an ability for make decision which assist in providing
advantage to the firm.
Characteristic traits of Henry Ford: Capability to take risk- Henry ford has an ability to take any type of risk which help in
solving different issues and problems within an organisation. Desire learning- As per the theory of Henry ford, learning is continuous process which
assist in providing knowledge and skills in better manner. They feel free from workload
and do not take tension.
 Passionate- Henry ford is very passionate towards their work and try to expand their
knowledge and ability to create new things.
P6 Personality of entrepreneur act as a motivational tool
All the business visionaries are motivate number of individuals for their life style.
Without any inspiration no one can work for achieving desired goals and objectives. Small scale
identify more factors which help in find out entrepreneur person they will appeal for creating
new ideas and thoughts for which help in apply the entrepreneur person. An individual has an
ability for achieving accurate result and outcome for dealing in different situations. They have
pleasant personality for attracting followers and motivate them for follow their instructions.
Motivation methods are different from each other (Leitch, Hill and Neergaard, 2010). They have
ability to take high risk and survive in complex situations in better manner. Risk is largely
influence organisation for developing large number of possibilities for a person and all the
functions of firm are managed and controlled in proper manner.
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Mark Zuckerberg is a person who have ability to inspire large number of people towards
doing effective job. The mechanistic effect the changes on broad situations of nations thought
ability. He is able for take any type of decision which help in growing business operations and
smooth running of firm activities. They both has quality to manage and control all external issue
and problems which occurs during production and introduction of various goods in the large
market. The personality of entrepreneurs are affect on mind of followers and also they are able to
take risk which directly impact on company growth and development activities in effectively.
P7 Background and experiences which can hinder or foster entrepreneurship
The past data of any person will shows their identity and make picture of their
personality. This information assist business entrepreneur for motivate employees to establish the
new organisation. There are number of fluctuations which must be determine the those people
who are linked with background of firm person (Ligthelm, 2010). Training is initial activity of
every business concern which can be provided to employees for improving their ability and
capability in proper manner. The individual has power to provide help in developing growth and
profitability for the organisation.
Learning help in improving skills and knowledge for carefully handle all situation of
company in effectively. This can be done for using various methods and also analyse current
situation of business in the market place. Entrepreneur background help in identify their thoughts
and ideas of an individual.
CONCLUSION
As per the above it can be concluded that Small business organisation are fully controlled
and operated by private firms, associations, sole traders and single organisation where less
employee are work for achieving desired goals and objectives. Life style venture are all about
taste of general person and related with those products and services which are created for people
in accordance of needs and local belief. Private sectors is the backbone of UK economy and it
will assist in develosping business possibility. Small businesses and new start up business helps
to increasing economy growth and provides standard of living to people. When a entrepreneur
start a new organisation may be they can think about their own profits but these start ups are
directly effect on economy.
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