Unit 09: Entrepreneurship and Small Business Management Report

This report provides a comprehensive overview of entrepreneurship and small business management. It begins by defining different types of entrepreneurial ventures, including large corporation entrepreneurship, small business entrepreneurship, and social entrepreneurship, and relates them to various typologies. The report then details the similarities and differences between these ventures, highlighting their roles in economic growth. A significant portion of the report assesses the impact of micro and small businesses on the UK economy, using relevant data and statistics to illustrate their contribution to job creation, innovation, and overall economic performance. Furthermore, the report explores the importance of small businesses and business start-ups in contributing to social growth, particularly in the context of Brexit. Finally, the report showcases the characteristics, traits, and skills of successful entrepreneurs, examining how background and experience can either hinder or foster entrepreneurship.

Unit 09: Entrepreneurship and
Small Business Management

Table of Content
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Presenting different types of entrepreneurial ventures and relation with typologies.........1
P2 Presenting the similarities and differences between entrepreneurial ventures...................2
P3 Assess the interpret relevant data and statistics that how micro and small businesses
impact on the economy............................................................................................................5
P4 Explaining the importance of small businesses and business start-ups will help full in
contributing social growth after Brexit....................................................................................6
P5. Characteristics, traits and skills of two successful entrepreneurs......................................7
P6 Entrepreneurial personality in reflecting its motivation and mindset.................................8
P7 Examine how background and experience can hinder or foster entrepreneurship.............1
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Entrepreneurship have their own importance in every business. It is an activity of setting
up a business and taking a financial risk for the hope of profit maximization. Further it helps to
describe different types entrepreneurship ventures and how they relates with the typologies and
also states the differences and similarities between each other. Report also present the
importance of micro as well as small business and their impact upon the economy. It shows how
important small business and business start ups will contribute to the growth of social economy.
Report also shows the characteristic and traits of two successful entrepreneurs and how
background and experience will foster or hinder entrepreneurship.
LO 1
P1 Presenting different types of entrepreneurial ventures and relation with typologies
There are some types of entrepreneurial ventures which are mentioned below:
Large Cooperation entrepreneurship : This type of entrepreneurs have finite life
cycles and as a result they offer different products which help to attract wide range of customers.
Changes in customer taste an new technologies may creates pressure upon them but they also
require those entrepreneurs who support their economy (Morris and et.al., 2018). Large
companies entrepreneurship do this by acquiring innovative companies and build a disruptive
innovation.
Small Business Entrepreneurship : There are about 90 percent of families are engaged
in small business and they share their maximum contribution to growth of economy. Small
business such as groceries, hairdressers and consultants or travel agents and they all have their
own business and they are hire local employees or family. Their main motive is to earn money to
fulfil the needs of their family members.
Social Entrepreneurship:This types of entrepreneurs are the innovators who mainly
focus on creating products and services in order to solve the social needs or problems (Types of
entreprenurship ventures, 2018). They wanted to make a world better place to survive not to take
market share and also creates to the wealth for the founders.
Typologies related with these different entrepreneurship ventures:
 Scalable start up entrepreneurship: These types of entrepreneurs have strong vision
power and they wanted to change the entire world through their creativity and strong

vision. These companies hire the best and brightest entrepreneurs. Their main job is to
search for a repeatable and scalable business model (Santos and Morris, 2017). These
types of business entrepreneurs started their business at small level and make up a small
percentage of entrepreneurs but at the end they attract almost all risk factors. Such as
Silicon valley, Shanghai etc.
 Intrapreneur: They act just as a entrepreneurs and they working in a large organization.
They have a good innovative skills and they are known as a practice of a corporate
management style which integrates risk taking. They have good motivational as well as
reward techniques and do work for the welfare of a company.
 Based upon gender: when the business is owned and managed by the men they are
known as men Entrepreneurs while on the other side if the entire work is done and
controlled by the woman and employment generated in the enterprises is as per decided
by the women then it is known as women entrepreneur (De Vries and et.al., 2017).
P2 Presenting the similarities and differences between entrepreneurial ventures
Similarities: Entrepreneurship is an activity that is used to set up an activity in order to
run a business in an effective way. Large and small business entrepreneurs main purpose is to
expand their business in next further level of success. While on the other side, social
entrepreneurship main objective is to run a business for the welfare of a company. These all
types of entrepreneurship are help to grow or expand their business and contribute their share of
amount for the economy of UK (Ang, 2018). These entrepreneurs also designed in order to drive
the innovations and reduce the development time and also reduces the time to market. All
entrepreneur who work in different sectors work for the welfare of the society as well as for their
family too. Social and large entrepreneurs involves themselves in their jobs so that it will help to
do something for the welfare of the company. Their main aim is to making a sustainable business
model and always look for the opportunities which help to get maximum returns in order to
perform better.
Differences:
Basis Large
entrepreneurship
Entrepreneurship
Small Business:
Social Entrepreneurship
Meaning These type of This type of They work for the welfare of a

entrepreneur work in
large companies
entrepreneurs work in
small business
society.
Aim Profit maximization
is their main
objectives
(Wallmeroth, J.,
Wirtz and Groh,
2018).
To earn money in order
to feed their family
members is their main
objectives
Serve for the welfare of a
society is their prime
objectives.
Contribution Share small amount
of part for the
growth of the
economy.
Share large amount of
part in the growth of the
economy
They did not contribute good
amount of share in the
economy of a country.
Ideas Entrepreneurs
present their
innovative ideas in
order to expand their
existing business.
Entrepreneur did not
have strong abilities to
share their best ideas for
their market share
Social Entrepreneurs generally
have their good ideas and
strong vision because they
work for the welfare of the
society.
Impact As having innovative
ideas which help
them to creates
positive impact upon
the company's profit
It creates neutral impact
upon the business such
that earning money is
not their prime
objectives. But they
creates positive impact
upon growth of the
country.
Creates positive impact upon
the society because they work
for the welfare of the society
(McDermott, Kurucz and
Colbert, 2018).
Management
strategy
They have strong
and long term
planning and ready
to take all challenges
in order to sort out
Their management
strategy is not clear as
they are also contribute
high share to the
They have best management
strategy and also take many
challenges in order to sort out
them and lead a company for

difficult problems. economy of the country the welfare of a society.

P3 Assess the interpret relevant data and statistics that how micro and small businesses impact
on the economy
Small business are the backbone of the UK economy which also driving the growth,
opening new markets and creating jobs therefore their contribution is vital (Burns, 2016). As
seedbeds for innovation, they encourage competition and bring fresh ideas for the population
enhancement. In other aspects small scale business are good for UK PLC. However, it is
important to look at the wider landscape and see that the path ahead has its challenges such as
prohibitive regulations, red tape and access to finance (Charman and et.al., 2017). Overall, it
brings the new developing goals and best approachable result by implementing new business
idea and performance goal targets. As per the previous data there were a record 5.7 million
private sector business at the start of 2017. On the other hand, this is an also increases 197,000
since 2016 and 2.2 million more than 2000 (Statistics on small and medium sized enterprises,
2018).
Small scale business had been contributing and accounted for 99.3% of all private sector
businesses at the start of 2017. Total employment in SME was 16.1 million of which 60 % of all
are of private sector employment in UK. As per the calculated data annual data turnover of
SMEs was 1.9 trillion, 51% of all private sector turnover in the UK (Statistics on small and
medium sized enterprises., 2018). Overall, it has been cleared that, small scale businesses has
been given positive impact on the growth of UK economy. It has been developed good
opportunity to UK citizens in the development growth of high economy growth.
Small scale business are generally a self owned business supporting by an individual or a
group of members at small level (Cowling and et.al., 2015). Overall, it brings the long term
target performing goals in order to meet the needs of the best performing task. In order to
develop the long lasting goals and gives the bet performing results and long term developing
growth.

Small business owners are not dominant in their field usually do not engage in many new
or innovative practices. Apart from that, it brings the new managing successfully business to get
the best possible action plan. Small business owners are not dominant in their field, and usually
do not engage in many new or innovative practices. Small businesses are the play a huge
supporting role in the development of UK economy. It provides great opportunity task in a better
appropriate manner (Fritsch, Kritikos and Pijnenburg, 2015). The biggest role of small scale
business is in job creation where new small scale businesses has been developing and long
lasting goals. Overall, job creation gives high opportunity in developing nature of growth.
However, it appears that job creation help to grow the employment opportunity through which
individuals can easily full fill their basic needs. Moreover, it brings the new development
opportunity growth for the population.
Another impact given by small sector is employment practices. Such as small scale are
more likely to employ less skilled workers and individuals with no prior work experiences. This
employment practices benefits to the economy (Lee, Sameen and Cowling, 2015).
High worker productivity is another impact of small scale businesses. Small firm
typically has less diffused ownership a less complex organisational structure and the owner is
more likely to be directly evolved in management.
P4 Explaining the importance of small businesses and business start-ups will help full in
contributing social growth after Brexit.
UK has the fifth largest economy in the world. In 2015 the total growth or GDP was
2.849 trillion dollars. In initial days of Brexit has been given negative effects on the developing
of economy. After some time later. It helps to the people who get new jobs and opportunity to
earn income growth. In order to develop the longer term of managing successful business
growth. Impact on small scale businesses is given long term of the overall, activity of businesses
and consumers buying their products or services (Storey, 2016). Apart from that, it discovers the
knowledge gaining and high performing task. In order to meet out the better objective
performance. Apart from that, it gives the better goal and long lasting channel of growth in order
to meet out the best possible action plan.
Impact of Brexit

It might be tempting to see the negotiation but out of planning is also essential. Due to
Brexit impact. Businesses are facing issues in terms of tariffs or borders controls in a possible
importing goods which could result in a limited stock supply.
Small businesses are also more susceptible to shocks since they generally have a lower
field of operation. Compared to a larger firm smaller longer time of management task and better
forming results. Small business are also more susceptible to chocks since they generally have a
lower filed of operation.
Brexit has been given huge impact on the economy where smaller businesses has been
struggled to keep afloat (Storey, 2016). Small businesses may be much localised so if region of
the economy and struggling the fact of performing goals. This overall implementing and long
term goals will help to reduce the small scale business level. Moreover, it helps to bring the long
term duration of in order to build up the long.
Overall, Brexit has given the potential to fundamentally rewrite the rulebook governing
how companies do business in the UK economy. The overall whelming weight of evidence
predicts the impact of Brexit on the overall manner.
P5. Characteristics, traits and skills of two successful entrepreneurs.
The term entrepreneur is defined as an individual that organizes, manages and assumes
risks of business and enterprise (Mas-Tur and et.al., 2015). They also have an ability to recognise
the opportunities in business whether others seems confusion. This is the unique talent of an
entrepreneur. Thus, characteristics, skills and traits of entrepreneurship is discussed as per below
context-
Steve Jobs
Steve jobs was a business magnate and investor of America. He was the chief executive
officer and chairman of Apple Inc. He is widely recognised as innovator of microcomputer
revolution along with co-founder of Apple Steve Wozniak.
Characteristics-
 He always chooses to be a leader rather than being a follower that gave him ability to
offer solutions and encourage.
 He does the things that he loved to do that makes him to enjoy the work.
Thus, having this unique characteristics makes him different from business managers.
Skills-

 He has both passion and self confidence that helped him to turn his dream into reality.
 He has an ability of not comparing his efforts with money but he follows the excellence
and ideas.
 He has an ability to follow his dreams that made him successful today.
Traits-
 He has a sense of urgency that made him sought innovative solutions and before
customers realise about their needs he builds the products. This gave him a drive.
 He has an ability to focus on the requirements of customers that made his products as the
most loved ones and first choice of customers.
Therefore, by having an innovative quality of not comparing his efforts with money makes him
different and more successful than other managers.
Bill Gates
He is an American business magnate along with author and principle founder of
Microsoft Corporation. He held the place of the largest individual shareholders. He also held the
positions of chairman, CEO and chief software architect. He also launched Microsoft that
became the best and the largest software company.
Characteristics-
 Bill gates is an honest human being and accept things that he really does.
 He keeps his attitude positive so that he can motivate himself in performing tasks.
 He has a great sense of Humour that helps in communicating greatly with employees
involved with him in business.
He has a positive attitude and creative thinking that makes him different from other managers of
business.
Skills-
 He has the ability of risk taking from past experience, that helped him ion reaching the
boost. He is very determined in making the things work and overcoming obstacles that made
trouble in his path.
Traits-
 He is a man with vision that inspired Bill Gates in pursuing graphical interface innovation
that later became Microsoft software.

 He works in order to help other rather than for own goal and personal gain.
 He stays committed towards the team and respect his staff that helps in motivating the
members involved in it.
Thus, the above characteristics, skills and traits of bill gates and Steve jobs are so unique that
helps in differentiating from other business managers (Storr and John, 2015). As the risk taking
ability of bill gates leads him in taking all the risks that occurs as an obstacle between his path
and take business towards success.
P6 Entrepreneurial personality in reflecting its motivation and mindset
Personality attribute includes characteristics, attitudes motives and values of an
individual working in the organization. Entrepreneurial mindset is important to develop for an
entrepreneur for making effective changes in their organization and working.
The positive attitude of Bill Gates and Steve Jobs motivate and influence their mind set to seek
for an opportunity in a problematic situation. This will help them to improve their performance
and will continue them to move forwards overcoming all challenges coming in their way. This
will further motivate them to remove their fear of failure in different changing situations(Pfeifer,
Šarlija and Zekić Sušac,2016). Every business faces failure but positive attitude of Bill Gates and
Steve Jobs will help them to turn their failures into success. Increase in confidence level of Steve
Jobs and Bill Gates will motivate them to remove all confusions and conflicts which affect their
working and this will further increase sales figure of their business.
The creative traits of Bill Gates and Steve Jobs will help in motivating them to generate more
creative and fresh ideas which can be proved beneficial for their enterprise. Every business needs
up gradation and developing new ideas through which new talents and suggestions can be
welcomed in business(Rae, and Melton, 2017). This new ideas will improve the functioning of
their enterprise and attracting more number of consumers towards them.
Facing of challenges bravely by Steve Jobs and Bill Gates will develop their mindset according
to changes occurring in markets and developing new ideas helpful in overcoming those
challenges. This will also help in self improvement and developing a better version of
themselves. By overcoming these challenges, success and productivity of business is maximised
and creating better corporate image in market. This corporate image will help in attracting more
people towards them proving to beneficial for them(Pfeifer, Šarlija and Zekić Sušac, 2016).
Engaging themselves in challenging situations will motivate them to develop their mindset

according to those challenges and further develop new ideas and suggestions to overcome those
challenges. Positive overcoming of those challenges will increase the success and chances of
expansion for their business. Bill Gates and Steve Jobs also have a personality trait of analysing
situations or problems more accurately which will further help them to generate more new ideas
and better results from the situations.
Thus, entrepreneurs adopt method of Blue ocean strategy of creating business strategy of
enterprise and it is based on different idea that every enterprise has to achieve higher profit with
help of creating new demand in market that is non coperative.
P7 Examine how background and experience can hinder or foster entrepreneurship
With the help of background and experience, it can be stated that entrepreneurship
program foster. There are two successful entrepreneurs taken Bill Gates and Steve Jobs. In this
consideration, Bill Gates Seattle in family in which rich business, political and community
service background. He believed to accomplish his goals with hard work. He also believes that if
a person intelligent and know his/her intelligence, they can easily reach towards goals and
objectives. From the early days, Bill was ambitious, competitive and intelligent. These qualities
assist him to attain and gain great position in his profession. He chose to deemed by peers and
teachers as smartest kid on campus. After some time, Bill and his close friend formed new
company of their own so that name of the company is Traf-O-Data. They developed computer to
measure traffic flow. From this project, they earned more so that it consider one of the best
perspective to look standard freshman courses. Within one year, Bill dropped from Harvard and
formed to look upon the Microsoft vision. Computer on every desk also successfully work which
put him where he is today. He is a visionary person and works very hard to accomplish vision.
Therefore, he likes to take risks and game of the world domination. He faces more challenge and
competition until he dies. With other software companies, he merely competes which assists to
building computer institute at Stanford university.
Another successful entrepreneur is Steve Jobs who is also known as computer designer
and corporate executive. With his vision of affordable personal computer, he launched one of the
largest industries of the past decades in twenties. He remains one of the most inventive and
energetic minds in American technology. After high school, Jobs attended Reed College in
Portland for two years. However, he left after one semester to visit India and Study about eastern
religion. In 1975, Jobs joined a group who is known as the Home brew Computer Club. One