Entrepreneurship & Small Business Management Report: Unit 9 Analysis

This report provides a comprehensive overview of entrepreneurship and small business management, covering various aspects of the field. It begins by defining different types of entrepreneurial ventures, including small, large, and social enterprises, and explains how they relate to entrepreneurial typologies like growth and lifestyle enterprises. The report then explores the similarities and differences between these ventures. A significant portion of the report is dedicated to analyzing the impact of micro and small businesses on the economy, using relevant data and statistics to illustrate their importance at local, regional, and national levels. The report also highlights the crucial role of small businesses and start-ups in the growth of the social economy. Furthermore, it identifies the characteristic traits and skills of successful entrepreneurs, assessing how personality aspects reflect entrepreneurial motivation and mindset. Finally, the report examines how background and experience can either hinder or foster entrepreneurship, providing valuable insights for aspiring entrepreneurs and business students.

Unit 9:
Entrepreneurship &
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different kinds of entrepreneurial ventures & explain how they relate to typology of
entrepreneurship..........................................................................................................................3
P2 Explore the similarities & differences between entrepreneurial ventures..............................4
TASK 2............................................................................................................................................6
P3 Interpret & assess relevant data & statistics to illustrate how micro & small businesses
impact on the economy................................................................................................................6
P4 Importance of small businesses & business start-ups to the growth of the social economy. 7
TASK 3............................................................................................................................................9
P5 Determine the characteristic traits & skills of successful entrepreneurs................................9
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation &
mindset.......................................................................................................................................10
TASK 4..........................................................................................................................................12
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship........................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Every business needs an influential entrepreneur that can help to establish the good
market with their effective and innovative ideas and plans. Entrepreneur is the one who is
responsible to maintain each and every business operation and take valid and appropriate
decision for the development of the organisation. Entrepreneurs considered as the backbone of
the company and there are risk taker and build their business by their own terms and conditions.
Every organisation needs a specific entrepreneurship which can lead the growth of the business.
The main purpose of this report is discussed about the various types of entrepreneurial ventures
& typologies and also determines the differences & similarities. Moreover, this report also
covers that how micro & small business impact on the economy. This report also identify the
importance of starts-ups & small business for the development of the social economy. Lastly,
this report explain about the skills, characteristics and traits of successful entrepreneurs and
discuss their background and experience.
TASK 1
P1 Different kinds of entrepreneurial ventures & explain how they relate to typology of
entrepreneurship.
Entrepreneurs are the backbone of the company and that are responsible to maintain
every operation in an planed and appropriate manner. There are various types of entrepreneurial
ventures consider on the basis of scope & size which are discussed below- Small Enterprises - This type of venture maintain huge capital, employees and
operations. This type of enterprises specially formed to the earn more profit from their
products & services. The size & scope of this type of ventures considered very low
because it mainly provide their services in the niche market. These ventures contain sole
proprietorship and also partnership companies and also consider less than 50 employees
with net worth €2 million. Few examples are considered like Orion Electrotech Ltd., are
private firm & Travelodge is public firm (Boermans and Willebrands, 2017). Large Enterprises – This kind of ventures consider massive level of operations & the
size and scope of the business is very large. These types of ventures cover large market
and expand their business globally. The main motive of these ventures to address the
requirements of the customers so that they can earn more profit. The market size is very

huge and various functions are operating in these types of ventures. Some examples of
large enterprises are Morrisons, Tesco and Sainsbury.
 Social Enterprises- These ventures are running for the welfare of the society. These types
of ventures work for the development of the people and provide their contribution in the
growth of people living so that common people can take their responsibility by own. The
main motive of these enterprises is considering the wealth of the people. Save the
children & Cafédirect, Hill Holt Wood are the main example of this type of ventures.
Entrepreneurship Typologies
Entrepreneurial ventures consider various typologies that mainly associated with
development of the company which lead the smooth functioning of all the operations. The
explanation of some typologies are given below- Growth Enterprises- In this, those firms are involved that main concern to generate more
revenue and the main focus on the creative ideas which can help to earn more profit. The
prime concern of this enterprise is full fill all the requirements of the customers so that
they can improve the growth level (Dana, 2018).
 Lifestyle Enterprises- This main motive of this to improve the living standard of the
people who are belong from the local areas. These firms provide the employment of the
common people so that they can easily improve their living.
It is analysed that both entrepreneurial ventures & typologies are interrelated and help to provide
the more efforts so that local people can improve their living standards. Both entrepreneurial
ventures & typologies provide their active contribution ion the growth of the economy.
P2 Explore the similarities & differences between entrepreneurial ventures
The description of entrepreneurial ventures similarities & differences are given below-
Similarities
Basis Small Enterprises Large Enterprises Social Enterprises
Meeting all
Requirement
This type of
enterprises mainly
formed to satisfy the
need of the common
Large enterprises
basically established to
cover the large market
and address all the
Social enterprises are
formed for the
betterment of the
society.

people. requirements of the
people.
Society Enhancement This kind of
enterprises provide
more employment to
the people so that
common people can
effectively increase
their lifestyle (Doern,
Williams and Vorley,
2019).
This type of
enterprises provides
more opportunities to
the people and used
effective creative ideas
to generate more
profitability.
This enterprise mainly
dedicated for the
welfare of the society
and social people.
Differences
Basis Small Enterprises Large Enterprises Social Enterprises
Scale This types of enterprise
need small money a
conduct their business
activities small scale.
These enterprises require
large funds to operate
their business operations
and activities in the large
scale.
These enterprises use
lower scale of funds to
operate their business
operations so that they
can develop their
country.
Purpose The main purpose of
this type of enterprise is
to perform their business
functions for the
development of the local
people.
This enterprise main
motive to profit
maximisation which can
help to improve the
country economy.
This type of enterprise
considers the happiness
and welfare of the
people and also
provides their
contribution in
enhancement of the

society.
TASK 2
P3 Interpret & assess relevant data & statistics to illustrate how micro & small businesses impact
on the economy.
The impact on the micro and small enterprise on the country economy as per the local,
regional & national level are discussed below-
 Large Impact – Micro & small enterprise provide the direct affect on local economy &
provide their services to the common people which can help to address all the
requirement of the people. Through this analysis It is determined that the purchasing
power of customers vary as per the products and services that distributed by the micro &
small enterprises that can help to lead the development of the country economy (Liñán,
Paul and Fayolle, 2019).

(Source: The Role of Startups and Small Businesses in Today’s Economy, 2018) Regional Impact - This type of impact affect the growth of the country economy
directly. Micro & small enterprises provide specific effect on the regional economy.
These firms give the employment opportunities to regional people which can useful to
reduce the unemployment issues. These types of enterprise help in the business process
and develop the standard of living of regional population. National Impact - These types of enterprise provide the direct effect on country economy
at the national level because they can provide their participation for the development of
the people. The main motive of this type of firms is to focus on the innovative thing's
which can help to take more attention of the people so that firms can earn more profit
(Liu, Qian and Haynes, 2020). At least 15.7 million people are employed with the help of
micro & small enterprises in UK.
P4 Importance of small businesses & business start-ups to the growth of the social economy.
Start ups and small businesses are playing an essential role in the development of the
economy of UK and it also considered the growth of the social economy. The significance of the
small businesses & new start ups are taking a massive place and so helpful to provide the various
employment opportunities to the local areas people. It is analysed that the GDP rate of the
Illustration 1: Role of Start-ups and Small Businesses

country get more growth through start ups & small businesses. These types of businesses provide
more benefits to the country economy and considered as the backbone of the country. UK
government also help to initiate this type of businesses so that people can easily start their starts
ups without any issues. There are few points that demonstrate the importance of the startups &
small businesses for the development of the social economy (Loarne-Lemaire, Maalaoui and
Dana, 2017). High Employment Opportunities – with the help of small businesses & start ups, high
level of employment opportunities can be provided which can lead to improve the growth
rate of the social economy. These enterprises give direct employment to the local people
so that they can live their life without any problem. The main motive of this type of firms
is to provide high quality of products to the people so that they can improve their market
growth rate and expand their business in various locations. Economic Growth – Small businesses and startups mainly responsible in the economic
growth and they all are provide more contribution to increase the growth rate of the
country social economy. That individual who can new and creative ideas and interested to
start their business so that they can easily open their start ups and established their
business successfully. In this time new start Ups are playing a remarkable role in the
economic growth and help to generate more profit. New start ups to earn more income
and provide their products and services at lower rate so that they can easily attract the
local people which can help to enhance the good financial health of the economy
(Newman, Schwarz and Ahlstrom, 2017).
 Improve Living standards – Both small businesses & start ups can help to improve the
living standards of the people and provide their more participation in the development of
the people living so that they can live good and healthy lifestyle. Small businesses & start
ups can help to address the requirements of the people and according to this make an
effective plan so that they can get more customers satisfaction.
As per the above discussion it can be analysed that both small businesses and startups are
essential for the development of the country economy and also enhances the social
development of the country. These enterprises can provide the more employment chances
to the people so that they can easily develop their social economy.

TASK 3
P5 Determine the characteristic traits & skills of successful entrepreneurs
There are various famous personalities that help to motivate people and encourage
becoming the successful entrepreneur. Entrepreneurs are the one who can initiate and do some
efforts to make country economy more strong. This report discuss about the characteristics, traits
and skills of two successful entrepreneurs which are given below-
Elizabeth Gooch
Characteristic Passionate - Elizabeth Gooch is the best example of successful entrepreneur and she is
the inspiration of many people. She considered this main characteristic and worked
properly with full of passion and motivate lots of women and encourage to do work.
 Self belief - This is also containing as the strong characteristic that determines in various
entrepreneurs and Elizabeth Gooch is one of them. Self believe is the main quality that
differentiates her from others (Runyan and Covin, 2019).
Skills Innovative thinking- This skills comes under most required skill in the entrepreneurs.
With their Innovative thinking, she rule the whole world and become the best example of
successful entrepreneur. Leadership Quality - This skill is also essential for each and every entrepreneur.
Leadership quality can help to maintain the team work and she also contain very
influential leadership quality.
Traits
 More Confident - Every entrepreneurs need to be more confident so that they can easily
tackle their own problems. Elizabeth Gooch also considered that traits which can help to
lead all the business operations.
 Disciplined -This trait also necessary for entrepreneurs which can help to develop the
whole business operations systematically and Elizabeth Gooch also maintained
disciplines properly.
Tom Mercer
Characteristics

 Hard working - Every entrepreneurs need to be very hard working and so use smart work
so that they can easily achieve their day to day task and Tom Mercer also considered that
entrepreneurs who can manage their work effectively. Self conviction - This is also considered the main characteristic of the successful
entrepreneur that can help to accomplish the dreams. Tom Mercer contains self
conviction that can help to obtain all the goals (Struwig, Nuwagaba and Krüger, 2019).
Skills
 Creative - Every entrepreneur required some kind of creativity so that they can easily
improve their brand value. Tom Mercer also considered that skill which encourages him
to do some creativity in his work
 Problem solving skill - This skill also helpful for every entrepreneur who can help to
solve the business issues more effectively. Tom Mercer also considered that skills to
solve the team related problems.
Traits Confident - This trait can help to feel more realistic to each and every entrepreneurs and
Tom Mercer also very confident to his decision making and he prepare specific plans for
the development of business.
 Self Managed - This trait can help to maintain the business issues without any
interference of other person. Tom Mercer also considered that traits and manage his work
properly with another help. They believe their own thoughts and work for development.
P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation &
mindset.
To analyse the mindset of the entrepreneurs OCEAN model can be used so that it can help
to reflect the motivation level and mind set of the entrepreneurs. These are five steps are
involved in the OCEAN model which are explained below-
 Openness – It is called "Cunning" and "creative mind". Through this character trait,
anyone can recognize their level of imagination and desire skills, information and
knowledge. The characteristics of this character are largely reminiscent of the level of
emotion, thought and thought.

 Conscientiousness – This character trait is primarily related to unsurpassed quality and
flexibility, valuable for keeping up and concerned with goals so that business people can
effectively develop profit to reach their business destinations.
Illustration 1: The Big Five Personality Traits, 2020
 Extroversion – This measure of character helps measure the level of amiability. The
quality of this character thinks of that business audience who are lively, chatty and
extremely friendly and are also able to influence people and their employees. Agreeableness – This character trait states that every business person should be
extremely resilient and helpful so that individuals can trust them. Thanks to this feature,
corporate viewers can maintain the level of trust among their employees ( Wynn and
Jones, 2019).

 Neuroticism - These character traits determine those business viewers who positively
experience fear, anxiety, envy and frustration.
TASK 4
P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.
In this report, before discussed about the characteristic, traits and skills of the two famous
personality. Now here the discussion about their background & experience of Elizabeth Gooch &
Tom Mercer which help them to become successful entrepreneurs.
Elizabeth Gooch
 Foundation - Elizabeth Gooch started her career at HSBC Bank when she was 18 and
after a year, she chose to leave her job and started working in an advisory group, but she
gave up this job again and raised some money. -at least £ 1,000 from lovers. and started
their own group.
 Experience - Elizabeth Gooch started her business in strange situations, in addition she
encountered a number of obstacles such as lack of money, lack of support for loved ones.
He worked out how to deal with their problems so that he could build his business. Her
father offered her guidance to start a business instead of running a business.
Tom Mercer
 Foundation - Tom Mercer holds his bachelor's degree from Cambridge University and
gained experience as an administrative specialist at Bain and Co., a London-based
organization. He has experience of a number of organizations and also has innovative
ideas identified by the industry.
 Experience - Tom Mercer has had many meetings where he also worked as a city worker
which is why he was very sensitive to the battle of individuals, so he chose breakfast.
Hard for people on the way to work.
Thanks to their experience and foundation, both Elizabeth Gooch and Tom Mercer have
grown fertile in their industry and have overcome difficulties and frustrations to stay focused on
the development and advancement of the industry.

CONCLUSION
As per this report it can be concluded that entrepreneurs are helpful in the development of
the country economy. With the help of innovative thinking they can easily and effectively
maintain and improve the country growth. This report discussed about the importance of various
entrepreneurial ventures that can help to develop the economic growth rate. this report also
determined that significance of small businesses and start ups and their contribution in the social
growth of the country.

REFERENCES
Books and Journals
Boermans, M.A. and Willebrands, D., 2017. Entrepreneurship, risk perception and firm
performance. International Journal of Entrepreneurship and Small Business, 31(4),
pp.557-569.
Dana, L.P., 2018. ENTREPRENEURSHIP & SMALL BUSINESS.
Doern, R., Williams, N. and Vorley, T., 2019. Special issue on entrepreneurship and crises:
business as usual? An introduction and review of the literature. Entrepreneurship &
Regional Development, 31(5-6), pp.400-412.
Liñán, F., Paul, J. and Fayolle, A., 2019. SMEs and entrepreneurship in the era of globalization:
advances and theoretical approaches. Small Business Economics, pp.1-9.
Liu, S., Qian, H. and Haynes, K.E., 2020. Entrepreneurship in small cities: evidence from US
micropolitan areas. Economic Development Quarterly, p.0891242420941927.
Loarne-Lemaire, S.L., Maalaoui, A. and Dana, L.P., 2017. Social entrepreneurship, age and
gender: toward a model of social involvement in entrepreneurship. International
Journal of Entrepreneurship and Small Business, 31(3), pp.363-381.
Newman, A., Schwarz, S. and Ahlstrom, D., 2017. Microfinance and entrepreneurship: An
introduction. International Small Business Journal, 35(7), pp.787-792.
Runyan, R.C. and Covin, J.G., 2019. Small business orientation: A construct proposal.
Entrepreneurship Theory and Practice, 43(3), pp.529-552.
Struwig, F.W., Nuwagaba, G. and Krüger, J., 2019. The influence of the business environment
on the growth of informal businesses in Uganda. The Southern African Journal of
Entrepreneurship and Small Business Management, 11(1), pp.1-10.
Wynn, M. and Jones, P., 2019. Context and entrepreneurship in knowledge transfer partnerships
with small business enterprises. The International Journal of Entrepreneurship and
Innovation, 20(1), pp.8-20.