Unit 9: Entrepreneurship & Small Business Management Report

This report provides a detailed analysis of entrepreneurship and small business management, covering various aspects such as entrepreneurial venture types, including small business, large venture, and social entrepreneurship, along with their relation to distinct entrepreneurship typologies like lifestyle and survival entrepreneurs. It assesses the impact of micro and small businesses on the economy, supported by relevant data and statistics, highlighting their contributions to employment and economic turnover. The report also explores the characteristics and skills of successful entrepreneurs, differentiating them from business managers, and examines the influence of entrepreneurial personality and background on mindset and motivation. Furthermore, it elaborates on factors that either hinder or foster entrepreneurship, providing examples and analyzing the linkage between personal experience and background with entrepreneurial success. The report concludes with an overview of the key findings and references.

Entrepreneurship and
Small Business
Management

Contents
MAIN BODY...................................................................................................................................3
Task 1...............................................................................................................................................3
P1. Entrepreneurial venture types and how they relate with distinct entrepreneurship typology.
................................................................................................................................................3
M1. Analysing of entrepreneurial venture range for demonstrating understanding in public
and corporate sector................................................................................................................5
P2. Similarities and differences of entrepreneurial venture types..........................................5
Task 2...............................................................................................................................................6
P3. Interpretation and assessment about related data and statistics for illustrating the ways in
which micro and small businesses impacts economy.............................................................6
M2. Evaluating differences in the manner small, medium addition to large organisations make
to economy with application of statistics...............................................................................8
Task 3...............................................................................................................................................9
P5. Characteristics traits together with skills of successful entrepreneurs which differentiate
them from business manager..................................................................................................9
P6. Assessment of how entrepreneurial personality aspect reflects entrepreneurial mindset and
motivation.............................................................................................................................10
M3. Exploring different argument lines related with characteristics of entrepreneurs........11
Task 4.............................................................................................................................................11
P7. Elaborate with examples to examine background and experience that hinders or fosters
entrepreneurship...................................................................................................................11
M4. Analyse of linkage among characteristics and influences of personal experience and
background of successful entrepreneur................................................................................13
CONCLUSION................................................................................................................................1
REFERENCES................................................................................................................................3

Contents
MAIN BODY...................................................................................................................................4
Task 1...............................................................................................................................................4
P1. Entrepreneurial venture types and how they relate with distinct entrepreneurship typology.
................................................................................................................................................4
M1. Analysing of entrepreneurial venture range for demonstrating understanding in public
and corporate sector................................................................................................................6
P2. Similarities and differences of entrepreneurial venture types..........................................6
Task 2...............................................................................................................................................7
P3. Interpretation and assessment about related data and statistics for illustrating the ways in
which micro and small businesses impacts economy.............................................................7
M2. Evaluating differences in the manner small, medium addition to large organisations make
to economy with application of statistics...............................................................................9
Task 3.............................................................................................................................................10
P5. Characteristics traits together with skills of successful entrepreneurs which differentiate
them from business manager................................................................................................10
P6. Assessment of how entrepreneurial personality aspect reflects entrepreneurial mindset and
motivation.............................................................................................................................11
M3. Exploring different argument lines related with characteristics of entrepreneurs........12
Task 4.............................................................................................................................................12
P7. Elaborate with examples to examine background and experience that hinders or fosters
entrepreneurship...................................................................................................................12
M4. Analyse of linkage among characteristics and influences of personal experience and
background of successful entrepreneur................................................................................14
CONCLUSION................................................................................................................................1
REFERENCES................................................................................................................................3

INTRODUCTION
Entrepreneurship and small business is two different concept where enhancing better
business and taking opportunity by undertaking the risk to form a individual or artificial
company for better revenue purposes that develop society (Barba-Sánchez and Atienza-
Sahuquillo, 2018). Small business are those process of segmenting and coordinating all aspects
of a small business to handling manpower, optimum utilisation of resources, seeking for simple
road map in which these type of business management can attain better and day to day business
operation targets. Through better managing a small business that enhance to presents some
unique challenges for the owner. By involving various managerial function such as purchasing,
warehousing, customer service, product development, human resources and better marketing
management to overall manage better enterprise.
In this report there are two case study which emphasis seventh most successful female
entrepreneurship name is Elizabeth Gooch, she was supposed to work in consultancy firm where
but after 12 months she left. Now the situation arise that she has plan to start a new venture as
entrepreneur in business environment which involve better consultancy service practises. By
covering topic in this report to discuss about different entrepreuerial ventures with typology
relate (Barnard, Pittz and Vanevenhoven., 2019). Discuss the similarities between
entrepreneurial venture. Through better assess data and statics about micro organisation which
create impact on economy, importance about small business towards start up growth social
economy. The characteristics traits and skills of successful entrepreneurship from business
manager. By highlighting significant personality trait of entrepreneurship along with tehri
backgrounds and experience
MAIN BODY
Task 1.
P1. Entrepreneurial venture types and how they relate with distinct entrepreneurship typology.
The entrepreneurship is refers about individual or can be consider a group of people how
enhance their innovation and creativity to better build up business structure where they
tend to develop or organize enterprise for better positive outcomes. The economy of United
Kingdom which is considered towards offering opportunities for United Kingdom. The
economy is majorly determines innovative skills and strat up professional which enhance

better placement of opportunity gain in business. The entrepreneurial ventures are tend to
be based on optimise new better creativity along with positive innovation to attain overall
objective which producing better objective that shows social and economic background.
There are different entrepreneurial venture which are highlighted below:
Small Business Entrepreneurial: These firms are having their own access towards limited
resources that employee for better small manpower raging high 10-250 members to start small
venture is domicile or local areas. As they ave less capitalisation in which the level of investment
is very low (Demirel, Rentocchini and Tamvada, 2019. The purpose of small business is to
accomplish day to day target for sustain inx business environment through which they can easily
feed to their family member easily. For example: local street shops, consultancy firm on rental
basis, domicile restaurant all these are consider as small business venture.
Large venture Entrepreneurial: As per these big corporate business venture are handle to
major operates the business activities in national and international level companies where teir
investment level is highly enhance as tehri capitalism is structured with expected long term
profitability. For example: Tesla is one of electronic leading multinational automotive venture in
international where their revenue is above billions and employees are more than small business
venture.
Social entrepreneurship: these type of venture are only for development towards society
welfare r environment. But they raises many opportunities for business trade in which they can
provide better need for society welfare that deprived society for vulnerable group. They are not
at all for focuses on profits as they consider as non profit organisation who provide their social
service by maintaining charity and donation towards clients (Dou and et. al., 2019). Many
National Governmental Organisation which are commence in all over world like Oxfam is
charitable trust venture which facilitates positive business related activities that tend to enhance
high productivity.
Typology of entrepreneurship
The term typology is generally reflect about the group of people are having similar traits and
attributes. As the major role of typology in business entrepreruship as per context of
entrepreneurial about business:
Lifestyle entrepreneurs

These entrepreneurial ventures are having good social position and business network and
are good at taking and prevailing opportunity to earn maximum amount of profit. Lifestyle
entrepreneurs are those who are having high desires and aim at expansion and betterment of their
business.
Survival Entrepreneur
These are the ventures that had faced recession and their business has afloat and survives
that recession through effective planning and goal making strategy to stay alive and survive in
bad conditions. This type of entrepreneur typology is having trait of imitated organisational
growth and low profitability that always aim at cutting their operating cost and laying off
employees in order to ensure their survival.
M1. Analysing of entrepreneurial venture range for demonstrating understanding in public and
corporate sector
The public and private sector of business venture provides vast felid of industry and their
revenue is governed to contribute in economic scale. Entrepreneurial business is also
comes under private scale where it needs to build their revenue with higher along with size
and scope in terms of employees and business expansion. As peer other hand, the corporate
sector is a kind of business sector which runs and privately owned through individual.
Through small and large business entrepreneurship they form strategic plans and tactics to
attaining more revenues. These type of companies decides that their need to form better
competition for gaining advantages in productive manner .
P2. Similarities and differences of entrepreneurial venture types.
Basis Small Business
Entrepreneurship
Large Company
Entrepreneurship
Social
Entrepreneurship

Level of Operation In this organisation,
due to shortage or
limited level of
capitalism in which
the flow of working
operations is less.
By operates of
operation is large
enterprise with level
of complexities which
need better systematic
and having clear of
work division across
various platform.
Social Level of
operation is very
innovative by
overcoming the
environmental
problem toward
society.
Objective They having objective
of small companies is
to attain more
productive or profit to
survive and meet
needs of family.
The main purpose of
large enterprise is to
attain more profits
and market share
along with expand the
business in productive
manner (Herrmann.,
2019).
To marking and
solving the
environmental issues
which creates health
society and safe to
attain better
outcomes.
Geographical area
Served
The business
operation is tend to be
served where small
business enterprise
expand and establish
their ventire only
local locations.
Their business is
internationally
established to better
open up a business
venture to more
expansion of attaining
profitability and
awareness.
Social
entrepreneurship
venture faces to
handling funding
issues to better
communicating and
provide healthy value
of objectivity solution
to society.

Task 2.
P3. Interpretation and assessment about related data and statistics for illustrating the ways in
which micro and small businesses impacts economy
Micro businesses: This business is refers about to acquire lesser number of employee for
running the business through acquiring better day to day targets for sustainable in sort and long
term. This business can make huge difference where it updating effective quality that local
citizen of economy enhance better products which impact on economy through huge cost
involved.
Small Business: It is quite different from micro business in terms of revenue and operation
about business as they attaining to generate approximately 10 million US dollars which is highly
initiate within taxation of government support and contribute huge developing infrastructure,
forecasting of manpower, and motivating existing employees for contribute better innovation
skills for attain better outcomes returns.
Data and statistics to illustrate impacts of micro and small business on UK’s economy
Figure 1 SME's in UK that enhances economy.2020
(Source: SME's in UK that enhances economy. 2020 )
As per the above data and statistics, it is reflects that there are around 5.9 million business
in UK among with 99% are micro and small sized business (Kimmitt and Muñoz., 2018). These
are crucial for UK’s economy as they provide around 60% of jobs to the residents of the country
and it is also seen that their contributions are increasing each year. For example, Davison
Canners, Rocket Mill, First Mile, Calrion, The Ginger Pig and many more are some of small and
micro enterprises in UK that produces own products at large quality for meeting needs of
domestic and international population and this impacts on generating income for the economy. In
the country, only small businesses employs more than 16.3 million people that accounts nearby

60 per cent of entire employment resulting in decreasing rates of unemployment which shows
positive impacts on economy (Small businesses figures impacting UK economy, 2020).
The above data and statistics states that micro and small businesses impacts in economy
of country through making huge contributions in turnover, other businesses and employment. In
context to micro businesses, they impacts through contributing 7.3% of turnover, 17.6% of
employment and 76.0% on other businesses. At same time, it is also seen that small businesses
impacts through contribution 14.3% in economic turnover, 15.3% in improving employment
situation and 19.7% in helping other businesses to grow in the economy. Moreover, these
businesses effectively make efforts for boosting growth rate addition to grabbing huge
development opportunities for economy of UK. It is also evaluated that the business ventures
takes advantages of various innovations with the purpose of enhancing own revenue rations so
that they can serve towards economic growth rate of the nation in best possible formats and
ways.
P4. Importance of start-ups and micro ventures in growing social economy
There is important to having better start up business plans which develop its growth and
provide better productive aspect towards the economic of United Kingdom (Kuzieva., 2020).
There are many benefits get increase through enhancing start up business venture as
employment, social factor that having high impact on behaviour. Some of essential significance
is highlighted about given below:
 Innovation: Through better Start ups micro business enhance to create and diverse the
innovation which is assort to create better business plan that generates better business
opportunity along with positive outcome. To development in economic can atatiing
better growth as well as motive various people with variety of offerings.
 Provision of Employment in UK: It is having major impact on social economy that
enhance better employment or jobs for vast population. As per according from Start up
people reduces that creates an unemployment situation through societal economy basis
get enhance for productive sector.

Through above two aspect is major plays involve by enhancing Stat up business implement in
United Kingdom where people would get easily proper opportunity to attain better achievements
and Gross domestic product increases for United Kingdom.
M2. Evaluating differences in the manner small, medium addition to large organisations make to
economy with application of statistics.
In United Kingdom, as there are number of small scale and medium scale of business
which accreting impact on large enterprise of business. Many difference which shows the
capability to operate business where Small business can handle all activities within their 10
employees in other hand Large business need to require better potential employees of 500-
1000 people who jointly work together for accomplish target (Leonidou and et. al., 2018).
As small business provides more employment ration up to 25% where large enterprise is
having lesser job opportunity but their revenue plays an important role in country
economy. On the basis of report that UK is having support to the Large enterprise as it
because their contribution leads the GDP more influence as compared with small business.
Task 3.
P5. Characteristics traits together with skills of successful entrepreneurs which differentiate them
from business manager
This is the most important aspect of entrepreneurship skills, characterises and traits that
plays a vital role in individual role that helps to make them successful entrepreneurs. As in
below aspect there are two entrepreneur is approach Tom Wilson and Elon Musk who are
one of most influence business personality. In following there is highlight about
characteristics, traits and skills which makes them proficient in effective manner.
Characteristics
 Flexibility: This specification is important that makes entrepreneur flexible
towards changing things in certain level. For example: Tim Wilson fits for the
flexibility characteristics that makes differentiate from other business venture of
managers. As he easily adopt his career by enhancing different opportunity and
handling challenges effective manner.

 Self motivation: By this charactertics of an entrepreneur that makes motivates
when they push themselves for accomplish to achieving to successfully competitive
advantages (Mafundu and Mafini., 2019). For Example, Elon Musk is one self
motivated which he always keeps an positive attitude which makes him successful
and leads in his careers proficient.
Traits
 Determination: As with the point of view of successful entrepreneur having teir
determination to fight over with uncertain and barriers for accomplish targets.
Through successful entrepreneur as failure to open for success through implies for
attain better success outcomes. Tom Wilson is having determination factor that
tired by differentiate to acquire all opportunity for better succession planning in his
career.
 Disciplined : Through Successful entrepreneurship have emphasis on motivation
and follows some norms and rules which create and individual entrepreneur more
person of ethics which makes to attain more final results.
Skills:
 Critical thinking skills: this skills tat major assists to entrepreneurship towards
measuring to tatactis to manner for implementing effective plan to better attaining
success in strategic plan for better instance where Tim Wilson that acquire to making
skills to building new plans in business to accomplish targets.
 Communication skills : This skills which helps to which it undertakes important
where information are shared with other people communication (Mishra., 2018). As it
paramount to share message and making understand through better interaction with
prospect of stakeholder having power and interest in company.
P6. Assessment of how entrepreneurial personality aspect reflects entrepreneurial mindset and
motivation
The personality of an individual entrepreneur is having different ort of personality that
makes them more innovative and goal oriented with creative mind set that allows them to
accomplish their objectives. Their background and experience plays an important role to
better understand about business and its activities that most propound basis allows to

provide direction in which they can achieve as well scrutinize in better form to
communicate within stakeholder through essential factor of external that create high
influence of motivation mind set.
In following there is highlight of Six Ocean Personality Test:
 Openness: This is first stage of personality that shows about willingness to
explore aspects in good presence of mind that enhance better understands to
attempting new ideas of business in effective way. For example Tom Wilson is
having open minded that having prefer to learn to shows concern of willingness of
employees to reach their objective.
 Conscientiousness: It is been related with the ways of an individual to
accomplish the thing in effective in manner, details towards business, spend in
time preparing for tactics to accomplish the task in better manner.
 Extroversion: These way of people is having traits which tend to other for draw
refers extroversion. As being successful entrepreneurship is generally highly
extrovert by communicate in public (Neumeyer and et. al., 2019). For example
Elon musk is one of type of Extrovert where he used to like meeting peoples and
share their thoughts and view points.
 Agreeableness: According to this element where within the manner of individual
that arises on interacting within others to feel compensate for others. As per the
highly agreeable entrepreneur always tend to feel empathy towards other enjoy by
providing proper guidance in which they can agree on it.
 Neuroticism: This personally aspect that defines which enhance better ability
towards an individual for better remain balanced emotional stability. This create
and business personality weak in which it also distract towards from goals.
Evaluation:
Though above study of Ocean personality helps to examine and better understand
towards mapping individual personality. Similarly, in this situation of Elon Musk and Tom
Wilson are having two different personality that makes them most influencing and successful
entrepreneur . to enhance better mindset as well as extrovert all these helps to explore more in
desirable objective with accomplish in succeed way.