Entrepreneurship and Small Business Management Report, LO1-LO4

This report provides a comprehensive overview of entrepreneurship and small business management. It begins by defining entrepreneurship and exploring the roles of entrepreneurial ventures, including large, social, and scalable startups, as well as entrepreneurship in the public sector. The report then delves into the typology of entrepreneurship, differentiating between serial, lifestyle, female, and male entrepreneurs, and also discusses the similarities and differences between various business ventures. Furthermore, it defines entrepreneurship in both the public and corporate sectors, critically discussing the scope of growth and development. The report analyzes the impact of micro, small, and medium organizations on the economy, including their characteristics and roles, and concludes by examining the skills, characteristics, and motivational factors of successful entrepreneurs, and the impact of experience and culture on fostering or hindering entrepreneurship.

Entrepreneurship and
small business
management

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
1 Discuss the various role of entrepreneurial venture............................................................3
2) Typology of Entrepreneurship...........................................................................................4
3) Discuss the similarity and difference between entrepreneurship venture..........................4
4. Define entrepreneurship in both public and corporate sector or industry..........................6
Lo 2..................................................................................................................................................6
1. Impact of both small and micro organisation that imposes on economy...........................6
2) Significance of small business organisation as well as start-ups in development of social
economy.................................................................................................................................8
3. Different small, large and medium enterprises make efforts to economy..........................9
4. Analyse small business organisation in influencing different level of economy...............9
Lo3.................................................................................................................................................10
1) Skills, characteristics as well as Traits of successful entrepreneurs................................10
2. Motivational person of successful entrepreneurs.............................................................10
Lo 4................................................................................................................................................12
1. Experience and culture of entrepreneurs which can create foster as well as hinder
entrepreneur..........................................................................................................................12
2) Link amongst characteristics or feature of entrepreneur..................................................13
CONCLUSION..............................................................................................................................13
REFERENCES................................................................................................................................1
Books and Journals.................................................................................................................1

INTRODUCTION
Entrepreneurship is defined as a procedure in which the business organisation emphasized
on launching, designing and running new business named as small organisation. It also clarifies
how to tackle the new business venture for gaining favourable outcomes. For this purpose there
is the integration of four kinds of resources such as capital, resources, land as well as labour that
boost productivity. This report provides discussion regarding the administration of small
organisation and also involved the type of entrepreneurship and different type of small
businesses. There are various kinds of similarities as well as differences between the investor
that is given in this assignment. And also the issues as well as problem that are occur for a small
organisation is also given in this report (Ratten, Dana and Ramadani, 2017).
LO1
1 Discuss the various role of entrepreneurial venture
Entrepreneurship: It is defined as a procedure in which the idea is transformed into reality
for favourable outcomes. Entrepreneurial activity is refers to dealing with human action in view
of firm of value, by expansion of economic activity, identifying & exploiting of new products.
Then Enterprise refers to new project which is being carried out for achieving of goals. It is the
responsibility of individual person to take risk and also emphasized on appropriate research at
market place and also defines the idea which is based on innovative business plan.
Different entrepreneurial ventures: Due to external environment there are different kinds
of Enterprises and they operate their organisation by single owner that is called entrepreneurial
venture. The main focus is to take higher risk for completion favourable outcomes. Therefore the
business venture is considered as a different from each other and also they take advantage of
favourable benefits. There are various types of business venture that is going to be mentioned
below:
Large entrepreneurship: In this type of entrepreneurship there are large amount of fund
and also have a large range of risk for fulfilling the requirement of customer it is important to
accomplish or gain larger share of market and also it is compulsory to implement latest
technology which is good for organisation at market place.
Social entrepreneurship: There are various types of business venture and they always
emphasize on boosting the quality of product and services. The primary motive of purpose of this

type of venture is to boost the margin and also they provide the society. The main purpose or
function is to increase the satisfaction level for achieving goal.
Scalable starts-ups entrepreneurship: There are various types of Enterprises to
emphasize on taking higher risk for achieving profit margin. They also require large amount of
funds for investing and also the focus is on expanding or boosting the business organisation.
Small-business entrepreneurship: This is a type of companies that emphasised on
functions as well as activity and net worth is around 6.5 billion. They need large fund as well as
taking less risk to operate their organisation like consultant, agent, and plumber as well so on.
Entrepreneurship in Public sector: The main focus of is to bring innovative ideas for
eliminating the uncertainty and also the focus is on conversion of ideas into reality by adopting
various resources that is implemented by government in improved manner (Kantur, 2016).
2) Typology of Entrepreneurship
Typologies of entrepreneurship: There are different kind of entrepreneurs and they
focuses on providing or offering different kind of services for overall improvement or
enhancement of society. The primary purpose is to fulfilling the need of customer and also they
focus is on making extra efforts for increasing standard of living of society. There are different
typologies that are discussed below:
Serial entrepreneur: The enterprise who emphasized on as well as focuses on various
ventures for becoming successful and boosts the margin of profit and sales. The main purpose or
objective of the organisation is to survive and maintained within Marketplace for performing
different functions in good way. It helped them in increasing profit margin of sales in future
period of time.
Lifestyle venture: It refers to that business organisation who emphasized on attracting the
large share of market and efficient use of available resources in improve manner. They focus on
changing lifestyle of an individual person and provide the goods and services as per need. It
helps in boosting profit margin in future period of time.
Female entrepreneur: This is the kind of Organisation in which all the activities of
organisation is handled or controlled by female staff only. It is the type of business organisation

in which all the activities as well as function is controlled by a female staff and also they focus
on carry out the functions in better way.
Male entrepreneur: This is a type of enterprise in which the business is running or
tackled by male staff depend on their competence as well as ability.
Social entrepreneurship- They are those who entrepreneurship in which it is started by
individual, or company or association to identify and provide solutions to social, cultural issues.
Social entrepreneur are those who run business with aim solving social problems. The growth of
social economy is increasing as because of injustice or harmful done to environment or social
communities.
Lifestyle and growth firms- Lifestyle and growth firm are both linked with each other
as lifestyle firms focus in their own development & personal income. Whereas growth firms
contributes & focuses on development of lifestyle firms. Entrepreneurship is corporate context as
they improve their own business with aim of generating profit.
3) Discuss the similarity and difference between entrepreneurship venture
There are different types of entrepreneurial venture that is important for overall
development or enhancement of economy. This type of venture has similarities as well as
differences that are going to be mentioned below:
Lifestyle ventures with other business entities
Similarity
 These are the type of venture whose main focus or emphasized on offering flexibility in
attire, places and many more.
 It is a type of venture who does not clarify the goal that must be achieved in targeted
period of time.
Difference
 This kind of business venture does not communicate whole information or data to its
fiscal industrialist (Kuhn, Galloway and Collins-Williams, 2016).
Serial entrepreneur’s similarities with other business
Similarity
 This is the kind of business venture and emphasize on boosting the reputation in mind set
of user in market for achieving competitive benefits.

 It is that type of organisation which is considered as a small and provides the
employment opportunity to concerned one.
Difference
 This is the kind of companies that interact all or overall data or information in respect of
internal and external environment to its fiscal industrialist.one.
Female venture similarities with business
Similarity
 The main purpose of the female entrepreneur is to build the same of organisation in order
to increase its market share.
 Their main focus is to increase the level of performance in any condition or situation.
Difference
 They focus on taking innovation in business organisation for performing their activities in
better way.
Male ventures similarities with other business
Similarity
 It has been assessed to that both female as well as male entrepreneur and has same type
of goal for boosting market share and accomplishing profit.
 The focus is on performing their activities and functions of business organisation for
achieving goal.
Difference
 Here in the main focus is to increase the level of motivation that must be higher than
females.
Difference between serial entrepreneurs, intrapreneurs & owner managers.
serial entrepreneurs intrapreneurs owner managers.
Meaning- They are one who Meaning- An intrapreneur is Meaning- They are those who

comes up with new and
innovative ideas with aim to
start something new.
one who is manager who
promotes new products
development & marketing as a
whole.
help in analysing or
monitoring of external
credentials & guides their
subordinates to face with it.
Characteristics- Serial
entrepreneurs move quickly in
creating their businesses. They
often lack the passion or
stubbornness around a singular
idea that drives first-time
founders.
Characteristics- They have
high confidence and self
esteem.
Characteristics- They are
focused towards their work
and maintain professionalism.
4. Define entrepreneurship in both public and corporate sector or industry
Entrepreneurship venture is defined as a various types of business environment. They are
categorised into both public and corporate sector that is completely depend on goal. The main
drawback of investment of finance is depending on scope of business organisation. There are two
kinds of business venture and their main purpose is to increase profit and also they focuses on
Welfare of society.
Critically discuss scope growth as well as development of venture in appropriate way
There is various factor as well as things that offer the contribution for development of
entrepreneurial venture. It assists in boosting skill as well as knowledge in respect of growth that
is completely based on scope. Therefore it has been analysed that the rate of growth is boost in
upcoming year and also they provide their investment in innovative start-ups. Thus, it is assessed
that organisation are considered as a reason for growth and development of overall economy
(Ferreira, Fernandes and Ratten, 2017).
Lo 2
1. Impact of both small and micro organisation that imposes on economy
Different business such as Micro, small and large are determined as below:

Micro: There are various types of business organisation who perform their activities in
UK. It includes micro, small and large Enterprises which enforces that influences on the society
and economy therefore for boosting growth and development of business organisation in UK
there are different tactics that must be required to execute in better manner. The primary purpose
of small firm is to increase the net worth in future period of time. It is necessary to boost this
level of sales for carry out different function and activity of Organisation in particular phase of
time period.
Characteristics-
 These enterprises have few employees within organisation.
 They need loan not more than $35,000 in loan capital.
Roles They provide employment opportunities with slow investment of recruitment.
Small: The main purpose of staff is to boost the net worth of business organisation in pre-
decided period of time. Their main purpose is to provide the product as well as services for the
need of the customer that help in increasing profit margin in future period of time. It also helps in
increasing sales in particular phase of time period.
Characteristics
 They have a small teams of employees who work with full efficiency.
 As they are smaller in size, they focuses on small market size.
Roles
 They provide anchor of economic stability in community. They also act as job deliver who provide large number of jobs.
Medium: Their main purpose is to achieving goal, Vision and Mission of Organisation in
pre- decided time period.
Characteristics-
 They need capital more than small firm.
 Medium organisation have a larger market size and easily accessible to resources.
Roles
 They play important role in education and boosting up the economy. They deliver extensible knowledge to adults.
Characteristic of Partnership, sole proprietorship and private organisation:

Private firm: Herein the various activity and function of organisation are not handled by the
government this is only controlled or handled by the single person. Therefore it has been
analysed that the government of UK do not possess any kind of rights for carry out private
business organisation so the Government of UK tackle the different activities that is given below:
 All the function of organisation that must be tackled through Non-governmental business
organisation and the single person for accomplishing objective.
Sole proprietorship: There are different activities that must be completed by the person
within the organisation and also they take higher level of risk for boosting return (Karabulut,
2016). The owner is the person who takes the high level of risk for boosting higher rate of return.
It helps Organisation in increasing profit margin in future period of Time. Every activity of
organisation must be controlled and monitored by individual person and it is the duty of owner of
the organisation to must fulfil their unlimited liability. There are different kinds of features as
well as characteristic of business organisation which is going to be mentioned below:
 Monitored as well as control by individual person. The owner of the business must have duties and unlimited liabilities
Partnership: It is considered as an agreement between two or more person for
accomplishing objective in pre-decided time period and there are different types of characteristic
or features which are going to be mentioned below:
 They have equality in sharing of profit as well as loss
 And the partner in partnership firm have unlimited liability.
Entrepreneurial ideas come from innovative thinking, new access to ideas, deep learning
& highly extensible knowledge to the specific field. They also get ideas from improving their
reading skills.
Creativity- It refers to creating the new ideas in mind to develop a new concept in
society.
Innovation- It refers to developing and modifying the existing concept into a new change
with new specification or traits.
There are various factors such as employment, growth, revenue, innovation and many more
imposes direct impact of micro and small businesses and economy.

Employment: Increase in employment rate helps in enhancing revenue of individual
person that helps in providing contribution towards success or growth and micro and small
business and also boost economy.
Growth: The growth of micro and small business increases contribution towards
standard of living of individual person and boost economy.
Revenue: The increase in income contribute towards enhancing GDP that is helpful for
boosting economy and also it increases market shares across the world.
Innovation: Innovation is necessary for organisation to increase profit margin and
growth in future period of time.
The four areas that impose direct impact on SME that is given below:
Illustration 1: Macro and Small business employment
(Source: Effects on different location, 2015)
International and National Area: The main purpose of small and medium enterprise is
to enhancement of the economy and also they require finance for this purpose.

Regional Area: The main purpose of this type of organisation is to grip opportunity and
provide the employment opportunity for growth of the economy. There are various challenges or
problems which are confronted for manufacturing of products and services of business
organisation (Ferreira, Fernandes and Kraus, 2019).
2) Significance of small business organisation as well as start-ups in development of social
economy
Brexit: Due to brexit there is different adverse impact which is imposed by the legal
authority in order to enhanced economy. There is different barrier that occurs after leaving the
UK country. There are various differences among small as well as start-ups that is going to be
given below:

Difference among Start-up's and small business
Small-business Start-up's
 It is necessary to have need of finance
in comparison to new start-ups for
performing their activities in
organisation.
 The main purpose is to create the
innovation by capturing largest share of
market.
Importance of small business
 Contribution to economy- Small business are important for development of economy
because they cover 4.8 percent of market area in country which is at national level & at
regional & local level they provide 75 % profit to the business as well as government
sector.
 Innovation- Small business also focus on innovation with small ideas but effectively is
used. Through this they are able to attract large number of customers.
International aspects of entrepreneurship
 International aspect have deep impact on entrepreneurship as because it increases the
level of competition in market & due to which it become difficult for small business to
earn profit.
 Another aspect is that, cost of production, starting up new business increases when
international aspect is present.
Effect of the small business on social economy of United Kingdom
Effect on taxes and revenue: In UK it is important to create source of taxes and revenue
for grip opportunity. There are various connections among taxes and revenue for increasing
sales.
Importance of the small businesses and the new venture
Employment opportunities: The business organisation is essential for providing incentive
or rewards to the person for growth and development of country in good way. There are different
it benefits that must be offer for Welfare of society. It is necessary to provide Employment