Entrepreneurial Ventures: Small Business Management Detailed Report

This report provides a detailed analysis of entrepreneurial ventures and small business management, focusing on their impact on the UK economy. It examines different types of entrepreneurial ventures, including small business, scalable startups, large companies, and social entrepreneurship, highlighting their similarities and differences. The report uses relevant data and statistics to illustrate the impact of micro and small businesses on the UK economy, emphasizing their importance in job creation and economic development. It also explores the characteristics and traits of successful entrepreneurs and how their backgrounds and personalities influence their entrepreneurial journeys. The role of small businesses and startups in fostering social economy growth is discussed, along with examples of how contextual factors can either hinder or promote entrepreneurship. The report concludes by summarizing the key findings and their implications for understanding and supporting entrepreneurial activity.

Entrepreneurship and
Small Business
Management
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Table of Contents
Table of Contents.............................................................................................................................3
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
P1. Different types of entrepreneurial ventures and their relation to typology of
entrepreneurship..........................................................................................................................1
P2. Explore the similarities and differences between entrepreneurial Ventures.........................3
P3. Relevant data and statistics to illustrate how micro and small businesses impact economy.4
P4 Explanation of importance of small businesses and start ups to growth of social economy..5
Task 3...............................................................................................................................................6
P5 Determination of characteristics and traits of successful entrepreneurs................................6
P6 How aspects of entrepreneurial personality reflect on motivation and mind set...................7
Task 4...............................................................................................................................................8
P7 Using relevant examples, how backgrounds and personality hinder and foster
entrepreneurship..........................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCE................................................................................................................................10
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INTRODUCTION
Entrepreneurship is the procedure of developing new initiative by bearing threats with the
perspective of making income for maximising profitability in company. Entrepreneurs that are
individuals who have proper and reach out new chances in market that can be seized for role of
serving consumer. The report will involve of various types of business ventures and typologies
examining commercial procedure. Connections and variances as in between an entrepreneurial
ventures that will be measured. Applicable information and figures to demonstrate that how
micro and small dealings that are impacting economy that will be taken and judged in
entrepreneurial process (Sgarbossa, and et.al., 2020). ASDA is Retail Company which provides
grocery and clothing products. It is based on UK. Position of small businesses and business start-
ups donating to development of social economy that will be enlarged. Distinguishing characters
and abilities of successful entrepreneurs' difference from other commercial managers that will be
enlightened. Features of how business characters that will reflect an entrepreneurial enthusiasm
and mind-set that will be observed. Applicable that examples that will be drawn for how
contextual and that experience can hinder or foster free enterprise.
MAIN BODY
P1. Different types of entrepreneurial ventures and their relation to typology of entrepreneurship
Entrepreneurship is the procedure that have the person that starts, performances, projects that
will runs the company by producing new thought of ideas and knowledge. Businesspersons that
will lead the business and motivate self towards development and development of business.
Business is important for growth of private enterprise creation for more job chances to provide
efficient perspective. It will serve an impact on community development by increasing the values
and by motivating growth (Cusworth, and et.al., 2020). As there are four key factors of business
typologies by which businessperson will maximise the profit and effectiveness that is enlarged
that are as follows:
 Small Business Entrepreneurship – Small business is termed as the manner by which
executive starts professional terms on small scale. As such type of entrepreneurship
business are drive out and get controlled and owned by sole administrators. As there are
small business that are profitable as while other remain at same stage with no innovation
and growth. Small firms that are important as because they offer chances for the
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businesspersons or make more expressive gratification of job than job position with
traditional and larger management.
 Scalable Start up Entrepreneurship – Entrepreneurs in this type of company who
possess better skills and skills as about start up company that has been formed.
Entrepreneurs in the start up business are aware that their thoughts and skills of running
the business changes the manner of the perspective of the world. As they have been
create something new for development role (Zhang, 2020). In this procedure
entrepreneurs will determine accessible company concepts. It is also as a model of
company where the company is functioned on the unique thought of idea.
 Large Company Entrepreneurship – Large Company Entrepreneurship Company have
long finite cycle that are controlled and achieved by large corporate manner. Executives
who will also provide goods and their facilities to their consumers as per their needs and
desires. As also, they survive in the market by innovating and producing new thought of
ideas that are made as per to tendencies that are running in the present scenario. Such
entrepreneurship business development with the changes in the technique, change of taste
in consumer preferences entry of new contestants in related business situation.
 Social Entrepreneurship – Social entrepreneurs are innovators who concentrate on
producing products and services that will solve wants and difficulties. Businesspersons in
field of area for social source and modernise various thoughts that will leads to enhance
in social arrangement (Ochara, 2020). By creating a global frequency and stage for
minded individuals to perform their work as the team to compete against issues.
Thus, entrepreneurial ventures that will relate to typologies of business that are as follows: Corporate entrepreneurship × Large Enterprise — Management will become tougher
for the large section of an enterprises. As they might adapt private enterprise that will
supports new business chances for present business that helps in development of new
good. Large Entrepreneurship × Small and Medium Enterprise — SME's had face tough side
in financial problems that can be improved by the modern techniques in terms of cost on
the basis of modernisation. Also an enormous entrepreneurship that are being progressive
is main significance in the business structure that will help in creating goods and facilities
as per to trends for SME's.
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 Social Entrepreneurship × Social Enterprise — Social Enterprise and social
entrepreneurship concentrates on common aims that can be satisfy on social level that can
be met by social manner from the consumers.
P2. Explore the similarities and differences between entrepreneurial Ventures.
Difference between small and large entrepreneurial venture.
Small entrepreneurial venture Large entrepreneurial venture
Small entrepreneurial venture keeps its
focus and concentration maintained over a
niche market Providing products and
services tu you a very particular segment of
society.
On the other hand large entrepreneurial
Ventures have a tendency to look over
procuring larger market segments and
sectors focusing upon multiple customer
base and segments.
Small entrepreneurial Ventures do not have
easy access to financial resources as they
do not hold a very high reputation in the
market place.
Large entrepreneurial ventures always
stay focused upon their financial resources
and make sure to hold appropriate
liquidity in order to to run their businesses
effectively.
Difference between scalable and Social entrepreneurial venture.
Social entrepreneurial venture Scalable entrepreneurial venture
Social entrepreneurial venture works with
the agenda of developing the world into a
better place for living for everyone by
supporting those who are unable to help
themselves.
The agenda of scalable entrepreneurial
Ventures is to change the world into a
better place by providing people new
innovative products or services which
brings change into the society and works
for the benefit of people as well as enable
in earning money for the firm.
A Social entrepreneurship always focus
upon generating more money iits through
donations and other valuable resources.
On the other hand a scalable
entrepreneurship focus on earning profits
through their offerings for themselves and
for growth of the company.
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Similarities between small and large entrepreneurial venture.
 One of the very common and valuable similarity of both small and large entrepreneurial
Ventures is both the entities enters the market with new innovative products and services
with the focus of providing something new and more valuable to the customers and
potential market segment.
 Also both small and large entrepreneurship focuses over earning more and more profits in
order to grow and expand their dimensions. The small enterprise focus on becoming a
larger enterprise through profit and growth. On the other hand the large entrepreneurship
looks over expanding its business into wider markets.
Similarities between scalable and Social entrepreneurial venture.
 A common characteristic of a social and scalable entrepreneurial Ventures is both types
of entities work in favour of changing the world and making it into to a better place for
living by offering people support products and services.
 Along with it both entities are dependent upon multiple donations and investments made
by external parties in their activities for funding the operations of their business.
P3. Relevant data and statistics to illustrate how micro and small businesses impact economy
Suitable fact and statistics of how Micro and Small Businesses impact economy of UK, as that
are as discussed below:
As there are a rapid growth in sort of business every year since 2005 that had faced small
failure in between 2019 and 2020 with an average development rate of +5%. In 2020, there were
6.74 million small businesses, making 98.5% of total business populace (Engelseth, Törnroos,
and Zhang, 2020). As there are more than 53% of the single in the personal enterprises that can
parted into small business market of the UK with 5.569 million population. And by adding this to
2.266 million micro business that will turns out more than 86% of company to serve fewer than
15 people in UK.
Facts that will shows micro and small business structure in the UK that are as follows:
 97% of the all SME in UK that are termed as business that are having 310 candidates.
 Less than 5% are SME (12 – 50) candidates.
 More than 93% are micro industries (0 – 9) candidates.
London maximises their higher ratio of the business. And this termed that London has
development rate with increase of 49%. It will helped in UK in attaining average growth criteria
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of 29% since 2010 till 2020. It will results in creating high rate of SME companies in London
and South West. Hence, such information and figures that has helped the UK to analyse the
business development that will helped in total development of business as there is more
development of small enterprise and micro business (Mahmood, and Tan, 2020). The
development that has directly compressed the section of the UK that has total section of the
market structure and the company that help in the growth by invention and progression in
techniques.
P4 Explanation of importance of small businesses and start ups to growth of social economy
Start-up means new or small enterprises which is formulated by a business concern in
order to operate their business and attain the productivity. This can be operated by single person
who have good knowledge and skills about starting a business. The small size businesses are
important for growth of social economy as it bring the changes in all activities and contribute in
economy by paying the taxes. Social economy is considered as branch of economics which is
related to maintaining good relations with people who lives in society by filling their needs and
wants that can help to improve the economic condition and performance. The importance of
small business in growing the economy are as defined:
Employment for local workers – In start-ups people are needed to run and handle the
business activities which are selected from the country. If a small business is established in UK
then there is need to people who can work and perform the all activities and contribute in the
economy. This can help to bring innovation and new technology at the workplace and develop
the business performance. In local community, needs and wants of people identifying and
provide the products and services accordingly which can help to make feel good. Thus, small
businesses is employed the local workers by contributing in local economy.
Contribution to local authorities – Small business has larger contribution in local
authorities as it provide the opportunity to raise the fund and money by developing the business
activities. for instance, when people have found their needs and get the product by paying the
amount that uses to providing the social services. This fill the customer demand and maintaining
the higher performance. Start ups pays taxes and VAT which are used to improve the economy
(Safari, 2020).
Providing employment opportunity – Small businesses are those business which supports
to improve the local economy. In small business less than 10 people are used to employing who
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are selected from the country. Thus, small business provides the job opportunities by reducing
employment rate. This can help to improve the economy and attaining the higher profitability.
Task 3
P5 Determination of characteristics and traits of successful entrepreneurs
Skills and knowledge is the needed attributes in an individual which are used to identify
the goal and working on them. Entrepreneur is the a person who have special knowledge and
skills for managing and running the business effectively. Tom Mercer and Elizabeth are British
successful entrepreneur who have different skills and characteristics that are as explained:
Tom Mercer
Characteristics:
Leadership – This quality is require in a person for leading the people and getting the
work done as it help to handle the working. Tom Mercer possess leadership quality which use to
guiding and leading the people at the workplace and managing the higher productivity (Lazich
and Sergeeva, 2019).
Self-starter – This means people who have ability and courage to start their own
business without any help and financial support. This needs skills and ability which should have
in a person as it helps to operate a business. Tom Mercer is having trait of self starter who know
people are demanding better quality of food which are providing accordingly that increase the
performance.
Skills
Business management skills – To become a successful entrepreneur most of the people
rely on their business skills as it is important to run a brand and organization. Business
management skills possess by Tom Mercer who identify the needs of business and delegate the
responsibilities between employees which can help to developing the business activities and
maintaining higher performance (Ormazabal, and et.al., 2018).
Customer service skills – For any business customer is the important who plays a role
by offering different services and making delight to customers. Effective customer services helps
to meet with customer base and making sure that products and services meet with market needs.
Tom Mercer is having good customer service skills who provide better quality of customer
services and managing the all activities.
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Elizabeth Gooch
Characteristics
Hard worker – This means passionate and dedication that supports to managing and
organising all activities. This is important for any individual to have proper knowledge and
dedication about their responsibilities which can be perform effectively by reducing the chances
of mistakes. Elizabeth is having hard working trait which used to facing the challenges and
winning (Soundararajan, Jamali and Spence, 2018).
Innovative – This means a person who is able to bring something new and innovative at
the workplace is consider as having innovative characteristics. Elizabeth is having innovative
skills which used to bring something new and attractive for the purpose of running its business
and attaining higher profitably.
Skills :
Financial skills – To developing a business there is need to have focus on taking care of
financial aspects and managing the all activities accordingly. This skill can be develop by
learning from financial planner, reading financial books, managing business activities and others
that supports to operate a business. Elizabeth is good business concern and financial planner
which used by this person to formulate the effective financial plan and allocate the functions in
to budget which can help to run the business.
Critical thinking skills – This can be explained as analytical skills which is used to
identifying the problem and obtaining solution. Elizabeth was full of critical thinking skills
which used by her to thinking deeply and about future that make different from other
entrepreneurs (Spear, Defourny and Laville, eds., 2018).
P6 How aspects of entrepreneurial personality reflect on motivation and mind set
The personality traits of both entrepreneurs are reflecting on motivation and mind set by
using ocean model that is defined as:
Openness – This consider aesthetics, fantast, and curiosity that comes with new ideas
and support to run a business by using this quality.
Conscientiousness – It focuses on striving, dutifulness, achievement, and self discipline
that can be use to complete project on time. this should have in person as it develop the business
by performing all duties.
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Extraversion – This personality is based on energetic, positive emotion, and
gregariousness that possess by a person while running business and organising the task between
employees.
Agreeableness – This involves altruism, softness, challenges acceptance and others that
are used by an individual to accept the changes and bring new products for influencing more
customers (Morozova, Popkova and Litvinova, 2019).
Neurotics – This can be reflect as negative personality that create the anxiety, self
consciousness, depression and impulsiveness that affected the organizational productivity.
Tom Mercer is full of openness as it understand the needs and share information with all
team members that build the confidence and supports to establish a business effectively. This
also helps to organising and directing the people what needs to do that can help to become a
successful entrepreneurs and it make different from others.
Elizabeth is also great business man as it highlights on conscientiousness and
extraversion which used to setting the mind and maintaining positive emotion at the workplace
which can help to establish a business and bring the higher productivity.
Task 4
P7 Using relevant examples, how backgrounds and personality hinder and foster
entrepreneurship
Tom Mercer and Elizabeth Gooch are two successful entrepreneurs who started their
business by getting support of background and education such as:
Elizabeth Gooch
Back ground – Elizabeth was born in Edwinstowe on June 27, 1757. Her father had died,
and she had inherited a sizable inheritance, allowing her to be financially self-sufficient. She has
spent her whole life as an actress with a Portmouth theatre company. She is the founder of EG
Solution, a small business that sells process management software that helps clients increase
operating efficiency and success.
Experience – The experience of Elizabeth involves she started to work for HSBC bank
and left this after 12 months for consultancy work that can help large size organisation to use
human resources in better way. After 8 year, she has decided to start its own business by opening
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EG solution that is consulting organisation which was started from £1,000 borrowed amount
from family and friends and a credit card (Liang, Wang and Lazear, 2018).
Hinder and foster entrepreneurship- Such a person's history encourages
entrepreneurship because she is capable of accepting challenges. She lost a lot of money in 2006
and 2007, £700,000 and £800,000 respectively, but she never gave up hope, that helped someone
to has become successful entrepreneur.
Tom Mercer
Back ground – This was born on August 10th, 1964, and is the co-founder of MOMA
foods, a breakfast food center in London. This individual focuses on people's needs and desires,
as they demand cleanliness and organic food on a timely basis.
Experience – This individual was disappointed by the low quality of breakfast on the market,
and an idea came to him to provide nutritious and higher-quality food to help people stay healthy
and safe. Then he founded MOMA, a genuine grass-roots organization that began in South
London and has been steadily expanding (Parker, 2018).
Hinder and foster entrepreneurship- Tom has faced challenges while running a
company, but his communication and networking skills enabled him to continue to operate and
expand his business, allowing him to be a successful entrepreneur.
CONCLUSION
From the above report it can be concluded that Entrepreneurship is the process of
introducing new ideas and concepts into a market. Micro companies have benefited the economy
by providing job opportunities and paying taxes. The ocean model is used to achieve success
because it aids in the identification of one's own personality and the creation of strategies that
enable one to continue to operate a company effectively.
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