Report on Entrepreneurship and Small Business Management, University

This report delves into the realm of entrepreneurship and small business management, encompassing a comprehensive analysis of various venture types, including small business entrepreneurship, scalable start-ups, social entrepreneurship, and large company entrepreneurship. It explores the differences and similarities between lifestyle ventures, serial entrepreneur ventures, female entrepreneurs, and male entrepreneurs. The report examines the impact of micro and small businesses on the economy, particularly in the context of the UK post-Brexit, and discusses the importance of small businesses in social and economic growth. Furthermore, it investigates the entrepreneurial mindset, identifying key characteristics, skills, and traits of successful entrepreneurs, while also exploring factors that can hinder or foster entrepreneurship, drawing on practical examples and case studies. The report concludes with an examination of the growth, development, and scope of entrepreneurial ventures, providing a holistic understanding of the field.

University
ENTREPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT
Student Name
Lecturer Name
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Table of Contents
Introduction.................................................................................................................................................4
Task 1 ..........................................................................................................................................................4
LO 1 Explore the various range of venture types that are considered in the entrepreneurial.....................4
P1 Discuss the different types of entrepreneurial ventures and explain the typology of entrepreneurship
.....................................................................................................................................................................4
P2 Explore the difference and similarities in the entrepreneurial ventures................................................6
M1 Discuss various range of entrepreneurial ventures for understanding the entrepreneurship in
corporate and public sectors.......................................................................................................................7
D1 Examine the growth, development and scope of entrepreneurial ventures..........................................7
Task 2...........................................................................................................................................................8
P3 Provide relevant data that illustrates on micro and small business affect economy..............................8
P4 Discuss the importance of small business and contribute the growth on social economy after “ Brexit”
...................................................................................................................................................................10
M2 Differences between small, medium and large business to adapt the economy................................10
D2 Examine the small business makes the impact on various level of economy with local, national,
regional and international.........................................................................................................................11
Task 3.........................................................................................................................................................12
LO 3 Determine the aspects of entrepreneurial mindset..........................................................................12
P5 Determine the characteristics, skills and traits of two successful entrepreneurs, that differentiate
from business manager.............................................................................................................................12
P6 Reflect on the entrepreneurial mindset and motivation......................................................................13
M3 Different line of arguments that relates to the entrepreneurial characteristics..................................13
D3 Analysis the motivational drivers, skills and characteristics traits of successful entrepreneurs by
examples....................................................................................................................................................14
Task 4.........................................................................................................................................................14
LO4 Different types of environment that hinders the entrepreneurship...................................................14
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P7 From the practical examples, discuss the experience that could hinder or foster entrepreneurship ..14
M4 Analysis the link between entrepreneurial characteristics that provides influence on the personal
experience or for successful entrepreneurs..............................................................................................15
D4 Discuss the experience and background that provides the negative and positive entrepreneurs and
provide examples......................................................................................................................................15
Conclusion.................................................................................................................................................16
References.................................................................................................................................................17
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Introduction
The Entrepreneurship and Small Business Management offers an experience that enhances the
learning skills and experience upon the people at the time of starting a business or obtain
employment in the orientation for growth on small business. Entrepreneurship lies at the heart of
business. Every organization enhances a small business that could be led by the entrepreneur.
The economy becomes volatile that provides the knowledge and skills for starting a new
business. In the established firm, there lies with a high demand of the entrepreneurial skills that
help to increase the performance of business. In the essay, there arises a finding from the
entrepreneurs in the micro and small business that provides impact on economy. Various types of
entrepreneurial ventures needs to relate with the typology. The main scope lie that the economic
development in small and large business depends on the skills of entrepreneur. From the
scenario, it has been found that successful entrepreneur needs to implement various opportunities
on the post Brexit in the country of U.K. There lies with factors that might traits that limit on the
entrepreneurship drive, it lies with the motivation and mind-set, which allows to develop the
entrepreneurial mindset.
Task 1
LO 1 Explore the various range of venture types that are considered in the
entrepreneurial
P1 Discuss the different types of entrepreneurial ventures and explain the
typology of entrepreneurship
There are basically four types of entrepreneurial ventures lies at the time of starting of business.
These are followed as:
i. Small Business Entrepreneurship
This type of entrepreneurial ventures could be operated on the profit enterprises that provide the
dominant on the particular field. Its main goal include to achieve the long-term business which
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could be sustain and earn maximum amount of profit. Examples of this type of business lie with
restaurants, agriculture and construction of firms (Klotz et al. 2014)
ii. Scalable Start up Entrepreneurship
The scalable Start up entrepreneurship exist with the innovation that helps the firm to focus for
generating a new market through the better products or services. It is built to scale with goal that
is significant on the investors and founders. Example of this business lies with IT firm and B2B
software. The small scale business or start-ups are the businesses which are started at a low
budget and with a small investment.
iii. Social Entrepreneurship
This business provide with the solutions that might increase the solutions in innovation, which
could be desired on a proper place. The set goal could be achieved through increasing the impact
in a sustainable manner. This kind of businesses or firms are scalable which means the owner or
entrepreneur can change the structure and size of his organization from small start up to a large
industry
iv. Large Company Entrepreneurship
This business could be operated upon having the employee of more than 500 people. The main
goal lies with the generation of revenue and profit from the shareholders. Example of large
company entrepreneurship includes with the corporation (Stenholm et al. 2013). Such kind of
businesses are mainly operated at high level which also provides high level opportunities. Along
with this, there is no flexible working which also creates a structural issue but with use of change
management the issues can be overcome.
P2 Explore the difference and similarities in the entrepreneurial ventures
Lifestyle venture
Lifestyle entrepreneurs don’t want to exit their
business. – An exit strategy is a way to get out of
your business, so you can work 100 hours a week,
make a nice big valuable company, then sell it
Serial entrepreneur ventures
An entrepreneur who continuously comes up with
new ideas and starts new businesses. As opposed to
a typical entrepreneur, who will often come up with
an idea, start the company, and then see it through
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before you go completely insane. Lifestyle
entrepreneurs don’t care about an exit strategy
because they are creating something simple that
they are passionate about to support the life they
want to live.
and play an important role in the day to day
functioning of the new company, a serial
entrepreneur will often come up with the idea and
get things started, but then give responsibility to
someone else and move on to a new idea and a new
venture
Female entrepreneur
A female entrepreneur is an individual who applies
feminist values and approaches through
entrepreneurship, with the goal of improving the
quality of life and well-being of girls and women.
Many are doing so by creating 'for women, by
women' enterprises
Male entrepreneur
For Male entrepreneur Decision Making is Easy.
Their Business are focused on Economy and Cost
as well as willing to take financial risk. Task
oriented managers and, Business manufacturing
and construction
M1 Discuss various range of entrepreneurial ventures for understanding the
entrepreneurship in corporate and public sectors
There are various ranges of entrepreneurial ventures exits such as start up, social, corporate and
public sectors. The entrepreneurship provides the success, failure, risk and ambiguity that
embrace the various sectors growth. The entrepreneurial ventures are responsible for a wide
range of features in the small and large business sectors that includes with the public and
corporate sectors. All the economic conditions deal by the entrepreneurial ventures that provide
the maximum impact in the small business. Entrepreneurial ventures could be found in all the
sectors and could be engaged through the behaviour of entrepreneurial. It is important to enhance
a better form of behaviour of entrepreneurial (York et al. 2016).
This could able to provide a good impact on yield of maximum amount of profit. The innovative
form of practices might lead to new technology that enhances the development of new products
and services that helps in the working in the public as well as in the corporate sectors. Many
opportunities could arise from the better form of behaviour by the entrepreneurial. In the small
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business, the entrepreneurial ventures might overlap. Then the company face a huge impact from
the economy due to the differences in the growth goals, opportunity and innovative form of
practices. The corporate and public sectors needs to understand the entrepreneurial ventures that
develops various opportunity and carry out the innovative form of practices to meet the demand
of the customers (Morris et al. 2015).
D1 Examine the growth, development and scope of entrepreneurial ventures
The entrepreneurial ventures provide the growth, development and scope in various sectors such
as corporate and public firms. The innovation provided by the entrepreneurial ventures is
involved on a particular task, which provides the maximum amount of opportunity in the
different services and products. The scope of entrepreneurial ventures provides the self-
employed people at the organizations to achieve the success. The growth in the entrepreneurial
ventures makes the maximum amount of profit that helps in the success of the firm. All the
organizations requires the entrepreneurial ventures that provides the maximum amount of profit
and enhance the better decision making capacity. There exist with various forms of
entrepreneurial ventures that makes the independent form of business through the increasing the
productivity by engaging the entrepreneurial behaviour at the time of working in small and large-
scale business. The various planning and ideas in business makes the growth of entrepreneurial
ventures. A high development of services and products could be influenced among the staff
members. The maximum amount of profit could be earned through the sustainable revenue. The
scope arise from the entrepreneurial ventures lies with getting of opportunities that determines
the success of the firm (Zhou and Wu, 2014).
Task 2
LO 2 Impact arise from the small business economy
P3 Provide relevant data that illustrates on micro and small business affect
economy
The micro and small business affects the economy by the generation of large amount of money
on the large corporations. This makes the critical form of components and provides the major
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contribution at the time of strengthening the economy. The micro and small business provide an
opportunity that helps to present new employment and serves as the major part in the country of
U.K. Micro and small business implements the contribution to enhance the local economy by
introducing innovation and growth to the community. This makes the establishment of business
in micro and small sectors. It help in stimulating the growth of economy by providing the
employment opportunity upon the people who might not be employable on the large
corporations. Micro and small business provides the tendency that assist to attract maximum
number of talented staff members, who could able to develop new products and introduce the
service in the market. It provides a new solutions and ideas that make the increase the economic
conditions. Large business often gets the benefits from the ideas influenced in the micro or small
business. It depends on the small business at the time of completion in the various functions of
business that makes the outsourcing. This provides the development of economy in the micro
and small business by enhancing of ideas and planning (Rasmussen et al. 2014). In addition to
this, it can be said that every business firm has its specific nature. Large businesses can have
working in partnership. In this, firm can have merger or partnership with any other company
within same sector or other sector. It allows to have better operations and ensure that goals and
objectives can be accomplished. In addition to this, partnership can be done with a motive of
operational values as well as financial benefits. On the other side, small scale business are major
focused towards sole traders because they have their own work culture. In this, major business is
being operated by family members.
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Figure 1: Micro and Small business
(Source: Wri.org. 2017)
 Sole proprietorship: This is been owned by an individual and thus helps them in the
effective handling of the various operations for the effective growth of the enterprise.
 Partnership: Such firms are owned in the partnership and are meant to be managed by
the effective handling of the various operations that helps in the effective handling of
different operations for growth.
P4 Discuss the importance of small business and contribute the growth on
social economy after “ Brexit”
The small business provides the vital factors in the success of economy in the U.K country. The
small business provides the ideas and skills from the new employee that assist to earn the
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maximum amount of profit. Large business is been served from the service carried out from
small business. The existence of entrepreneurial enhances the attitudes, skills and develops a
better form of initiatives in the innovative form of contribution to the firm. The small business
develops the personal relationship that is influenced by the suppliers, staff members and
customers. It provides the flexibility on the problems that could be responded and facing
challenges. The innovation and inventiveness could be introduced from the small business
through the new ideas and techniques. It provides the lowest form of operations by reducing the
cost. Small business running company tries to earn a maximum amount of profit from the sale
figures (Storey, 2016).
Brexit provides the prospective areas at the time of withdrawal in U.K from the European Union.
There are many attempts that make the model on the macroeconomic consequence in the Brexit
that might develop a long-term loss in the GDP from the economy of U.K. For example, U.K
could able to maintain the current trend in the growth in 2030, the economic condition would
become large to 30% and makes a loss of 6% (Vorley et al. 2016).
M2 Differences between small, medium and large business to adapt the
economy
The small business makes all the decision and executed by the owner. The small business adapt
the maximum amount of economy through the enhancement of ideas and knowledge that
provides the success of the firm. All the planning are executed in the short-term areas. It depends
on the small base customers and is based on local markets (Goss, 2015).
The professionals and owners carry out the medium business. All the decision is taken by the
owner and CEO or through the leader. The planning is achieved from the long-terms area. A
limited amount of sources lies in the capital. The medium business adapts the minimum amount
of economy and provides the base for the customer. There is an existence of the limited amount
of personal development which includes a limited amount of staff members (Mills and
McCarthy, 2014).
The large business is operated by the public investors and owned by the professional
management. There includes the maximum number of staff members that adapt moderate
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economy condition for the country in U.K. The long-term planning is executed to meet the set
goals and makes the formal process. It is based on the diverse markets to get the influence upon
the diverse customers (Webb et al. 2014).
Difference between start up and small business
Start-ups are often backed by venture capital
groups. Getting funding requires start-ups to
clarify growth projections and how the
proposed investment will increase the start-up's
value. Pitching to venture-backed companies
means demonstrating a business model that
shows how this growth will be achieved and
how it can increase the value of the start-up
Small businesses don’t need to demonstrate
such steep revenue projections because it isn’t
approaching large venture capitalists whose
sole interest is increasing investment wealth.
So most of their funding comes from small
business loans from the bank or from
alternative lenders.
.
D2 Examine the small business makes the impact on various level of economy
with local, national, regional and international
The small business provides the positive impacts on the various level of economy that includes
international, regional, local and national areas. Small business enhances the maximum benefits
from the local economy and provides the better form of services and goods to the customers. The
small business provides the major advantage in the local economy that makes a wider form of
services upon the staff members (Fayolle and Gailly, 2015).
The company performing small business offers local products or goods in the stores. The
national economic condition could be achieved through the small business by developing
products among the customers. The international level of the economy could be achieved by
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carrying out of business to enhance the maximum amount of strength in the better form of
services. This service creates a high influence for the small business to earn a maximum amount
of profit. The introducing of new staff members that provides knowledge and skills to increase
the productivity in the small business could increase the regional form of economy (Glover and
Kusterer, 2016).
Task 3
LO 3 Determine the aspects of entrepreneurial mindset
P5 Determine the characteristics, skills and traits of two successful
entrepreneurs, that differentiate from business manager
The two successful entrepreneurs lie with Bill Gates and Steve Job, provides the proper
traits, characteristics and skills to meet the set goals of the firm. The proper mindset helps in the
successful entrepreneurs through the enhancing of new learning skill, following of instinct and
getting of a delegate. The successful entrepreneurs need a proper mindset for cultivating the
growth, leading and understanding the entire business. A successful entrepreneur enjoys the
learning and wants to enhance the knowledge from various areas that could ultimately lead to the
success of the firm (Zhao, 2016).
 The successful entrepreneurs need to achieve certain traits that include with the tenacity,
passion, tolerance of ambiguity, self-belief, vision, flexibility and rule breaking. There
are certain characteristics that need to incorporated upon the entrepreneurs to mark the
success such as disciplined, open-minded, confidence, self-starter, competitive, creativity,
determination, strong development of skills, developing of strong ethics and passion.
These characteristics make the successful entrepreneurs and make the growth of a firm.
In the successful entrepreneurs, there includes the certain skills which include with the
resiliency, focus, sell, learn, investment made from the long-term goals and self-reliance
(Kuratko et al. 2015).
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