Entrepreneurship and Small Business Management: Venture Types, Economy

This essay provides a comprehensive analysis of entrepreneurship and small business management, focusing on various venture types, their impact on the economy, and the entrepreneurial mindset. It discusses different entrepreneurial ventures, including small business entrepreneurship, scalable start-ups, social entrepreneurship, and large company entrepreneurship, highlighting their differences and similarities. The essay also examines the effects of micro and small businesses on the economy, particularly in the context of Brexit in the U.K. Furthermore, it delves into the characteristics, skills, and traits of successful entrepreneurs, differentiating them from business managers and reflecting on the entrepreneurial mindset and motivation. The study also considers factors that hinder or foster entrepreneurship, drawing from practical examples and analyzing the link between entrepreneurial characteristics and personal experiences.

University
ENTREPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT
Student Name
Lecturer Name
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Table of Content
Introduction......................................................................................................................................3
Task 1...............................................................................................................................................3
LO 1 Explore the various range of venture types that are considered in the entrepreneurial..........3
P1 Discuss the different types of entrepreneurial ventures and explain the typology of
entrepreneurship..............................................................................................................................3
P2 Explore the difference and similarities in the entrepreneurial ventures.....................................4
M1 Discuss various range of entrepreneurial ventures for understanding the entrepreneurship in
corporate and public sectors............................................................................................................5
D1 Examine the growth, development and scope of entrepreneurial ventures...............................6
Task 2...............................................................................................................................................6
P3 Provide relevant data that illustrates on micro and small business affect economy..................6
P4 Discuss the importance of small business and contribute the growth on social economy after “
Brexit”..............................................................................................................................................8
M2 Differences between small, medium and large business to adapt the economy.......................8
D2 Examine the small business makes the impact on various level of economy with local,
national, regional and international.................................................................................................9
Task 3.............................................................................................................................................10
LO 3 Determine the aspects of entrepreneurial mindset...............................................................10
P5 Determine the characteristics, skills and traits of two successful entrepreneurs, that
differentiate from business manager..............................................................................................10
P6 Reflect on the entrepreneurial mindset and motivation............................................................10
M3 Different line of arguments that relates to the entrepreneurial characteristics........................11
D3 Analysis the motivational drivers, skills and characteristics traits of successful entrepreneurs
by examples...................................................................................................................................11
Task 4.............................................................................................................................................12
LO4 Different types of environment that hinders the entrepreneurship........................................12
P7 From the practical examples, discuss the experience that could hinder or foster
entrepreneurship............................................................................................................................12
M4 Analysis the link between entrepreneurial characteristics that provides influence on the
personal experience or for successful entrepreneurs.....................................................................13
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D4 Discuss the experience and background that provides the negative and positive entrepreneurs
and provide examples....................................................................................................................13
Conclusion.....................................................................................................................................14
References......................................................................................................................................15
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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 issues but with use of
change management the issues can be overcome.
Entrepreneurial typology shares a common form of traits but differs significantly. This type of
attempt is successful at the time of identifying the key differences on large populations of
entrepreneur and yields in a holistic manner. The typology entrepreneurs provide the successful,
responsive and enhance of better forms in behavior at the time of venturing into the business.
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P2 Explore the difference and similarities in the entrepreneurial ventures
Differences
The differences in the entrepreneurial ventures lie with the inventing of new things that
are technically minded. SMEs could able to increase the profit from the proper working of
entrepreneurial ventures. The entrepreneurs try to start the entire business through the limited
amount of resources and proper form of planning. In the various entrepreneurial ventures there
exits with the small business, lifestyle business, large business and scalable start-up business
requires the ideas of entrepreneurs to increase the performance of existing ventures lying in the
market. The main differences exist in the entrepreneurial ventures lies in the types of services
and goods. The fundamental views make the innovation of new products and enhancement of
better form of services (Blundel et al. 2017). In addition to this, it can be said that social business
is mainly focused towards welfare of society. On the other side, entrepreneur in between is
considered as group which consider profit as well as social welfare as critical aspect. By having
an appropriate learning about the nature of business the issues can be resolved. The social
entrepreneur identifies the needs of social values before considering decision making process.
On the other side, the entrepreneur focuses on company growth with a motive to bring innovative
development within society.
Similarities
The similarity in the entrepreneurial ventures provides the primary goal that helps to
increase the growth and yield maximum amount of profit. The entrepreneurial ventures carry out
the practices in the innovative strategic. It provides the basic form of business ideas that help to
achieve the success in the starting position and future aspects. The entrepreneurial ventures
provide the decision-making process that makes the growth of business and provides the ideas of
challenges arise for the organizations. One of key similarities of all businesses is that they have
specific organisational structure as per the nature. It allows to have effective improvement in
standards so that goals and objectives can be accomplished.
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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
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
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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
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
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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 majorly focused towards sole traders because they have their own work culture. In
this, majorly business is being operated by family members.
Figure 1: Micro and Small business
(Source: Wri.org. 2017)
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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
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
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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
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).
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
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).
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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 successful entrepreneurs need a proper mindset for cultivating the growth, leading and
understanding the entire business. 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. 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).
It is necessary for business firm to ensure that member is having effective skills in order to have
sustainable development. It is necessary for business person to take risk by analysing all the
factors so that better development can be taken into account. Along with this, risk within market
also need to be considered during decision making process. As same the manager need to ensure
about the work practice and nature of business during decision making process. It allows to have
long term opportunities. Organizations always looking for earn profit and beat their competitors.
It is necessary for manager and owner to have effective communication skills so that key
message can be shared in order to have sustainable development.
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