Assignment Title: Entrepreneurship and Small Business Management

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 Table of Content

SL Description Page
P1 P1: Examine different types of entrepreneurial ventures and explain how they 3
relate to the typology of entrepreneurship ventures, including examples of each
type.
P2 P2: Explore the similarities and differences between Social Entrepreneurship and 4
Lifestyle Entrepreneurship, including two existing examples of each.
M1 M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an 5
understanding of entrepreneurship, including sources and Harvard Referencing
Style.
D1 D1: Critically examine the scope, development and growth of entrepreneurial 6
ventures in the UK, Including sources and Harvard Referencing Style.
P3 P3: Interpret and assess relevant data and statistics to illustrate how micro and 7
small businesses Impact on the UK economy.
D2 D2: Critically examine how small businesses have an impact on different levels 10
of the UK economy (at local, regional and national levels), making comparison
with
at least one (1) other country, including data, sources and Harvard Referencing
Style.
P5 P5. Determine the most likely characteristic traits and skills of Elizabeth Gooch 13
and Tom Mercer, Stating how they are differentiated from those of business
managers.
P6 P6. Assess how aspects of the entrepreneurial personality of Elizabeth Gooch 14
(Case Study 1) and Tom Mercer (Case Study 2) reflects their entrepreneurial
motivation and mindset.
M3 M3. Explore and examine different lines of argument relating to entrepreneurial 15
characteristics,
building on P5 and P6, including sources and Harvard Referencing Style.
D3 D3: Analyse the characteristic traits, skills and motivational drivers of at least 15
two (2) successful
entrepreneurs, supported by specific examples, including sources and Harvard
Referencing Style.
P7 P7. Examine using Elizabeth and Tom )case study), how personal background 16
and experience can
hinder or foster entrepreneurship.
M4 M4. Analyse the link between entrepreneurial characteristics and the influence of 17
personal back
ground and experience to Elizabeth Gooch (Case Study 1) and Tom Mercer (Case
Study 2), including
sources and Harvard Referencing Style.
D4 D4. Critically evaluate how personal background and experience influences 17
entrepreneurs, both
positively and negatively, by comparing and contrasting Elizabeth Gooch and
Tom Mercer.
References: 18

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P1: Examine different types of entrepreneurial ventures and explain how they relate to the typology
of entrepreneurship ventures, including examples of each type.

Entrepreneurial:

An entrepreneur is an individual who starts and runs a business with restricted resources and coming up
with, taking account of all the risks and rewards of his or her business venture. The business plan is
typically a brand new innovation, product or service, instead of associate existing business model.

Such entrepreneurial ventures target high-returns, with high level of uncertainty. The entrepreneur has
no problem to place his or her money security and career at stake to take unlimited risks on an
inspiration, spending time still as capital on associate uncertain venture.

Intrapreneurship:

Intrapreneurship is like entrepreneur in a bugger organization. They are usually highly self-
motivated, proactive and action-oriented people who easily take decision or initiatives of their
own, even within the boundaries of an organization, to take innovative products or services. The
most important thing is that intrapreneur is in comfort zone because he/she believes that failure
does not have any personal cost as it is the same for an entrepreneur because organization will
recover the loss arising from failure.

An intrapreneur always focuses on the specific issues and his area is to comprise the process of the
company rather than the whole business. The specific issues can be requires skills directly or increasing
productivity etc. An intrapreneur has the ability to drive some innovative stages for serving a better
situation for the organization through serving goods and services.

Intrepreneurs love freedom and the characteristics foster autonomy and independency within
themselves. They are basically efficient in developing workflow charts and they can visualize the
upcoming competition towards the company and how to mitigate them with a full swing.

Managerial:

The individual within the organization manages people to make the work done is called the managerial
work force. They are basically paid employees who have the authority to take any changes within the
organization with prior approval. They are also very tactical in nature and always in a hurry to manage
others or subordinates. They are basically responsible for the day to day activities. If there is no
innovative ideas come from their side, it seems to be okay because they are in the organization for the
regular job done. They can think how to make others efficient and how to relate one thing with another
etc.

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P2: Explore the similarities and differences between Social Entrepreneurship and Lifestyle
Entrepreneurship, including two existing examples of each.

Lifestyle Entrepreneurship:

An individual who creates a business not for the profit earning purpose rather for the purpose of
altering lifestyle is called life style Entrepreneurship. Actually, a life style entrepreneur focus more on
the life reward and sometimes in business he/she does good as he/she is doing as per his/her passion.

Suppose, Elizabeth in EG Solution PLC is a lifestyle entrepreneur as she was conducting business with her
passion.

Social Entrepreneurship:

Social entrepreneurship means the techniques through which companies are started up and other
entrepreneurs to develop, fund and implement solutions to social, cultural, or environmental issues.
This concept may differ organization to organization with different sizes, aims, and beliefs.

Suppose, Grammen Bank can be an example of Social Entrepreneurship.

Topic Social Entrepreneurship lifestyle Entrepreneurship

Investment Social Entrepreneurship seeks
investors because the
entrepreneur has a goal to
expand his/her business from
the first stage and for that
he/she needs investors to invest
money within the organization.
Exit Strategy Social Entrepreneur always has
an exit strategy.
Location Social Entrepreneurs are limited
in locations
Profit Seeking Social Entrepreneur always
seeks profit. Because in case of
failure, the entrepreneur will
not sustain in the market.
Donation Social Entrepreneur donate or
charity when they will be rich.
Working hour Social Entrepreneur is ready to
work extra hour instead of
money or for some other
benefits.
Organizational goal Social Entrepreneur focuses lifestyle Entrepreneur does not
lifestyle Entrepreneur does not
seek investor as they operate
their business with their own
money.
lifestyle Entrepreneur does not
has any exit plan as they run
their business with passion.
lifestyle Entrepreneur is not
limited with their location as
they conduct business as they
like.
lifestyle Entrepreneur does not
run after profit as they run their
business not for profit purpose
rather for lifestyle purpose.
lifestyle Entrepreneur does not
believe in providing donation.
lifestyle Entrepreneur maintains
a well work life balance.

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 towards the organizational goal focus as smartly as the social
entrepreneur on organizational
goal.
Making corporation Social Entrepreneur usually for lifestyle Entrepreneur does not
corporation at a level of time. seek to make corporation.
Organizational Structure Social Entrepreneur forms lifestyle Entrepreneur does not
organizational structure so that make any organizational
all of the activities within the structure within the
organization goes under some organization.
process and rules and
regulations.

M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding of

entrepreneurship, including sources and Harvard Referencing Style.

Entrepreneurial ventures are in three stages. The description is given below:

Entrepreneurial:

An entrepreneur is an individual who starts and runs a business with restricted resources and coming up
with, taking account of all the risks and rewards of his or her business venture. The business plan is
typically a brand new innovation, product or service, instead of associate existing business model.

Such entrepreneurial ventures target high-returns, with high level of uncertainty. The entrepreneur has
no problem to place his or her money security and career at stake to take unlimited risks on an
inspiration, spending time still as capital on associate uncertain venture.

Intrapreneurship:

Intrapreneurship is like entrepreneur in a bugger organization. They are usually highly self-
motivated, proactive and action-oriented people who easily take decision or initiatives of their
own, even within the boundaries of an organization, to take innovative products or services. The
most important thing is that intrapreneur is in comfort zone because he/she believes that failure
does not have any personal cost as it is the same for an entrepreneur because organization will
recover the loss arising from failure.

An intrapreneur always focuses on the specific issues and his area is to comprise the process of the
company rather than the whole business. The specific issues can be requires skills directly or increasing
productivity etc. An intrapreneur has the ability to drive some innovative stages for serving a better
situation for the organization through serving goods and services.

Intrepreneurs love freedom and the characteristics foster autonomy and independency within
themselves. They are basically efficient in developing workflow charts and they can visualize the
upcoming competition towards the company and how to mitigate them with a full swing.

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Managerial:

The individual within the organization manages people to make the work done is called the managerial
work force. They are basically paid employees who have the authority to take any changes within the
organization with prior approval. They are also very tactical in nature and always in a hurry to manage
others or subordinates. They are basically responsible for the day to day activities. If there is no
innovative ideas come from their side, it seems to be okay because they are in the organization for the
regular job done. They can think how to make others efficient and how to relate one thing with another
etc.

References:

1. Burns, P (2011) Entrepreneurship and Small Business. 3rd Ed.Basingstoke: Palgrave MacMillan.
2. Carter, S. and Jones-Evans, D. (2012) Enterprise and Small Business: Principles, Practice and Policy.
London: Pearson.
3. Down, S. (2010) Enterprise, Entrepreneurship and Small Business. London: Sage.
4. Griffiths, A. and Wall, S. (2011) Economics for Business and Management. 3rd Ed. Harlow:
Pearson.

D1: Critically examine the scope, development and growth of entrepreneurial ventures in the UK,
Including sources and Harvard Referencing Style.

The entrepreneurial ventures are equally important for every level of companies. The scope and
development sector is increasing as the recession is decreasing day by day in UK. People are now
investing in new businesses apart from their own and young generation are more focused to conduct
his/her own business inspite of taking any job. In that sense, the scope are increasing.

On the other hand, no organization will be smoothly operated without the format of these three
entrepreneurial ventures. People are now a days very much innovative and trying to evolved many more
ventures in the organization.

But one thing is clearly shown in the statistics that the scope and development are of these ventures are
totally open for the small and medium businesses because around 99.03% of the total business are
conducted by the small and medium businesses. So this is a high probability, that one day, all of the
small business will adopt the ventures in the competitive field.

References:

1. Burns, P (2011) Entrepreneurship and Small Business. 3rd Ed.Basingstoke: Palgrave MacMillan.
2. Carter, S. and Jones-Evans, D. (2012) Enterprise and Small Business: Principles, Practice and Policy.
London: Pearson.
3. Down, S. (2010) Enterprise, Entrepreneurship and Small Business. London: Sage.
4. Griffiths, A. and Wall, S. (2011) Economics for Business and Management. 3rd Ed. Harlow:
Pearson.

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P3: Interpret and assess relevant data and statistics to illustrate how micro and small businesses
Impact on the UK economy.

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P4: Explain the importance of small businesses and business start-ups to the growth of the social
economy in the UK.

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D2: Critically examine how small businesses have an impact on different levels of the UK economy
(at local, regional and national levels), making comparison with at least one (1) other country,
including data, sources and Harvard Referencing Style.

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P5. Determine the most likely characteristic traits and skills of Elizabeth Gooch and Tom Mercer,
Stating how they are differentiated from those of business managers.

At first, Elizabeth has some charismatic quality through which she has stand alone and started her own
business. Actually, there are some differences among the managers and Elizabeth who is basically a
leader or entrepreneur.
After working in HSBC for 12 months Elizabeth left her job and started a small business. This quality has
demonstrated her as an independent and freedom oriented person. But in term of a manager, he is
never an independent person in nature.

Besides, Elizabeth is always an innovative person and that’s why knowing the demand of the industry
she has started consultancy firm. In case of a manager, he/she is not brave enough to take any risk.

At the middle of the journey, the business has conducted loss in two consecutive year. But at last, he has
succeeded to take profit from this industry. Through this incident, the unique quality of Elizabeth has
been evolved.

Besides, after meeting with other entrepreneur she has decided to change the firm from consultation to
software firm. This proves the vision of Elizabeth which is absent in a manager’s characteristics.

In the second case, Tom also faced a number of problems at the time of starting his business. For the
year, he has distributed the sample of his product knowing that someday the result will come for sure.
This quality has proved that Tom was very risk tolerance individual. On the other hand, this kind of
quality can be absent in a manager’s role.

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Tom has started the business in such a manner that he was sure that the product will be a hit in the
market. This quality proves that Tom has a very rare business skills but this can be absent in a manager’s
characteristics.

In the time of recession, Tom has a strategy that he could pull his business to various super shops and
this was a huge milestone for his business. This shows persuasive characteristics within Tom.

P6. Assess how aspects of the entrepreneurial personality of Elizabeth Gooch (Case Study 1) and
Tom Mercer (Case Study 2) reflects their entrepreneurial motivation and mindset.

At first, Elizabeth has some charismatic quality through which she has stand alone and started her own
business. Actually, there are some differences among the managers and Elizabeth who is basically a
leader or entrepreneur.

Freedom oriented

After working in HSBC for 12 months Elizabeth left her job and started a small business. This quality has
demonstrated her as an independent and freedom oriented person.

Bravo in nature:

Besides, Elizabeth is always an innovative person and that’s why knowing the demand of the industry
she has started consultancy firm.

Perseverance:

At the middle of the journey, the business has conducted loss in two consecutive year. But at last, he has
succeeded to take profit from this industry. Through this incident, the unique quality of Elizabeth has
been evolved.

Visionary:

Besides, after meeting with other entrepreneur she has decided to change the firm from consultation to
software firm. This proves the vision of Elizabeth.

In the second case, Tom also faced a number of problems at the time of starting his business.

Risk Tolerance:

For the year, he has distributed the sample of his product knowing that someday the result will come for
sure. This quality has proved that Tom was very risk tolerance individual.

Rare Business skills:

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Tom has started the business in such a manner that he was sure that the product will be a hit in the
market. This quality proves that Tom has a very rare business skills.

Persuasive:

In the time of recession, Tom has a strategy that he could pull his business to various super shops and
this was a huge milestone for his business. This shows persuasive characteristics within Tom.

M3. Explore and examine different lines of argument relating to entrepreneurial characteristics,
building on P5 and P6, including sources and Harvard Referencing Style.

Actually, there is a link between entrepreneurial characteristics and background of the individuals.
Sometimes background of some individuals has become the factor of hinder. In both the cases, for
Elizabeth and Tom, their background has hindered them from their success. But they are enough lucky
to have some entrepreneur characteristics within themselves based on what they have succeed to
overcome their hinders and ultimately succeed in life.

References:

1. Burns, P (2011) Entrepreneurship and Small Business. 3rd Ed.Basingstoke: Palgrave MacMillan.
2. Carter, S. and Jones-Evans, D. (2012) Enterprise and Small Business: Principles, Practice and Policy.
London: Pearson.
3. Down, S. (2010) Enterprise, Entrepreneurship and Small Business. London: Sage.
4. Griffiths, A. and Wall, S. (2011) Economics for Business and Management. 3rd Ed. Harlow:
Pearson.

D3: Analyse the characteristic traits, skills and motivational drivers of at least two (2) successful
entrepreneurs, supported by specific examples, including sources and Harvard Referencing Style.

The example of such entrepreneur is given in the case Ms Elizabeth and Tom. Their characteristics traits,
skills and motivational drivers are given below with proper example:

Freedom oriented

After working in HSBC for 12 months Elizabeth left her job and started a small business. This quality has
demonstrated her as an independent and freedom oriented person.

Bravo in nature:

Besides, Elizabeth is always an innovative person and that’s why knowing the demand of the industry
she has started consultancy firm.

Perseverance:

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At the middle of the journey, the business has conducted loss in two consecutive year. But at last, he has
succeeded to take profit from this industry. Through this incident, the unique quality of Elizabeth has
been evolved.

Visionary:

Besides, after meeting with other entrepreneur she has decided to change the firm from consultation to
software firm. This proves the vision of Elizabeth.

In the second case, Tom also faced a number of problems at the time of starting his business.

Risk Tolerance:

For the year, he has distributed the sample of his product knowing that someday the result will come for
sure. This quality has proved that Tom was very risk tolerance individual.

Rare Business skills:

Tom has started the business in such a manner that he was sure that the product will be a hit in the
market. This quality proves that Tom has a very rare business skills.

Persuasive:

In the time of recession, Tom has a strategy that he could pull his business to various super shops and
this was a huge milestone for his business. This shows persuasive characteristics within Tom.

References:

1. Burns, P (2011) Entrepreneurship and Small Business. 3rd Ed.Basingstoke: Palgrave MacMillan.
2. Carter, S. and Jones-Evans, D. (2012) Enterprise and Small Business: Principles, Practice and Policy.
London: Pearson.
3. Down, S. (2010) Enterprise, Entrepreneurship and Small Business. London: Sage.
4. Griffiths, A. and Wall, S. (2011) Economics for Business and Management. 3rd Ed. Harlow:
Pearson.

P7. Examine using Elizabeth and Tom )case study), how personal background and experience can
hinder or foster entrepreneurship.

In the case of Elizabeth, we can easily say that without technical knowledge, its tough to conduct or
implement the right business model to the market. We can see the implementation of this fact in case 1.
After meeting with someone, she has come to know that its time to convert the business from
consultancy to software firm.

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Besides, there should have some instinct quality within the individual which foster him/her to go
beyond. Elizabeth has this kind of quality of her own. Based on this quality, she has left the job and
started doing business taking risk of her own.

In the case 2, we can see that Tom has struggled a lot regarding the business place. As he does not have
the location or place to conduct business, he has started it in railway station and even when it has
become the tough to conduct inside the station, she came out and installed his business outside the
station.

On the other hand, Tom has some business kills through which he has succeed to get space in supper
shop at the time of recession. I think, this opportunity has fostered his business.

M4. Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to Elizabeth Gooch (Case Study 1) and Tom Mercer (Case Study 2),
including sources and Harvard Referencing Style.

Actually, there is a link between entrepreneurial characteristics and background of the individuals.
Sometimes background of some individuals has become the factor of hinder. In both the cases, for
Elizabeth and Tom, their background has hindered them from their success. But they are enough lucky
to have some entrepreneur characteristics within themselves based on what they have succeed to
overcome their hinders and ultimately succeed in life.

Suppose, the family status of Elizabeth was so weak that she had to take borrow and credit card help at
the time of starting the business. On the other hand, Tom does not have any place to set up his business
and that’s why he has placed his mobile shop in outside the railway station. These all are the hinders of
the life of Elizabeth and TOM. But they have successfully recover the issues and pulled in a way that was
remarkable one.

References:

1. Burns, P (2011) Entrepreneurship and Small Business. 3rd Ed.Basingstoke: Palgrave MacMillan.
2. Carter, S. and Jones-Evans, D. (2012) Enterprise and Small Business: Principles, Practice and Policy.
London: Pearson.
3. Down, S. (2010) Enterprise, Entrepreneurship and Small Business. London: Sage.
4. Griffiths, A. and Wall, S. (2011) Economics for Business and Management. 3rd Ed. Harlow:
Pearson.

D4. Critically evaluate how personal background and experience influences entrepreneurs, both
positively and negatively, by comparing and contrasting Elizabeth Gooch and Tom Mercer.

Actually, there is a link between entrepreneurial characteristics and background of the individuals.
Sometimes background of some individuals has become the factor of hinder. In both the cases, for
Elizabeth and Tom, their background has hindered them from their success. But they are enough lucky
to have some entrepreneur characteristics within themselves based on what they have succeed to
overcome their hinders and ultimately succeed in life.

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In both the cases, the individuals have got enough real life experiences through which they could stand
alone at the first stage of starting of a business.

Suppose, the family status of Elizabeth was so weak that she had to take borrow and credit card help at
the time of starting the business. On the other hand, Tom does not have any place to set up his business
and that’s why he has placed his mobile shop in outside the railway station. These all are the hinders of
the life of Elizabeth and TOM. But they have successfully recover the issues and pulled in a way that was
remarkable one.

References:

1. Burns, P (2011) Entrepreneurship and Small Business. 3rd Ed.Basingstoke: Palgrave MacMillan.
2. Carter, S. and Jones-Evans, D. (2012) Enterprise and Small Business: Principles, Practice and Policy.
London: Pearson.
3. Down, S. (2010) Enterprise, Entrepreneurship and Small Business. London: Sage.
4. Griffiths, A. and Wall, S. (2011) Economics for Business and Management. 3rd Ed. Harlow:
Pearson.

e-book:

1. http://www.freebookcentre.net/Business/Small-Business-and- Entrepreneurship
Books.html (Accessed: 12/01/2017)
2. http://bookboon.com/en/entrepreneurship-ebooks(Accessed: 12/01/2017)

Recommended Journal

1. Journal of Small Business Management. Oxford: Wiley-Blackwell.

http://eu.wiley.com/WileyCDA/WileyTitle/productCd-JSBM.html

Website:
1. The Institute for Small Business and Entrepreneurship (ISBE) - www.isbe.org.uk

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