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Nelson College London

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 Entrepreneurship
and Small Business
Management

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Contents

Abstract:.......................................................................................................................................4

Introduction:................................................................................................................................5

LO1..................................................................................................................................................6

P1 Examine Different Types of Entrepreneurial Ventures and Explain How They Relate to the
Typology of Entrepreneurship:....................................................................................................6

P2 Similarities and differences between entrepreneurial ventures:.............................................8

LO2................................................................................................................................................10

P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on the economy:.............................................................................................................10

P4 Explain the importance of small businesses and business start-ups to the growth of the
social economy:.........................................................................................................................12

LO3................................................................................................................................................14

P5 Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers:.........................................................................................14

P6 Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation

and mindset:...............................................................................................................................16

LO4................................................................................................................................................17

P7 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship:.......................................................................................................................17

Conclusion:................................................................................................................................18

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Bibliography..................................................................................................................................19

Abstract:

Small business is one of the most popular and sophisticated businesses in the United Kingdom.
Day by day it’s popularity is increasing at a good pace. It contributes to the economy in many
ways to become significant. This assignment focus on a lot of things about entrepreneurship and
small business. So through this assignment, we will learn a lot of things about entrepreneurship
and small business. There are plenty of things to learn about entrepreneurship. First of all, we
will perlustrate the discourse about the diversities of entrepreneurship. After that, we will learn
about the dissimilations among diversities of entrepreneurship. The tenor of small and medium
businesses will also be discourse here. On top of that, the efficiency and momentum to become a
successful entrepreneur will also be resolved here appropriately. This report can be considered as
a sound guideline for such people who are less introduced to the ideology of entrepreneurship.

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Introduction:

The word entrepreneurship means originating a new enterprise considering land, labor, natural
resources, capital, and bearing any of its risks in order to gain profit[CITATION Bus16 \l 1033 ].
Nowadays there is a great problem we are facing and that is the population problem. The
increasing rate of the population of the United Kingdom is affecting almost every aspect of
people’s life. Among those aspects, getting a job has become one of the hardest rights to get.
There has been a crisis of employment in the United Kingdom. Because of this deprivation,
people came with an idea of self-employment ant that is “Entrepreneurship”. People are pursuing
the ideology of entrepreneurship to become financially stable. They are doing various kinds of
potential business and implying their unique ideas to make entrepreneurship richer. This report
considers Oxford Gene Technology. Oxford Gene Technology can be used as a successful form
of entrepreneurship. Oxford Gene Technology provides innovative genetics research and
biomarker solutions and it is conducting it's business successfully in the United Kingdom.
Entrepreneurs often have a strong level of dedication to what they are doing to employment
themselves. Their dedication leads them to the ultimate peak of success. Though this cannot
happen overnight and may take a long time. There are various types of entrepreneurship any they
vary from each other in characteristics and facilities. This assignment will discourse every aspect
of entrepreneurship and small business vividly in order to make everyone understand
entrepreneurship.

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LO1

P1 Examine Different Types of Entrepreneurial Ventures and

Explain How They Relate to the Typology of Entrepreneurship:

Small Business:

When an individual has the capability and courage to open a business but he has less amount of
capital, he/ she starts a small business. This is the most popular form of business among all. Less
risk and less capital is the main reason for gaining this popularity. Most people often try to avoid
mass risk. It's the process of easy formation that also attracts people. Main characteristics small
businesses are independently owned and operated, limited in size, industry-dependent revenue,
less risk, and capital. A shop with its 10 employees and a manufacturing compound consisting of
less than 500 employees can an example of small business[ CITATION You18 \l 1033 ]. Oxford
Gene Technology Ltd is a small business and it consists of 100 employees.

Scalable Start-ups:

Scalable Start-ups is adequately different from small business. Scalable Start-ups come to an
existence on the basis of a unique and sophisticated idea and it goes forward with the
idea[ CITATION 10119 \l 1033 ]. This entrepreneurship works with a great sort of work,
learning, and perception. This entrepreneurship initiates with an ideology of making some
change in the world. This entrepreneur requires investors to start. Its capital and manpower are
greater than small businesses. So there is also increased risk in this business and that causes a
higher probability of profits. The most fundamental fact of the business is the similarity of the
way of thinking between the entrepreneur and investors. So they should consider the fact
appropriately.

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Corporate Entrepreneurship:

There is a vivid relation between the demand of consumers and new innovations. People’s
demand can change overnight. So companies always have to be concern about creating new
innovations according to consumer demand. It makes the company make a good stand in the
market. In order to support these new innovative ideas, companies have to create a framework.
Taking the initiative to create these can be called a corporate entrepreneur. Shortly,
entrepreneurship which comes to existence inside of an established company is called corporate
entrepreneurship. [ CITATION cor19 \l 1033 ]

Social Entrepreneurship:

Social Entrepreneurship consists of multiple social activities. It goes forward with a motto of
solving community-based problems. Entrepreneurs take risks here to make a positive change in
society. Most of its activities are non-profitable but they also do some activities to earn minimum
profits. Their ideology is almost similar to scalable start-ups but scalable start-ups do profit
through their activities.

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P2 Similarities and differences between entrepreneurial ventures:

There are two assets of entrepreneurs to take entrepreneurship. One is their intellect and other is
their resources. They confirm the best utilization of these two assets to make their
entrepreneurship successful. Oxford Gene Technology ltd can be a bright example of that.
Entrepreneurs cannot stick on a particular strategy because there are multiple variants of
entrepreneurship ventures. All of these variants have things in common and different. These
things in common and differences are going to be discourse below:

 all entrepreneurial Ventures has one thing in common and that is they pursue strategies
with a view to achieving a goal for the betterment of the organization.

 The formation of small businesses because people are already introduced to the model of
small business. But forming a scalable start-up is way more complicated than. Because
the ideology of a scalable start-up business should be unique and sophisticated. Corporate
entrepreneurship considers the initiatives which are taken within an organization to
satisfy consumer demands. Social entrepreneurship is fully about social activities which
are considered as its business activities.

 The dimension of risk among multiple entrepreneurial ventures varies from each other.
Scalable start-up business is riskier than small businesses because of its unpredictable
consequences and larger capital. Social entrepreneurship is less risky because this does
the work of solving problems that are non-profitable most of the time. corporate
entrepreneurship faces the greatest amount of risk because their initiatives consist of a
great amount of capital and calculated predictions. The predictions can any moment and
vain the investment.

 The cost amount of different entrepreneurial ventures also varies from one another. small
business needs a small budget because of its limited activities. On the contrary scalable

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 start-ups requires a larger budget. For this investors become fundamental to this. the costs
of Corporate entrepreneurship is greatest because of its large scale operation. Social
entrepreneurship cost differs according to its solving activities.

 "Many risks, much profit” is a relatable fact about gaining profit. So small business has a
lower rate of gaining profit because of it’s lower risk. on the contrary scalable start-ups
and corporate entrepreneurship take a higher amount of risk so their rate of earning profit
is is higher. Social entrepreneurship’s profits mostly depend on their willings.

 Small business often remains constant about growth. he growth of scalable start-ups and
corporate entrepreneurship girls forward according to their consumer demands. Social
entrepreneurship concentrates on its growth process when social activities increase.

These are the initial similarities and differences between entrepreneurial ventures.

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LO2

P3 Interpret and assess relevant data and statistics to illustrate how

micro and small businesses impact on the economy:

Micro and small businesses are considered most popular in UK’s and it's a contribution to the
UK economy is undeniable. A large portion of the UK’s economy depends on it. People show
more interest in micro and small business because of its indemnity of gaining profits, easy
formation with limited capital. less amount of risk makes it more demanding and reliable for
people. It is often considered that micro-business and small businesses are the same in the
category. But there is a sundry difference between micro-business and small business.
Microbusiness consists of the utmost 10 employees. On the contrary small business consists of at
least 10 employees.[ CITATION OEC19 \l 1033 ]. Oxford Gene Technology ltd can be
categorized as a small business. there is a Statistics below showing the impacts of micro and
small businesses on the UK’s economy:

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In 2019, the UK Government Publication provided the sole estimates of the total number of
private sector businesses in the UK. The statistics pose the rate of business turnover and
employment of small, medium, and large private sector businesses of the UK in 2019. The chart
vividly shows the superior impact of small businesses in the UK economy. The maximum
portion of the private sector businesses are small businesses and the rate is 99.3% of the total
business population.There were 5.82 million small businesses (99.3%) , 35600 medium
businesses (0.6%) and 7700 large businesses (0.1%). Small businesses created most of the
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employment in the UK. As an example, Oxford Gene Technology ltd created employment for
more than 100 people and it’s activities creating support for plenty of people indirectly. The
percentage of employment from small businesses is 47.8 % whereas the rate of medium
businesses is 12.6% and large businesses is 39. 5%. Though the turnover rate of small businesses
(36.8%) is less than large businesses (39.5%), it can compete with large businesses. the turnover
rate (12.6%) of medium businesses is low. vividly it is clear that small businesses contribute a
maximum portion of the support to the UK economy.[ CITATION GOV19 \l 1033 ]

P4 Explain the importance of small businesses and business start-

ups to the growth of the social economy:

If we consider the development as a car then the economy can be considered as the car's wheel.
A car needs a wheel to go forward. In the same way, going forward to the development of a
country depends on its economy. The exploits of large businesses in the United Kingdom
economy is illustrious. Also, small businesses and business start-ups also have an illustrious
exploit to the economy. So the UK Government cannot oversee its contribution to the economy.
the importance and exploits of small business and business start-ups will be discourse below:

 Small businesses and start-up businesses should get appropriate importance because of its
huge exploits to the United Kingdom’s economy.
 Through small businesses creating employment is very effective. Any entrepreneurs can
form a small business easily because of its easy formation process and lower
requirements of capital and resources.
 The future form of a start-up business is a large company. most of the start-up businesses
concentrate their growth according to their consumer needs. Gradually they become a
large company through growing their business constantly.
 Small businesses and start-up businesses are like ancillary to large companies. large
companies often need many accessories for manufacture and production. small
businesses and start-up businesses act as the suppliers of those accessories.
 Small businesses like Oxford gene Technology ltd. Serves the society with their
innovative ideas and activities. Start-up businesses are entrepreneurship about unique
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 ideas that can make a positive change in society. Thus they enrich the social economy
and people's lifestyles with their innovative ideas and unique activities.
 Small businesses and start-up businesses are continuously diversifying business sectors
that create competition in the market.
 In 2019, the turnover from the small business in the UK economy was £1.5
trillion[ CITATION GOV19 \l 1033 ]. Start-up businesses also have a significant amount
of turnover[ CITATION lin19 \l 1033 ]

United kingdom's economy is considered one of the strongest economies in the world and this is
because they value the importance of small businesses and start-up businesses.

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LO3

P5 Determine the characteristic traits and skills of successful

entrepreneurs that differentiate them from other business
managers:

the characteristic traits and skills of successful entrepreneurs are given below:

Potent communication efficiency:

To take entrepreneurship to a successful position entrepreneur has to undergo several steps. Each
step is affiliated with multiple persons or organizations. so the entrepreneurs have to be fluent
and potent to maintain communication with these parties. Each party may require a different way
of communication.

Sufficient dedication:

Any kind of work requires a strong level of dedication to be successful. Making successful a
business is not easy work. it requires also rigid dedication. A successful businessman and or
entrepreneur is sufficiently dedicated to achieve his goals and make his business effectual.

The capability of taking risks:

There is a saying “no risk, no gain”. The saying is vividly relatable here because any business
requires risks to form. There cannot be any business or any probability of gaining profit without
taking the risk. So successful entrepreneurs must have the capability of taking calculated risks.

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Ingenious :

Successful entrepreneurs are ingenious in various ways. They have multiple kinds of talents and
skills to run a business appropriately. Some of the talents are God gifted and some of them are
the result of their experiences.

enthusiastic in nature:

Enthusiasm can be considered as a great supplement for a business to be effectual. Successful

entrepreneurs are enthusiastic. Their enthusiasm makes the company able to gain its ultimate
goal and strength in the market.

Confident:

If an entrepreneur is not confident about what he is doing then he will never be able to achieve
his goal. Generally, entrepreneurs have a common goal which has the most priority and that is to
make their business successful. So it's clear when there will be a lack of confidence, an
entrepreneur will not be able to make a good stand for his company. So it seems fundamental for
successful entrepreneurs to be confident.

The desire for learning:

There is no end of learning in this world. The world is continuously changing at its constant pace
so the requirements of society are also changing. Entrepreneurs need to expertise in new skills
and learnings to fulfill changing social needs. So successful entrepreneurs have a desire for
learning.

Networking efficiency:

Successful entrepreneurs have to maintain effectual relationships with many parties. So

networking efficiency seems the fundamental character of a successful entrepreneur.

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P6 Assess how aspects of the entrepreneurial personality reflect
entrepreneurial motivation and mindset:

Reflections of the entrepreneurial personality on entrepreneurial motivation and mindset are

below:

Having foresight: Foresight helps entrepreneurs to set an appropriate goal for the business
that they can chase and achieve. they drive the business in an appropriate way to achieve that
goal.

Courageous: an entrepreneur has to be courageous or brave to run a business. On the way to

achieve a goal, he may have to face multiple barriers. A courageous entrepreneur never gives up.

Efficiency to run a business: An efficient entrepreneur has repaired knowledge run a

business. He knows competitors, markets, and financial conditions of his business environment
which makes a good stand for his business.

Full of hope: An ideal entrepreneur never loses his hope. No matter what happens, he keeps
his eye pilled to see hope. His hopes bring prosper to the business.

Creativity: An entrepreneur never sticks with a particular strategy. He utilizes his creativity to
bring effective ideas and strategies for the betterment of the business.

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 LO4

P7 Examine, using relevant examples, how background and

experience can hinder or foster entrepreneurship:

Experience is the key factor of any work to be successful. Pieces of knowledge gained through to
experience can be utilized birth in professional and personal life experiences make entrepreneurs
able to face any kind of challenging situation. Experiences also make an entrepreneur efficient to
drive its business in an appropriate way.

The founder of Oxford Gene Technology ltd Sir Edwin Southern can be a bright example of an
experienced entrepreneur. Sir Edwin Southern founded Oxford Gene Technology ltd in 1991. He
is renowned for his invention of Southern Blot in 1975. His invention is widely used as a
common laboratory works. He is very experienced in molecular biology. Oxford gene
Technology ltd research about molecular biology and provides international class genetics
research solutions. So he founded an organization that goes with his area of expertise. Oxford
gene Technology ltd is now a reputed organization not only in the UK but also worldwide. It has
customers above 60 countries[ CITATION cam20 \l 1033 ]. In 2016, the organization developed
new FISH probes for pig, chicken, and mouse[ CITATION Oxf18 \l 1033 ]. It was a great
achievement. The organization could never go this far if the mentor Sir Edwin Southern had no
experience in the field of work of the organization. He enriched the organization with his
experience in molecular biology. He had knowledge and efficiency that helped the organization
to come this far to the peak of success.

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Conclusion:

Entrepreneurship is a great supplement to the economy as well as an effectual solution to the

unemployment problem. The increasing rate of entrepreneurship can be a sparkling example of
prospering. As entrepreneurship allay the unemployment anathema and contribute the significant
exploit, The United Kingdom government should make more compatible and easy policy what
makes people enthusiastic to be an entrepreneur.

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Bibliography

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https://101entrepreneurship.org/scalable-startup-entrepreneurship-definition-and-examples/
[Accessed 10 June 2020].

Business Jargons, 2019. Entrepreneurship. [Online] Available at:

https://businessjargons.com/entrepreneurship.html [Accessed 06 June 2020].

Cambridge science park, 2020. Oxford Gene Technology. [Online] Available at:
https://www.cambridgesciencepark.co.uk/company-directory/oxford-gene-technology/
[Accessed 10 June 2020].

corporate entrepreneurs, 2019. Corporate Entrepreneurship. [Online] Available at:

https://corporate-entrepreneurs.com/welcome/corporate-entrepreneurship/ [Accessed 10 June
2020].

GOV.UK, 2019. Business population estimates for the UK and regions: 2019 statistical release.
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estimates-2019/business-population-estimates-for-the-uk-and-regions-2019-statistical-release-
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[Accessed 10 June 2020].

linked in, 2019. The importance of start-up. [Online] Available at:

https://www.linkedin.com/pulse/20141122084428-77551011-the-importance-of-startup-
companies-for-economic-development [Accessed 10 June 2020].

OECD Data, 2019. Enterprises by business size. [Online] Available at:

https://data.oecd.org/entrepreneur/enterprises-by-business-size.htm [Accessed 10 June 2020].

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Oxford Gene Technology, 2018. History of OGT. [Online] Available at:
https://www.ogt.com/about/company/history#:~:text=Founded%20in%201995%20by
%20Professor,research%20solutions%20to%20customers%20worldwide.&text=Content
%20further%20expanded%20for%20OGT's,fully%20optimised%20cancer%20related%20genes.
[Accessed 10 June 2020].

Your Dictionary, 2018. SMALL-BUSINESS. [Online] Available at:

https://www.yourdictionary.com/small-business [Accessed 09 June 2020].

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