ICON College of Technology and Management

Faculty of Business and Management Studies

BTEC HND in Business

Coursework

Management and Operations

Tutor: Mr Harish Jyawali

Submitted by: Diana Florica Dumitru

Student:

ID No: 16607

Session: April 2019

 Tabel of content:

LO1 Explore and illustrate the range of venture types that might be considered
entrepreneurial.

LO2 Assess the impact of small business on the economy.

LO3 Determine and assess the key aspects of an entrepreneurial mindset.

LO4 Examine the different environments that foster or hinder

entrepreneurship.
 INTRODUCTION
Organization is a set of formative steps for creating an organisation to create a great
deal of income. Entrepreneurship is essentially an opportunity to establish and maintain a
business linked to various types for risk factor in order to make a profit. Leader is an
individual who mixes various kinds of limited resources and money. Small businesses play a
leading role in an environment that actively assists a nation in growing its economy in its
entirety. The current study on entrepreneurship and SME leadership was performed.
Discussions on numerous business ventures and differences and distinctions between
innovative firms have been made in this campaign. Furthermore the report covers impacts on
the economy and different types of traits of a succesful leader of small and micro-enterprises
organisations. In addition, other facets of entrepreneurship affect their inspiration and
thought, can generate challenges and encourage the entrepreneurship included in this study as
well as knowledge and history.

LO 1

Entrepreneurship is an important concept which describes the threat of entering a new

organisation through the use of a new concept and idea, through meeting new needs and
wishes of the customer. All businesses should be generated to generate profit and improve by
implementing different strategies and tactics for successful decision-making (Bae and et al.,
2014). They must therefore use fashion to establish a new corporation, the company that
divides into five different groups of people. This produces different entrepreneurship
topologies, which are the following:
Small business entrepreneurship:
Small businesses have a size and scope to develop business opportunities and growth in order
to independently earn a living (Barringer, 2015). We focus on various factors in the business
or sector. Their livelihoods depend on different factors. Small companies make their major
economic contributions and livelihood, for example, various kinds of entrepreneurs who are
food stores, travel and tour operators.

Large company entrepreneurship:

 Such types of businesses compete or work on a broad scale, since they have large
investments and have a huge market share to remain competitive on the market. They
manufacture products and services based on needs and desires of very diverse customers.
Customers. Because of its high capacity, products and services can be easily modified
according to the needs and needs of consumers.
Social entrepreneurship:
In this form of business, company builds new products and services that aim to satisfy
social benefits needs and expectations (Bo, De-Haan and Strom 2016). These companies
should serve as a catalyst for social advantages and respond properly to customers ' future
needs. Its main purpose is society's well being and income will be made.
Typology of entrepreneurship
Entrepreneurial typologies help to analyse behaviours and behaviour that are
beneficial for achievement (Braunerhjelm, Ding and Thulin, 2018). Organization can achieve
optimum targets when conducting interviews with the standard questionnaire. There are
different types of business ventures that lead to economic progress:
The young innovators:
New innovators launch their company at a small level and mostly for young people
and are mostly women who want to take risks. Their theme is the growth and advancement of
social media and can position themselves as a major player on the market.
Revitalised tycoons:
The revitalised tycoons are middle aged and continue to be a little prejudicial for
women. They have experience and occupy a number of other positions. They are now
thinking about developing or fostering their own interests along the path of entrepreneurship.
The natural entrepreneurs:
In natural entrepreneur consist of mature males and have natural talent and
capabilities. They suffer from many hardships in their life and after that move on path to
exhilarate experience. They are self-motivated and give their best in organisational
development.
These typologies of entrepreneurship are very important for choosing the right kind of
business in which an individual takes interest and can give their best.
Business companies are very important for the growth and improvement of business
opportunities. Much of the factors or attributes can allow companies to show differences and
parallels with different factors or attributes. Parallels and differences exist between
businesses:
Differences:
Basis Small business Large company Social
entrepreneurship
Definition Small businesses operate Large scale operates at Social
or deal at very limited wide scale and needs entrepreneurship
scale with low huge investment to also deals at wide
investment and their sole expand business scale to satisfy
objective is to earn for opportunities and their needs and wants of
their livelihood. sole objective is to earn consumers in a
profit. distinctive way and
their main motive is
welfare of society.
Characteristics In small business deals It is based on satisfying The main
at low scale with not needs and wants of characteristic of
much investment and consumers in a better those enterprises is
resources with way by investing huge to evaluate
capabilities to reach amounts of money on problems or
desirable outcomes. research and concerns of people
Their employees are development for enlarge and accordingly
local people and family business opportunities. offer products and
members (Burns, 2016). services that resolve
the issues of
society.
Similarities:
The principal differences between SMEs are the assumption that all evaluate
customers ' needs and desires quite closely and that each company is operating for benefit
(Bruton and et al, 2015). All of these items are on the market with new products and services
that please consumers. To order to extend business opportunities for profit, both commercial
activities and practises should be implemented.

LO 2
Micro and SMEs have an important role to play in meeting strategic goals and priorities
through supplying the people with employment opportunities. Both micro and macro sectors
where only 10 to 50 workers and not more than £ 2 million in annual attrition is required. are
needed to provide their facilities. They need less than £ 1.5 million to be put on the market
(Cassar, Ittner and Cavalluzzo, 2015). In the United Kingdom, the majority of companies fall
within the group of small and intermediate firms. We play an important role in economic
development and in developing it in order to achieve optimal objectives and targets using
some of the main features:
Employment enhancement:
Small and medium-sized businesses aim to provide local citizens with a wide range of
job opportunities and raise the quality of jobs (Chell, etc. 2016). We recruit people who are
not experienced in many tasks and services, but who can best give me one region. A high rate
of employment is a very timely situation in which everyone can contribute to economic
development and gain a large market share.
High cash flow:
Small and medium enterprises can generate high cash flows that help both economic
and organisational development by accessing consumer needs and needs. This enables them
to increase business opportunities in a smooth case flow generation.
Infrastructural development:
Small and medium-sized undertakings make a major contribution by investing heavily
in national income to the development of infrastructures. This is a key economic growth and
improvement indicator. The opening of schools and hospitals which are a great economic
predictor is helpful in the development of the country.
For organisational development and strengthening, small and medium-sized businesses
contribute very strongly in raising the standard of people through the fulfilment of their
emerging needs and needs (Chi, Tansuhaj & Sun 2016).

It summarised from this diagram that SMEs have a yearly contribution which
contributes to economic growth and improvement by increasing people's standards and
improving per capita incomes.. (DAILY, KIEFF and WILMARTH JR, 2014).
The backbone of the British economy is small enterprises, which is why their
importance is crucial for stimulating growth, developing new markets and generating jobs.
We foster competition as seedbeds for creativity and deliver fresh ideas, which threaten the
status quo. In effect, this feedback helps others to adapt. In other words, for UK plc (of which
we account for 99.9% of businesses), small businesses are good. And, of course, they should
be allowed to succeed.
 And there are many. The faith in the improving economy of the United Kingdom is
being felt more deeply and positive economic outlook has rising development aspirations
both domestically and abroad. There is a light on the road to recovery and beyond.
However, the wider landscape is important and the way ahead is challenged, for
example prohibitive regulation, red tape and access to finance. "Small business owners have
long been saying that, if the UK stifles growth in this area, the impact will be much greater,"
said Mark Gouldstone, SME Customer Proposal Manager. Small companies need funding in
this area. It is therefore not surprising that research by BSI (British Standards Institution)
revealed that nearly half of small and medium-sized enterprises do not feel they are working
efficiently. ' The recent findings of RSA support this research that shows that 55% of SMEs
have not survived more than five years. It is not surprising. Over and above survival,
companies face major challenges in achieving growth, with small-business owners admitting
that it is difficult to grow their enterprise, while owners have little confidence in their ability
to achieve continuous growth for three years, accounting for two-thirds (63%) of them.
Expected 5.2 million companies were in 2014 in the UK – 99.9% of which are small
and medium-sized firms, and work aims to keep corporations expanding and prospering in
today's markets.
Norms come to the fore here, not just as a measure for best practise, but also as an
achievement. Norms may help to push boundaries and encourage debate on the most
successful way of doing things. With every innovative organisation aiming at "making things
better," expectations also change to suit their intent. Whatever you want your clients and
distributors to say, there may be one requirement that will protect them. Knowledge are
produced together and best practise and expertise from industry, the military, research and
training is put together for academia, consumer groups, trade unions and, most notably,
businesses.
"It is critical that businesses have the knowledge needed for customer satisfaction, better
employee engagement and more efficient business access," Gouldstone continues.
Expectations or management systems can help companies to focus on the products and
services they offer, a business processes and the way they handle their entire organisation.

' It is not just a straightforward case of buying a framework, but – businesses should first
appreciate what their organisation needs to improve. What are the biggest dangers? What
processes are required? Why do you need leadership? Firstly, it should ensure that workers
have the tools and skills to understand their contribution to the project – a key element of this
are conferences, lectures as training. Systems are available to help manage key areas of any
organisation effectively. Eventually, once a standard is in place, companies should
commercialise their successes to future and existing clients – thereby assuring clients that a
company works as effectively and efficiently as possible and is committed to performance.

LO 3

Entrepreneur's role and obligations in innovatively providing products and services through
exposure to wants and desires of the masses are extremely important. Entrepreneurs help to
improve employment opportunities and rising people's standards. Individuals must have
certain characteristics, very important for individuals and groups to achieve a large market
share, to develop their entrepreneurship and characteristic skills. Besides some traits that the
entrepreneur possesses and that distinguish him from the manager.
Duncan bannatyne:
The Scottish entrepreneur, philosopher and journalist, Duncan bannatyne is active in
hotels, health clubs and press, on property television (Dees, 2017). He is one of the most
popular figures and is one of the BBC's big business angels. Duncan has some characteristics
and characteristics that differ from its managers.
Alan sugar:
Alan Michael Sugar, that is a British business magnate, connects with media and a
great political advisor. To succeed and build a strong with differing image in market they
have some traits and skills set that differ from the manager that are as follows:
Entrepreneurial traits and skills:
Strong leadership qualities:
Leaders in an organisation play a very important role and responsibility in achieving
their desired goals and goals. Alan Sugar is an individual who, in any situation or under any
conditions, appreciates the goals and priorities and is always sufficiently efficient for the
leader (Demil and et al. 2015)
Highly self-motivated:
Leader is always self-motivated to inspire and motivate others to do goals and
objectives. Nobody can sit back and wait at their doorstep to succeed, which is something an
individual can't do. Duncan faces numerous responsibilities and obstacles in his own life and
therefore takes action to address them. To become a successful entrepreneur Managers are
not completely self-motivated, though, and they sometimes have to pursue projects and
achieve things that always enable them to accomplish positive targets and goals. In Duncan
bannatyne they need no other inspiration, but are offered their best to achieve successful
goals.
Strong sense of basic ethics and integrity:
To maintain a long-term relationship with its customers and its investors in business
groups and contractors. An important aspect to ensure better organisational and personal
growth and progress is the principles of ethics and integrity. In order to better contribute to
corporate development always remain competitive in the business sector and entrepreneurs
play a very important role. Entrepreneurs will then be very helpful in developing their own
ethics code, which will help them develop and implement their related policies. Alan Sugar is
one of the leading characters of every operation of its organisation, and has developed
powerful ethics that help to achieve objectives and goals (Fernhaber, Gilbert and McDougall,
2014). Those values and characteristics take a greater risk in making all decisions by taking
responsibilities and giving their best in the organisational growth.
Small and medium-sized businesses have substantial economic and social effects through
development, innovation and growth of enterprises and their eco-systems.
Large employment opportunities:
 One of the greatest contributors by small companies and start-ups to the workforce of
large-scale enterprises in the UK (Davidsson, 2015). Small companies and start-ups provide
people with new opportunities to develop their unique new skills by offering great jobs and
incentives for the use of company capital. This will help improve the country's social
economy.
Innovation:
The key factors for economic growth are to deliver creative products and services that
support mass advancement (Edecker and others, 2014) and which help identify and provide
customers ' latent needs and wishes to live in a pleasant way.
Social status:
One of the important features is that people are given social status so that they can
contribute significantly to economic development. Social status is very important to improve
the economy by supplying specialised goods and services.

Sustainability:
Sustainability is one of the key factors which is essential to the long-standing
dominance of companies in the sector. To achieve comparative advantages company has to
deliver products and services by following its features and behaviour according to the needs
and wishes of customers. By saving the environment and producing environmentally friendly
products and services, which help improve living conditions and allow outcomes or quality to
be calculated in a better way to save money.
An individual needs to have a unique personality and characteristic that leads to an organised
and productive business, has to gain a large share in the market and is loyal to its consumer
base. These aspects help reflect entrepreneurial thinking and motivate them to do their utmost
to develop the organisation. Some qualities and characteristics play an essential role in an
entrepreneur, which distinguishes them from others and which can easy to understand with
the use of large five model personality characteristics:
Openness:
The ingenuity and intuition of a businessman contains these attributes and people who
have this attribute are highly interesting and very curious to know unique characteristics
(Drucker, 2014)). This is one of the important elements that help people actively contribute
and benefit from it to expand business opportunities, because new things and problems can
quickly be addressed. If an entrepreneur has a strong vision that has proved useful for
growing business opportunities to accomplish goals and ambitions.
Conscientiousness:
This attribute requires high levels of thinking and processes, a high degree of control
over job and work, and a focused behaviour. High degrees of consciousness help organise
mind and thinking. It helps them to think ahead and also affect other people's behaviour.
Extraversion:
This includes excitability, sociability, assertiveness and social character and
emotional person. This includes characteristics or conduct. When people are highly
extroverted, they are out of nature and have quality in social circumstances to remain
vigorous.
Agreeableness:
This kind of personality trait includes trust, selflessness, kindness, love and affection
which are important factors that help to become a successful entrepreneur.
Neuroticism:
In this type of personality, sadness, mood and emotional instability affect business
aims and goals. Anxiety when a person swings high in the trait of the mood. Thus they can
not do the best they can to develop and advance the organisation.

LO 4

Many conditions and qualities prohibit or facilitate the accomplishment of desirable goals in
order to become a productive contractor.
Family background:
The history of the family relates to the characteristics of the family, the level of
education and work experience. It also requires the personal, religious and status context of
the family, which helps conceal and foster beneficial ambitions and objectives (Dees, 2017).
Family support for taking a certain risk contributes by accessing needs and wants the
consumer base to become a successful entrepreneur. The Alan sugar family members are of
the Jewish family and are business forefathers so that it becomes an entrepreneur.

Education:
 The important factor is an educational background where a person knows how to
manage and handle tasks easily. On the other hand, a person who knows innovatively things
and skills which are an important element in becoming an entrepreneur and giving people
new things in raising people's standards (Davidsson, 2015). At the age of 16, Alan left school
and worked in the Ministry of Education for the Civil Service. They started selling vehicles
and electronic goods via radio aerials.
Character traits:
Character traits include certain key capabilities and skills which help them to differ
from other managers and people who provide services in the growth of organisations. In
order to be a successful businessman, a person has certain characteristics that provide his or
her best attributes to the enterprise and the development of an ambitious and imaginative
manner. To Duncan bannatyne, who are always motivated to uphold and accomplish positive
goals and objectives in adverse situations. To organisations and individuals, these
characteristics and qualities are very critical to capturing large market opportunities. Family
background, experience and education are key factors that directly influence a successful
contractor, which is shown by the above attributes.

CONCLUSION
It was concluded from the above report that enterprise and management is a broad and
very important concept for the economy and its growth. Small and medium-sized businesses
make a significant contribution to expanding business opportunities by helping to boost jobs.
It also helps to improve the standard of living of people by giving best characteristics and
products to their needs and needs. A contractor needs certain skills and traits to achieve
desirable goals and objectives to succeed in a business. Different types of enterprise and
ventures help to improve the market and expand business opportunities.
 REFERENCES
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