Entrepreneurship and Small Business

This assignment delves into the crucial relationship between entrepreneurship and the success of small and medium-sized enterprises (SMEs). It examines various aspects impacting SMEs, including entrepreneurial characteristics, firm attributes, motivations, management practices, and external factors like public procurement and innovation. The focus is on understanding how these elements contribute to SME growth, sustainability, and overall impact on the business landscape.

Entrepreneurship and
Small business
management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK1.............................................................................................................................................3
P1. Different types of entrepreneurial ventures and their relationship with typology...........3
P2. Similarities and difference between different entrepreneur ventures...............................4
M1 Investigate diverse range of entrepreneurship ventures...................................................6
D1 Critical examination of scope, development and growth of entrepreneurial ventures.....6
TASK2.............................................................................................................................................6
P3. Assessing and interpreting relevant data and statistics in order to define how micro and
small businesses impact on economy ....................................................................................6
P4. Explain the importance of SME's and business start ups to the growth of social economy. 9
M2 Difference between small, medium, large business.......................................................10
D2 Examination of small, medium and large business to economy.....................................10
TASK3...........................................................................................................................................10
P5. Characteristic, traits and skills of two successful entrepreneurs which differentiate them
from other business manager................................................................................................10
P6. Aspect of the entrepreneurial personality that reflect entrepreneurial motivation and
mindset.................................................................................................................................11
M3 Examination of various entrepreneurial characteristics.................................................12
D3 Analysis of characteristics traits, skills and motivational drivers..................................12
TASK4...........................................................................................................................................12
P7. Examine background and experiences that can hinder or foster entrepreneurship........12
M4 Link between entrepreneurial characteristics and personal background.......................13
D4 Critical evaluation of Background and experience of entrepreneurs in negative and
positive way..........................................................................................................................13
CONCLUSION..............................................................................................................................13
REFRENCES.................................................................................................................................14

INTRODUCTION
Entrepreneurship is the business started by the idea of individual in such a way
that increase the chances of growth and success. Further entrepreneur is that person
who start their business with zero and carrying all the activities in such manner that
make it more profitable. They focuses on all the innovative and creative ideas in their
products and services which ensure success in external market and enable them to
establish long term relationship and trust by satisfying their needs and wants. In today
dynamic environment changes are coming in frequent manner so in order to beat all
challenges small companies need to update with all latest technologies(Dennis Jr ,2011)
. Under this assignment the company which is preferred I.e. wiser which is UK based
recruitment company whose main aim is to provide employment to all those people who
dreams big and expect more. Further it discuss about different types of entrepreneurial
ventures, similarities and differences between various enterprises, skills and traits of
entrepreneur and experiences that can hinder or foster entrepreneurship.
TASK1
P1. Different types of entrepreneurial ventures and their relationship with typology
Entrepreneurial ventures described as process in which business has been set
up with the motive of accomplishing all the objectives and targets. In every organisation
the main objectives is to earn huge revenue and brand image in market that help
business to remain sustain in external market for longer period of time. These ventures
are coming with new ideas and creativity that make their organisation productive and
efficient. Different types of resources has been used under it like land, labour, capital
and finance which is essential for running all the present and existing project of
company (Fassin , Van Rossem and Buelens ,2011).
Ventures of entrepreneur:- Some of the ventures are as follows:-
Small business entrepreneurship:- These includes all the small business idea
like art, craftsmanship and paintings which run on small scale. They require small funds
for fulfilling their business needs.
Scalable entrepreneurship:- these association is running on large scale and
publish all the idea and convince people in order to invite them in venture. Their thinking
is different from others.
Social entrepreneurship:- These ventures generally work for the welfare of
people and getting the help of government in relation to finance which allows them to
organise their events in order to educate and guide rural people about the human rights
and benefits they gained from companies.
Various types of entrepreneurial ventures are described below:-
Serial entrepreneurship:- These type of business organisation are running by
one or more individuals and all the activities and operations are carried out by that
person only with the motive of earning profits.
Female entrepreneurship:- Women entrepreneurship is generally a process in
which all the policies, procedures and factors related to production, undertaking risk and
decision related to providing employment to other is decided by women only. For
example BAWE is one of the famous organisation consist of women only who build their
own brand and pride in market.
Basically typologies is divided into three parts:-

 Survival ventures:- These ventures are generally established in order to satisfy
the daily needs of themselves.
 Lifestyle ventures:- These types of ventures generally established in order to
uplift the living standard of people and make changes in their product according
to the demand of customer.
 Managed growth ventures:- these type of association run by those individuals
who know how to managed the growth of business and earn the profits.
Relationship of typology with entrepreneur ventures:-
Social entrepreneurship
In this social entrepreneurship there is nee
of policies which are significant for social
development of country. This is effective
for making changes in society.
Survival venture
This venture works for survive of society.
There is use of policies which are
significant for improving condition of
society. There is effective use of effective
techniques which is done with the social
entrepreneurs.
Small business entrepreneurship
This is the business which is run by single
person who bears loss, risk as well as
profits too. They work for their their
livelihood.
Lifestyle ventures
In this venture there is working under
some passion to earn money. In this type
one person can work and this is effective
for people who have some skills and they
are ready to work hard and face hardship
too.
P2. Similarities and difference between different entrepreneur ventures
Their are different similarities and differences between various entrepreneurial
ventures but there are some variations and deviation in various ventures described
below:-
Social entrepreneurship Lifestyle Entrepreneurship
Similarities Similarities
 These type of businesses providing
standard quality of services to target
audiences particularly in the society
where they established.
 The aim goals is to provide such
types of goods and services which
help in satisfying the needs and
wants of customers.
 Prices are decided on the basis of
earning capacity of person so that
they easily buy goods without any
difficulties.
 Under this they concentrate on
some innovative and creative ideas
in their goods ans services that help
in attracting huge number of people
which satisfy their needs.
 These enterprise produced goods
and services according to the
demand of public and ensure that it
is healthier for them.
 These type of companies also work
for social welfare by contributing
amount in CSR activity in order to
providing better infrastructure and
education to rural areas of country.

Differences Differences
 These type of association focuses
on the problems of society that
become hazardous on the life of
people.
 Deals on the issues like reducing
unemployment and poverty from the
society.
 Audit commission is that type of
association that appoint auditor for
the local companies in satisfying
their business needs. Basically they
work for whole citizen.
 Profit earned by these association is
used for removing all the problems
that faced by economy.
 These organisation established with
the motive of earning profit by
providing high quality of goods and
services to their customers. For
example wiser is one the young
organisation that work in providing
job opportunities to youth of that
particular country which enhance
their living standard.
 These companies change their
organisation structure according to
the modification arises in external
environment.
 Charging premium prices for their
goods and services if they good
brand value in market.
Female and male entrepreneur
Similarities
Female entrepreneur Male Entrepreneur
Female ventures are focused towards their
goals and objectives and passionate in
respect to their profession (Gorgievski ,
Ascalon, and Stephan ,2011).
They believes in creating new and
innovative ideas in their goods and
services through which they can run their
business in long term. It need leadership
skills and qualities which required in their
work in order to grabbing market
opportunities and remove threads.
These ventures sometimes works on
seasonal basis, which provides chances of
huge profits.
Male entrepreneurs select source which
are significant for reducing cost and
increasing profits.
Changes are taking place in trends, so
they market product and this helps to
provide satisfaction.
There is use of techniques which are
effective for making changes in their
sources of funds for which analysis of
external sources is necessary.
Differences
Females are deep thinker so they take
more time in taking decisions.
They do not take more time in taking
business decision quickly.
More emphasis is giving on improving the
quality services of products for further
development of society.
Through optimum utilisation of resources
cost of production can easily be reduce by
company and help in earning more profits.

Female entrepreneur are not believed in
taking huge risk for the purpose of earning
more profits.
They believe on one concept I.e. more risk
more return which help them in earning
profit at shorter period of time.
They always try to create long term
relationships and trust with their customers
.
Focuses on maintaining standard quality
for goods and services which is the first
base for establishing long term relationship
with clients.
M1 Investigate diverse range of entrepreneurship ventures
There is requirement of proper analysis of market through which they can
perform business objectives in significant way. There are various resources through
which changes are effective and efficient for development of business. There are
possibilities of working as change in roles and responsibilities of entrepreneur to
achieve targets. There are many ideas which come in person's mind, so this helps to
gain profits from analysing market.
D1 Critical examination of scope, development and growth of entrepreneurial ventures
While starting business, there is use of scope which is significant for growth of
business. There are possibilities that association has to develop their actions in
desirable manner. There are various approaches which through which company has to
make alterations in working style. This examination is fruitful for ultimate goals of
association.
TASK2
P3. Assessing and interpreting relevant data and statistics in order to define how micro
and small businesses impact on economy
Their are different small and micro enterprises operating their activities in various
countries which help in providing employment to different people (Hall , Daneke and
Lenox ,2010). They help in giving more and more employment and reducing poverty in
whole economy.
CLASSIFICATION
Organisation can classified its business in following manner:-
 Micro enterprise:- It is that types of association which run by single individual
including one female also. All the workforce are undertake their task and activity
on the instruction of their owner. Owner work according to their own skills and
ability.
 Small enterprise:- these association running their business on large scale as
compare to micro enterprises. The main objective of company is to earn huge
amount of profits and consist of around 80- 100 employees and policies are
made according to the rules regulation implied by appropriate authority.

 Large enterprise:- These association working at huge scale comprises of more
than 250 employees. The company make strategic policies and tactics on the
basis of vision and mission and try to scan the external environment in order to
know all the modification coming in business.
Sole proprietorship
 Nature- These type of firm established by one person only who run all the
activities and take the decision of business according to their own skills and
capabilities.
 Characteristic and features:- The individual is responsible for all the risk
associated with business and profit earned in the business are not divided to any
other party. In case of any loss in business can be bear by that person only
through their personal asset.
Partnership:-
Meaning:- It is formulated by the partnership of two or more persons and the terms and
condition of business is defined in partnership deeds.
Characteristic:- They bring their own capital which can be utilised in implementing the
overall projects of company and already decided the conditions related to profit sharing
ratio and in case if organisation wants liquidity then in such case their personal asset
has been sold to paid all the liabilities of company.
Corporations:-
Nature:- It is that type of organisation in which owner has separate legal entity from
company so in case if any loss occurred cannot be paid from personal asset of
individual.
Characteristics
It comprises of large number of people and having their own responsibilities and role.
Further provide large number of employment to many people through recruitment and
selection which help in overall development and reducing poverty of economy (Islam
and et. al. ,2011) Members become shareholder and take participate in general meeting
and dividend of business.

Impact of micro and small business economy:-
 Providing employment:- Through MSME enterprises various job opportunities
arises in organisation which provide employment to needy and poor people that
satisfy the basic necessities of human being. There is reduction in unemployment
of workers and this is effective for growth of economy. There is reduction in
unemployment from 36% to 25%.
 Poverty reduction:- Poverty is one problem which is significant for business
growth. This affects financial status of company. There is use of techniques
which makes changes in poverty of society. There is reduction in poverty from
12% to 8%. If small enterprise are established in underdeveloped and rural area
and this will become beneficial in terms of employment to large population.
 Reduce differences between rich and poor:- the main objective behind the
establishment of small enterprises is generally for providing job to poor and
needy person. By providing systematic training and development programmes to
them enhance their skills and reduces difference between rich and poor. In UK
there are mainly two type of people rich and poor, there is use of techniques
which are effective for growth of business. Small business reduces this difference
as there is generation of money.
 Contribution to national economy:- Continuous development of small and
medium class businesses helpful in contributing to exports of business. Increase

in the income of country helpful in development of overall economy. Small scale
associations has to work according to need of society, so national financial
condition can be improved. There is generation of money which are significant for
country.
 Increase chances of creativity:- Because of MSME chances of creativity and
innovation is more in external environment which also helpful in increases the
living standard of people through goods and services. Small business comes with
some innovation, so there will increment in creativity of personnel and this might
show changes in working style is possible.
P4. Explain the importance of SME's and business start ups to the growth of social
economy
Government formulated different types of rules and regulation that help them in
overall operations of business without any obstacles and error arises in business. In
today world SME'S and start ups plays an vital role in overall growth of business at both
social and economic level. Company need to consider different types of attributes at the
time of formulating and drafting policy for whole economy. Therefore, government
always made strict laws in order to maintain the decorum of business.
In UK after Brexit coming which enforced in June 23, 2016 referendum to leave the
European union (Lee-Ross and Lashley ,2010). The result coming from vote and
external global markets lead to reduction in British pound as compare to US dollars in
30 years. Prime minister of UK is against Brexit because in 2010 he had to withdrawn
pressure about Europe vote from the pro exist UK independence party and because of
which PM resign from post.
Importance of small business and set- up business on social economy of UK are:-
Economic and social development:- SME success from economy point of view is very
essential because they are coming with new and innovative ideas in their goods and
services which satisfy the requirement of customers. In UK around 37 to 40% of
business engaged in SME product which helpful in diversify business to larger
populations. High growth of SME contribute to GDP of economy.
Reduction in poverty:- Mostly SME developed in rural areas of countries that give
benefits to all the people who searching for fuller employment because they easily get
the jobs which increase employment and reduce poverty in business.
Huge government revenue:- After coming of Brexit there is the vast growth in SME
sector especially in export sector which allow government to earn huge profit in the form
of taxes.
From the above discussion it is clear that small business personnel has to work
according to demand of society. A there is involvement of government through which
company can work and make changes in their working style. There must must be use of
techniques which is significant for growth of economy. Brexit is the company which are
effective for countries which are efficient for economy of company. There are problems

which are faced by countries, so this gets solved at this platform and economy can grow
through use of factors through which small business can grow.
M2 Difference between small, medium, large business
There are various types of business enterprises, this is effective for making
changes in roles and responsibilities. There is difference in their roles and
responsibilities too. This can be effectively approached with the help to managers
interference. This difference is effective for analysing market and has positive change
on business operations.
D2 Examination of small, medium and large business to economy
There is difference between actions of small, medium, and large company. This
is effective for making changes in roles and responsibilities, then this can be done
through use of policies and analysis of market. There are policies which are significant
for growth of business and this has positive impact on economy of country.
TASK3
P5. Characteristic, traits and skills of two successful entrepreneurs which differentiate
them from other business manager
Successful entrepreneur is one who start their business with nothing but indulges
in all the activities in such manner that provide profitability in whole business
environment. Major three factor that coming in their success I.e. risk, profit and
innovator which they need to consider in order to sustain in business environment
(Ligthelm ,2010). Here the two famous entrepreneur who known because of their
ability, skills and profession and difference is given below:-
Basis Steve jobs Bill gates
Company type He is co-founder of Apple
incorporation and establish
popular mobile brand
having own macintosh
operating system.
William bill gates chairman
of Microsoft running world
leading software firm.
Educational difference He is the man who
graduated from high school
and registered in reed
college in Portland and in
1974 he designed their own
video game.
He completed his education
from Washington University.
Key success factor He is determined towards
his work and commit to his
teacher to become
millionaire before reach to
the age of 30 years and
promise will come in the
form Apple company.
He is very confidence with
her skill and ability and
develop world class
software and having their
own operating system
called MS-DOS.

Characteristic/skills of entrepreneur and managers
Characteristics/
Skills
Entrepreneurs Managers
Innovation/creativity These individuals are
coming with their own idea
which are creative in order
to satisfy customer needs.
Managers are generally
execute their plans in
systematic manner
according to company rules.
Risk factor They are risk maker in order
to earn huge returns.
They always believed to
conduct their task in such
manner which reduce all the
component related to risk
Dedication Dedicated and passionate
towards their objectives and
goals.
Handle all the situation
patiently without any
conflicts.
Traits to become successful entrepreneur:-
 Huge confidence, passion and determinant towards work which enhance their
growth and development.
 Highly innovative and creative in their work which able them to grab opportunities
and remove threads.
From the above discussion it is clear that company has to work according to
need of society and this is effective for analysing market, this helps to know what
improvement can be done in business through which is effective for improving condition
of country. There must be proper analyse of market then use small business must be
started. There are possibilities of working under changed environment and this is
effective for making changes in business operations.
P6. Aspect of the entrepreneurial personality that reflect entrepreneurial motivation and
mindset
The two personality I.e. Steve jobs and Bill gates which were famous people
specialised in their respective field (McGowan and et. al. ,2012). The main reason
behind their success is motivation and determination towards their work and use of skill
and ability in order to develop innovative and creative things in their goods and services
help in achieving objectives of organisation.
Personalities of these person classified under five aspect are stated below:-
 Openness to experiences:- In order to experiences new things it is essential for
them to try new and creative things that come from their own ability and skills.
Experience about all the changes coming in external world is one the quality in
both personality in order to beat all the challenges of competitors.
 Conscientiousness:- Under this step if person is determined towards their work
then it is easy for them to achieve all the targets in specified time period.
 Agreeableness:- Both Steve job and bill gates are two personality who always
excited to learn new things and cooperate with the environment and make
changes according to the requirement and wants of customers in order to beat all
the challenges of competitors.

 Neuroticism:- Human is social being because of which he or she affected by
different factor both physically and mentally. They are different phases in life
which come with ups and downs so it depend on him only how to handle it
strongly and positively.
Five model theory is effective in running small business. As there is use of
techniques through which company has to make changes in roles and then this affects
business operations. There are possibilities that company ah to make changes in roles
and responsibilities so they can operate with they can achieve targets. Entrepreneur
musty be neutral s they can perform business objectives in significant way. There are
possibilities that due to negative results, then entrepreneur must handle it calm. They
must ready to learn new things so they can achieve targets more appropriately.
M3 Examination of various entrepreneurial characteristics
There is need of characteristic which helps to get positive results of company.
Entrepreneur must polish their skills through which they can get motivate of company.
This helps to work according to need of society. Big five model helps to provide
knowledge about activities which are effective for growth of business.
D3 Analysis of characteristics traits, skills and motivational drivers
Motivation is one f the best key through which targets can be achieved. There is
need of policies which help to know what can be done through use of techniques to get
positive outcome. There are possibilities that association can be effective for making
good economy.
TASK4
P7. Examine background and experiences that can hinder or foster entrepreneurship
It is very crucial to understand properly all the background and experiences that
are attached with entrepreneur in whole working environment. Their must be different
phases which act as hindrances in the success operation of business. Therefore, it is
important to focus on the background and experiences of individual person which
discussed below:-
 Personal background:- Under this step following things consider I.e. rituals,
religion, customs and belief which associated with entrepreneur and act as
hindrance in the performance of business. Establishing strong base before
starting any procedures. Personal background of entrepreneur is effective when
they are ready to learn things and face hardship. This helps to achieve targets
and concentrate on work.
 Personal experiences- It helpful in considering all the circumstances they are
facing in past which help them in evaluating better plan after considering past
mistake that leads to accomplishment of task in time. Entrepreneur perform
business after proper planning, so there must be knowledge gained related to
personal experience. This helps to gain changes in business enterprise.
 Personal skills:- these skills influences the system of organisation in different
dimensions which help in influencing the mind of customers in order to generate
more profits. There is requirement of some skills which help to work as
entrepreneur, this is effective to know what can be done through which changes
can be done.

 Personality factor:- Entrepreneur must posses such skill and ability in personal
that allow them to think out of the scope which result in good outcomes and
profitability in their business line (Neck and Greene, 2011). Personality of
entrepreneur must be cool and calm, so this is effective for analysing market and
taking changes in business operations. So they can handle hardship faced by
association.
M4 Link between entrepreneurial characteristics and personal background
Entrepreneur is the person who comes with new ideas. This ideas may be arised
from his/ her personal experience. There is requirement of effective personality which
helps to work according to need and requirement of market. As changes are taking
place in market, so it is essential to give effective impression in industry.
D4 Critical evaluation of Background and experience of entrepreneurs in negative and
positive way
Background of entrepreneur is effective as it helps to work according to need and
social cause of society. As changes are taking place so frequently hence there is need t
accept policies which are effective for growth of business. Family, friends, relatives must
be effective in motivating entrepreneur.
CONCLUSION
It has been concluded from above assignment that entrepreneur is one the
important person who use their skills and ability in order to earn more profits for
business. Different techniques and tools has been used by organisation in order to
improve the quality of products so that customer are satisfied in optimum manner.

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