Small Business Performance and Entrepreneurship

This assignment provides a comprehensive analysis of small business performance, focusing on strategies for success, innovative approaches, and entrepreneurial mindsets. It delves into the role of small businesses in economic development, exploring their impact on innovation and entrepreneurship in various contexts, including urban and rural locations. The assignment also touches upon the importance of women in business and strategic entrepreneurship, providing a nuanced understanding of these topics.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial venture and relate to type of typology of
entrepreneurship..........................................................................................................................1
P2 Various similarities and difference among entrepreneurial venture......................................3
TASK 2............................................................................................................................................5
P3 Interpreting and assessing the impact of small business in economy growth........................5
P4 Importance of small businesses and start-ups........................................................................7
TASK 3............................................................................................................................................8
P5 Traits and skills that entrepreneurs have to make business successful..................................8
P6 Aspects of the entrepreneurial personality reflect its motivation and mindset....................10
TASK 4..........................................................................................................................................11
P7 Component that foster or hinder entrepreneurship..............................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneur is a person those are capable to develop innovative ideas of completing task
or produce goods. They are able to convert idea into reality through this individual are produce
highly innovative commodities as compare to others. Entrepreneurial venture is an organisation
that are place opportunism as well as innovation at their hearts to produce economic product for
social value. In United Kingdom there are approx 51 % of total private firm has small in their
nature so that government of the nation has develop strategies in order to promote start ups in
which they are organise seminar etc (Burns, 2016). In this report select Ensoft limited company
to analysis the impact of entrepreneurial venture in economy as well as on society at whole. It
was established in the year 1997. Here work around 71 employees and all are engineers. They
are produce high quality networking software. In this assignment covers type of entrepreneurial
venture and its topology, impact of macro factors in small business. It also covers characteristics
of entrepreneurs and its impact on organisation performance.
TASK 1
P1 Different types of entrepreneurial venture and relate to type of typology of entrepreneurship
Entrepreneurial ventures are known as firms started by individuals to use funds and
generate adequate revenue. Organisation have collection of risk, success and failure which is due
to market environment which is dynamic and keeps on changing with time. This defines that
administration require to make changes in system and make it function in according to conditions
prevailing in market.
An entrepreneur is a person who establish new venture and take risk associated with
financial assets which require to get expected results and outcomes. These firm enhance
employment opportunities and help government to improve state of country by providing people
tactic to get appropriate money to purchase things to maintain their living standards.
Entrepreneurial ventures have different typologies and types which have inter-connection
and link with each other (Schaper and et. al., 2015).
Types of Entrepreneurial venture: These are various forms of organisation which are
described below:
Social entrepreneurship: This kind of firm is started and operated by individuals to
utilise capital and deliver appropriate items and services in market for welfare of society.
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Entrepreneur aim is to have adequate funds to solve problems that are faced by public and don't
have objective to generate revenue from business.
Female entrepreneurship: It is another form which includes organisation that are
incorporated by women to gain adequate profit. This helps entrepreneur to execute business
operations which advantage them to get appropriate amount of funds for their living. There are
many firms which are controlled by both male and female, but major share is of women which is
51% (Storey, 2016).
Small business entrepreneurship: This is type of firm which defines that individuals set
up outlet to generate adequate profit from business. Entrepreneur have limited capital and
resources which impact on scale of operations that are organised by enterprise to accomplish
goals and objectives. Ensoft is small scale firm which is a software company that provide
appropriate services to clients. This helps owner to utilise funds and gain sufficient revenue from
business.
Scalable entrepreneurship: Executive have innovative idea which are used by them to
start business and set up new venture in market. Entrepreneur execute market research to
acknowledge opportunities which are present in market. This define that individuals search for
investors which help them to have adequate funds to raise capital and execute business
operations effectively.
Large scale entrepreneurship: This is another form of venture which specifies
information about organisation which requires to have appropriate amount of funds to establish
branches in more than one nation. It is necessary that entrepreneur formulate strategies and use
adequate tools and techniques help administration in attaining objectives within defined time.
Along this, company provide different items and services in respect to needs and wants of people
which benefits management generate adequate profit from business (Blackburn, Hart and
Wainwright, 2013).
Henceforth, entrepreneur frame statement which specifies information about vision,
mission, goal and objective. This help administration to use funds and execute operations in such
manner that appropriate outcomes are achieved by them. Thus, these are various forms of
typologies which are defined beneath: Managed development venture: This form of organisation determine that entrepreneur
organise activities and set up outlets to gain adequate revenue. It is necessary that
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administration make system function in according to market conditions and take care firm
from uncertainties and risk. Ensoft is organisation which belongs to this topology as
executive take care and conducts business operations in according to market situations. Lifestyle venture: This is another kind of business which is started and controlled by
owner to generate sufficient amount of money to maintain living standards. Entrepreneur
require to utilise funds and make appropriate plan which help organisation execute
activities effectively and deliver adequate items and services in respect to needs and
wants of people.
 Survival venture: These are firms which are started by entrepreneur to earn adequate
money for their livelihood. Food stall, grocery store, internet cafe and so on are various
ventures which are incorporated by individuals to generate appropriate amount of money
from business (Drucker, 2014).
P2 Various similarities and difference among entrepreneurial venture
Entrepreneur formulate statement which define information about mission, vision, goal
and objectives. This helps administration to design system and execute business operations
which help them to achieve appropriate outcomes and results. These are various tactic which
differentiate organisation from each other in respect to size, structure and scope. Thus, this is
explanation of similarities and differences which are present in entrepreneurial ventures are
described below:
SIMILARITIES Lifestyle Ventures Social Entrepreneurs
 This concept includes firms
which are started by
entrepreneur to generate
adequate revenue from
business (Schaper, 2016).
 These are enterprises which
start and execute operations
at small scale; thereby
achieve goals and targets.
 These are enterprises which
are incorporated by
individuals to provide
appropriate items and services
in according to needs and
wants of people.
 This firms also consists
activities which are conducted
to accomplish objectives.
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DIFFERENCES Lifestyle Ventures Social Entrepreneurs
 These form of companies are
started by individuals which
have limited capital and
require to utilise resources
adequately.
 Entrepreneur main motive is
to generate appropriate
revenue to purchase things to
maintain their living
standards.
 These are firms which are
incorporated by people to
solve problems and
difficulties that are present in
society.
 This firm goal is to provide
adequate things to people to
fulfil their demands and don't
have aim of profit generation.
SIMILARITIES Female Entrepreneurs Male Entrepreneurs
 This define that women start
business to conduct
appropriate operations and
gain money for their
livelihood.
 Female entrepreneurs require
to balance office and home;
so they need to have
capability to organise things
properly.
 Women are innovative and
creative in trait which benefit
them to attain objectives
within defined time. This also
helps them to make success
and achievement in market.
 Male entrepreneurs are
focused and incorporate firm
to generate adequate profit
for themselves and for their
family members.
 They have abilities and
knowledge to design system
and execute business
operations in according to
market situations.
 Male entrepreneur are
passionate and have
capability to take higher risk;
thereby accomplish
objectives and enhance
profitability (Curran and
Storey, 2016).
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DIFFERENCES Female Entrepreneurs Male Entrepreneurs
 Women entrepreneur have
more determination in respect
to society and have goal to
deliver quality items and
services to people. This help
them to construct long term
relations with customers.
 They have various
disadvantages which are that
they are not able to make
decisions timely.
 Male entrepreneur's main
goal is to utilise funds and
organise things which help
them to reduce expenses and
uncertainties. They conduct
activities to deliver products
to people and generate profit
from business.
 They are efficient and have
quality to make appropriate
selections and decisions in
respect to market conditions
and system abilities.
TASK 2
P3 Interpreting and assessing the impact of small business in economy growth
Business classification: Market have different types of organisation which vary with each
other in terms of size, scope, objective and structure. Entrepreneurs start business and set up
branches to deliver appropriate items and services in market; thereby generate adequate revenue
from business. Profit and long term sustainability are two main components that administration
want to retain in market for longer period. Thus, these are various forms of enterprises which are
present in market are stated below: Small business: This concept determine organisation which are stated by individuals to
utilise capital and resources efficiently; thereby deliver appropriate items and services in
market. Small firm help government to enhance state of nation by increasing employment
opportunities and provide chances to individuals to get money for their livelihood. These
corporations contribute about 2.0 trillion £ as annual turnover as market comprises 60%
private segment firms. Ensoft is small enterprise which have less workforce and funds
which require to used by administration in adequate manner. Owner design system and
implement latest tools and technologies which help them deliver quality services and
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things to clients. This benefits firm to establish good position and image in market; also
also position firm higher than competitors (Goffee and Scase, 2015). Medium business: These are firms which have sufficient resources that is capital,
material and manpower in according to goals and objectives. Administration organise
things and execute business activities in respect to market situations. This help firm
deliver quality items and services to grab attention of large number of people; thereby
enhance sales and profitability.
 Large business: These are companies which are started in partnership by more than two
persons which collaborate their funds and abilities. Large scale organisation require to
have adequate amount of capital to organise things in according to market conditions.
Administration objective is to provide different variety of products and services in
according to needs and wants of people. Along this, they even need to establish outlets in
more than one country to increase customer base; thereby enhance sales and profitability
(Allen and Truman, 2016).
Illustration 1: National Impact
(Source: National Impact, 2017)
Interpretation: As per above graph, it can be comprehended that small business firms help
government to enhance and develop economy of country. Entrepreneur set up company to
provide items and services to people in according to their demands and make adequate revenue
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from business. Along this, they even increases employment opportunities and give chance to
people to gain adequate money for regulating their living standard.
Small business directly as well indirectly impacts on economy of United Kingdom. As, after
Brexit government formulate policies and regulations to regulate and manage working of
organisations effectively. They have constituted various schemes and tactics to provide benefits
to individuals to start new venture and increase employment opportunities; thereby give people
chances to gain adequate money for their livelihood. Thus, start up's and small enterprises
advantage to enhance economic growth in both domestic market and at international level. These
are various impacts that small scale firms have on developing nation are stated below:
Regional impact: This concept define that organisation require to provide appropriate
items and services in respect to needs and wants of people. Administration even need lower
down production expenses and set appropriate rates to attract people. Small firms main goal is to
enhance market position and image by providing quality things to consumers. This helps
company to retain clients for longer period and increase profitability (Bosma, 2013).
Local impact: Small business provide high contribution to improve and develop
economy of nation. These are firms which comprises objective to utilise funds and manufacture
adequate items and services in respect to needs and wants of people. Besides this, they even
provide employment opportunities to society members. Individuals have chance to get job in
respect to their skills and abilities; thereby gain appropriate income to purchase things for
executing their living standards.
National impact: Small scale firms are incorporated by entrepreneurs to utilise funds and
execute business operations adequately. They provide different items and services to fulfil needs
and wants of people. Along this, individuals have increase employment opportunities to generate
adequate profit from business. This benefits government of UK to improve state of economy and
make it higher than other countries (Sahut and Peris-Ortiz, 2014).
Thus, these are various impacts that small business have on improving economy and
provide various benefits to public in respect to products and employment opportunities. Ensoft is
software company which define that administration of firm require to utilise funds and
manpower. They require to use appropriate tools and techniques in system which help firm
provide quality things to people; thereby generate adequate profit from business.
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P4 Importance of small businesses and start-ups
Entrepreneur start new venture and incorporate funds to execute business operations
which help them to generate adequate revenue. Small business and start-ups are various forms of
organization which are started by individuals to increase employment opportunities. Along this,
these organization provide items and services to fulfill needs and wants of peoples; thereby
generate adequate profit from business. Ensoft which is small scale firm established in United
Kingdom have designed software to provide facilities to people to remain connected with each
other. This helps owner to use appropriate technologies and techniques; thereby generate
adequate profit from business (Wright and Stigliani, 2013). Therefore, these are various
advantages that small business and start-ups have on economy of country are defined beneath:
 Small and start-ups are firms which gives individuals opportunity to incorporate
business and set up a new venture to gain adequate revenue from business.
 These organization contribute to enhance gross domestic product(GDP) and national
income of nation.
 Start-ups and small firms increases employment opportunities and give chances to
people to get job in respect to their skills and abilities. This help individuals carry out
activities and generate money to purchase adequate things for their livelihood.
 Entrepreneur start organization when they have particular idea to be executed in
reality. Market research and survey is appropriate technique which are used by
individuals to acknowledge problems faced by people. This also benefits people to
anticipate items and services which are required by individuals.
 Small firms objective and goals are constituted by administration in respect to amount
of funds owner have and outcomes required to be accomplished by them. This help
company to use funds and design system in according to market situations.
 Start-ups and small organization uses corporate social responsibility tactic to provide
appropriate things to people. Food items, clothes, education and so on are various
aspects which are required by individuals in respect to maintain their living standards.
Along this, entrepreneur starts and establish new venture to increase employment
opportunities. This benefits people to have adequate chances to get money to maintain
their living standards. Along this, individuals are able to purchase things in according
to their needs and wants (Obeng, Robson and Haugh, 2014).
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Therefore, these are various benefits that small and start-ups have to enhance and develop
economy of country. Entrepreneur start new venture and uses funds efficiently; so that they are
able to utilize resources and provide items and services to people in respect to their needs and
wants. In United Kingdom, government have formulated various schemes and programs to give
benefits to individuals and give them opportunities to set up new venture in market. This
encourage entrepreneur to incorporate firm and utilize funds to execute business operations
effectively; thereby deliver appropriate items and services in market in according to needs and
wants of people. Thus, administration is able to generate adequate profit from business and help
government to enhance state of country.
TASK 3
P5 Traits and skills that entrepreneurs have to make business successful
Entrepreneur start new venture and utilizes funds which help them to accomplish goals
and objectives; thereby generate adequate profit from business. They require to have appropriate
skills and abilities to regulate and manage business activities in according to market situations.
Administration even require to have accurate and complete information about various theories
and concepts require to be used by them to execute things effectively (Smallbone, Welter and
Ateljevic, 2014). This help them to design system and organize things to deliver products in
respect to needs and wants of people. This benefits company to enhance market position and
generate adequate profit from business. As in context of Ensoft Ltd. which is software firm
started by Jonathan Turnbull who is chief executive officer. He has skills and capabilities which
help them to attain objectives within defined time. Owner has friendly nature which determine
that they construct relations with members and keep them connected by firm. Feedback is
appropriate technique which defines that human resource interact with staff to acknowledge their
ideas and views. This benefits compan
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y to retain skilled and
competent people for longer period and make them perform activities effectively. Thus,
organization provide quality items and services to clients which helps administration enhance
profitability.
Skills /Characteristics Entrepreneur Manager
Strategic Vision Jonathan Turnbull is passionate
and determined which help
them to design system and
frame adequate statement about
vision, mission, goals and
objectives (Morris and et. al.,
2013).
Management need to provide
duties to members and make
them complete work timely;
thereby attain targets within
defined duration.
Delegation Human resource, finance,
operation, marketing, sales,
research and development are
various departments
constructed by entrepreneur to
organise things and conduct
business operation adequately.
Each unit have specific head
which is refer to as manager
whose responsibility is to
provide duties and tasks to
members in respect to their
skills and knowledge.
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Critical thinking Entrepreneur deeply make
thoughts about activities that
are organised in respect to
accomplish goals and
objectives.
Manager formulate plan and
strategies to direct members and
make them perform tasks
effectively.
Entrepreneur require to posses these traits to become successful and make prosper firm with time
are stated below:
 Entrepreneur need to have effective abilities to take risk and invest funds to set up new
venture in market to generate adequate profit from business.
 They require to be determined and focused which help them to accomplish goals and
objectives within defined time.
 Entrepreneur require to be confident and have capability to face challenges and
difficulties; thereby design system in according to market situations.
 They need to be ready to make modifications in system and use modern techniques and
technologies to deliver unique and creative things to people. This help administration to
acknowledge and learn new things.
P6 Aspects of the entrepreneurial personality reflect its motivation and mindset
Entrepreneur require to have appropriate skills, personality, traits and characteristics to
organise things and make system function; in according to outcomes required to be accomplished
by them. Individual need to have ability to take risk and handle difficulties and challenges that
exist in market. They even need to use appropriate theories and models to organise and execute
business activities in according to provide adequate items and services to people in respect to
their needs and wants. Thus, these are various components which entrepreneur require to posses
in respect to make system function effectively are defined below:
Extroversion: This trait define that entrepreneur require to be assertive, talkative and
posses excitability. This helps them to make appropriate decisions and construct relations with
members by informing them about objectives and targets required to be accomplished by them
(Lepoutre, Justo, Terjesen and Bosma, 2013).
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Openness: Entrepreneur even need to have ability to construct good bond with
subordinates and staff which help them to acknowledge views and opinions members have in
respect to organization.
Conscientiousness: Entrepreneur require to be passionate and determined which helps
them to accomplish goals and objectives within defined time (Burns, 2016).
Agreeableness: Entrepreneur require to have ability to make staff members perform
duties and complete activities within defined time. They should have personality which help
them to convince members and keep them connected by firm.
Ensoft is small firm, so it is essential that entrepreneur is extrovert and possess openness.
This help them to interact with members and communicate their ideas with investors to attract
them and make them spend money in business. Along this, subordinates are given importance
which help them to make appropriate decisions and frame adequate strategies for business. Apart
from this, businessperson is passionate and is able to make employees dedicated and inspire
them towards duties and job. This help company provide quality items and services to establish
good image and reputation in market.
TASK 4
P7 Component that foster or hinder entrepreneurship
Entrepreneur start new venture to utilize money and conduct activities which help them
to accomplish goals and objectives. Market research is executed by individual to acknowledge
market conditions and anticipate problems faced by society. This help them to have idea behind
incorporating firm and carry out activities effectively. Ensoft Ltd is small scale enterprise which
frame software to provide appropriate things and services to clients. Administration of company
objective was to connect people and integrate individuals by giving them adequate platform
(Schaper and et. al., 2015).
Entrepreneur success depends upon skills, traits, personality, attributes and qualities they
possess. They even need to have skills and knowledge in respect to technical which help
Jonathan Turnbull to conduct activities effectively. Owner have technical background which help
them to frame quality software. Along this, they even are able to function effectively if they have
support and guidance from family. But there are various problems and challenges that are faced
by them. This includes amount of capital require to implement appropriate tools and technologies
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in system. Administration even need to make changes in system and provide things to consumers
in respect to current trends (Storey, 2016).
Example: John Caudwell established Phones 4U to provide appropriate services and
things to people; thereby generate adequate profit from business. Entrepreneur faced various
problems and difficulties to set up business and utilize funds in proper manner. Along this, he
even need to have adequate skills and abilities to enhance market reputation; thereby position
superior than competitors.
CONCLUSION
From the above report it is concluded that entrepreneur venture has highly contribute into
nation economy by providing employment opportunities, produce economic product, increase
per person income and many more. Small business at United Kingdom has develop new ideas to
completing task as well as produce innovative goods at economic price so that they are achieve
their goals and objectives effectively in limited period of time. Ensoft has small scale
organisation which are produce higher quality software to for clients and get higher customer's
satisfaction.
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REFERENCES
Books and Journals
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Schaper, M. T. and et. al., 2015. Entrepreneurship and small business.
Storey, D. J., 2016. Understanding the small business sector. Routledge.
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
Curran, J. and Storey, D. J. Eds., 2016. Small firms in urban and rural locations. Routledge.
Goffee, R. and Scase, R., 2015. Entrepreneurship in Europe (routledge Revivals): The Social
Processes. Routledge.
Allen, S. and Truman, C., 2016. Women in business: Perspectives on women entrepreneurs.
Routledge.
Bosma, N., 2013. The Global Entrepreneurship Monitor (GEM) and its impact on
entrepreneurship research. Foundations and Trends® in Entrepreneurship. 9(2). pp.143-
248.
Sahut, J.M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small
Business Economics. 42(4). pp.663-668.
Wright, M. and Stigliani, I., 2013. Entrepreneurship and growth. International Small Business
Journal. 31(1). pp.3-22.
Obeng, B. A., Robson, P. and Haugh, H., 2014. Strategic entrepreneurship and small firm growth
in Ghana. International Small Business Journal. 32(5), pp.501-524.
Smallbone, D., Welter, F. and Ateljevic, J., 2014. Entrepreneurship in emerging market
economies: Contemporary issues and perspectives. International Small Business
Journal. 32(2). pp.113-116.
Morris, M. H. and et. al., 2013. A competency‐based perspective on entrepreneurship education:
conceptual and empirical insights. Journal of Small Business Management. 51(3).
pp.352-369.
Lepoutre, J., Justo, R., Terjesen, S. and Bosma, N., 2013. Designing a global standardized
methodology for measuring social entrepreneurship activity: the Global
Entrepreneurship Monitor social entrepreneurship study. Small Business Economics.
40(3). pp.693-714.
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