Developing Entrepreneurial Skills and Small Business Management

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Developing Entrepreneurial Skills

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Table of Contents
Section 1 - Different types of Entrepreneurships........................................................................4
Introduction..................................................................................................................................4
a) Entrepreneurship: Definition and Types...............................................................................4
b) Similarities and Differences among Entrepreneurial Ventures............................................6
c) Differences between Micro Business and Small Business...................................................8
d) Analysis Based upon the British and South Korean Economies..........................................8
Size and Distribution of SMEs in the UK from 2010 to 2021.................................................8
Median profit produced by SMEs in the UK in 2020 (in British Pounds GBP).....................9
Median profit produced by SMEs, broken down by sector in the UK from the year ending
June 2020 (in British Pounds GBP).......................................................................................10
The number of SMEs in South Korea from 2017 to 2019.....................................................11
The number of Venture Capital firms in South Korea from 2011 to 2020............................12
Number of SMEs broken down by sector in South Korea from the year 2020.....................13
e) The Economic Impacts of Small Businesses......................................................................14
f) Contributions of the Different Businesses to Various Economical Aspects......................15
g) Role of SMEs and New Ventures to the Social Economy..................................................17
Conclusion.................................................................................................................................18
Section 2 - Understanding Entrepreneurs.................................................................................18
Introduction................................................................................................................................18

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a) Successful Entrepreneurs....................................................................................................19
b) Personality, Motivations, and Mindset of a Successful Entrepreneur................................20
c) The Impact of Family Background & Entrepreneurship Education on Foster the
Successful Entrepreneurship .....................................................................................................20
Conclusion.................................................................................................................................20
References.................................................................................................................................22

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Section 1 - Different types of Entrepreneurships
Introduction
This report explores the different forms of Entrepreneurships and some inevitable factors behind
them. It works with the explanation of small and medium-sized enterprises, in short SMEs, and
their impacts on different societies and economical aspects. For this study, the researcher
collected some data on the UK and South Korea's local businesses and SMEs through conducting
the secondary research. The researcher tried to provide advice, information, and support to small
businesses and entrepreneurs with an explanation of the role and contributions of SMEs and
other business entities around the world.
Entrepreneurship: Definition and Types
Entrepreneurship is the action of establishing a firm, which needs its owner to take financial risks
within the expectation of increased profitability. It is necessary to have an investor, a small
business, a business opportunity, an entrepreneurial culture, an idea to fulfill the whole concept
of entrepreneurship. 'Entrepreneurs' are those who identify customers’ changing demands and set
up new products/ services or companies to satisfy them. Generally, employers take risks and
encourage the development, innovation, and growth of the business in the social economy. That
means entrepreneurs are more likely to operate their businesses to benefit society as a whole.
According to The Boston Consulting Group and Qualcomm research, 25 percent of the top Small
and Medium Enterprises are seeing double the revenue growth and creating employment up to
eight times quicker than their competitors by using technology for mobile devices. According to
these Small-Medium enterprises, mobile devices account for 50% of all web traffic. So
technology advancement is always a great factor in generating more revenues.

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Entrepreneurship varies in different sizes and objectives. Small businesses are one of a kind. It is
classified mainly according to the number of workers, the volume of sales, and the value of
assets (Liberto & Johnson, 2020). There is a wide range of dimensions for small businesses as
well. Size standards can be arbitrary, but these businesses are initially drawn up to meet a
specific objective for the target market.
There are mainly four types of entrepreneurial styles around the world: small enterprises,
scalable startups, major corporations, and social entrepreneurs. Small businesses can be varied in
Lifestyle Entrepreneurship or Innovative Entrepreneurship.
According to P. Burns, Small enterprises are firms that recruit local workers or members of their
families; these businesses are barely profitable. The objective of these businesses is to meet the
needs of the owners and their families. They have no desire to take over any business or
collaborate with others (2016). This statement means that small businesses have less competition
in the market. They focus on their profitability which covers their necessities only. An Australian
surfer named Mathew Jones turned his passion for surfing, fitness, and wellness into establishing
a few mobile apps. One of his most popular iPhone apps, iSurfer, is providing surfing lessons
and has a significant clientele nowadays. It is one example of a small business where he builds
up the apps according to his specific needs.
The objective of scalable startups is to determine the opportunity of a new firm and make an
engaging new market. Locals are benefited from the employment possibilities provided by
scalable entrepreneurs. Also, entrepreneurs want to utilize their time and money in the best way
possible by operating these kinds of businesses (Burns, 2016). Here, the entrepreneurs tend to
focus on their risk and return, though it's not massive in number. The scalable businesses that are
renowned in the world are Basecamp, Uber, and Airbnb.
Also, Corporations are one of the criteria for entrepreneurial ventures. Big corporations develop
new items and offer them to new industries and new customers regularly. It includes a larger
variety of changes, such as legislative changes, newer technologies, and consumer demand and
preferences (Lofstrom, Bates, and Parker, 2014). Large corporations are those that begin small
with an innovative product and grow to become worldwide famous. These businesses have a

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short span of their life cycle. So most of the time, they require continuous innovation or
variations of the original products, as well as the emerging technologies on the new products for
new markets (Johnson, 2022). In 2016, the top four retail corporations: Walmart, Kroger, Costco,
and Home Depot held only 13 percent of the market share together (Atkinson & Lind, 2018).
Apple Inc. is one of the best examples of this type of venture. Apple has always been able to stay
ahead of technological tools because of its specialized development teams since its
establishment. The earliest Apple computers were created in a small garage in Cupertino,
California. One of their first major orders came from a local merchant, who purchased 50 laptops
for $500 each. Then, Steve Jobs and Steve Wozniak achieved their goal within only 30 days, and
since then Apple has been a well-known brand for tech-savvy people around the world.
Moreover, Social Entrepreneurship is now a well-defined concept in large-scale businesses.
These enterprises are founded by socially motivated and passionate entrepreneurs who want to
make an impact in the social community. The majority of them are focused on overcoming the
difficulties and issues associated with social activities. So, these firms might be for-profit, non-
profit, or a combination of the two criteria as well.
Social entrepreneurs usually develop a fund to grow by connecting with a community of
individuals who share their willingness to make a difference in society. As a result, social
entrepreneurs tend to focus on social activities rather than the business and its returns. When
Scott Harrison from New York realized the necessity of clean water, he decided to establish a
humanitarian charity named 'Charity: water.' Since then, his social start-up has supported 3,962
clean water projects in 19 different countries.
From the description of the above types, it can be said that the entrepreneurial ventures are so
distinct, and their objectives as well. So, it is necessary to clarify the similarities and differences
among these four entrepreneurial ventures.
Similarities and Differences among Entrepreneurial Ventures