Developing Entrepreneurial Skills and Small Business Management

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.

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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

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Similarities Opportunities Target Risk/Return
Small
enterprises
Give family members
and friends opportunities
to progress in their
careers.
Attract customers with
a small investment.
Take small-scale risks
that require funding.
Scalable
startups
Increase employment
and career progression.
Continue operations in
the market.
Demand external capital
and risk to operate.
Large
corporations
Enhance business
employment and
competitiveness.
Require shareholders
based on their
ownership percentage.
Bringing competitors into
the market generates high
risks.
Social
entrepreneurs
Helpful for progressing
in one's career and
society.
Donations are required
and the efforts to bring
positive changes in
society.
Risks are connected to
society rather than
profitability.
Differences Size Objective Investors
Small
enterprises
Micro/small,
approximately 1 to 9
employees.
To gain
individual profit.
Self, family members,
and friends.
Scalable
startups
Small to medium,
approximately 10 to 49
employees, or 50 to 249
employees.
To survive in the
market and generate
growth.
Who provides SME
Financial Services; it can
be any financial
institution or non-banking
financial institution.
Large
corporations
Large,
250 employees or more.
To optimize the profit. The general public is
given shares in the
company to invest in it.
Social
entrepreneurs
Medium to large,
approximately
50 to 250 employees or
more.
To serve the
community.
Local and foreign donors.

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Differences between Micro Business and Small Business
Though micro businesses are a part of small businesses, the definitions differ to some extent. A
micro business is a small firm with less than ten employees. Micro enterprises are often run as
sole proprietorships and earn around Two Hundred and Fifty Thousand dollars per year. Usually,
it is established based on a small amount of capital supplied by a bank or other institution. In
contrast to this, a small business is an entity with ten to fifty workers and earns annual revenue of
more than two million euros but less than ten million euros. An individual or a small group may
be the investor and owner of this kind of business (Stokes & Wilson).
Analysis Based upon the British and South Korean Economies
Here, in this analysis part, with the help of secondary data, SME’s influence on the Economy of
the UK in recent years and SME’s influence on the Economy of South Korea in recent years
would be described with different facts and figures.
Size and Distribution of SMEs in the UK from 2010 to 2021

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The above graph shows the size and deployment of SMEs in the United Kingdom for the last 12
years (Statista, 2022).
According to D. Clark's research data from 2010 to 2021, most of the Small and Medium
Enterprises operating their operations in the UK are at a high point in 2020 (approximately 5.3
thousand) which consists of micro-sized corporations employing up to nine people. Firms with
10 to 49 workers are categorized as small businesses, whereas those with 50 to 249 employees
are considered medium-sized enterprises. Though the graph shows a consistent increase over the
last few years, the number of firms (in thousands) is dropping in 2021 for COVID-19 and other
societal repercussions (Clark, 2022).
Median profit produced by SMEs in the UK in 2020 (in British Pounds GBP).
The above graph shows the median profit generated by SMEs in the United Kingdom by venture
size in the year 2020 (Statista, 2022). GBP represents the British pound sterling, the national
currency of the United Kingdom and its areas.

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The researcher D. Clark’s analyzed graph shows that small firms (mainly scalable startups with
50 to 249 people) benefitted more in thousands of GBP in the UK. The Median profit for them is
250 in thousand GBP, which means half of the enterprises are earning more than that amount,
and the other half are earning less of that amount (Clark, 2022).
Median profit produced by SMEs, broken down by sector in the UK from the year ending
June 2020 (in British Pounds GBP).
The above graph shows that the median profit generated by SMEs in the UK was broken down
by sector from the year's closing in June of 2020 (Statista, 2022).
According to D. Clark, it can be said from the graphical data that before June 2020, the most
profitable sector for SMEs in the UK was manufacturing, with a net value of 20,000 British

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pounds. Furthermore, the wholesale retail industry (Repair) had the most net value or cash flow
of 13,000 British pounds (Clark, 2022).
At the beginning of 2021, it was estimated that there were 5.5 million small enterprises, which
was contributing to 99.2 percent of all enterprises in the UK. One reason for this is the increase
in loans and start-up subsidies. Increased government financing, in the form of loans to state-
owned enterprises, makes a positive contribution to these businesses in the UK. While the entire
business population declined by 390,000 between 2020 and 2021, according to the latest data
from the Estimates of the Business Population for the UK and Regions in 2021, small and
medium-sized firms (SMEs) employ more than 99% of the UK's business workforce (UK Small
Business Statistics, 2021). SMEs generated £2.3 trillion in revenue, while big corporations
generated £1.6 trillion in the UK (Essential Facts You Should Know about SMEs in the UK,
2021).
The number of SMEs in South Korea from 2017 to 2019

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The above graph depicts the number of SME entities in South Korea for two years, from 2017 to
2019 (Statista, 2022).
According to L. Yoon’s research data from 2017 to 2019, during this period, the number of
Small and Medium Enterprises (SMEs) increased gradually in South Korea (from 6,296,210 to
6,888,435), which is approximately 6.89 million. According to South Korean legislation, small
businesses have three-year average revenues of one billion South Korean won (South Korean
currency) or less to twelve billion South Korean won. As a result, micro-enterprises can have up
to four or nine paid workers on a three-month contract or fewer than that (Yoon, 2022).
The number of Venture Capital firms in South Korea from 2011 to 2020
The above graph categorizes the number of venture capitalist firms that existed in South Korea in
ten years (2011 to 2020) (Statista, 2022). Venture capitalists are mainly the entities that are

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registered with the country's Ministry of SMEs and Startups that invest primarily in new
businesses.
According to L. Yoon, statistics in the above graph indicate the number of venture capital
investments from the South Korean Ministry of Economy, Trade, and Industry from 2011 to
2020. In South Korea, the number of venture capitalists financing startups and SME enterprises
was estimated to be 165 by the year 2020. There’s a significant spike from about 149 the
previous year. The result shows that the number of venture capital firms has increased in recent
years in South Korea (Yoon, 2022).
Number of SMEs broken down by sector in South Korea from the year 2020
The above graph illustrates the number of SMEs in South Korea segmented by sector in 2020
(Statista, 2022).

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The data published by L. Yoon showed that in 2020, South Korea's Service industry had nearly
1,329 thousand enterprises, followed by the Construction enterprises of 66.37 thousand. Because
of technological advancement and usage in day-to-day life, the service industry becomes more
convenient for its customers.
Moreover, to promote a more business-friendly environment, the South Korean government and
stakeholders offer considerable assistance and funding for self-employed entrepreneurs. As a
result, in 2020, 13 percent of South Koreans were employed in company startups, ranking second
among Asian countries. But for the first time since 2004, in 2021, the number of South Koreans
employed by small and medium-sized firms (SMEs) is likely to drop below 90%. As per a source
close to the case, the decline is due to insufficient sustaining job possibilities at South Korean
SMEs.
The Economic Impacts of Small Businesses
By analyzing the British and South Korean data, it can be said that SMEs have a significant
impact on the global market in various aspects.
Foreign trade
The exchange of capital, products, and services worldwide or countries is known as foreign
trade. If foreign trade is not available, the states will be limited to production. SMEs play a
contributory role by manufacturing products and services every year. Most economies are
shifting away from manufacturing but towards service industries, where small businesses
frequently thrive to provide customized, dynamic, and tailor-made services.
GDP
The gross domestic product (GDP) is the quantitative measure of the value of total products and
services produced in a country within a given period. SMEs contribute a lot to every national
economy.

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Innovation
As the size of the small businesses is small and limited, they can make decisions fast, based on
their consumers' feedback, especially when it comes to implementing new ideas. They have a
cost advantage when they communicate with their customers effectively.
Unemployment rate
Small business development increases self-employment, facilitates work from home, and targets
smaller market niches. It also improves effective communication.
Economic growth
Overall, small businesses tend to pursue economic growth. Economic growth mainly implies an
expansion in wealth in a country over a long time, as measured by the percentage rate of gross
domestic product, or real GDP. Moreover, technology solutions result in economic growth.
Contributions of the Different Businesses to Various Economical
Aspects
As it is mentioned earlier, small and medium-sized businesses (SMEs) are firms with particular
sales, assets, or a particular number of workers that fall below a predetermined range (Stephen
Chong, et. al, 2019). Certain size criteria must be reached to be considered as an SME; it can
have a workforce between 0 to 249 members, whereas large corporations usually have more than
250 workers.
In contrast, a corporation usually is a legal entity apart from its owners. Many of the same legal
rights and duties apply to corporations as they do to individuals. They can sign contracts, give
and receive money following their businesses, file lawsuits, hire employees, hold assets, and pay

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taxes for their business operations. In the USA, corporations are formed under the laws of
particular states and are subject to state jurisdiction. Federal law governs public corporations,
which are principally governed by the Securities and Exchange Commission. Microsoft
Corporation, Coca-Cola Company, and Toyota Motor Corporation are some of the most well-
known corporations in the world.
According to a powerful group of scientists and activists, the dominance of markets by huge
corporations is increasingly blamed for several issues. These include rising inflation and
underperforming production to increase economic inequality. Also, according to Stephen Chong
(2019), small and medium-sized businesses (SMEs) are claimed to trade less on international
markets than corporations (Bernard et al., 2007, 2012). Because of a lack of a massive
workforce, SMEs lag behind large corporations in profitability and productivity (Wagner, 2007,
2012, Bernard et al., 2007, 2012). Each country has its rules and regulations of a small and
medium-sized enterprise (SME). These firms are frequently entrepreneurial. SMEs usually
surpass large corporations by a significant margin in economic development, exports, and
innovation. Also, small and medium-sized businesses (SMEs) have lower overhead costs and
lower risks or liabilities than large corporations.
In the International economy, the transformation from manufacturing to the service industry has
increased the number of small and medium-sized businesses. As a result, it supports the
'deconstruction' of big corporations into smaller, more effective entities that focus on their
objectives. In a local economy, small firms are better for providing individualized, adaptive, and
tailored services. Technology has fostered the expansion of self-employment and small
enterprises by facilitating effective communication, promoting working from home, and
targeting specific market niches.
Moreover, small firms may appear to be more dependent than large ones. Large company
shareholders would be required to pay investment based on their ownership proportion. On the
other hand, in the case of SMEs, the finance will be provided by the owner himself or a small
group of people or Government funds. Governments usually grant incentives to their firms, such
as tax concessions and simple access to finance. They also offer tax compliance training and
tailored operational audits to target high-risk enterprises and promote tax compliance.

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Small and medium-sized enterprises (SMEs) play a significant role in the global economy. Many
employees in developing countries work in small and medium-sized businesses (SMEs). In these
economies, SMEs hold around 45 percent of the total employment and 33 percent of the real
GDP. These businesses are critical to the country's economic balance, for both job creation and
tax revenue generation.
Role of SMEs and New Ventures to the Social Economy
The connection between economy and social behavior is the topic of the social economy.
According to the World Bank, SMEs represent approximately 55% of GDP and 65% of total
employment in high-income countries. In low-income countries, SMEs hold for approximately
60% of the economy and 70% of employment in the economy (Zafar & Mustafa, 2017). It’s been
stated that the higher the GDP, the higher the employment opportunities in society. According to
Okun's Law, for every three percent growth in GDP, there is a corresponding one percent
decrease in unemployment (Kenton, 2020). As SMEs play a key role in any country's GDP
growth, it is clear that their unemployment rate will decline. Moreover, according to the Office
for National Statistics, SMEs account for 99.3% of total private sector enterprises in the United
Kingdom (UK). SMEs represent between 25 and 27 million small businesses in the US,
representing up to 80% of all private-sector jobs.
When someone is employed, they are compensated by their employer. Therefore, they have
money for food, clothing, entertainment, and a whole range of other things in society.
Consequently, this will have a positive impact on the social economy. People will have more
employment opportunities by being responsive to innovation and technology, which will
stimulate economic growth or real GDP in the country.
As small enterprises are the backbone of the British economy, generating development,
expanding markets, and creating jobs, their participation is essential in the social economy. They
encourage competition and introduce innovative thinking which challenges the existing system
as a concept of innovation. According to the United States Chamber of Commerce, small and
medium-sized enterprises are increasing their competitiveness and developing new trade

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measures. Digital and innovative projects like Uber, Airbnb, and Funding Circle are the most
prominent examples of disruptors in their respective sectors.
So, some standards or management systems may assist SME firms to focus on the products and
services they provide, as well as their operational processes and overall management. Mr.
Gouldstone stated that it is critical for businesses to have the information they need to assure
customer pleasure, enhance staff engagement, and grow into new areas (Hardoon, 2015). As a
result, the financial sector is booming, with new solutions and inventive concepts that give
ordinary people more chances to establish startups and make funding available to more people.
Conclusion
This section concludes the report titled ‘Different types of Entrepreneurships’. The research
objective was to investigate the many categories of Entrepreneurship ventures with their
statistical data, which helps explain small and medium-sized businesses holistically. Through
establishing enterprises, entrepreneurs deal with the development of society and the advancement
of the economy. Therefore, they should be responsible individuals regarding their skills,
characteristics, and intentions, as their business operations largely depend on their positive or
negative attitude towards the stakeholders and society.
Section 2 - Understanding Entrepreneurs
Introduction
This section tends to observe the winning mindset of the Entrepreneur. How can an entrepreneur
be successful, and what variables contribute to this? This part focuses on answering these
questions with a few examples.

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Successful Entrepreneurs
A recent study shows that Camden’s tech and fintech cluster is one of the best places to start a
small business in the world. Camden saw the establishment of 1055 new small businesses
between 2020 and 2021, which was more than anywhere else in London. The rate of new
business creation contrasts with a national decline in the number of SME start-ups. According to
the Federation for Small Business, the number of small businesses in the United Kingdom has
decreased by 369,000, whereas Camden saw a 3.3 percent increase in a new market, claimed by
the specialist SME insurer Superscript. This result has been possible for their early business
initial stage investment, growth period capital, public corporations, millions of customers, and an
effective commuting system. Because of these reasons, they have one of the greatest financial
systems in the world (Tobin, 2021).
In another example, Bond Thaiyanurak is best known for founding Washbox24 in Bangkok.
Washbox24 is a service business that collects dirty clothes from customers' wash boxes, washes
it at a central facility, and returns it to them. When the order is delivered, they will send the user
an SMS notification, and then they'll be able to collect the freshly cleaned clothes from the same
box. In recent days, the growing rate of customer interaction with different mobile apps has
allowed businesses to communicate with new consumers, resulting in revenue growth in these
types of businesses.
An interesting fact is that, it is estimated that there are 471,000 social enterprises in the United
Kingdom, which includes approximately 99,000 social enterprises with employees and 371,000
social enterprises with no employees. Community Shop is considered as one of the leading
networks of social supermarkets in the UK, just because they provide extra food for their
members at considerably lower costs because they are mainly located in low-income areas. The
money donated from local and foreign donors helps finance their Community Hub, where they
used to engage, inspire and communicate with every member of their community. They showed
a great deal of development and strong relationships with suppliers and customers (Winners of
the 2018 UK Social Enterprise Awards, 2019).

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Personality, Motivations, and Mindset of a Successful Entrepreneur
By observing the given examples, it can be said that an Entrepreneur must be inquisitive. He
should be tolerant, self-assured, experienced, effective decision-maker, and resilient to his work.
Also, he must be adaptable to risks and failure, systematic exploration, teamwork, etc. These are
some of the qualities and talents he must hold to be a successful entrepreneur. Leadership
mindsets, creativity mentalities, personal mindsets, and intelligence mindsets are all part of the
growth mindset in entrepreneurship (GME) (Joseph Billingsley, et. al, 2021). Most of their
cultural habitats represent the dynamic relationship between the region's cultural identity and its
underlying and visible entrepreneurial drive (Audretsch, et al., 2016).
The Impact of Family Background & Entrepreneurship Education on
Foster the Successful Entrepreneurship
There’s a perception that entrepreneurs are born rather than produced. According to some
scholars, family background has an impact on entrepreneurial knowledge in venture creation as
an independent variable, and entrepreneurship specialized education helps that relationship to
grow. Furthermore, Individuals' intentions in starting a business might be influenced by the
engagement of family members in entrepreneurial activity. Entrepreneurs might also see
themselves as a source of financial and motivational power in their families.
Besides, the higher education sector in Sri Lanka is striving to boost entrepreneurship by
instructing students enrolled in higher education. University of Kelaniya, Sri Jayawardhanapura,
Uva Wellassa, and other universities provide entrepreneurial instruction to its undergraduate
students. They tend to make successful entrepreneurs who'll invest in their ventures after having
this specialized education from their tertiary level (Ranwala, 2016).
Conclusion
This section concludes that Entrepreneurs are human beings who have some distinct features in
their personality, skills, and characteristics, which enables them to be enthusiastic to take

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business risks that are uncertain in a way. Also, scopes from business family background and
educational knowledge add extra values to grow as a successful business entrepreneur, as the
knowledge they receive from these, can be utilized in a great way in their professional activities.

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