Entrepreneurship and Small Business

This assignment delves into the multifaceted realm of entrepreneurship and small businesses. It examines various aspects, including financing options before and during financial crises, the influence of personality traits on social entrepreneurship, sustainable development practices in entrepreneurial ventures, and the role of public procurement in supporting small business growth. The analysis draws upon a range of academic sources and statistical data to provide a holistic understanding of this dynamic field.

ENTREPRENERUSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Types of entrepreneurial ventures and its relationship with typology of entrepreneurship..3
Related with typologies...............................................................................................................4
P2 Similarities and differences of various entrepreneurial ventures...........................................5
Task 2...............................................................................................................................................6
P3 Interpretation of relevant data and statics for impact of small and micro business on the
economy......................................................................................................................................6
P4 Contributions of small business and start-ups in growth of social economy.........................7
Task 3...............................................................................................................................................9
P5 Traits and characteristic of successful entrepreneurs which differentiate from other
manager.......................................................................................................................................9
P6 Aspects of entrepreneurial personality that reflects on motivation and mind-set................10
Task 4.............................................................................................................................................11
P7 Background and experience that can hinder entrepreneurship............................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship are known as the process of framing, creating, launching and generating
ideas for new business which is initially a small business. The term entrepreneurship generally
explained as willingness and capacity to develop, arrange and operating a venture in longer time
along with taking risk in order to attaining profits (Ackermann, 2012). Entrepreneurship start
with a person who are able to bear risk these kind of person are knows as entrepreneur. It is true
that entrepreneurs are also known as innovators, sound source of new techniques, methods,
products and services. This report has involvement of various type of entrepreneurial ventures
and gives throwing some lights on the relationship with typologies along with similarity in
between several types of entrepreneur styles. It will also defining the effects of micro and small
business on economy apart from it backgrounds and experiences of entrepreneurs are gives along
with explaination of how it make effects on them.
TASK 1
P1. Types of entrepreneurial ventures and its relationship with typology of entrepreneurship
Entrepreneurial Venture: it refers to a firm that generate innovations and new ideas or
opportunity form their heart in respect to produce and improve social values or economic
conditions.
Entrepreneur: A person who are capable to determine and frame their business on risk
of finance and expecting for sound profits. These types of personalities are major thinkers whom
are seeking out of the box and did not get feared from losses.
Entrepreneurship: it refers to a process that helps in growth, creation and framing of
wealth of nation and resource of economic.
Major ventures-
Small business entrepreneurship: this kind of ventures refers to those whom are come
up with different ideas and objective along particular planed resource in order to starts their
business (Blackburn and Wainwright, 2013). In the UK, there are larger number of small
businesses as approx. 5.7 million and they are made up around 99.7 % of all over companies and
workers nearly 50% of all non government employees. Small business are not so very high level
of ventures as these businesses can be known as hairdressers, grocery, travel agent, plumber and
so on. In this venture employee could be owner's family member or any one whom are known.

The definition of success small business is generation of sound profit so they can survive life but
not to build any industry.
Scale start-ups entrepreneurship: these types of venture are known as the company
form the starting day of it with the vision to bring some change in the world. They generally
attract money from financial investors and gives employment only to those who are brightest and
smarter then others (Bridge and O'Neill, 2012). They make using of scale business model in
order to find the most suitable option in between all alternatives that helps in reducing price.
Large Scale business: these kind of ventures are having definite life cycle. Most of these
make growth through using innovations, providing new goods that are far different then rivals.
These firm are operated as various activities in broad segments in order to run venture in proper
manner. They have focused on larger area of market.
Social enterprises: these are refers to social entrepreneurs who are innovative and
keeping their focus on framing services and product which are able to resolve the problems and
needs of society. They tries to give their contribution in social welfare.
Related with typologies
Some of relations are present there, which are related with entrepreneurs and their
typologies. They are explained as:
Serial entrepreneur: Here in this type, entrepreneur are generally come up with new
innovative ideas and begins their venture after it they are deliver their all responsibility for
business to some one else and take move on other project hence any one can start their business
with the helps in serial entrepreneur.
Female entrepreneurs: these entrepreneurs are female who starts their own business.
Where she arrange and manage a company, particularly a firm and they are able to facing the risk
in order to run the venture (Bruton and Ahlstrom, 2010). There are larger numbers of female
entrepreneurs who are generating inspirations I to others by taking steps towards growth.
Social entrepreneurs: they are generally keep their concentration on social innovations
or new thing the different fields that involves health care, education or enterprise development.
They tend to work in order to create strong and effective business that can knows as non profits
organisation.

P2 Similarities and differences of various entrepreneurial ventures
Lifestyles venture with similarities Serial entrepreneur venture with
similarities
These kind of person are generally make
higher investments of finance in such place
who are have sound level of cut-throat
competitions, they are concentrating on
creating good image in market through
offering quality product and services for
generating sound revenue. These types of
person are very confidant for their innovation
and projects that are able to bring suitable out
come. They are having believe in their product
for the creativity which will have good profit.
These type of people come up with innovations
and those new ideas which are not present in
current time in market place. They makes some
changes in present goods and services that
provides helps in order to attracts more and
larger numbers of customers. Entrepreneurs are
creating more investment in respect to generate
their innovation and ideas and brings demands
for end users. They are always looking out and
keep concentration on competitors with
creation of unique things.
Differences Differences
The main difference relays among
entrepreneurs that they are making more
investment of finance on aim to attain
competitive advantage and capturing demands
in the market place. On very general basis they
have nature to keep have tough competitions
and wished to have high life with good profit
through rivals in demand market.
Here, in these kind of entrepreneurs are
focusing on the hard work as well as
concentrating on generating innovations and
ideas which are not even used or named in
order to run business. They are framing new
things which are very unique goods and
services that are not exist in demanded market.
Serial entrepreneurs also selling their
enterprise or ideas to another person and take
shift in to other field.
Male entrepreneurs with similarities Female entrepreneur with similarities
Male entrepreneur are some time having
mentality that they only can bear risk and
losses while operating business. Other side
they are confidant for their ideas, innovation
Female entrepreneurs are those who are able to
face losses and have capability for running
business by performing continuous task inn
order to attain objective that made them

and capabilities. independent. They have ability to arrange all
performance and activity in effective way as
females are multitasking she can do many
things in particular time period.
Differences Differences
Entrepreneurs considering themselves much
strong as they are working hard in order to
enhance conditions of the business along with
it tries to frame sound image in between
competitors. They are concentration on
attaining future speed and growth through
maximise wealth and size of their company
apart from it they generally works for earning
more revenue and generating returns on their
investment.
They are having quality to enhance their
ventures as well as gives try to make deal with
customers in order to maintain sound relation.
Female entrepreneur are known as
multitalented as they are able to manage
personal and professional life at the time of
work in effective manner.
There are so many type of similarities and difference among business which provides
their helps in order to understanding the nature of venture along with giving support in opting
several types of planning or strategies and maximise wealth of the company (Burns, 2010). They
are capable to create profitability and making suitable decisions with appropriate actions for
every situations in order to survive and facing several challenges.
Task 2
P3 Interpretation of relevant data and statics for impact of small and micro business on the
economy
Small and micro business are known as an organisation that begins through a person
whom are able to take responsibility for arranging and managing it in order to get sound profit.
In such types of organisations as small business there are not more them five employees which
are included with owner that have responsibility for framing decision and taking suitable actions
such as financing to whole business. People are using their personal resource and asset in respect
to start a firm. If venture will fail then it will make impact in negative way on owner and if get

success then positive and benefits are there. Small business are playing major role in order to
make contribution in economic growth and development of nation cause these business are
coming up from different background that are providing chances for employment to general
persons.
According to the graph micro and small business are creating major effects on whole
country in order to make comparison with other firms. It showing that medium and small
business are generating more revenue and provides higher turnover jointly, in UK. Small
business are more effective in respect to offer and give employment in entire UK then bigger
companies (Chittithaworn, 2011). Nation's growth are based on small and medium ventures on
major basis.
These small businesses are providing their help to enhance economic conditions and
financial status of the country apart form that these are able to improve level of GDP in nation
through bringing new start up and making investment in country itself. Due to Brexit , it makes
impact on micro businesses in order to rules and regulations hence these all influenced by several
environmental factors of UK's industries. Brexit are making many effects on firms as small
business are having so many issues and changes with challenges due to take different direction
from European union(EU) such as all taxation are high, legal policies are changed so firm needs
to make changes in their policy other side due to Brexit time management, finance flow and
decisions regarding entire business are get effected.
Illustration 1: Enterprises size
Source: MSME statistics 2015

P4 Contributions of small business and start-ups in growth of social economy
The business start-ups and small organisation play important role in achieving economic
growth. There are various problems generating in starting a new venture as well as business
expansions in the UK due to Brexit as it is British and Exit from European Union so that many
small enterprises are facing several issues regarding this. Social economy refers to the relations
between society and economy therefore, small-businesses support in increasing their level of
standards and development so it have direct impact on society. For running the any business or
firm, it requires more funds or capital for surviving in critical situations or circumstances. At
present, many of small start ups are creating for increasing profits or economy growth (Cowling
and Ledger, 2012). It helps in developing country's economy conditions, so government also
support to small or micro businesses by providing funds, loans with minimum interest rates so
that they can start business without any problems. Government promotes these types of
businesses for the purpose of development of country. Start ups and small enterprises had to
faced various issues regarding the government policies and some changes of rules or regulations
after Brexit. There were few support for the business development so they made strategies and
survived from those conditions. Now, the situation has been changed as everyone is supporting
to micro and small businesses and encouraging to the person for being a successful entrepreneur.
It can be said that start ups and small-business play crucial role in developing economic growth
of nations (Dennis, 2011). They contributes in providing job opportunities to the social people so
it has directly impact on society development. It is helpful in removing unemployment in the
country because every person will get employment through various start ups so that there would
be less poverty. Small-business helps in several ways for the contributions in social economy
growth such as:
 These small or micro organisations are helpful for producing more products and
services at lower cost and then sell it in favourable prices so that people can afford for
satisfy their needs and wants.
 They support to increase GDP of the country by producing and selling particular
goods and services so that consumption of products or materials can be increased
through effective production system.
 Brexit was another factor which influenced micro and small-businesses because it
raised the value and rates of inflations so government can support for creating new

organisation as they should remove or reduce various rates such as taxes, interests for
a particular period of time.
 Micro enterprises is helpful to create good infrastructure and effective working
environment as they support in development of rural and urban areas.
 Small-businesses helps in decreasing unemployment by considering the ratio of
employment.
 There are no any discriminations between gender as equality can be seen in this so
that every individual can start their own venture whether they are male or female.
 Entrepreneurs have ability to manage the entire business operations by utilising
available resources in appropriate manner (Nga, 2010). They focus on getting more
outcomes from limited inputs so it will help in reducing wastage as much as possible.
 They bring new ideas and innovation in the business which helps in increasing
growth of the successful organisation and also encourage tom young generations for
starting their own business.
Task 3
P5 Traits and characteristic of successful entrepreneurs which differentiate from other manager
For being a successful entrepreneur, it is requires more qualities such as traits,
characteristics and skills to run the business. They should have ability to bring new ideas and
innovation, thinking of creativity in work which can support to lead an organisation in better
way. They are self-motivated and inspired from other to create new things within the firm and
bring changes in effective manner (Down, 2010). Many successful entrepreneurs are there who
created large business from small start up and also generated tough competition in the market.
Some criticism are for entrepreneurs that they are born not made. on the other hand, experts said
that anyone can become a successful entrepreneur by acquiring knowledge, skills, educations,
learning sessions, training and developing so that they can start their business and maintain its
operations in effective manner.
There are various successful businessmen or women who started from small scale organisation
and they created history in the world. Some of those are here as:
Bill gates: He is the richest person in the world and most successful entrepreneur as he is
co-founder of the Microsoft which is world's largest PC software company. His net worth is

around $79 billion. He also started from the beginning or small venture by the developing new
ideas and bring innovation for effective inventions.
Steve Jobs: He was co-founder of Apple company. He started his venture in small scale.
One of the best and successful story of jobs which inspire to young people as how he created his
business in difficult situation. Jobs dropped out during college time due to financial problem and
then he faced various problems regarding his life (Fassin and Rossem, 2011). He struggled more
and then started his business which is Apple computer company with his best friend and changed
the electronic industry for customers. According to recent data, his net worth is $8.3 billion.
Therefore, entrepreneurs required some unique and special characteristics, skills and
abilities to run an organisation.
Self-motivated: The person should be self-motivated or passionate for doing something
new or innovative things so they motivate themselves for performing any task without feeling
frustrations and getting bored and focus on improving work productivity.
Risk taker: They should have ability to bear any kind of risks and uncertainty while
running the business. They must able to make effective decision regarding issues and make
strategies for surviving from risks.
Flexibility: This quality must be required as he should be flexible or dynamic so that he
can manage all situations and adopt effective strategies for surviving from all these changes or
challenges within the firm.
P6 Aspects of entrepreneurial personality that reflects on motivation and mind-set
Personality does matter as it is necessary for achieving particular task and objectives.
Entrepreneurs behaviour consider the personality of person as it reflects on the capacities as how
mush a person can perform various activities which is related with business and its operations
(Buelens, 2011). There are some factors that define an individual characteristic as it is requires
for managing successful business and it motivate them for doing effective task or job towards
organisational goals and earn profits. Here are some elements of behavioural aspects such as:
Conscientiousness: Person should be oriented towards particular goals and objectives of
an organisation as it emphasise the achievement desired outcomes or results. So they can
influence to the entire workforce for performing task in effective manner.

Agreeableness: This is most important factor as in this, they focus on creating and
maintaining positive behaviour at workplace. They consider good relations among employees for
healthy environment.
Openness to experience: It is essential part of the personality as they should have ability
to experience fresh situations because environment can be change due to flexibility. So
entrepreneurs requires to be ready for the facing any situations regarding changes of environment
and bring new innovative things in order to run their organisation in appropriate manner.
Extraversion: It is consider the outspoken as he should have this quality for sharing
ideas, knowledges, plans and views without any problems or barriers (Hall and Daneke, 2010).
This aspect can influence the person's mindset and motivate them for attaining these goals and
targets.
Stable emotions: Successful entrepreneur requires to maintain the stability in their
feelings as they must be polite in their nature and calm attitude in every critical situations. This
quality is helpful in managing people and create healthy environment in effective manner due to
tough conditions.
Task 4
P7 Background and experience that can hinder entrepreneurship
Every businessman have to face various kinds of barriers and conflicts while starting a
new venture as it is not easy to create a business. Many of environmental factors can affects on
the running business so the requires to make decisions regarding strategy adoptions which
depends on the ability of the person as how mush he has capacity to handle any situations.
Personal background defines the various elements which is related with individual personality as
they learn from their family, friends, admired person, school, graduations and the society
(Ligthelm, 2010). So there are several many aspects that play vital role in making successful
entrepreneur such as culture, traditions, values and qualification etc. so entrepreneur must be
acquire and learn all these in appropriate manner because it directly affect on the business
operations and also may be affect on their ability at working place so it may be raise various
issues or problems towards organisational success as well as in attaining particular objectives
and tasks.

Experience also can be consider because it is related with past life including conditions
which they had face earlier in life. Person can get experience from his previous accidents or
events which happened in the past as if they faced the problem regarding any technical issues
then he will be aware or alert in next time related to adoptions of technologies. Another example
is if any individual loss lots of amount in the scheme of investment hen he will be scared from
taking any risks related to investment or may be avoid such scheme because of fear. If someone
fraud with them regarding personal or professional in earlier life, then it will become complex or
difficult to trust on every person because they learned from this incident that it is not easy to trust
on anybody (Nga and Shamuganathan, 2010). So these kinds of problems can generate
complexities or confusions regarding someone which result poor relations among people or
employees who are working within an organisation regarding work and performance. It can
affect negatively on the relations of the employees and it can bring a big barriers in their journey
for achieving organisational success. Entrepreneur is learn from their background as it can be
family, culture and religion which affects on their quality, intelligence and ability to bring new
ideas and innovation for making successful organisation and earn lots of profits by using
available resources in appropriate manner.
CONCLUSION
From the above report it has been concluded that entrepreneur is a person who are able to
face risk and have capacity to begin their own business with take support of any one with the
expectation of higher profit and survival. They gives support to nation's employee by generating
employment and also provides their contribution in the growth of country's economy. The report
has explanation about entrepreneurship along their typologies and ventures. Report showing
some lights on similarities and differences of business and impact of macro economy on nation
are stated in detail manner. In a side of report Brixit is a term which is used to take attentions on
the exit that are taken by Britain from European unions that makes effects on small, and micro
firms cause some changes are been happened in rules and regulations. Other phase repost has
grounds of skills and characteristic which helps them being a successful entrepreneur.

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Online
MSME statistics 2015. [Online]. Available
through:<http://www.dti.gov.ph/businesses/msmes/msme-resources/msme-statistics>