Small Business Management and Entrepreneurship

This assignment delves into the multifaceted world of small business management and entrepreneurship. It examines various aspects including entrepreneurial motivations, ethical considerations in business practice, the role of public policy in supporting entrepreneurship, and the evolving landscape of entrepreneurship education. The provided research articles offer diverse perspectives on these key themes, encouraging critical analysis and understanding of the complexities within this field.

ENTREPRENERUSHIP

Table of Contents
ENTREPRENERUSHIP..................................................................................................................1
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1.Different types of entrepreneurial ventures...........................................................................3
P2. Similarities and differences between entrepreneurial ventures............................................4
TASK 2............................................................................................................................................5
P3. How micro and small businesses impact on the economy...................................................5
P4 Important small businesses and business start –ups growth of the social economy .............7
TASK 3............................................................................................................................................8
P5. characteristics, traits and skills of two successful entrepreneurs.........................................8
P6. entrepreneurial personality reflect entrepreneurial motivation and mindset.......................9
TASK 4..........................................................................................................................................11
P7. how background and experience can hinder or foster entrepreneurship.............................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is the process to develop a new business with their new ideas and
creativity. In which establish businesses on the basis of their innovative ideas that help to provide
better and effective products and goods to customers and help to build a image in the market also
in the customers mind. In which mainly including two elements one is entrepreneur and second
one is their innovative idea(Blackburn, Hartand Wainwright, 2013). Entrepreneurship process a
business man try to build or establish their own business their on risk because when start their
own business so in the market have to face many problems and issues. They want to attract
customers towards their services and products so should make some different ideas with using
new and innovative techniques and methods those help to establishment of the firm. For establish
a new business their ideas and motivation generated by their family, friends, and external
background of the person they motivating to start their own business and help in establishment.
Entrepreneurship help to develop countries economy as well as industrial development in the
effective management.
TASK 1
P1.Different types of entrepreneurial ventures.
Entrepreneurship is the systematic process in which establish a new business with their
new and innovative idea. Its start their own risk because in the market and during to establish a
business so their have to face risk and competitors in the market so have to use some effective
and smart techniques to face problems and resolve them(Carland, Carland and Stewart, 2015). In
this process having their own decide objectives and goals and they motivated by their family
members, friends and external environment. Its help to provide better opportunities to public to
earn something and increase their standard of living. To start own business in the country so
government through establish and regulate some rule and regulations those are have to follow by
all the entrepreneurship firm lie income tax, sales tax, duties, export and import tax and special
taxes and so more. In the other hand, identified the various types of entrepreneurial by mini-
research or survey in the market those are under the below:

 The Social entrepreneurs: these kind of entrepreneurs are working under the society. In
which they are transferring the products one place to another. They are trying to improve
effective environment, culture and society climate in the effective manner. In which they
are trying to improve product quality to build effective image in their products and in
their customers mind.
 The Serial entrepreneur: The serial entrepreneur are those who are easy to start a new
businesses with new and innovative idea in which business man can copy past business
model and strategies to develop a new business in their systematic manner. These kind of
entrepreneurs are able to take any kind of risk.
 The Lifestyle entrepreneur: These kind of entrepreneurs are their interest and passions are
adopt in actual businesses process. According to their passions and interest on the basis
of they will develop their business effectively. So these kind of businesses are easy to
understand customers demand and their and according to them they will provide products
and services.
These all ventures as well as entrepreneurs are relating to the each other they start the new
business with new and effective ideas to satisfied customers need and wants. Entrepreneurship
are anyone can start with their ideas to earn profits and attach high number of customers
P2. Similarities and differences between entrepreneurial ventures.
As per the survey in the market to investigate different types of entrepreneur ventures
Like social entrepreneurs, serial entrepreneurs and lifestyle entrepreneur. so in which their
similarities and differences. Those help to easy to differentiae all entrepreneur's in the systematic
manner(Carsrud and Brännback 2011). Mainly there are two types of entrepreneurship in the
market one is serial entrepreneurship and second one is social entrepreneurship. Serial
entrepreneurship working for their own profit earn by the customers and establish their image in
the market and lasso in the customers mind. Serial entrepreneurship establish working for only
profits and develop their businesses while using some effective techniques and methods. In the
other hand, social entrepreneurship working for social welfare and their safety and security. They
are not working for earn profit. These kind of entrepreneurialism regulated by government of the
country. In which provide services and facilities to society and also opportunities to them so they
can earn something to survive their life in the effective manner and set some goals and objectives

of their life. These both are working entrepreneurship those are establish with new and
innovative ideas to develop their businesses and provide proper satisfaction to their customers or
society. Both are establishes a effective image in the market and try to beat their competitor but
in the other hand, in which main difference is serial entrepreneurship working for earn highest
own profits and develop their business by using some effective methods and techniques to
provide better with innovative services and products to customers(Dennis, 2011). And social
entrepreneurship are working for social benefits and social welfare that provide safety and
security to them so they can do something effectively and they provide opportunities to them to
earn something in their life. Social entrepreneurship are regulated and established by government
of the country in the other hand serial entrepreneurship is the private businesses that regulated by
the owner of the businesses in which their own risk and own ideas to develop their business, in
which all works are mange and control by only one person that is owner of the business, its only
working for earn profits. In the other hand, serial entrepreneurship only focus on develop
business in the financially term and improved in the effective or systematic manner but social
entrepreneurship focus on resolve the difficulties and issues of society's persons and provide
better satisfaction in their life so they can get some opportunities those are provide by the
governmental enterprises. Both type of entrepreneurship in some rules and regulations those
have to follow by the owner of the firm and business firm having some special taxes and service
taxes and so ore those have to pay to government of the country.
TASK 2
P3. How micro and small businesses impact on the economy.
Due to the survey in the market regarding entrepreneurship so that impacting on economy
of the country. Its may be positive and negative in the nature. Micro business are refers to small
kind of businesses these are classified on the basis of their investments and their business size.
These kind of business are not invest or dealing in the market that much. Medium business refers
to medium size of business in which not more than 100 or few employees are working in these
firms. Private sector business means not regulated and controlled by the government of the
country. Sole proprietorship refers to only one persons regulate the business and faced all kind of

risk only by the owner of the company. In which including new ideas through produce some
effective products and services in the effective manner and produce to customers. Partnership is
the other one business in which two or more persons are mutually start or establish a business
firm those are mutually invest to earn profits and develop business in the systematic manner.
Micro and small business are impacting those are under the below:
Job creation: Macro and small business are positivity and negatively impacting on
countries economy of the country. Small and macro businesses through provide better job
opportunities to society's persons so they can improve their knowledge. In which increase
healthy working environment for society. So they can earn something by doing some work and
learn something in the effective manner(Fassin, Van Rossem and Buelens 2011). In the other
hand, small and macro businesses help to provide better job opportunities to employees to lean
something and earn something to survive their life and full fill their need and wants.
Employment practises: Small and macro business are help to increase employment in the
country in which they are mainly focuses on unskilled labour provide them safety and security
to them so they can work effectively to achieve their goals and objectives of the company. And
second one is if employees need some training regarding their work so they will conduct training
program to develop their knowledge and increase their learning power in the effective manner.
Training programmes conduct on-the- job in the businesses.
High worker productivity: Employees working performance is the important element to
develop their businesses and increase productivity. Small and macro business are help to develop
workers or employees working performance by providing training to them so they can give
proper working involvement in their work and they cam achieve the decided goals and objectives
of the bushiness.
Unemployment reduction: Small and macro entrepreneurship help to remove unemployment
by the country. Its provide better opportunities to employees to increase their working
performance and learn something effective and efficient. In the country available many
employees with their jobs or works so entrepreneurship help to remove unemployment by the
country. In the other hand, entrepreneurship help in economy growth of the country because its
provide better an effective job opportunities to society to learn something and earn something in
their life, its help to increase economy level because if employees have money so they will easy

to survive their life and invest into the market its help to increase market share and economy of
the country.
P4 Important small businesses and business start –ups growth of the social economy
A small business is the business of less than 500 employees. Business is very important
to a country's economy wealth because business provide good, services and jobs. Businesses are
the way by which people get their jobs small businesses provide job opportunity because they
need human resource to produce and sell their goods and services to the consumers. Brexit refers
to when UK were withdrawal through the European union so that called Brexit. In which UK
were remove their membership from European union their have no any powers and rights take
take any decision regarding UK. Through these UK inflation rate were very high in April and
public were facing many problems. A business is a kind of trade, occupations, profession the
main goal of business is to make profit and to grow and expand the business as per its
capacity(Fayolle, 2013). The business is helpful in country's GDP. The country who is having
productive business as attractive international accounts. The high GDP show that the country has
efficient provision of goods and services for citizen.
Developing personal relationship: Small businesses are the place to build the relationship
between customer, employees, and suppliers. In the small business the owner of the firm is know
who you are dealing with for build the strong relationship face to face interaction is very
important. If the relationship of businesses and employees are good then its helpful in country's
economic growth. Small business are relating to small size and small investment in the market to
develop and produce their products for customers. In which invest of money in the market in the
small size. In the other hand, start ups means when start a new idea and innovative or creative
thing that will become start ups that trying to provide something new service and products to
customers.
Responding flexibly to problems and challenges: In a small business there is small chain
of business command large businesses have the crucial chain of command they use hard
operating and manufacturing procedure that are hard to change. Small business are more flexible
in nature and they can make quick decision as per the requirement. Again it is very important for
country's economic growth.

Inventiveness and innovation: Small businesses are well established to introduce and
developing new ideas for better wealth of the organisation. In small business enterprises
innovation is very simple then the large business they can easily develop and adopt new
innovation technique for production. High degree of production is helpful in increasing the profit
of the organisation and it will surely play an important role in growth of country's economy.
Low overheads: Every small business have less overheads costs due to small scale of
operation and production. They pay limited rent and expenses and heating and lighting costs are
low. The result of low cost is beneficial for consumer because the price of good and service is
reduced. Low expenses arises low cost and low cost is increase the profit of the businesses
(Gorgievski, Ascalon and Stephan 2011).
Catering for limited or niche markets : Large businesses have high overheads and they
produce high level of output and it spreads costs and small business firms are make a high profit
on lower rate of sales. They can sell the product on smaller markets and provide service and
goods to the local market by this the profit position of the business is increased and its helpful in
country's economic growth. These are the basic impact of small businesses and start ups for the
growth of the local and social economy.
TASK 3
P5. characteristics, traits and skills of two successful entrepreneurs.
A successful entrepreneur play an vital role to success their business and achieve their
goals and objectives of the firm or businesses. Because their have some skills and special
characteristic to resolve issues and problems regarding market in which all entrepreneurs are
using some effective methods an techniques to develop their businesses in the systematic
manners. The famous entrepreneurs in the whole world is Bill Gates, its entrepreneur of
computer systems. That help to complete all works effectively and in the systematic manner. Bill
Gates is the famous entrepreneur from USA. Other one is Donald Trump is the entrepreneur is
relating to real estate development in the whole world. Both these are set an effective image to
develop new services for all persons. In which entrepreneurs characteristic, traits, and skills all
are play an vital role to success their business those are under the below:

Goal oriented: Entrepreneurship is the process to establish new firm or business with decided
goal and objective that have to be achieve in the future. The successful entrepreneur should goal
oriented in the nature(Neck and Greene 2011).
Uncertainty: In the business risk is uncertain in the nature that will occur any time towards their
business that may be negatively impacting of business developing process. In this situation
entrepreneurs have to take effective decision to resolve their problems and issues.
Continuously look for opportunities to improve: Entrepreneur are always looking for new
opportunities to develop their businesses in the effective manner and they are trying to attract
high number of customers to wards their products and services. To develop their businesses in
the systematic manner so they are adopting new strategies and techniques for achieve the goals
and objectives of the businesses.
They willing to take risk: In the business having many risk and issues those are impacting on
business development and achieving the goals and objectives process. Risk is uncertain in the
nature that have to face by the owner of the firm and take effective decision against them.
Listen and learn: Entrepreneur should a good learner and listener in which that able to
understand properly employees and provide better solution to them. In the firm communication
process should effective in the nature that help to transfer information one place to another.
Great people skills: Entrepreneurs have strong communication skill and understanding silks that
that help to take better decision in the business and help to achieve goals and objectives of the
firm. Better communication skill through entrepreneur can sell products to customers and give
them proper satisfaction. They are easy to attract customers towards their services and products.
Communication process help to establish a effective image in the market.
Creative: Entrepreneur should creative in the nature because when start a new business so have
to be with new innovative idea that help to produce new products and services to customers they
are attracting towards their products. Always entrepreneurs are trying to adopt something
different in their working process and in their products(Preuss, 2011).
P6. entrepreneurial personality reflect entrepreneurial motivation and mindset.
Entrepreneurship refers to establish a new firm with new innovative and creative ideas
that help to set a effective image in the market. Entrepreneurs are motivated by family, friends
and external environment(Welter, 2011). Their have some special qualities and skills those help

to achieve goals and objectives of the business. These impacting on entrepreneurial motivation
and mindset those are under the below:
Achievement motivation: Entrepreneurs are motivated by their family, friends and if they will
decide want to achieve something in their life so they will motivate towards their business in the
effective manner. Motivational process play an vital role to develop their business in the
effective manner(Raposo and Do Paço, 2011).
Self efficiency: Self efficiency means own belief on their work and their decided task. Self
efficiency through increase confidence level of an entrepreneur that sell products confidential
and resolve their issues and problems in the effective manner. Self efficiency level is different of
all persons so their working style and belief on the work also different that cannot be compare
with each other.
Entrepreneurial intentions: when start a business all, persons or entrepreneurs have different
ideas and innovative thinking level on these basis they will make a effective planning and set a
time scheduling to start a business and business related activities and works. Entrepreneurs are
start businesses and manage all activities their own experience and knowledgeable level. So
entrepreneurs skills, characteristics and personality all these are impacting on entrepreneurial
motivational and mindset level because owners thinking level, decision making, communication
skills, knowledge and experience all these are play an vital role to develop their business and
provide proper satisfaction to customers in case all these are not effective and not proper
communication with their customers so customers are not attract towards their products and
services and its negative impacting on business image in the market. A person can be made an
successful entrepreneurs because they can learn and increase their knowledge level about any
thing(Sampaio, Thomas and Font 2012). To establish a businesses or firm should build
confidence level and increase motivational level towards achieve the objectives and goals of the
business and identify their competitors in the market should analysis them and choose suitable
and appropriate strategies and methods. To attract the high number of customers should produce
attractive products and services with better quality. Its help to develop economy of the country
because entrepreneurship through develop employment in the country by this they have money
to invest in the market its help to develop economy of the country and develop standard of living
employees. If in this firm employees are not able to done their work effectively so by the owner

of the business provide training to them to learn something and increase their working
performance effectively.
TASK 4
P7. how background and experience can hinder or foster entrepreneurship.
Entrepreneurship means start own business with own new ideas and innovative thing to
achieve goals and objectives of the firm in the systematic manner so entrepreneurs characteristic,
nature, attitude and all these are generated by the family background and their experience level.
Entrepreneurs come from family, friends, society and education. Through these terms a persons
behaviour and nature will develop on these basis they will take decision. Background of a person
play an vital role to develop a successful businessman in their life because family is the main
element that motivate towards their goals and develop a smart and innovative thinking level. In
the other hand, Experience refers to working in the same file in their past so they have some
knowledge and experience about that particular business in which entrepreneur can take effective
decision towards their company and towards their goals and objectives those want to achieve in
their life( Shane, 2012). Experience through develop knowledge level of a person in which they
can take effective decision and develop their businesses that's why family background and
experience help to make successful entrepreneur in their life and help to achieve goals and
objectives. Experience through develop confidence level after the evaluation and determination
the market and their competitors so they can update their products and goods in the effective
nature. On the basis of work experience in the same field they prepare a smart and effective plan
to develop their business and achieve goals and objectives and easy to provide better satisfaction
to customers towards products and services so they can build a effective image in the mind.
Customers are the best promoter of the business and their produces and goods in the market if
they got proper satisfaction by products so they can easy to promote their products one person to
another, its help to develop business and increase profit level of the business(Welter and
Smallbone, 2011). when a persons want to start a new business with new idea so have to face
some issues and problems . All kind of business having some merits and demerits.
Entrepreneurship in having some merits like start new own business with their own capabilities
and skills and faced all issues and problems only by one person. In which persons skills and

knowledgeable will increase and develop their experience level in the effective manner. Demits
are like have to invest own money or fund to start a business, face various problems. In the
market having many competitors in which having have to try to beat each other and build market
image and also in customers mind. All competitors are produce new and different products and
goods those all are trying to full fill satisfaction of customers. And have to follow rules and
regulations those are regulated and controlled by the government of the country.
CONCLUSION
As per this report, In which explained about the entrepreneurship, its refers to start a new
business with innovative and creative ideas with their own risk. In the market having many
issues and problems due to start a business in the effective manner that have to be faced by the
entrepreneurs. Entrepreneurship is the effective process in which including entrepreneur or
owner of the business and objectives of establish firm. For start the business should have some
skills and capabilities to develop their business in the effective way all these are play an vital role
owner's behaviour, nature, attitudes, communication skills and work experience all these are help
to take effective decision regarding any issues and problems of the company. Entrepreneurship
through provide job opportunities to employees and society to increase their working
performance and working involvement. So they can earn something to survive their life
effectively and achieve goals and objectives.

REFERENCES
Books and Journals
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.
Carland, J.C., Carland, J.W and Stewart, W.H., 2015. Seeing what's not there: The enigma of
entrepreneurship. Journal of small business strategy. 7(1). pp.1-20.
Carraher, S.M and Paridon, T.J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2). pp.89-98.
Carsrud, A and Brännback, M., 2011. Entrepreneurial motivations: what do we still need to
know?. Journal of Small Business Management. 49(1). pp.9-26.
Dennis Jr, W.J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Fassin, Y., Van Rossem, A and Buelens, M., 2011. Small-business owner-managers’ perceptions
of business ethics and CSR-related concepts. Journal of Business ethics. 98(3). pp.425-
453.
Fayolle, A., 2013. Personal views on the future of entrepreneurship education. Entrepreneurship
& Regional Development. 25(7-8). pp.692-701.
Gorgievski, M.J., Ascalon, M.E and Stephan, U., 2011. Small business owners' success criteria, a
values approach to personal differences. Journal of Small Business Management. 49(2).
pp.207-232.
Neck, H.M and Greene, P.G., 2011. Entrepreneurship education: known worlds and new
frontiers. Journal of Small Business Management.49(1). pp.55-70.
Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and small
business policy. Entrepreneurship & Regional Development. 23(9-10). pp.787-814.
Raposo, M and Do Paço, A., 2011. Entrepreneurship education: Relationship between education
and entrepreneurial activity. Psicothema. 23(3). pp.453-457.
Sampaio, A.R., Thomas, R and Font, X., 2012. Small business management and environmental
engagement. Journal of Sustainable Tourism. 20(2). pp.179-193.

Shane, S., 2012. Reflections on the 2010 AMR decade award: delivering on the promise of
entrepreneurship as a field of research. Academy of Management Review. 37(1). pp.10-
20.
Welter, F and Smallbone, D., 2011. Institutional perspectives on entrepreneurial behavior in
challenging environments. Journal of Small Business Management. 49(1). pp.107-125.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways forward.
Entrepreneurship Theory and Practice. 35(1). pp.165-184.