The Impact of Small Businesses

This assignment delves into the significance of small businesses, highlighting their contribution to economic growth. It emphasizes how establishing small businesses in various locations can stimulate economic activity and provide employment opportunities. The text also discusses the benefits of small business ownership, such as knowledge acquisition and income generation. Furthermore, it positions small businesses as a superior option compared to other types of ventures.

ENTREPRENEURSHIP

Table of Contents
ENTREPRENEURSHIP..................................................................................................................1
INTRODUCTION...........................................................................................................................3
TASK1............................................................................................................................................3
P1Different types of entrepreneurial venture and the ways by which they are related to the
typology..................................................................................................................................3
P2.Explanation of similarities and difference between the entrepreneurial venture..............4
M1 Entrepreneurship in both public and corporate sector.....................................................6
D1 Scope, development and the growth of the entrepreneurship venture .............................7
TASK2.............................................................................................................................................7
P3 The impact of micro and small business on the economy.................................................7
P4 Importance of small business and the ways from which small business will make the
growth of the economy ..........................................................................................................7
M2 Impact of small, medium and large businesses on economy...........................................8
D2 Impact of small business in Regional, national, international, local level of economy.. .9
TASK 3............................................................................................................................................9
P5Characterstics, traits, skills of two entrepreneurs. .............................................................9
P6Aspect of entrepreneur and the motivation and mindset help entrepreneur.....................10
M3 andD3 Characteristic , traits, skills and motivational drives of the entrepreneur..........11
TASK 4 .........................................................................................................................................11
P7Background and experience which is been hinder and foster entrepreneurship..............11
M4 and D4 Entrepreneurial characteristic and influence of personal background ............12
CONCLUSIONS............................................................................................................................12
..................................................................12
REFERENCES .............................................................................................................................13
Books and journals ..............................................................................................................13
Online...................................................................................................................................14

INTRODUCTION
Entrepreneurship is that activity which has be done by the process or the things done by
the entrepreneur in its business, the effects that he use to make and the work he use to do to make
the business grow, all these things come in under entrepreneurship. The main things is that the
entrepreneur takes the task to manage the business and do there business to earn the profits, it is
started with the staring of the business(Barringer., 2012). The characteristic of the
entrepreneurship is been characterized by the innovation and the risk takings of anything. Austin
Fraser is an consultant company which use to consult there entrepreneur to make there work little
easy. in the below information it is been explained that what is entrepreneur and how does it
work and bare the risk.
TASK1
P1Different types of entrepreneurial venture and the ways by which they are related to the
typology
Entrepreneur is a person or and individual which use to start the business by taking the
risk and he comes which the innovative ideas, they are able to start the new business with the
new ideas and the which confidence of barring the risk. And entrepreneurship is the activities
which the entrepreneur makes while establishing its business, all that activities are been included
in it. Venture means business it is been also called as the small business which is developed by
the individual or the groups of the people together the make profit(Defourny and Nyssens.,
2010).
Types of entrepreneur
 Scalable start up Entrepreneurship:- These entrepreneur are those which have the
high vision and they are those which are been known by the people at the time of
entering into the business and they become popular at that time and for these types of
entrepreneur there are some crazy investors which are interested in investing in it
without influencing them.
 Social Entrepreneurship:- these are those entrepreneur which use to plan to make the
product and there services according to the social needs and which will be beneficial in

the social matters so that they can be able to provide society benefits which there
products and services and it can help in solving the problems.
 Small business entrepreneurship:- In this type of venture which works in small areas
which is been included in it this category is of that people which use to manage there
small business so that they can fulfil are basic needs. Like electrician, plumber, small
shops, etc(Delgado., Porter and Stern., 2010).
 Large company entrepreneurship:- This type of a firm is being made to run for the
long run and the products and services which they produce use to belong to that kind
which can be ruined for the long time in marketplace. The entrepreneur which own this
type of venture plans for the long time.
Typology of entrepreneurship
 Copycat entrepreneur:- these entrepreneur are those which use to copy other
entrepreneur and use to make the same kind of products and services, they use to
copy them and do the things which the others entrepreneur is doing, for exmaple they
use to make the same website has the others and there ways of doing work and to
there business cards are also same.
 Accomplished entrepreneur:- these are those entrepreneur which had been passed
through the all levels of the problems and the ways to accomplish the business and so
they are the experienced one and know after all that they are trying to scale there
business to make it more effective.
 Research entrepreneur:- These entrepreneur are that people who likes to make
research before taking any step further and by doing any work in the business. They
do proper researches before making any plans.
 Determined entrepreneur:- these are those entrepreneur which thinks that success
can be gained without coping any things if can be gained by the knowledge.
P2.Explanation of similarities and difference between the entrepreneurial venture.
Types of entrepreneurship Similarities Differences
Scalable and small
business
The similarities of the scalable
and the small business is that
Objectives of the scalable
business: in this the

they both use to make research
and they both start with the
small place.
entrepreneur objective is to
make there business popular
and make huge wealth, they
want to be more popular
among the peoples(Drucker.,
2014).
Objectives of small business:
in this business the basic.
requirements are been fulfilled
and they are been kept in mind
while doing the business, these
focus and is made for the
support of the themselves or to
there family.
Financial status of both the
business: they fulfil the
financial requirements by the
equity investors, they provide
them the sufficient cash to
them to fulfil there financial
requirements. In small
business there financial help is
been done by the family
members and the friends or
with the known, they cannot
fulfil all of the requirements
but they can be able to make
same use of it to make there
enterprise better. In scalable
business there main view is to
make the there business spread

all over the place and there
vision is to change the world
by there products and services.
In small business there vision
is to make there requirements
fulfil of themselves and there
families.
Large company
entrepreneurship and
social Entrepreneurship
Both of this is having the
different qualities but at some
points they are having some
kind of similarities in woring
process.
Large business
entrepreneurship works on the
basis to make there business
grow(Hall., Daneke and
Lenox., 2010). They use to
innovate there products and
services which can be needed
in the long time.
Social entrepreneurship
business they use to make the
products and services
according to the social matters,
the things are been done
according to the problems
which comes from the social
issues.
M1 Entrepreneurship in both public and corporate sector
Entrepreneurship works in both public and the corporate sectors in which they fulfil the
requirements of the sectors in which they are working for, the Social entrepreneur and the small
business entrepreneur works in the public sector and it make products and services according to
that so that there requirements are to be fulfilled, of the peoples in societies and there
families(Herrington., Kew., Kew and Monitor., 2010).

D1 Scope, development and the growth of the entrepreneurship venture
According to...... it is been analysed that the entrepreneur has to take risk while
establishing there enterprise because it will then make the development of it and then they will
gain the profit so they have to be make changes according to it and they have to take risk for that.
TASK2
P3 The impact of micro and small business on the economy.
Small business and the micro businesses are that in which all the things in it are been
limited so they have to do there work in the available resources and they have the limited
responsibilities of every thing. On the basis of the turnovers this is also and matter in which they
are have the less turnover in an year. On the basis of the employees there are less workforce in
the small business because of that there are many disadvantages and the advantages. Its
advantages is like that there will be no problems in managing them and to take of them, and its
disadvantages is that they cant able to work more or they cant take more work load. When it
comes to the growth, they can be able to make growth then they have to work hard for that so
mainly it is depended on them if there working condition is good then they can get proper
growth(Jones., Coviello and Tang., 2011).
It is essential for the nation for their proper growth and increase the economical condition then
they have to work on and focus on to develop more and more small or micro business over
places, this would help the those people who do not have any employment and any sources by
which they can be able to earn money. Small business or micro business should focusing on its
products and has to make there customers satisfy with there products, then they can be able to
manage there business and can change the economy, it will make impact on the economy. It can
help in increasing of the economy, it can help many peoples if the small business in each and
every corner will make effort to make there business grow in an long run then many people
unemployed people will get employment. So many changes will come.
Business can be characterized in to following area:
Sole proprietorship: This is one of the small form of business where an individual put their
money and start their business. the size of such operation cover a limited geographic area. The
risk of such business are too low as compare to the other form of business. In the case of UK,

there are large number of business which can provide the growth and development for the
company.
Partnership: It is another form of business where two or more individual are start their operation
and running out their business. According to the UK legislation, these business can be registered
under. The size and scope are quite expanded as compare to the sole trader.
Private company: A private limited company are listed in the stock exchange of UK. These types
of business are managing and owned by the board of directors which is very significant for the
growth and development of an enterprise.
Impact of SME on economy: The role of SME is very significant for the economic growth of a
country. In the context of UK,
GDP growth rate: UK one of the large economy in the European nations with $2.5 trillion. SME
is contributing approx. $18 billion which is quite large in the developed nations. The role of
government also too significant for the SME growth because it will reduce the dependency on
the import of goods and services.
Employment maximization: According to the government data, SME is providing more 200,000
by the ned of 2020. UK is one of educational aspects in the various area marketing, finance,
marketing, HR etc.

Figure 1: THE DIFFERENCE BETWEEN A STARTUP AND A SMALL BUSINESS, 2017
Source: (Emily Pope, 2017)
P4 Importance of small business and the ways from which small business will make the growth
of the economy
Brexit come in UK when they had been separated from European country and they both
had taken there businesses back so it had made the economy worse, they had done the trading
and businesses together and they had made the economy grow will but after the exit of British
the economy had been fall down. Now for making there economy grow better again then they
have to try for it, has to make the small business grow better so that they can be able to provide
help in increasing the economy(Kirzner., 2015).
While developing the more percent of the small businesses they will help to make the
economy grow rapidly, for that they have to be encourage the small business so that they can be
able to make good development, the government should help the small business by providing
them the financial help to develop there business so that it can be able to increase the economy,
by development of the small businesses the people of that place also will get the opportunity to
work and earn money. It is very important for a government body which ruling in the nation to

provide some help to the people or the entrepreneur who is looking to open up the micro or small
business by providing then any kind of help such as by providing them financial help, giving
some fund or by providing the resources so that they can make use of it. If there will be many of
small businesses will increase in numbers then it will make many changes in economy and as
well as in society, so if the government also take one step in front then it will make many
changes in the place (Santos., 2012).
Difference between start up and small business:
Start up Small business
The funding of start-up provided by the
corporate houses and other large business
organization.
A small business funded by the trader by using
their own source which can be internal and
external.
These business are professional manager by
using marketing and other tools.
On the other hand, such businesses are using
traditional approach to organize their
enterprise.
These business are mostly having large risk as
compare to small business.
These business involves low risk.
M2 Impact of small, medium and large businesses on economy
Economy can be effected by many things one of the major things which is effecting the
economy is businesses, if any country wants to increase its economy then they have to be very
hard working for it, they should create some of the small businesses all around so that they can
be able to increase the economy, for that government also should take actions on it they should
provide help to the small businesses to make them grow more And can be able to provide the
employment to people which cant be able to work in the large business they should make many
things easy to work them properly. Small business is that in which the there are less working
force and they have the less limited things to do work with and they are those business in with
not that much of work is been done there are many things which should be kept in mind of the
small business to do before doing changes or anything in there business, in large business form
there many resource are available to work with they have getting all the facilities and there are
number of employees working over there, and all facilities are been provided to them for
working and they are having a good turnover and there growth is increasing day by day they are

helping the economy to increase but as comparison to the small and medium businesses this Is in
less amount because all cant be able to make the large business, medium business work little
high then the small businesses they have little more resource available then the small business
there employees are little more higher then the small business(Short and et,al., 2010). So as per
the increasing of the economy the small businesses will make the effect more then the other
business because there will be no person will get ready to make the large business because all
does not afford these businesses.
D2 Impact of small business in Regional, national, international, local level of economy.
Small business can make the impact on the different levels, in the regional level it will
help in making region different from the other region, people will be able to make there region
better and develop it. On focusing on the National level and increase in the small business it will
make people to be popular and get connected to the national level and they will get the help from
there to develop it more(Von Graevenitz., Harhoff and Weber., 2010). On the basis of the local
level the small businesses will help to make the people get things easy and it can make them
help while providing employment to the locals of that place, and so of that the economy also
will get effected by the small business if it will be spread all over the places and all.
TASK 3
P5Characterstics, traits, skills of two entrepreneurs.
Entrepreneur should have the ability to make his business better, they should be
resiliency they should know what they have to do in future so they have to be do there planning
according to that, they should have focus on the work that they are doing and they has to set the
long term objectives which has to be focused on they has to follow the plan which they are been
made so if it will be the same for the long time then they will not face any problems in that, they
should be able to invest for the long term, because most of the entrepreneur focus on the process
which will come next so they have to make the future plans which will stay for the long time.
They should only not focus on these things they should on the workforce which they are having
they should choice the right persons for the right thing and they should be very knowledgeable of
the work which had been allotted to them. All the entrepreneur has to know how to sell if he is
interested in it or not they have to do it like they have to sell there ideas, products,etc. To the
customers, or the investors or the employees, etc(What is Entrepreneurship. 2017). the

entrepreneur should always think that they are to knowing everything so they have to be studying
every time and they have to be up to date with each and everything and with new technologies.
They should focus on the future and think and learn about from the past so that they can be able
to make the mistakes clear. While they will get help from the everyone but they have to be at last
be resourceful to themselves.
Mark Elliot Zuckerberg is an successful entrepreneur which is an computer programmer
and the internet entrepreneur also, he is now the chairman, chief executive officer and the co-
founder of the Facebook, he is person who use to learn and research more, he is very much
innovative person and this make him the best from the others, he make the cl earful listing and
use to make the right choices and he is having the right knowledge of workforce available there.
He use to utilize his time and always use to be updated with the technologies in the
market(Drucker., 2014.).
Apple is an one of the worlds most famous companies it is been founded by Steve jobs,
Steve Wozniak, Ronald Wayne it is situated in US, it provides the customer a wide range of
products and they are having the target customers, and they use to make the products which are
useful to them and which are suitable to there standards and there profession, these entrepreneur
makes the best use of the resources and they are fully updated with the technologies they use to
manufacture the things according to the new technologies they provide there customers good
services and the products, there fully focused on there target customers and there aim is to make
there target customers satisfy as much as they can, they are providing there customers fully
secured devices because of this there target market is having trust on them.
P6Aspect of entrepreneur and the motivation and mindset help entrepreneur.
Motivation helps the people to do there work properly and motivation helps them to do
the things they are doing better then before. If people get the proper motivation timely then they
can do more improvement in themselves by that they can have the proper mindset and by that
they can be able to do there work properly and in a good manner and that will lead to achieve
there goals and objectives, so in each and every field of work motivation is very important it
directly helps to make the proper mindset(Kirzner., 2015). As all the know that Mark Elliot
Zuckerberg and Steve jobs, Steve Wozniak, Ronald Wayne are in the top of the list of the best
and popular entrepreneur they had worked hard for that and they are having the skills for

achieving the things they only focus on the things they have to do and for what they have to do
these things they want to be stars in eyes of the people they want to make best quality of
products and services which will help the people. They wants to satisfy the customers as much as
they can, they are trying to make the products which will make the people attract to them and the
customers can get more better products according to there status and the changing technologies
day by day, with them they want there customers to be updated with the services and the
technologies. They are best entrepreneurs to tell about, they give the right and positive
motivation to the other struggling entrepreneurs so that they also can become more popular, they
give the perfect motivation, all should do hard work and establish the skills they have or they
uses like : the entrepreneur should do the things on time and they should know to manage the
time and the works time should be set so that the work can be complete on the time, they should
be good listener they should listen to each and every person and adopt the best option from the
all and work further on it.
M3 andD3 Characteristic , traits, skills and motivational drives of the entrepreneur
Entrepreneur is an person who makes the business to the top he takes the risk to setup an
business, it is important to become an good entrepreneur, for being an good entrepreneur they
need to have the good skills and the characteristic so that they can be able to make his enterprise
better. They need to have the good listing skill which will make them to get many ideas and it
will make them having the better ideas options, they should have the fix objectives to do, if it
will be fixed then it will help them to make it achieve properly and at the time. They should
know what is there customers needs and wants so that they can be able to make or serve the
products and services according to them so that the customers can get the things which they
require and they can be satisfy with the things. The entrepreneur should be have fully focus on
there goals and the work which they are doing so that nothing else can make them demotivate.
They should have the good working team behind them to achieve there goals and
objective(Santos., 2012).
TASK 4
P7Background and experience which is been hinder and foster entrepreneurship
Entrepreneurs should have the qualities to take there business to high and they should
have the quality to do there work properly so that they can be able to make there goals and

objectives fulfil by the time so that they can get success, they should follow the other
entrepreneurs to get the inspirations so that they can also do there work as they had been done.
All should have the proper knowledge of the things which are begin going in the entire world so
that they can be updated with new technologies so that they can be able to make there customers
satisfy and they can get the new and updated things(Barringer., 2012). The backgrounds and the
experience of the other entrepreneur will help in making the other entrepreneur successful if they
will follow them properly, they should take proper motivation and the positive motivation so that
they can be able to do the things better. And they can be able to make there knowledge better
from it.
M4 and D4 Entrepreneurial characteristic and influence of personal background
The sheer factors of social vision, innovativeness, appreciation towards practices which are
sustained, ability to be free to go social connection and knowledge to generate financial gains
can be an impact of his personal traits. Personal factors such as family background and the
society he belongs from plays a significant role in hoe good he is in entrepreneurship(Defourny
and Nyssens., 2010).
CONCLUSIONS
From the above statement it is been concluded that there the entrepreneur has to be very
careful and they should have the proper knowledge of the things and they should have the skills
that should make them successful like the other, small business should be established at all the
possible places so that they can be able to make the economy better with it and it may also effect
the people living over there, it will make them earn by doing work , they will get proper
knowledge with, small business is the best options from the other business.

REFERENCES
Books and journals
Barringer, B., 2012. Entrepreneurship: Successfully Launching New Ventures, (2012).
Defourny, J. and Nyssens, M., 2010. Conceptions of social enterprise and social
entrepreneurship in Europe and the United States: Convergences and divergences.
Journal of social entrepreneurship, 1(1), pp.32-53.
Delgado, M., Porter, M.E. and Stern, S., 2010. Clusters and entrepreneurship. Journal of
economic geography, 10(4), pp.495-518.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Hall, J.K., Daneke, G.A. and Lenox, M.J., 2010. Sustainable development and entrepreneurship:
Past contributions and future directions. Journal of Business Venturing, 25(5), pp.439-
448.
Herrington, M., Kew, J., Kew, P. and Monitor, G.E., 2010. Tracking entrepreneurship in South
Africa: a GEM perspective. Graduate School of Business, University of Cape Town.
Jones, M.V., Coviello, N. and Tang, Y.K., 2011. International entrepreneurship research (1989–
2009): a domain ontology and thematic analysis. Journal of business venturing, 26(6),
pp.632-659.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Santos, F.M., 2012. A positive theory of social entrepreneurship. Journal of business ethics,
111(3), pp.335-351.
Short, J.C., Ketchen Jr, D.J., Shook, C.L. and Ireland, R.D., 2010. The concept of “opportunity”
in entrepreneurship research: Past accomplishments and future challenges. Journal of
Management, 36(1), pp.40-65.
Von Graevenitz, G., Harhoff, D. and Weber, R., 2010. The effects of entrepreneurship education.
Journal of Economic Behavior & Organization, 76(1), pp.90-112.

Online
What is Entrepreneurship. 2017. [Online]. Available through:
<http://www.businessnewsdaily.com/2642-entrepreneurship.html>. [Accessed on 13th April
2017].