Entrepreneurship and Small Business

This assignment delves into the multifaceted role of entrepreneurship within the realm of small businesses. It examines the impact of entrepreneurial ventures on economic development, highlighting the contributions of innovation, job creation, and wealth generation. Furthermore, it analyzes various factors that influence the success of small businesses, including access to finance, government support, and market demand. The assignment also explores the evolving landscape of entrepreneurship in the digital age, considering the role of technology and social media in shaping business models and customer interactions.

ENTREPRENERUSHIP

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Entrepreneurial ventures types and their relation typology..............................................3
P2 Similarities and difference ...............................................................................................4
TASK 2............................................................................................................................................6
P3 Small and micro business impact .....................................................................................6
P4 Significance of small business as well as start-ups.........................................................9
TASK 3..........................................................................................................................................10
P5 Characteristic, skills and traits of successful entrepreneur.............................................10
P6 Entrepreneur personality reflect entrepreneur motivation and mind-set ........................11
TASK 4..........................................................................................................................................12
P7 Background and experience can foster entrepreneurship................................................12
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Entrepreneurship is the willingness and capacity to organise, manage and develop a
enterprise venture along with many of its risks in make revenue. The main and important
examples of entrepreneurship is the opening of innovative firm. It is a best process of launching,
running and designing a new company which is necessary to offering new product, service and
process for hire. In this way who person generate these firms are called an entrepreneurs. It was
typically focuses on the running and launching of start-ups, due to the high amount of risks
concerned in opening an industry (Acs and et. al., 2011).
This report is based on various kinds of entrepreneurial investors and their associate to
the typology. This file also included differences and similarities among the entrepreneurial
ventures as well as small and little business impact on the economy. Significance of small-scale
and business starts also described in this file. Different kinds of Characteristic , skills, traits of
entrepreneur which is also mentioned in this assignment.
TASK 1
P1 Entrepreneurial ventures types and their relation typology
Entrepreneurial venture: It is a personal who runs and starts a new business with several
resources and taking as well as planning of all the rewards & risks of her or his business venture.
Under this plan is usually a innovative innovation, service or product, rather than an present
business model. Such as this person target high-returns, with top level of risk.
Types of entrepreneurial venture: There are basically four kids of entrepreneurial ventures,
which are as follows:
Survival Ventures: This kind of venture give basic support for the entrepreneur as well as her/his
family, in result allowing for small more than a hand-to-mouth kind of existences (Blackburn,
Hart and Wainwright, 2013). The firms may or may not be officially registered, and atypically
has no premises, several assets, no relationship with business banking and operates on a cash
basis.
Lifestyle ventures: These type of venture give a comparatively stable income stream for manager
such as owners which is based on a work capable company model and a sustain method to
management. The venture atypically has premises, usually an individual location, and workers,
but does not search meaningful growth or expansion.

Managed growth: These type of venture has a practicable business model as well as seek stable
success and growth over period of time, as demonstrated in occasional innovative goods
launches, pulsed entry into other markets, facilities steady expansion, staffs or locations, and
improvement of a strong regional and local brand.
Aggressive growth: These kind of venture typically based of technology with strong invention
abilities that desire exponential success and are funded by capital of equity. They highly focus
on international and national market as well as they often become buyers for initial public
acquisition or offering (Bridge and O'Neill, 2012).
Typology
Entrepreneurial ventures relate to types of entrepreneur typology. There are four kinds of
entrepreneurship such as serial, social, female and mail entrepreneur etc.
Serial entrepreneur: These kind of an entrepreneur who regularly comes up with innovative
plans and starts other business. These will often come with plan and acquire things launched, but
them provide roles and responsibilities to everyone move ans else on to an innovative idea and
venture. This can be better thing if the personal has large of unique plan and it is the best to get
each and every one started.
Social entrepreneur: This will define as, a people who pursues a new plan with the potential to
resolve a society issues. These personal are willing to proceeds on the effort to generate positive
modifications in community through their new such as initiative. They includes with educational
programs, micro-finance institution. Giving banking services as well as supporting kids orphaned
by pestilent disease.
Men entrepreneurs: When business organisations are managed, controlled, owned by men, these
are known as men entrepreneur.
Female entrepreneur: These are identified as the enterprises controlled, managed and owned by
a woman as well as her is having a minimum interest of financial like 51% of the capital and
providing at least 51% of employment created in the organisation to female (Burrows, 2015).
P2 Similarities and difference
Lifestyle ventures (similarities) Serial entrepreneur(Similarities)
 These kind of venture are totally new
in the market and provide a
 These type of entrepreneur also new in
the marketplace and give innovative

comparatively stable income.
 They typically use an individual
location to run and launch new
business.
 The aim of these kind to develop
business success and increase product
sales.
ideas and plan to lifestyle venture.
 They also totally use new location and
innovative plan to launch other
business.
 The one of the main objective of these
kind of entrepreneur is give satisfaction
to buyers and provide innovative
services and products to customers.
Deferences Difference
 These kind of venture give a relatively
stable income stream to manager such
as owner.
 Lifestyle ventures don't want and need
to exit their business.
 Their value is freedom as well as will
make sure they can launch their firm
from anywhere in the economy.
 They are crave adventure.
 These type of entrepreneur provide role
and responsibilities to everyone.
 Serial entrepreneur have an exit task
and strategy (Carland, 2015).
 These kind of entrepreneur has limited
location to starts their firm.
 They want large profit and revenues.
Female entrepreneur ( similarities) Male entrepreneur(similarities)
 These kind of venture controlled,
managed and launched a new business.
 The main aim of these kind to increase
growth and decrease product cost
(Carland and Carland, 2015).
 They are similar with female
entrepreneur because they also
managed and controlled an innovative
business.
 These kind of entrepreneur are similar
because their one of the main objective
to maximise profit and improve
business growth.
Difference Difference

 In this type decision making process is
very easy.
 Business focused on cost and economy.
 There are task oriented owners.
 Business construction and
manufacturing
 This type of business mainly opened
and launched by female entrepreneur.
 In this kind decision making process is
very difficulty.
 Business focused on making quality
and social contribution.
 They focus on better relationship with
workers.
 Service orientation as well as small
business retail.
 This kind of firm mainly launched by
male.
TASK 2
P3 Small and micro business impact
Business are mainly classified into three areas like small, micro and medium sizes of
company which are as follows:
Small business: There are 10 to 49 persons are employed. These are privately owned
partnership, corporations and sole proprietorship that have several workers and less annual profit
(Carraher and Paridon, 2015). For examples of small-scale like: retail operations such as small
grocery stores, restaurants, convenience stores and other small business.
Micro enterprise: There are less than 10 peoples are employed. These organisations will be
facing various issues to larger enterprise. It is essential to find a consistent meaning of what a
such type of enterprise is so that impressive government policies and activities can be put in
marketplace to help this critical part of the world. These kind of business can play an essential
role in sustaining the social cohesion and economic viability of different region in UK.
Medium-sized enterprise: There are 50 to 249 peoples are employed. It is a business whose
individual numbers spill below definite limits (Chittithaworn and et. al., 2011). These is used in
the EU and by foreign enterprise such as world bank, world trade organisation and United
nations etc. These are also said to be liable for driving competition and innovation in different
economics sectors.
Nature and characteristic of private, sole proprietorship and partnership

Sole proprietorship: There business structure is very simple to operate enterprise and the least
regulated as know as sole proprietorship. They required to launched such kind of business other
than acquiring a firm license from the local authority. They are owner is lawfully responsible for
whole business depth and activities.
Partnership: These are similar with sole proprietorship, they are have two and more firms
owners. In a general way, whole partners are lawfully responsible for debts. A general
partnership must form and dissolve a innovative human relationship if many person needs and
wants to transfer their ownership (Dennis Jr, 2011).
Corporations: It is entirely distinct from their managers. As per the U.S legislation, a
corporation is activated like a people: it is separately taxed and it can sue as well as it can
personal property and stock.
Source 1: Impact of different area,2017

Four area of the economy that the impact of SME's are as follows:
Impact on region: SME's make there presences in different regions & provide their effect on
economy. Many regions may have various kinds of start-up's which will provide direct effect on
employment.
Impact on local: SME's is directly provide impact on community as well as local society. It has
been determined that such kind of enterprise provide several amount of contribution in
community. In this way 64% of innovative jobs are created by small as well as micro enterprise
who make share for the local economic growth.
Impact on national economy: These kind of business are also impact nation economy. Trades
have their turnover of £1.6 trillion. It is a minor part of employment which is created in United
Kingdom.
Impact of international economy: SME's also impacted on the international economy. There are
37% part of new enterprise as well as new activities (Fassin, Van Rossem and Buelens, 2011).
They produce creative services and innovative products for their international clients.
This table show the small-business and start-up's impact on the economy. It is a best example as
well as define the number of business and their growth in year 2009 to 2014. Small scale created
Source 2: Impact on economy

around 33% of the Province of GDP(Gross domestic products) in year 2014. in the economy
80% are micro business's. In this fact 51 percent or 199,900 are small-business which is
employee by the individual owner. From the same 28 % or 109400 utilize less than 5 workers.
P4 Significance of small business as well as start-ups
Brexit: It is determined as the part by which United Kingdom withdraws from European
country. It is a typically an abbreviation for British. It exit on 23 June 2016, UK formally definite
to occurrent ties with EU. This judgements is take by United Kingdom come as a public vole
output as well as referendum of whole citizens in this way who belongs the voting age where
around 30 million person have provided vole. It provides an important threat to political parties
or parliamentary system. The micro airport of EU also face as well as suffer from Brexit and
provide threats to prosperity of economic. Due to Brexit existence there are some small scale as
well as start-up's who contribute in the social economic success and growth.
Importance of small business ans start-up's
Importance as in the another parts of the economy
Small scale for majority of enterprise in a location and plays a important role in
maximising the turnover. It help in 60% jobs in private sector (Gordon, Hamilton and Jack,
2012). Start-up's is totally innovative in a country. The main role and responsibility to
maximising employments, which will help social economy success. 81% in improving efficient
workforce.
Reduction in employment and social amenities:
Small business supports in innovation and creation in UK. It is specifically innovative and had
correct growth in product development. Start-up's are generally innovative and assists in
adaptability and employment for United Kingdom.
Improve UK economic growth:
Small enterprise are generally attract a personal and generate competition form investors.
They help in giving diversity in towns by playing essential role in community. Start-up's is new
and providing variety in cities by playing significant role in society. Whenever there is maximise
in competitions and make development in their working process as well as create high turnover.
More revenue to government :
Small scale is a type of enterprise helps to provide contribution in a development of local
economies as they help for large enterprise as they provide correct resources. Start-upis define

completely new in every organisations which assist to give contribution in different local
economies (Gorgievski, Ascalon and Stephan, 2011). They support in completing different
function of business.
TASK 3
P5 Characteristic, skills and traits of successful entrepreneur
Entrepreneurship is a best activity of innovating and planning new plans. It also includes
uncertainty bearing and the personal who carnivore uncertainty is known as entrepreneur. It
current period there are several successful entrepreneur like: Pete Cashmore and James Caan
which have to make additional efforts to improve their enterprise (Henrekson and Sanandaji,
2014). There are several characteristic of such kind of entrepreneur are as follows:
Hard working: An entrepreneur can acquire enterprise success and growths if they are working
in a hard way and to attain needed objectives and goals.
Risk taking: This is the one of the main role and responsibilities of business managers to tolerate
different kinds of uncertainty which come while launching business tasks.
Money management: Pete Cashmore is a successful entrepreneur, in this way working capital is
one of the important aspects for development of an organisation. So it is very necessary for
business managers to handle working capital.
Motivation: If a business managers acquire sussed in training and motivating his workers then he
can fulfil objectives and goals of an enterprise. Both entrepreneurs are play important role for
motivates employees contributes.
Successful planner: Appropriate planning is very important which is includes high productivity,
profitability, organisation growth and success (Islam and et. al., 2011). So entrepreneur should
know regarding process of effective planning.
There are several skills and traits of Pete Cashmore and James Caan has explained as
follows:
Determination : Both entrepreneurs characteristic that define above as they face all different
challenges in this life. Because individual positive thinking can supports them in attaining desire
objectives.
Communication skills: With the supports of grate skill of communication, in this way both
entrepreneurs are can motivate their workers to work hard and to achieve enterprise outcomes.

Opportunity grasper: This is the important and foremost skill of Pete Cashmore and James
Caan. Both are mainly possibility grasper because they get successful business person by
acquiring different opportunities in their life.
Pete Cashmore and James Caan acquire above mentioned skills, characteristic and traits
from their beginning because these qualities which can not be learned time period.
P6 Entrepreneur personality reflect entrepreneur motivation and mind-set
Generally a person acquire motivated with the personalities of successful entrepreneurial.
In this way a person can follows the habits, lifestyle and another activities of their life (Nakara,
Benmoussa and Jaouen, 2012). In this way powerful people face different complication and
problems in begging days of their business and after that challenges are influence on the many
people to become.
Personalities of an entrepreneur which is motivate different peoples through exchanging
their past knowledges and experience which is highly inspire various other persons to launch
their new business. It is a role and responsibilities of successful entrepreneur to work unethically
because there are various number of persons who are pursuing them. There are several almighty
personality like: Pete Cashmore and James Caan who have away through problems but at the last
they evidenced themselves as worthy people to succeed famous personality. Their attribute have
specific qualities foe which person follow them uncertainty, creativeness and power of resolving.
It is differentiate with other entrepreneur personality (Neck and Greene, 2011).
An another five traits and characteristic like:
OCEAN: It define as originality, consolidation, extroversion, accommodation and neuroticism.
 O: It is a best characteristic like creative, original, imaginative and curious etc.
 C: Organised, neat, reliable and ambitious these are best characteristic which both
entrepreneurs have.
 E: It includes sociable, talkative, affectionate and optimistic these is a best characteristic
that both entrepreneurs have their personality.
 A: It also includes several characteristic like: trusting, good natured and helpful nature
which they have their personality. That is important to business success and growth.
 N: Calm, secure, relaxed, content and unemotional are essential characteristic. These are
give better decision making capability to the company success.

TASK 4
P7 Background and experience can foster entrepreneurship
Entrepreneurship is impacted by different factors of entrepreneur background. There is
includes several factor which are as follows:
Education : Pete Cashmore and James Caan both entrepreneur background not matched from
entrepreneurs but both are decide to start new business. It highly effect the innovative firm. Fro
the example if an individual is acquired management study than it will supports him to start a
industry in a easy way. He can well understand the components and factors which is boost from
the start-up's.
Family background: It is an another factor which is highly impact start-up's. Both entrepreneur
family background not matched so it will influence firm (Preuss, 2011). Like: a single people is
form firm background than it is important and possible that both are have get a successful
business person.
Nationality : This factor identify the culture of national in United Kingdom. There are several
entrepreneur and they are more interested to launch new business with the assist of innovative
venture so it is highly as well as directly impact on the entrepreneurship.
Social network: Both entrepreneur like style, culture should be positive so they create innovative
and creative thinking. These factor is directly effect the start-up's and different kinds of factors.
Economical circumstances: It is an another important and necessary factor that describe, it is
directly impact the entrepreneurship promotion within the person. These factor support to person
in working in organisation (Raposo and Do Paço, 2011). If a state have safety and healthy
economic position so people are take high interest to launch new business so in this way they can
achieve large income and profit which is directly impact the entrepreneurship.
CONCLUSION
From the mentioned report and it can be determined that small-business and
entrepreneurship is very helpful as they support in economic growth in different ways. This file,
it can be determined that so as to become successful entrepreneur, an individual can be capable
to manage uncertainty in a effective way and should existence needed solutions with the assist of
creative and innovative plans will be improved with help in attaining goals and objectives in a
specific time. It can also analysed that business manager must be aware of every risk which is

related with ventures working activities. They also contribute in national and international
growth of an economic. Different types of entrepreneurial ventures which are also identified in
this assignments. Various style of management for the business operation also discuses as well as
it is very essential for a business persons to be positive and trained their employees for the
enterprise growth and success.

REFERENCES
Books and Journals
Acs, Z. J. and et. al., 2011. Introduction to special issue of Small Business Economics on female
entrepreneurship in developed and developing economies. Small Business Economics.
37(4). p.393.
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.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Burrows, R. ed., 2015. Deciphering the Enterprise Culture (Routledge Revivals):
Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
Carland Jr, J. W., Carland, J. A. C. and Carland III, J. W. T., 2015. Self-actualization: The zenith
of entrepreneurship. Journal of Small Business Strategy. 6(1). pp.53-66.
Carland, J. W. and Carland, J.C., 2015. A model of potential entrepreneurship: Profiles and
educational implications. Journal of Small Business Strategy. 8(1). pp.1-14.
Carraher, S. M. and Paridon, T.J., 2015. Entrepreneurship journal rankings across the discipline.
Journal of Small Business Strategy. 19(2). pp.89-98.
Chittithaworn, C. and et. al., 2011. Factors affecting business success of small & medium
enterprises (SMEs) in Thailand. Asian Social Science.7(5). p.180.
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.
Gordon, I., Hamilton, E. and Jack, S., 2012. A study of a university-led entrepreneurship
education programme for small business owner/managers. Entrepreneurship &
Regional Development. 24(9-10). pp.767-805.
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.
Henrekson, M. and Sanandaji, T., 2014. Small business activity does not measure
entrepreneurship. Proceedings of the National Academy of Sciences. 111(5). pp.1760-
1765.
Islam, M. A. and et. al., 2011. Effect of entrepreneur and firm characteristics on the business
success of small and medium enterprises (SMEs) in Bangladesh. International Journal
of Business and Management. 6(3). p.289.
Nakara, W. A., Benmoussa, F.Z. and Jaouen, A., 2012. Entrepreneurship and social media
marketing: evidence from French small business. International Journal of
Entrepreneurship and Small Business. 16(4). pp.386-405.
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.
Roth, S., 2014. The eye-patch of the beholder: introduction to entrepreneurship and piracy.
International Journal of Entrepreneurship and Small Business. 22(4). pp.399-407.
Sahut, J. M. and Peris-Ortiz, M., 2014. Small business, innovation, and entrepreneurship. Small
Business Economics. 42(4). pp.663-668.
Online
Entrepreneurship and Small Business Management. 2017. [Online]. Available through:
<http://glencoe.mheducation.com/sites/0078613035/index.html>. [Accessed on 29th
August 2017].
Entrepreneurship and Small Business Management. 2017. [Online]. Available through:
<https://www.northcentralcollege.edu/entrepreneurship-and-small-business-
management>. [Accessed on 29th August 2017].