Entrepreneurship & Small Business: Theory to Practice

This assignment requires a comprehensive understanding of entrepreneurship and small business management, drawing from various sources including books by K. Jones (2012), P. Burns (2010), and R. Burrows (ed., 2015). Students are expected to analyze different types of entrepreneurs (Dynamic Business Plan, 2016; Business Dictionary, 2017), evaluate the influence of personality traits and demographic factors on social entrepreneur start-up intentions (Nga & Shamuganathan, 2010), assess public policy levers for encouraging entrepreneurship (Dennis Jr., 2011), and critically examine the contribution of public procurement to entrepreneurship policies (Preuss, 2011). Additionally, students should reflect on the role of universities in promoting enterprise education (Rae, 2010) and consider future research directions for collective entrepreneurship (Ratten, 2014).

Entrepreneurship and Small
Business Enterprise

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and typologies...................................................1
P2 Similarities and differences between entrepreneurial ventures.............................................2
TASK 2............................................................................................................................................3
P3 Understand applicable information and impact of small and micro business on economy...3
P4 Contribution of small and start up businesses in the economic growth.................................4
TASK 3............................................................................................................................................5
P5 Characteristic, traits and skills of entrepreneurs....................................................................5
P6 Entrepreneurial personality reflects entrepreneurial motivation and mind-set......................6
TASK 4............................................................................................................................................8
P7 Background and experience can hinder and foster entrepreneurship....................................8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurs is the quality that have to fixed brand-new enterprise by using knowledge
and ability. A businessperson is a individual who have some capability and willingness to form,
create and manage a business venture with more risk for developing profit. They are highly
innovative, creative and always taking risk to develop their business growth and success. The
primary function of this study is to interpret the various kind of enterprising project and also
describe classification (Blackburn, Hart and Wainwright, 2013). In this entrepreneurial ventures
has different similarities and differences. An enterprise can analyse all data of external factors
that directly impact on micro and small business of country. To understand the importance of
entrepreneur skills, knowledge and abilities of entrepreneur. They were also encourage person to
improve their personality within an organisation. Also evaluate past experience, background,
community can be adoptive and prevent entrepreneur.
TASK 1
P1 Various kind of entrepreneurial task and assortment
All the enterprise undertaking can be proofed as small enterprise. There are several task
who expend their wealth for gaining large income. Some concern investment are create industry
need by attracting more customers but they do not supply products in proper way. Here are some
different forms of entrepreneurial ventures:
Small business entrepreneurship- The business ventures are based on small scale. In this
enterprise, there are many workers who have capability and ability to generate income. It does
not invest number of capital in marketplace. Small business includes hairdressers, photographers,
bakeries, restaurants etc.
Lifestyle entrepreneurship- The major purpose of this type of entrepreneurs is to change
their lifestyles and also adopt their first preference (Bridge and O'Neill, 2012). These type of
people set fixed criteria for developing profit or earn more money. They always work on
creating cultural condition.
Large business entrepreneurship- This venture is large in size and scope. In this
business, there are number of employees who work for making high productivity and
profitability. These enterprise create large income and their main objective is to gain more
money.
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Social entrepreneurship- The primary goal of the business is to produce products and
services for satisfying necessary needs and wants of buyers. These type of firm works for welfare
of society and the main motive is to provide benefit to society people and works not for gaining
any money.
In an organisation, all businessmen are not work for gaining more profit. Their abilities
and capabilities are always are different from each other (Burns, 2010). Various types of
entrepreneurs are as under:
 Social entrepreneur- In this businesses, a person can not work for earning maximum
profit but they works for welfare of society members in effective manner. The aim of
this type of entrepreneurs is to supply quality goods and services according to the
demand of potential customers.
 Serial entrepreneur- In this business, entrepreneurs are develop new effective ideas and
open new organisation. They begin new venture at small scale and by this they can easily
make profit and sell products or services in large marketplace.
 Female entrepreneurs- These firms are owned, managed and controlled by female
entrepreneurs. 51% is the share capital of women in business ventures. Entrepreneur can
be divided into five categories such as rural, pull factor, affluent entrepreneurs, self
employed entrepreneurs and push factors.
P2 Similarities and variation among entrepreneurial enterprise
In that respect some similarities and fluctuation among them are as under:
Technological and cultivation enterpriser- The main quality between technological and
cultivation businessperson is that they does enterprise by selecting fresh latest techniques for
producing innovative goods and services which can fulfil customers demand and neediness
(Burrows, 2015). These enterpriser usage effective tools and technologies in their enterprise
ventures. There are some types of activities that includes cultivation, irrigation and manufacture
products for selling. The main similarities between these are that these two are committed and
self motivated.
Lifestyle and serial ventures- In these two ventures, their main difference is that lifestyle
ventures can concentrate on performance of business firms and on the other hand, serial ventures
need to gain commercial profit from some entrepreneurial activities. The similarities between
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them is that they lead all business functions in proper manner. They also handle all work of
business at same time.
Small and large business entrepreneurs- Differences between them is that in tiny
standard business, the finance on organism and systems is minimum and that will be up to 1
crore. Small businessperson are possessed and managed by business venture and there is high
danger in business activities. On the other side, rage business enterprise entrepreneurs can
managed and organised various functions of big organisation (Chell, Nicolopoulou and Karataş-
Özkan, 2010). The overall investment on plant and machinery can be up to 5 crore and high risk
involved in large business enterprises. The main similarities between both of them is that they
have strong managerial skills and also a risk taker.
Private entrepreneurs and joint venture entrepreneurs- The differences between both of
them is that private entrepreneurs owned and managed their business individually and also they
take high risk. Joint venture entrepreneurs are run their business by government and works
together with private sector (4 types of entrepreneurs 2016). They take all risk value together.
Similarities among them is that they have excellence abilities to smooth running of business by
using various skills and capabilities and also they are creative in thinking.
Male and female entrepreneurs- They both are independent in nature and also a
successful business person. The difference between them is that men entrepreneur are totally
managed and organised by men person and it has only 49% share capital in business. On the
other side women entrepreneur are also owned by female but it has 51% share capital in venture.
The similarities among them are that they are always focusing on gaining more profit income
and both have problem solving skills.
TASK 2
P3 Understand applicable information and effect of little and small concern on system
Small and diminutive business are contrary from each one and their functions are too
contrasting. The small business are little in size and there are few numbers who works and
operate activities of ventures (Dennis Jr, 2011). The turnover of this business are also less in
comparison to small scale venture. In small business, size and area of enterprise are less and
there are low number of employees. These organisation are owned and managed by individual
and partnership. There are some small businesses such as restaurants, grocery stores, guest
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house, hair dresser etc. These organisation can not earn and gain profit in comparison to large
business enterprise. The outcome on economic system affects steady of regulation of different
group and also revenue level. Here are certain consequence of small scale firms and small
enterprise on growth and success that are as under:
High employee productivity- The employees generate income for improving performance
and also increased productivity of company in effective manner (Down, 2011). This will assist in
enhancing their work effectiveness and efficiency.
Reduction of unemployment- The company will develop small and micro business
enterprise that help in reducing unemployment rate. If an organisation provide training to
workers then it enhance its skills and capabilities in better manner. Hence they can perform work
in effective way.
Job creator- Micro and small enterprises assist in developing and generating income for
business. These businesses will provide employment and this will too aid in increasing modular
of surviving of group. The system development and revenue proportion will be enhanced of
nation.
Adaptability- The organisation aid in accelerator economical development of nation by
using latest techniques and application. All these new techniques, firm will develop quality good
that can fulfil customers necessity and demand of people. By this micro and small organization
can survive for extended time period in market.
Future growth- The current development proportion of company will be better in
amended manner. The system of UK was immediately effect by Brexit. Then the authorities of
united kingdom has take several activeness and this will help in enhancing growing charge of
little organisation. Later few state, Total national good of UK has been increased and as well
assist in creating estimated revenue and income.
P4 Share of small and beginning up enterprise in the system development
There are many entrepreneurs who can begin their concern from small, medium and big
scale (Lee-Ross and et. al., 2010). All organisation has different and not similar with each other.
An enterprises assist in providing advanced growth rate and economic development of country.
If company desires to set up new business then a person should analyse and research whole
market situations and condition. It will help in generating employment and also enhance living
standard of people. A firm can change and modify their quality of goods and services which aid
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in attracting large number of customers. It will also high revenue and earn maximum
profitability. Small business enterprise help in increasing production and growth rate. These
businesses are those in which there are few workers who works for achieving target goals in
effective manner. The value of commencement up and diminutive standard enterprise are
directly affects development of national system that are as under: Commercial assistance- The Continental Federal and United kingdom are totally
different from each other, then its proportion of economy is reduced. Hence, government
develop many effective plans and policies which provide loans and financial capital for
start a new venture and managed its business operations (Preuss, 2011). He firm are
capable for higher the income and make profit regarding improvement of country growth
rate. Technologies and innovation- An organisation adopt latest techniques and technologies
which help in enhancing profitability and productivity in higher level. By this company
can improve its business operations and also develop quality goods or services in
effective manner.
 Level of spending- In UK, the income of people who works in company increase then
automatically economy will also enhanced. By increasing in the rate of income, standard
of living and also increase purchasing power of people within country. From this they can
develop and improved company growth and make proper success.
The significance of Brexit can be accomplished in pursuing way:
 It change system and cultural improvement of nation.
 It can decreased poorness and also increase skilfulness of poverty dispersion.
 The main benefit is that they can provide more income to government.
TASK 3
P5 Characteristic, traits and skills of entrepreneurs
In business organisation, an entrepreneurship plays an important role for managing and
controlling activities. This is necessary instrument for begin company operations which assist in
enhancing system development. It refers as a procedure of opening brand-new business venture
and an individual who owned and controlled all activities are known as entrepreneur. They are
those people who take risk (Rae, 2010). The example of two successful persons are Bill Gates
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and Mark Zuckerberg. Bill Gates is a Head Administration Officer of Microsoft organisation and
on the other side Mark is owner of Facebook company which is social group site. They are risk
taker and creative thinker. There are some characteristics of these entrepreneurs that are as
under: Risk taker- A successful entrepreneur should be risk taker so that they can became
successful in business career and enhance reputation of company. Encouraged and Passionate- Every businessperson has some motivation to take accurate
decision for increased growth of enterprise and they can also passionate about their work.
It will help in inspires other person for doing correct task. Money management- A manager should have ability and capability to manage their
financial amount properly (Ratten, 2014). They are responsible person who can manage
company's funds in efficiently. Challenging activity- This is really hard to became a prospering enterprise
businessperson because there are some work and they are well in doing challenging work. Flexibility and adaptability- An entrepreneur should be flexible to face energizing
environment in the market. They have some abilities and capabilities to adopt various
business environment factors. Plan everything- Business start new enterprise then an entrepreneurs should plan
everything regarding company data and information which help in planning in advance at
higher position. Communication skills- This will play an important role in an organisation. The
communication can help in getting success in proper way. So communication skill is
necessary to entrepreneurs for achieving all goals and objectives. Quick learner- The business environment is always change and it is responsible for
manage new and old conditions in effective manner. They should be quick learner so that
they can modify plans and policies of firm and take correct action according to the
situation.
 Networking abilities- Managers will communicate with their workers and also make
strong relation with them for getting proper result (Schaper and et. al., 2014). Also an
entrepreneur have an ability to attract various customers towards their products or
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services. On the other hand, professional network assist employers in reaching target
goals and objectives of company.
P6 Businessperson attribute indicate enterprising motive and mind-set
In that respect, there are two booming enterpriser like Mark Zuckerberg and Bill Gates
they are motivational factors of every individuals. Some people encouraged by their work and
lifestyle. In starting of every business, every entrepreneur has to face some issues and problems
in their business and try to get over with these challenges. A person can motivate another
individual by sharing their actual life experiences that can also encouraged others to became
successful as the same (Stokes, Wilson and Wilson, 2011). There are many people who follow
their lifestyle of their role models and adopt entrepreneurs personality. They have few traits and
skills which can distinguish them with other business individual that are as under:
 Positive mind-set
 Self motivation
 Determination
The difficult situation which has to faced that help others for managing some critical
situations in their life. When a person can frustrated for their issues and Mark Zuckerberg and
Bill Gates has to motivate these people with higher optimistic thinking and determination. An
individual who have full determination to managed and controlled all problems and issues. Some
business persons can became powerful businessperson by their positive thinking help them in
surviving in different situations. Many group acquire various businessperson capabilities and
quality from present flourishing entrepreneurs.
Here are five conception of OCEAN schemes are as follows: Openness- It refers that an enterpriser who are limpid. They can be creative, original and
analyse new source of practical that can be precede modern traditions and cultures. Conscientiousness- In this, an entrepreneur show high level of uniformity towards
specific work (Storey, 2016). These persons are very hard working and complete their
task in particular time period. Extraversion- A business person should be extraversion and interactive. They fit to do
business or execute action. They always deal with their workers and buyers in impressive
manner.
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 Agreeableness- Enterprise individual are very dependable, coordinative and handle all
situations in better way. These are very friendly and helpful in nature.
 Neuroticism- These are those people who are having negative thoughts. It includes
emotions and high level anxiety. They are active and passionate towards their work and
have trouble resolution ability.
TASK 4
P7 Heritage and education can hind and adoptive entrepreneurship
The two successful enterpriser such as Bill Gates and Mark Zuckerberg. The past
experience and background of an entrepreneurs can foster and hinder all business activities in
effective manner. Bill Gates is a co-founder of Microsoft and he is the wealthy individual in the
global and also advanced and imaginative thinker person. He is likewise an capitalist and
communicator etc. They are curious in application equipments like electronic computer
scheduling which are very interesting for learning. He consist to intermediate form of household
and his parent is a superior attorney. Mark Zuckerberg is real beginner of Facebook which is
social group sites for masses. This provide strong connection with long distance person and also
interact with others in all over the world. It will assist in connecting with different cultural
people. In his childhood, he always show interest in software. He is very creative and innovative
in nature and develop various ideas which attracts large number of customers them. They both
are creative and successful persons.
Mark Zuckerberg has business family and by this they interested to start business in
effective manner. At the end of this, they can develop social sites in better way. They also have
their family support which encourage him for doing different things. The entrepreneurs family
are supportive so that they will help in making successful businessperson. By developing such
kind of profitability they need to get educated in affiliated university. Both are highly skilled and
knowledgeable and have ability to adopt latest techniques or technologies. This will help in make
success and enhance growth of company (Entrepreneurship. 2017). If they have no experience
and knowledge then it can get negative impact on upcoming activities. These entrepreneur
always for the welfare of society. They should follow all values, rules and regulations which
affects future their functions or activities. So, the background can prevent and adopt an
entrepreneurship in effective manner.
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CONCLUSION
As per below study it can be concluded that businessperson is an individual who start
business and also managed or controlled activities and operations of an organisation. They are
innovative, creative and risk taker. An entrepreneur is a person who have some capability and
disposition to form, create and succeed a concern task with more risk for developing profit. They
are highly innovative, creative and always taking risk to develop their business growth and
success. There are various form of enterprise ventures such as small enterprise, large business,
serial business, lifestyle business and social business entrepreneurial ventures. Micro business
are small in size and there are few numbers who works and operate activities of ventures. The
turnover of this business are also less in comparison to small scale venture. Small business
enterprise such as hairdresser, restaurants, photographers, grocery stores etc. They are creative
and innovative in nature. They are best example for motivate other person and help in solving
problems and issues in better way. The two flourishing businessperson such as Bill and Mark
Zuckerberg. The past experience and background of an entrepreneurs can foster and hinder all
business activities in effective manner.
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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.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
Burrows, R. ed., 2015. Deciphering the Enterprise Culture (Routledge Revivals):
Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.
Chell, E., Nicolopoulou, K. and Karataş-Özkan, M., 2010. Social entrepreneurship and
enterprise: International and innovation perspectives.
Dennis Jr, W. J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Down, S., 2010. Enterprise, entrepreneurship and small business. Sage.
Lee-Ross, D. and Lashley, C., 2010. Entrepreneurship and small business management in the
hospitality industry. Routledge.
Nga, J. K. H. and Shamuganathan, G., 2010. The influence of personality traits and demographic
factors on social entrepreneurship start up intentions. Journal of business ethics. 95(2).
pp.259-282.
Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and small
business policy. Entrepreneurship & Regional Development. 23(9-10). pp.787-814.
Rae, D., 2010. Universities and enterprise education: responding to the challenges of the new
era. Journal of Small Business and Enterprise Development. 17(4). pp.591-606.
Ratten, V., 2014. Future research directions for collective entrepreneurship in developing
countries: a small and medium-sized enterprise perspective. International Journal of
Entrepreneurship and Small Business. 22(2). pp.266-274.
Schaper, M.T. and et. al., 2014. Entrepreneurship and small business.
Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
Cengage Learning EMEA.
Storey, D. J., 2016. Understanding the small business sector. Routledge.
Online
4 types of entrepreneurs 2016. [Online]. Available through:
<http://www.dynamicbusinessplan.com/four-types>. [Accessed on 9th October 2017].
Entrepreneurship. 2017. [Online]. Available
through:<http://www.businessdictionary.com/definition/entrepreneurship.html>.
[Accessed on 9th October 2017].
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