Entrepreneurship and Small Business Management

This document provides an overview of entrepreneurship and small business management. It discusses different types of entrepreneurial ventures and their relation to the typology of entrepreneurship. It also explores the impact of micro and small businesses on the economy and the importance of small businesses to the growth of the social economy. The document is relevant for students studying entrepreneurship and small business management.

Entrepreneurship and
Small Business
Management
1

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship.....................................................................................................................3
Similarities and differences between entrepreneurial ventures..............................................5
LO 2.................................................................................................................................................7
Data and statistics to explain how micro and small businesses impact on the economy.......7
Importance of small businesses and business start-ups to the growth of the social economy9
Characteristics, traits and skills of successful entrepreneurs that differentiate them from other
managers...............................................................................................................................12
Assessment of how aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset........................................................................................................14
LO 4...............................................................................................................................................15
Explain using relevant examples, how background and experience can hinder or foster
entrepreneurship...................................................................................................................15
CONCLUSION..............................................................................................................................17
REFERENCES .............................................................................................................................19
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INTRODUCTION
Entrepreneurship can be defined as the process that involves designing, launching and
running of an innovative and new business that is initially small. An entrepreneurial venture is
usually set up by an entrepreneur, a person who sets up a new business with the main goal of
generating profits and is primarily focussed on providing services to early and middle level
companies (Belz and Binder, 2017). The size of an entrepreneurial business can vary depending
on the kind of services it offers. Personal experience and background can impact the way in
which an entrepreneurial business is carried out. Entrepreneurs need to have specific skills and
characteristics like strong work ethics, passion etc. to be able to run a venture successfully.
Entrepreneurship is important as it helps in creating employment, increasing the standards of
living of people and help the development of community. The company chosen for this report is
CafePod, an independent coffee company that is based in SW 18, London and primarily deals in
coffee. CafePod was founded in the year 2011 with the mission to help people get access to the
best strong coffee by Peter Grainger and Brent Hadfield (ABOUT CAFEPOD COFFEE CO.,
2020). This report is based on entrepreneurial and small businesses and describes the different
types of entrepreneurial businesses and the way they relate to the typology of business. It also
explains differences and similarities between different types of entrepreneurial ventures. Besides
this, the report also includes the characteristics and skills of a successful entrepreneur that
differentiate them from other business managers.
LO 1
Different types of entrepreneurial ventures and how they relate to the typology of
entrepreneurship
Entrepreneurship can be considered as a process in which an entrepreneur emphasises on
rendering or providing advisory services to new ventures and middle stage companies. The role
of Entrepreneurial ventures changes according to different phase of organisation. It is about
learning or embracing how to deal with success, failure and risky situations. The term
Entrepreneurship venture focuses on start ups, large scale industries , public and corporate sector.
It will help employees to sharpen their knowledge,skill quality and abilities to identify
opportunity for small scale industries, as well as resolve their difficulty in extremely complicated
situations (Brush and et. al., 2019). In assistance of this, the main purpose is to increase sales
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and profitability of the entrepreneurship for the future growth of business. They generally
convert new or innovative ideas into reality that results in contribution towards growth or
development of the company. There are four types of Entrepreneurial ventures which are
mentioned below -
 Small Business Entrepreneurship - Herein, It includes plumbers, food market,
hairstylist, consultants and travel agents who run their personal enterprise as well as hire
family members or general employees for growth of business organisations (Burns,
2016). The respective company, CafePod is an example of a small business
entrepreneurial venture.
 Large Business Entrepreneurship - Large companies are those who invests large
capital in their business in order to attracts large number of customers. Such organisations
have enough resources to move into another country for future growth or success of
business organisation.
 Social Enterprises - These companies emphasised on helping individual and works for
welfare and benefit of the society. It focuses on improving standard of living of people in
the society. It is considered as a non profit company whose main purpose is to
manufacture or deliver product to serve the social needs or wants as well as their
problems.
 Scalable start up Entrepreneurship - Hereby,From starting a company knows that their
vision or mission could change the universe. The main focus of this company is to attract
best financial investor for brightest future of the company.
Typologies of Entrepreneurship
From the above mentioned various types of entrepreneurship business, the identification
of typologies assists business can become more attractive. There are three types of typologies
which are given below:
 Growth firms - In this category, the main purpose is to maximise their revenues and
profit for growth or success of company. The Entrepreneur identifies those new or
innovative ideas that helps in enhancing the profitability of business organisation. In
addition to this, the focus of company is to effectively satisfy needs or wants of consumer
(DeTienne and Wennberg, 2016). The main purpose of these firms is to earn more
revenue or profit than industrial average over a period of time. It enhancing scale of
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production thus it helps in earning more and more revenue for future growth or
development of business organisation.
 Lifestyle Enterprises - This enterprise emphasised on offering various job opportunities
to individuals thus it results in enhancing income or revenue of people. The main
purpose of this enterprise is to increase status, prestige and standard of living of people as
well as change their lifestyle and esteem.
 Survival Firms - Herein, the main purpose of enterprise is survival and maintenance on
long term basis. It mainly includes new venture or start up who works for survival as
well as enhancing goodwill or image of that company (Devece, Peris-Ortiz and Rueda-
Armengot, 2016). In this period the main focus is to make a unique or special image of
company in front of customer by satisfying their needs or wants.
Entrepreneurship ventures and typologies are related to each other and result in
enhancing future growth or development of company by reducing several problems related to
economy such as large scale companies emphasised on long term success or future growth that
helps in increasing efficiency of company. Furthermore, Small scale industry focuses on survival
or maintenance of business organisation. Moreover, Scalable start up enterprise knows from
starting that their vision or mission could change the universe so they emphasised on enhancing
lifestyle of individual that results in brightest future of the company.
Similarities and differences between entrepreneurial ventures
Similarities
Basis Small business Large Business Social
Enterprise
Scalability
enterprise
Meeting the
social need and
Upliftment
The aim of small
business is to
offer job
opportunities to
people as well as
satisfying wants
or needs of
consumers
Large scale
organisation
provided
resources to
individuals for
satisfying them as
well as enhancing
standard of
This business
focuses on
providing
resources to
people for
satisfying the
demands or wants
of people as well
The Scalability
enterprise
emphasised on
attracting
customer by
satisfying their
needs and wants
for bright future
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(Doern, 2016).
CafePod aims to
become the
number one retail
brand for coffee.
living,status and
prestige of
people
as upliftment and
boosting of
standard of
individual in the
society.
of the company.
Profit Making Herein, the
purpose is to earn
profit for survival
or maintenance of
business
organisation.
The focus of
large organisation
is to gain more
and more profit
for the future
growth or success
of the company.
The aim of social
enterprise is
enhancing
welfare of society
thus helps in
increasing profit
of the company.
The motive of
Scalability
enterprise is to
gain profit for the
brightest future
of the company.
Differences
Basis Small Business Large Business Social
Enterprise
Scalable
Enterprise
Scale It operates at a
small scale
because they have
very limited
amount of money
to invest in the
enterprise
(Fayolle Verzat
and Wapshott,
2016).
This company
runs at large scale
because they have
a huge quantity of
money for future
success or
development of
the company.
These companies
operate at local
level with the
help of this they
fulfill needs or
wants of
consumer
Herein, enterprise
operates at niche
scale because they
knows their vision
or mission could
change or alter
the whole
universe.
Purpose The main aim of
small companies
is to earn profit
for survival,
The main purpose
of large scale
companies is to
gain more and
The main motive
of social
enterprise is to
enhance living
The main aim of
scalability
enterprise is to
attract best
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livelihood or
maintenance of
business
organisation.
more profit for
execution of new
or innovative
ideas (He, Lu and
Qian, 2019).
standard of
people and focus
on welfare of
society.
financial investor
for brightest
future of
company.
Characteristics The requirement
of resources in
this type of
company is very
low as well as
involvement of
government is
also quite low.
The government
imposes several
rules, regulations,
policies and
procedure in
order to monitor
and control the
performance of
business
organisation. In
addition to this,
the requirement
of huge capital or
human resource is
more because
they run their
business at large
scale.
In this enterprise
government
provided
resources which
is required by
them in order to
to offer several
services to the
people of society.
The interference
of government in
scalable business
is at moderate
level. In addition
to this, the main
aim to provide
resources that
attract customer
for bright future
of company.
LO 2
Data and statistics to explain how micro and small businesses impact on the economy
A micro business is a small business that usually has a small number of employees (less
than 10 people) working for it and play a major role in the development of an economy. These
types of businesses are generally formed as a part of either partnership or sole proprietorship. On
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the other hand, a small business is generally privately owned and is operated in a limited size
(Henry, Hill and Leitch, 2017). Most small businesses rely on intensive labour for their
functioning and are generally started with the primary aim of fulfilling the needs of customers.
Small and micro businesses contribute towards employment generation and overall development
of a community which is the reason why government within a country supports such initiatives.
For example- CafePod has grown to be the UK's 7th largest roast and ground coffee brand in a
metter of just seven years. Such businesses also bring in innovation and creativity within a
country which can be further enhanced to ensure overall development.
From the above graph, it can be concluded that small and medium businesses contribute
significantly towards the development of United Kingdom. Also, micro businesses contribute up
to 18.9% whereas small and medium business contribute 23.4% and 29.2% respectively
(Hosseininia and Ramezani, 2016). Thus, it can be clearly said that larger small and medium
businesses are more likely to trade their businesses internationally as compared to other
businesses.
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Illustration 1: Brexit’s impact on small businesses: the experts may be spot on after all, 2020

(Source : STATISTICAL RELEASE, 2016)
The above graph states that United Kingdom has the presence of nearly 99.3% small
business with 33% of staff turnover. These business contribute to nearly 48% of employment
whereas medium and large businesses account for 12% and 40% employment respectively
(Kuckertz and Prochotta, 2018). Thus, United Kingdom has a large presence of small business
that contribute towards generating employment in the country (Julien, 2018). Small and medium
business have impacted the overall economy of United Kingdom in the way that it supports the
survival as well as growth of these businesses (Kuratko and Morris, 2018). To conclude the total
employment generated by these businesses increased over the last years to 15.7 million. Thus,
the environment in the country is favourable for the survival of small and medium businesses.
Importance of small businesses and business start-ups to the growth of the social economy
Small businesses as well as start ups significantly contribute towards generating
employment and the overall development of a country. Their importance to the growth of the
social economy is explained below -
 Employment of local workers – small businesses attract talent from local communities
and thus stimulate the overall growth of the economy (How Important Are Small
Businesses to Local Economies?, 2020). Start ups and small businesses drive overall
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Illustration 2: SMEs and the Economy

growth of the economy in small areas. Also, these types of businesses operate locally due
to which they have the preference of hiring local people.
 Adapting to changes – Most small businesses have the ability of adapting to changes
quickly which is because they are primarily focussed towards fulfilling the needs of
customers. As a result of this, many local people are loyal to them.
 Diversity – Small businesses and start ups are more flexible and diverse which means
they have more potential as compared to large businesses (Karimi and et.al., 2016). A
high diversity within a business means that the country will be able to withstand
challenges and tough conditions. Small businesses as well as start ups have people
working for them from different backgrounds which makes them important for the
growth of the economy.
 Customers receive products quickly – The shops and markets that are nearest to the
customers are most preferred by them as they deliver products and other items to the
homes of the customers quickly. Thus, small business are important as they are the first
options that cater to the needs of the customers and satisfy the same. Customers of
CafePod are loyal to the brand and satisfied with the range of products it offers. Thus, the
respective company has planned to enhance its product offering by introducing a range of
high quality coffee products that are innovative and help the company in attracting more
customers.
 Backbone of an economy and Generate Competition – Small businesses and start-ups
form the backbone of an economy as they drive growth, open various opportunities for
them in the market and provide employment to the local people and also provide new
ideas as well as skills, thereby making the marketplace more dynamic (Kellermanns and
et. al., 2016).
 Innovation and Opportunities for Women – Small businesses as well as start-ups helps
in creating new and innovative ideas that can be implemented in the economy in order to
drive its growth. Also, such businesses provide various opportunities for women wherein
they can contribute their talent, earn money and thus ensure the growth of the economy.
Such businesses are innovative as the customers want to differentiate their products and
their delivery.
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 Standard of living – Start ups and small businesses are important for the growth of a
social economy as they help in levelling up the standards of living of people in a country.
And this is done through the introduction as well as implementation of new and
innovative ideas that are useful for the customers and help in satisfying their needs and
also meet their expectations.
 Contribution towards Government revenue – Small businesses have to pay an
increased amount of taxes which can in turn be utilised by the government in the overall
development of an economy. Thus small businesses as well as start ups indirectly
contribute to the development as well as enhancement of the economy. Thus, small
businesses contribute to the overall GDP of the economy of a country significantly.
 Contribution towards Government revenue – Small businesses have to pay an
increased amount of taxes which can in turn be utilised by the government in the overall
development of an economy (Kuckertz and Prochotta, 2018). Thus small businesses as
well as start ups indirectly contribute to the development as well as enhancement of the
economy. Thus, small businesses contribute to the overall GDP of the economy of a
country significantly.
 Building relationships and Low Overheads – Small businesses know their customers
very well and thus maintain a healthy and positive relationship with them. As a result,
they have a complete understanding of their needs and wants. Also, since the businesses
are operated at a small scale, they have lower overhead costs. This means that the
products that are offered to the customers are low in prices.
Thus, small businesses as well as start ups keep the economy of the country strong as the
employees of these companies spend their salaries or earnings on purchasing different goods and
services at home (Kuratko and Morris, 2018). Also, owners of various businesses invest in their
respective communities through taxes that they pay etc. All small businesses and start ups don't
always remain small and have a high probability of succeeding and turning into large businesses.
Effect of Brexit on CafePod
Since coffee is traded in US dollars, currency will play a major role in the coffee industry
as a whole. The coffee that is now being imported in the UK has become more expensive which
has led to CafePod to increase the prices of its products (Coffee after Brexit, 2020). Brexit has
led to the creation of an uncertainty around the coffee industry which has in turn led to decline in
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the confidence of investors, thus CafePod has to put its business plan of growing to UK's number
1 coffee on hold for now.
Characteristics, traits and skills of successful entrepreneurs that differentiate them from other
managers
A successful entrepreneur have several traits,skills and characteristics that make them
distinguish from other business managers. With these skills and traits they create new or
innovative ideas. The characteristics, skills and trait of entrepreneurs such as J.K rowling and
Mark Zuckerberg which is mentioned below -
Characteristics and Traits
 Passion - One of the most important characteristics of entrepreneur is being passionate
which assists them to work hard regularly in order to achieve goal or objective of the
organisation. This makes entrepreneur different from other business manager they give
too much time or efforts for future growth of the business. They always keep themselves
motivated towards achieving success in their work and not focusing upon unfavourable
situations. For instance, J.K. Rowling possess strong mental ability and contribute their
time and efforts in order to achieve goals and objectives of the organisation. Another
example can be Peter Grainger and Brent Hadfield, two South African friends who shared
a mutual love for strong and quality coffee. Their passion led them to buid CafePod, an
independent coffee company that today has grown to be the UK's 7th largest ground and
roast coffee brand.
 Hard work and Self confidence - The most important characteristics of an entrepreneur
is to have belief in yourself and to work hard regularly for it for future success or growth
of the business organisation (Mamabolo, Kerrin and Kele, 2017). For example J.K.
Rolling is hard worker and contributes their efforts and time on fulfilling dreams as well
as she proved that hard work actually does pay-off. Another example can be Mark
Zuckerberg, who have self-confidence and faith to work hard regularly for success of
social media websites.
 Open minded – Successful entrepreneurs know that every opportunity is a business
opportunity. Thus, they don't miss out any chance of pitching themselves and their
business to potential investors whose investment they think will be beneficial for their
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company. Thus, they have the ability to observe everything around them and focus
completely on achieving their goals and objectives.
 Competitive – Most entrepreneurial businesses are set up as a result of the entrepreneur
being sure that his/her business idea is competitive and will be successful in the market
(Nikolopoulos and Dana, 2016). Thus, when a successful entrepreneur pitches his
business to someone, he highlights the success record of his company in order to gain
popularity as well as attract potential investors.
 People skills – A successful entrepreneur has strong people as well as communication
skills in order to sell his products and services in the market and motivate employees in
the company. Such entrepreneurs know how to highlight the benefits of their products to
customers.
 Self-motivation and knowing how to take risks – One of the most important traits of
successful entrepreneurs in the market is that they don't require any source to motivate
themselves. Instead, they drive motivation from within. They know how to push
themselves and succeed in the areas they think they need improvement. They also know
that it is necessary to take risks sometimes and always playing safe does not guarantee
success. They know that opting for calculated risks have more chances of paying off and
that this is an important part of being a successful entrepreneur.
Skills
 Leadership - This is one of the most important skill of an entrepreneur which assists
them to motivate and persuade others in order to achieve goals and objective of the
organisation. J.K Rolling is the supreme role model possess strong leadership quality
which motivates and guide persons to work towards future success and growth of the
organisation (Palalić, Dana and Ramadani, 2018). Furthermore, Mark Zuckerberg has
strong leadership skill that motivates individual for attaining goal of the organisation.
 Innovative thinking - This skill helps an entrepreneur to generate new and innovative
ideas and identifying the solutions of various problems in an innovative manner. This
skill helps in managing unfavourable situation in order to achieve the goal and objective
of the organisation.
 Creativity and Consistency – Entrepreneurs are highly creative and always look out for
different ways in which innovative and unique ideas can be brought in and implemented
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to the products and services of their company (Pato andTeixeira, 2016). This can include
interacting with new people or taking a class for personal interest. Also, they are more
confident and consistent with their idea of launching a new product or service in the
market.
 Time management skills – Successful entrepreneurs carefully plan all the activities and
tasks related to the business and make sure that goals and objectives of the business are
achieve on time without any delay in the process. Thus, they allocate timelines to various
tasks in order to ensure that they are carried out properly.
 Networking – Successful entrepreneurs know how important networking with other
people and businesses is and thus they always work towards increasing their network in
the market. Networking not only helps in getting access to new business opportunities but
also helps in finding right and qualified candidates who can be hired in order to improve
the overall productivity as well as efficiency of the business on the whole. As a result, the
brand image in the market is enhanced with an increase in the profitability as well.
 Planning, Organising and Decision making - Successful entrepreneurs like Mark
Zukerberg have excellent planning and organising skills. They know how to coordinate
various activities and tasks that take place in the organisation so that the final goals ad
objectives can be achieved effectively. Also, they are highly skilled in making
appropriate, prompt and sound decisions in case of a sudden situation.
Assessment of how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset
In today's business scenario, it has been observed that entrepreneurs pay they primary
attention to serving their customers effectively and efficiently (Schaper, 2016). Thus, the possess
various characteristics and traits which help them and their businesses in becoming successful.
Entrepreneurs are innovative and possess unique qualities due to which they are able to sustain in
the market and also survive competition. The entrepreneurial personalty of a person can be
defined as Different entrepreneurs have different personalities that reflect in their motivation as
well as mindset (Hosseininia and Ramezani, 2016). In order to understand entrepreneurial
personality effectively, Ocean Model has been used which was developed by Hans Eysenck in
the 1940s. The model is also known as Five Factor Model and helps in understanding people and
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their behaviour. The acronym OCEAN stands for five personality traits, namely- Openness,
Conscientious, Extraversion, Agreeableness and Neuroticism. The same is described below -
 Openness – This is the initial and the most important trait and people who have this trait
are more bold and creative. Common traits to this include originality, imagination,
daringness, cleverness , creativity etc. People who like to learn new things and
experiences are more open.
 Conscientious – People who fall under this category have a high degree of
conscientiousness and also are reliable as well as prompt (SoundararajanJamali and
Spence, 2018). Traits of this factor include being thorough, organised as well as
methodic.
 Extraversion – Extravert's are highly energetic and love interacting with other people
whereas introverts don't like to interact with people much and get their motivation from
within. The traits in this factor include being energetic, talkative and being assertive.
 Agreeableness – People who fall under this category are friendly, cooperative as well as
compassionate (Big Five personality test traits, 2020). Traits of this factor include being
affectionate, kind as well as sympathetic.
 Neuroticism – This factor is sometimes also called as Emotional Stability and thus this
factor relates to the emotional stability of a person and the degree to handle negative
emotions. People who show high neuroticism are usually moody and tensed and thus
show emotional instability as well as negative emotions.
LO 4
Explain using relevant examples, how background and experience can hinder or foster
entrepreneurship
There are a number of factors that can hinder or foster entrepreneurship (Storey, 2016)
(Turner and Gianiodis, 2018). The factors can include caste, religion, race etc. One of the major
aspects the experience that the individual has had in his past or the environment in which he/she
grew up. Personal background and experience of an individual can significantly impact the
growth of an entrepreneurial venture and can also be a reason for its decline. The different ways
in which background and experience can either hinder or foster entrepreneurship is explained
below with the help of examples-
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Family Background – Family background can play an essential role and can either
hinder the growth or foster entrepreneurship. The family of a person provides moral as well as
practical support to a person's decision to start an entrepreneurial business. The family can
provide support when it comes to raising funds, for example. The factor can foster the growth of
an individual and his decision to start a business or hinder the same by not providing any kind of
support and discouraging the idea (Walsh and Cunningham,2016). Children who grow up in a
family that runs a business are likely to follow the footsteps. In such a case, the children consider
their parents to be role models. Also, children in such families are mentored by their parents as
they have knowledge of how a business is run and what are the possible risks as well as
challenges associated with it. In this way, the family background of an individual can help foster
his/her own entrepreneurial venture.
On the other hand, if an individual from a non-business family background decides to
start his/her own business, there is a high probability of the family members not supporting the
idea. In such a case, the family members and friends do no provide support to the individual in
starting their own business which can result into lack of motivation and confidence within the
person. For example – When Mark Zukerberg, the founder to Facebook came up with the idea of
starting his own entrepreneurial venture, his family supported him throughout in the form of
providing moral as well as financial support initially. The family members ensured that Mark
received quality education before he went on with his idea of starting a business. On the other
hand, JK Rowling, author of the best selling book series- “Harry Potter” struggled a lot before
she started writing her first Harry Potter book. Thus, it can be said that the family background of
an individual plays an important role and can either hinder or foster entrepreneurship and the
individual should take challenges positively.
Experience – Successful entrepreneurs generally have prior experience of either working
for an organisation or a business. Having experience provides individuals with ideas that are
unique and innovative as to how can the business operations be carried out in an effective way
(Wang and Liu, 2016). For example- Peter Grainger and Brent Hadfield did not randomly come
up with the idea of starting CafePod, rather they thought that the experience of making coffee at
home lacked quality when this idea came into their mind. Experience provides knowledge and
various other insights to individuals and enables them to run their business effectively. Having
an experience of working in a business previously helps entrepreneurs understand the changes as
16

well as latest trends in their specific area effectively and then formulate strategies that are
efficient as well as help the business in being successful. For example – JK Rowling had an
experience in writing from a very early age. Even after having experience in writing, the author
got rejected a minimum of 12 times if not more.
On the other hand, if a person does not have relevant experience and randomly decides to
start his/her business, there are high chances of business getting failed. Lack of experience can
cause depression and can lead to anxiety, depression and finally result in demotivation. This can
hinder entrepreneurship as the individual will not have any motivation of working towards
achieving the goals and objectives of the business and as a result will limit himself. Also, lack of
experience means that the individual does not have enough knowledge of the sector or the area in
which he/she wants to set up his/her business in (Doern, 2016). A lot of entrepreneurial ventures
fail initially, thus if a person has not experienced failure in his/her life, he/she will not be able to
take and accept the failure of the business and this can lead to depression. Having business
experience in the same or related industry in which the individual wants to start his/her business
can be beneficial as it provides an upper hand to him/her as the person will have complete
knowledge of how different activities take place within that kind of business. Experience also
encourages innovative ideas and helps a business in being successful and gaining a competitive
edge over competitors in the industry. If an individual does not possess enough experience and
knowledge of how different tasks in the business are carried out, he will have to face a lot of
challenges.
CONCLUSION
From the above report, it can be concluded that entrepreneurship is gaining more
popularity as compared to other businesses. There are various kinds of entrepreneurial ventures
that vary in size based on the operations they are into. These ventures have various similarities
and differences and can impact the economy of a country greatly which can be expressed
through graphs and statistics. Also, small businesses as well as start ups contribute to the
economy in various ways like generation of employment, innovative, unique and creative ideas.
Also, entrepreneurs who are successful possess various traits and characteristics like leadership
qualities, adapting to change quickly etc. and these are the skills that differentiate entrepreneurs
from other business managers. Family background as well as experience of an individual can
either hinder or foster the growth of an entrepreneurial business. Thus, in order to overcome
17

various challenges, an entrepreneur should have a complete knowledge as well as experience to
be able to carry out the business effectively. Therefore, entrepreneurship as well as small
businesses are of importance to a country as they help in its overall growth so a careful analysis
should be carried out in order to get an understanding of the factors that will impact the same.
18

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