Entrepreneurship and Small Business Management

Entrepreneurship and
small business
management

Contents
INTRODUCTION: .........................................................................................................................................3
P1 Various types of entrepreneurial venture and their typology............................................................3
P2 Comparison and contrast between entrepreneurial ventures............................................................5
TASK 2..........................................................................................................................................................6
P3 Statistics for showing impact of SME’s on economy...........................................................................6
P4 Importance of SME’s and start ups in growth of economy at every level...........................................7
Task 3...........................................................................................................................................................8
P5. Determine the characteristic traits and skills of successful entrepreneurs that differentiate them
from other business managers................................................................................................................8
P6 Aspect of Entrepreneurial personality reflect on motivation and mind set determined:................11
LO 4............................................................................................................................................................12
P7) Impact of background and experience on entrepreneurship .........................................................12
...................................................................................................................................................................15
REFERENCES..............................................................................................................................................16

INTRODUCTION:
The Entrepreneurship is a term which explains about an individual who have ability to
creates a new innovative business idea where they bear losses, profit and risk by their own along
with rewards. As per economic performance entrepreneurship plays an important role by
assorting the skills and initiative essential to basic needs that enhance optimum or favourable
business ideas that tends to increase growth as well as productivity in entrepreneurial business
area. To operate entrepreneurship through Entrepreneurs as they need to prove successful in
undertakes high risk to enhance better start up which rewarded through more profits, frame,
better market share and continued scrutinize growth and opportunities which helps to expand
entrepreneurial business. Therefore, for better organised the start up and other ventures which is
directly link between ownership business that support to shows individual or group of person
who owns company and seeking for productive investors to increase satisfactory financial
stability as well as goodwill.
In this report, it based on recommending business solution to entrepreneurship
established, as by report covering topics about different types of entrepreneurial ventures and as
they relate towards typology. Highlight similarities and difference between entrepreneurial
venture, assess relevant data which statics to detail better which about how micro and small
business that impact to economy, importance of small business along with start ups with better
growth. The character tics, skill and traits towards successful entrepreneurship which compare to
manager,. Personality of entrepreneurship personality with better motivation mind set. Through
providing relevant examples how background and experience.
P1 Various types of entrepreneurial venture and their typology
Entrepreneurs alludes to the way toward building up a business by tolerating all the danger
which is related with it to create benefit. A business visionary is the individual who takes all the
obligations of dealing with its business so it can develop into the market. It acknowledges all the
danger with a sole intention to acquire benefit. There are numerous sorts of Entrepreneurial
Ventures relying on the scale which are talked about underneath
Small Scale Enterprise: It includes little scope organizations which are claimed by a sole owner
with the goal that fundamental costs can be met. The business visionary just connects with a

couple of specialist which may incorporate relative or a staff for leading little exercises. Under
this kind of endeavors, the size of tasks is little (Baker and Welter, 2018). Case of organizations
under this can be markets, woodworkers, merchants; and so on these undertakings chip away at
an imaginative or inventive thought which is planned to build up the general public with the
innovative vision.
Large Scale Enterprise: these are the huge associations which embrace different tasks which
goes on simultaneously. It has enormous foundation and attempts to make huge openings for
work for all. These associations take up various inventive little ventures under them to develop
with the goal that it can procure huge benefits. They chip away at bringing new item or
administration into the market so faithful client base is kept up and developed with the
advancement of time. Instances of enormous scope undertakings can be Apple, Samsung, and so
on.
Scalable Enterprise: It is fundamentally that venture which brings development by the business
person. These associations comprise of new and innovative thoughts and manifestations which
nobody has ever purchased so the necessities of clients are satisfied. The proprietor of these
endeavors hand over these business to an enormous association and afterward take a shot at to
make something new (Bergmann and et al., 2018). Instances of versatile endeavors are Amazon,
Facebook, and so forth
Social Enterprise: it alludes to those ventures who work for fulfilling the client needs and not to
procure benefits. These organizations procure the benefit from their activities and use it to give
better offices to individuals who are in need however subsequent to utilizing the whole expected
to complete the tasks of big business. Instances of social undertakings can be Cafédirect, Hill
Holt Wood, and so on
Every one of these ventures work in a business climate which assumes significant part for
building up different typologies which may influences the dynamic of business person and work
for the foundation of big business. A portion of the typologies are:
Typologies of business
There are different sort of typologies associated with business venture adventures which are
related with the advancement of a business to make undertaking more successful. A few
typologies are talked about underneath
Growth firms: These kinds of organizations are shaped for procuring the most extreme benefit
and creating high incomes. The business people of such endeavors attempt to develop
groundbreaking thoughts through which the organization's productivity is improved on the
lookout (Brush and et al., 2019). These thoughts are primarily created for fulfilling the
necessities and prerequisites of their clients so they can get improved outcomes from the items or

administrations which are being given to the clients. These organizations fall under little and
enormous ventures.
Lifestyle Enterprise: These are the sorts of ventures which are shaped for improving the way of
life of the nearby individuals in which the organization is working its capacities. These
undertakings give openings for work to the neighbourhood individuals of that place just as their
items and administrations to those individuals. These fall under the social endeavours.
These typologies and enterprising endeavours are interconnected with one another as they give
their greatest endeavours for improving the expectation for everyday comforts and way of life of
the individuals (Bruton, Zahra and Cai, 2018). Likewise the two of them additionally give their
conceivable commitment into the turn of events and development of the economy where the
business tasks are running.
P2 Comparison and contrast between entrepreneurial ventures
Basis Small business Large company Social
entrepreneurship
Scale They are known as
independent venture that
is worked at little scope
by utilizing cash in
modest quantities. These
association has low
venture limit.
These business works over
high scale in light of
which sum required is
enormous over cash for
smooth running of all
cycle inside business.
These association
works at
neighborhood level
to fulfill
requirements of
nearby individuals
and society.
Purpose Primary motivation
behind such organizations
is to make procuring of
occupation to carry on
with life serenely.
Such association is framed
uniquely to bring in
colossal measure of cash
by imaginative thoughts
and item development.
These are shaped for
the up liftment of
nearby individuals
with the goal that the
expectation for
everyday comforts of
the neighborhood
individuals can be
improved.
Characteristics Such business is needed In such organizations These organizations

over restricted assets to
maintain a business and
impedance of government
is likewise low (Dwivedi
and Weerawardena,
2018).
higher measure of cash is
required. Impedance of
government is more
because of different and
huge activities that is
being performed by them.
requires cash which
is given by the
administration as
they are working for
the government
assistance of
individuals.
TASK 2
P3 Statistics for showing impact of SME’s on economy
•Small business turnover helps shape the UK economy-When estimating the monetary
commitment of the private company, Turnover is the primary measurements that strike in the
brain. Independent company characterize by the UK are those which are less than 250
representative and turnover is under 50 million. 99% of the SMEs are as of now working in UK.
organization is giving business, So this a combination of accomplishment and disappointment in
the economy.

Independent company development influences the UK economy-When it comes to business
development; private venture undertakings are performing admirably work rates are at high
record. With half of independent company ventures, extend their activities. Organizations are
emphatically reacting in the economy (Hayter, Link and Scott, 2018).
•Expansion and advancement to worldwide market are the critical drivers of flaunting
profitability among UK. gauge propose to progress of trading plans.
•Globally dynamic private company undertakings are more imaginative when discussing items
and administrations than the individuals who all are zeroing in on homegrown business.
•There are one out of five is the exporter in private venture endeavors. It is assessed that
somewhere in the range of nine and twelve percent of non-sending out firms in the UK could
become exporters.
•UK independent venture endeavors are less development slanted in the economy. The
worldwide Entrepreneurship screen that SMEs grown up to 17% in UK contrasted with 27% in
the US.
•Small Business Enterprises effectively adjusts and reaction in the economy, in light of the fact
that these endeavors are known to manage the client needs of their neighborhood network.
Independent venture additionally changes in the rescission time of the economy.
•Small Business Enterprises produce rivalry and support new development over a scope of
ventures. SMEs give a sound gracefully of new abilities and thoughts and make the market more
unique. Business visionaries are distinguishing new market and setting up SMEs to open up this
new market.
P4 Importance of SME’s and start ups in growth of economy at every level
Small organisation and business new businesses are critical to the development of the social
economy. It is the foundation of economy. Private companies and business new companies
assume the huge function in economy development. Private ventures and business new
companies likewise present new work openings.
Work openings: Small organizations and business new companies gives occupation to nearby
worker. Because of private ventures and business new companies individuals get works.
Independent ventures contribute in economies by bringing work development and advancement.
It additionally helps incitement of monetary development. Numerous organizations are relying
upon independent companies. This makes openings for work which helps in lessening level of
joblessness. Because of this abilities and information on an individual is improved with
productivity (Morozova, Popkova and Litvinova, 2019). Additionally better climate is made by
making openings for work to be created inside each section of market.

Both independent companies and new businesses utilize techniques to pull in individual for
working inside separate association.
Adding to neighbourhood government: When the customers are buy from nearby independent
companies, at that point they are giving mo0ney back to their locale. The independent ventures
and business new companies produce high measure of income that implies they pay higher level
of charges. These duties are helps in improving the GDP. Independent ventures and business new
companies pay many assessments to government like GST, property charges, annual expenses
and so on It helps in expanding the duty bases.
Advancement: It is fundamental factor of monetary turn of events. The private ventures and
business new companies actualize the creative thoughts and best system for commercializing
innovation. It is contributing in speedy advancement of new innovations. Development is useful
in upgrading the profitability of private companies and new businesses. It contributes in
economy development by growing new methods or groundbreaking thoughts or item. These sort
of arrangement helps government in satisfy their targets and objectives. As they assume
significant function in economy of a state. Advancement helps in ensuring that the item produce
by them as quality in it.
Expectations for everyday comforts: Small organizations and business new companies are
work makers. They give occupations to people groups and by bringing business development or
advancement. At the point when people groups are landing position then they have cash for
satisfy their own requirements. At the point when cash change in market the business managing
will occur in sure way (Muñoz and Cohen, 2018). Openings for work expanding the expectations
for everyday comforts.
Independent companies and new businesses improve expectations for everyday comforts by
giving compensation to a person that helps in satisfy their fantasies.
Task 3.
P5. Determine the characteristic traits and skills of successful entrepreneurs that differentiate
them from other business managers.
Every successful business entrepreneurship is must having set of attributes or traits that
helps to leads with each individual to accomplish in better way towards attain overall
targets. In every complexity situation helps to form better strategic formulation plan to
proper understand for business background.
In following thre is highlighted two successful entrepreneurship where is one from United
Kingdom and other is from international background:
Philip Green :

He was born on 15 March 1952, is a British billionaire businessman, and the chairmen of
Arcadia group, it is retail company that includes Topshop, Top mart, Walls Evans and other
outfit.
Traits:
 Passion: This is one common traits that every entrepreneurship must involves about
business related and every entrepreneurship as per obvious reasons as well as genuine
reasons (Jena, 2020). Similarly, Philip green is having passion trait that makes him more
concrete as they like what they want to pursue that provide certain satisfaction.
 Creativity: It is one of main aspect that enhance huge creativity that contain ability to
seeking better relationship between complexity situation and events. They usually come
up with better solution towards situation condition. As Phillip is having various ideas that
enhance to develop more business related ideas as well as optimum solutions get
evaluated in positive manner.
Characteristics
 Problem solving: As per this trait, it depicts about the individual which having better
decision making power as well as to resolve the issues and problem in quickly manner.
The quality of problem solving is having in Phillip Green that allows to approach
corrective actions.
 Better Leadership quality: According to this trait, to being successful entrepreneur and
individual must have quality to influence that better enhance better teamwork of
workforce as well as flexibility to managerial aspect (Guerrero and Espinoza-
Benavides., 2020). Phillips Green is having personality where he makes influence to
others or their peer member in effective member.
Skills:
 Better communication: As per this skill is suit to Phillip green because he is good
public speaker before he starts his first venture he was involvement in political relation
where he used to deliver effective speeches.
Tommy Williams
Traits

 Having effective Willingness: To being successful entrepreneurship is most tuff
situation in which that being to more employee. As successful, the entrepreneurship
which must involve to contribute towards better efforts for accomplish positive
outcomes. As Tommy Williams has this trait to higher capabilities to undertakes every
type of responsibility to become successful entrepreneurship. Ability to sell: An effective entrepreneur must be having comfortable to selling
product and services. Even though selling object with better presentation and attributes.
Characteristics and traits.
 Innovation: Innovation is consider to be most completive segment of
entrepreneur as it facilitates to offer the aiming about the business point of view
something which brings the sense of accomplishment and achievement in terms of
customer retention and market exposure as it Company like All Shades Recovered
has it own mission and vision which helps to enhanced the mobility factor of
upbringing the market growth with optimum objectives.
 Feedback Taking approaches: The most impactful trait of All shades recovered
company is focuses towards the regular based feedback from its workforce and its
customers which are frequently connected through this venture to analysis the
demanding factor and enhanced them to improvising in the products.
 Leadership Quality: As the background of owner of All shades recovered
Tommy Williams is one of the having exceptional leader ship quality in which it
helps to manage his workforce where they have to deal with home and hair
products (Kuratko and Morris., 2018).
 Risk taking: The effective entrepreneur is a only being successful when it
enhanced towards the risk taking in the business as well as it made the successful
with optimum requirement of job opportunity where to achieve the high amount
of desirable goals it instructed to being like risk taker.
Skills
 Have to be Focused: The entrepreneur is very much focused in terms of to
achieve something as in business world, Tommy Williams having a goal to
making it start up effectively in international level by which it focuses toward

the main objectives through which it leads to bring every entrepreneur
success in life as well as motivates the inner confidence.
The characteristics and traits of Issa brothers can be explained as follows:
Characteristics Image management: it is an essential characteristic that must be learned by a business
manager in order to survive in the competitive market. The Issa brothers also focuses on
maintaining an effective image of their company and also try to grab innovative
opportunities to challenge themselves in the external environment of the industry. Opportunity Grabbers: It is necessary for a business to grab effective opportunities for
enhancing their market share across the globe. In relation with Issa brother, they have
garbed many effective opportunities like taking over ASDA group and many more. That
is why they are considered to be competitive among the other rivals in the industry . Openness to Change: The change management is essential for a company to enhance
their operations effectively. The manager have the duty to introduce change in their
operations and among their workforce. In context with Issa brothers, they have adopted
thee brand extension techniques and have also diversified their operations worldwide.
Skills and Traits Visionary: The vision is considered to be the long term objective of the company
developed by the mangers ion order to obtain it effectively in the working environment.
In relation with Issa brothers, they concentrate on devising strategies that will
complement their vision and mission and will enhance their growth prospects in the
complex working environment.
 Teamwork: team is an essential building block of the company background which will
enhance their goodwill in the industry. The proper management of the team will initiate
their workings towards the attainment of the goals of the company. Also, Issa brother is
focusing on developing an effective team environment that will help them in achieving
their objectives effectively which will also motivate their workforce towards high
performance.
There is a difference between among the successful entrepreneurship and business managers
in mentioned below:

Basis Successful Entrepreneurs Business Managers
Focus The entrepreneurship are remain
constant focuses on to their objectives
which makes their business successful.
The business manager mainly focuses
towards performing responsibility
which has been assigned to the
particular workforce.
Motivation The Entrepreneur focuses towards
formulating mission and visions which
enhanced to motivates employees by
directing or provides the guidance them
towards accomplishment of goals.
Business managers are mainly
determines towards motivating
workforce working culture on a
particular set of actions which bring
the set of productivity(Welter, Baker
and Wirsching., 2019).
P6 Aspect of Entrepreneurial personality reflect on motivation and mind set determined:
A Personality of a person individuals which emphasis that it helps and inner motivates to
forming of psychological factor that further form of making sets of decision they taken into
consideration. Some of the psychologist states , there are five dimension of personality traits
which effect to the individuals reflection. All shades of owner Tommy Williams are two
successful entrepreneurship and in order to determine their motivation through the mindset
of Ocean personality traits has been implement that reflect it effectively.
 Openness: This one of the traits which consists the individual business traits of
personality that defines the sense of mind should positive where it helps to enhance
the new learning power where it comprises about the gaining of new knowledge in
terms of business exposure and sense of achievement. Issa brothers are open to
change and challenges in the external working environment. Also, the brothers
attempt to innovate their operations and products range in such a way that it will
enhance their loyal customer base and ultimately improve their profits and
productivity.

 Conscientiousness: A individual person like Tommy Williams stand for his goals
and objectives towards to achieving in some sort of business reasons which it
focuses to motivate the employees towards the goal achievement throughout the
world. Issa brothers focus on the development and implementation of the rules and
regulations that will sustain an effective working environment in their company.
As this will help in managing the complex workings easily and the workforce will
get focused towards the attainment of the organizational goals.
 Extraversion: This personality trait reflects the person interaction, social
involvement, more outspoken. As in the All shades company is having the efficient
employees where the owner is get trained them to being interactive and social
welfare towards the organization. The Extraversion trait of the Issa brothers have
enhanced their operations worldwide. With the implementation of expressive
strategies they are able to convince the customers and workers towards their
company operations and products range.
 Agreeableness: It emphasis about the entrepreneur trust, affection, and kindness
which supports the entrepreneurship to leads towards the workforce effectively in
friendly environment where they can coordinate and having effective trust bond
with each other as the Tommy Williams have with his Employees within the
organization premises. The efforts of the work group of Issa brother are effective
and due to which they are able to obtain effective results out of it. The team efforts
have initiated their success path towards a leading brand in the competitive
industry.
 Neuroticism: The factor of Neuroticism is stats about to control in emotional
stability otherwise it gives the weakness and anxiety through which it enables to
support with issues defectively in the terms of dealing with those problems which
can creates the conflicts before resolving to them (Gibson., 2017). The Issa
brothers have the emotional stability factor in their personality which have enhance
their stress inherent ability in the working environment. Also, through this the
brothers are able to handle excessive work pressure due to enhanced working
operations across the globe.

LO 4
P7) Impact of background and experience on entrepreneurship
The background and experience of an entrepreneur is having significant effect on success
and failure of an entrepreneurship which can be understood by following examples:
Hayden wood
He is a co-founder and CEO of Bulb which is among one of the fastest growing energy
supplier of UK that provide most affordable, renewable energy to around one million members.
Background- Hayden wood was living in UK, London and have completed his BSc from
the London school of Economies and political science during 2002 – 2005.
Experience- The life experience of Hayden wood includes his study in economics at LSE
and he also spent 10 years as a management consultant in Monitor Group and then in Bain
& Company prior to founding his own company Bulb.
The life experience of Hayden wood has played a crucial role in becoming a successful
entrepreneur as during his job in Monitor group and Bain company he noticed many poor
services, expensive tariffs, inefficiency and environmental harm created by industry (Acs, Szerb
and Autio, 2017). Thus, Hayden wood get a positive direction from his life experience to form a
company that is leading better change in energy sector through better use of energy.
Jeff Bezos
Jeff Bezos is another successful entrepreneur that has created an online shopping website
with name of Amazon that provide a new experience of shopping to customers.
Background- He was born on 12 January, 1964 in Albuquerque. He had received a
degree from University of New Mexico and attended River Oaks Elementary School.
Experience- During the high school Jeff Bezos worked at McDonald's as a short-
order line cook during the breakfast shift and he also attended the Student Science Training
Program at the University of Florida.

Thus, it can be evaluated that the background of Jeff bezos is basically form a
economically weaker section of society that motivates him to strive for success and earn better
profit through an effective and well managed business therefore, provided direction to creates a
big single network in form of Amazon that connects thousands of people over world.
Mohsin Issa
Mohsin Issa is a British billionaire businessman and also the founder of Euro garages
which is a chin of petrol filling stations. Also, he will become a major stakeholder in ASDA
group by 2021.
Background: He was born in July 1971 in Blackburn. He have gained his educational
knowledge from Witton park high school.
Experience: He along with his brother Zuber Issa have taken a garage on lease in the
starting phase of their journey in the competitive environment. That garage was their first petrol
station which was situated in Bury, Great Manchester.

CONCLUSION
Through above report of entrepreneurship and small business management has come up
with conclude where different type of entrepreneurial venture like small, medium and large
business types. After that to differentiate between small, micro and large based organisation,
Important statistic data related with small medium business whose having positive impact in
United Kingdom economy that provide better employment and more productivity. There is
having better small business important enhance economic range of product and services as well
as optimum resources which allows to easily enhance better mobility in business. By taking
Phillip Green and Jeff Bezoz two successful entrepreneurs and describe their skills and traits as
per accordingly. By forming Ocean personality to point out each entrepreneurs in one of
personality traits. Different background and experience which relates through hinder and foster.

REFERENCES
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lenses.
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