Entrepreneurship and Small Business Management: Types, Impact, and Traits

This study delves into the types of entrepreneurial ventures, their impact on the economy, and the characteristic traits of successful entrepreneurs. It explores the similarities and differences between public and private companies, the impact of macro and small businesses on the economy, and the importance of small businesses and start-ups for the growth of the social economy. Additionally, it highlights the key traits that differentiate successful entrepreneurs from other business managers.

Entrepreneurship and small
business management

TABLE OF CONTENT
INTRODUCTION.................................................................................................................................4
PART 1..................................................................................................................................................4
Types of entrepreneurial ventures and they relate to typology of entrepreneurship...........................4
Similarities and differences...............................................................................................................6
PART B.................................................................................................................................................7
Impact of macro and small businesses on economy...........................................................................7
Importance of small business and start-ups for growth of social economy........................................8
Characteristic traits and skills of successful entrepreneurs that differentiate them from other
business managers.............................................................................................................................9
Background can hinder or foster entrepreneurship..........................................................................13
CONCLUSION...................................................................................................................................14
REFERENCES....................................................................................................................................17

INTRODUCTION
Entrepreneurship and small business management can be understood as heart of
business widely it is understood to be widely growing on various parameters of efficacy,
governance of enlarged innovation and for building entrepreneurial skills. The report will be
explaining types of ventures and typology related to business development, with focus
towards similarities and differences which enable to grow them widely. The report will be
analyzing impact of macro and small businesses on economy and importance of small
business and start ups for growth of social economy which is widely growing. Report will be
also discussing forward characteristic traits and skills of successful entrepreneurs which shall
deliver as main fundamental criteria for personality reflecting their motivation and mindset.
The report will be also analysing experiences and backgrounds, which hinder and foster
growth productively onto larger aspects, and how their working avenues have largely grown
to be acknowledged as highly important. This report will aim to bring out in detail analysis of
varied growth analysis to develop stronger innovation, goals advancement and also to
program larger creativity standards within production and business goals widely. Study shall
also keenly bring on new quest horizons to be actively analysed among competitive
scenarios, larger goals advancement and new factored on growth.
PART 1
Types of entrepreneurial ventures and they relate to typology of entrepreneurship
Entrepreneurial ventures can be understood as organisations which are widely focused
towards producing enlarged working vision, defined new innovation scenarios and
productively also scaling new quest horizons in business world where they differentiate from
each other based on size, scope and new functional paradigms. The types of entrepreneurship
ventures are small businesses, scalable start-ups growth firms and also within new keen
scenarios where they can be segregated based on scope, size and development which are
private firms, public companies and voluntary sectors (Anderson, Wennberg and McMullen,
2019).
 Public ventures: The public companies are large in size where there are wide
operations for new evolving functional scope, leveraging fundamental development
and also shares are open for public to invest in which develop larger goodwill
efficacy. The public companies are open among people for investments and also to

enhance functional scale profitability metrics, where new functional diversity
standards are wide. Public companies also are productively wide for recognising
higher segments of efficacy among operations, new keen synergy is put towards
capital investments to bring on larger efficacy among technical standards.
 Private ventures: The private companies are also widely large in size and definitely
focus towards building innovation among new operational efficacy governance,
leveraging diversity but shares are not open for public to invest in. Shareholders are
widely focused on inner investments in capital formulation, decision power is only
within hand of shareholders and no outsiders can take any part within decision taking
factors. The private businesses are solely focused towards gaining new growth in
revenue standards, goodwill paradigms and also for gaining larger competitive vision. Voluntary ventures: The voluntary companies on other hand focus on working
enhancement where new functional diversity standards are put towards building
larger vision towards new horizons of public services, gaining focus on generating
active scenarios. There is limited investments of capital and new working
enhancement where services are for betterment of society and also larger vision is
developed towards social productivity (Azoulay, Jones, and Miranda, 2020).
Ventures based on typology aspects:
 Survival firms: The survival firms are focused towards bringing products and services
based on only survival and new factored growth avenues , which are based on
competitive functional efficiency and profound goals factored on within industry
domains. The survival firms are widely known towards building operational
innovation with limited capital structure, high positional stress on risk from external
factors for larger productivity and goodwill in longer run.
 High tech firms: The high tech firms are based on wide investments scenarios within
business paradigms and for larger goals efficacy within capital structure, larger
functional innovation and also to promote diversity among larger functional zones.
The high tech firms are widely essential for gaining determinants, enlarged
competitive paradigms and also to encompass new innovation scope among larger
new products and digital customers oriented services (Browder, Aldrich and
Bradley,2019).

Similarities and differences
There are various similarities and differences which can be understood within various
types of ventures, based on their capital structural formulation goals and expertise domains
and how productively they build structural efficacy within larger governing scenarios.
Similarities between public and private companies:
The similarities between private and public companies can be understood form the
fact that large capital range are used for gaining functional innovation, quality metrics and
also for gaining efficacy among operational aspects. Both types of ventures large in size
where the major impact on innovation is developed and also productive display of new
products, services are worked on which not only generates goodwill paradigms but also
enables management for gaining functional innovation. The similarities can be also analysed
based on technical growth governance efficacy is widely essential for gaining enlarged vision
formatively important (Champenois, Lefebvre and Ronteau, 2020).
Differences between public and private companies: The various factors of differences can be
also analysed with analysis of growth connectivity and shareholders productivity goals,
where public companies shares are open among public to invest where focus is towards
working vision. The private companies on other hand are not open for public to invest on and
shares can be invested by shareholders, where there are various paradigms such as
shareholders are responsible for decisions. Public companies have decision factors which
vary form private companies where public who are investing in shares cannot take decisions
for company.
Differences within voluntary, public and private companies: The differences between
voluntary and public, private companies enable us to analyse that voluntary companies are
widely focused on new services where resources are limited also and there is focus towards
building new functional scenarios. The voluntary companies are focused to serve people with
best advanced services for betterment of society, and also to develop governance on bringing
new functional domains. There are no shareholders in capital structure, working horizons are
limited in avenues where governance of structural paradigms are limited and also productive
functional determinants within larger goals efficacy. Private companies, public companies are
focused towards new levels scenarios where vision is widely working with large capital
range. There is limited reach among people for voluntary companies as there is limited

capital for higher investment as compared to public or private companies which further adds
on to wider goals (Horst and Murschetz,2019).
PART B
Impact of macro and small businesses on economy
The macro and small business on economy can be understood to be widely essential
for gaining functional innovation where there are large number of start-ups, businesses
setting up large efficacy governance where various new skills are enabled to be worked on.
The impact of macro and small businesses on economy is widely focused towards diversity
operational metrics where there are various paradigms analysed within UK economy. These
factors will be analysing how small companies, start ups are fuelling up the global economy
with wide innovation factors and new advancement coming up among business regulations
and higher employment levels peeking in for new strength.
 Increased GDP: Macro and small businesses on economy enhances GDP levels in
economy parameters where there are various factors such as coming up of new
companies and start-ups within industry levels which enable keen growth
productivity. The increased GDP is highly essential for gaining innovation scope and
also large numbers of small businesses have wide innovation goals diversity factors
which gives push to overall economy GDP scenarios. This factor enables us to
analyse new determinants where there are large goals such as larger engagement
paradigms among public which boosts public integration in opening up new business.
Also the factor of new productive job working opportunities within businesses enable
leveraging aspects to be worked on with innovation, synergy of vision and creative
diverse ideas is also high which enhances overall GDP (Heiden and Peters, 2020).
 Higher employment rates: The macro and small businesses companies in economy
are widely focused towards higher employment rates where there are various
paradigms such as new functional synergy scenarios, larger vision formational
avenues where higher employment rates among people is actively enhanced. It could
be understood that larger employment rates among public within small scale industry
has high potentialities for factoring new vision and development of larger working
standards. Within UK the large number of small start-ups have given increased push
to advanced employment rates and new standards development, for analysis it can be

observed focus on fact that many standards of people employment opportunities have
been actively grown.
 Larger enrichment of talent and diversity of ideas: The macro and small business
have also widely given enrichment push to talent and diversity aspects of ideas, talent
development and also for gaining innovation development among business scale
opportunities. Businesses have actively worked on producing new functional working
growth scenarios where there are various people finding services and goals to enhance
their skills, talents fruitfully. This factor is widely crucial for productive development
within varied horizons and also for keen creative growth objectives where corporate
paradigms have been widely growing on larger objectives with bringing on productive
development of small scale business industry. This has also developed productive
synergy within innovation operational paradigms and also to develop new creative
aspects onto larger efficacy standards (Koivula, Villi and Sivunen, 2020).
The employment increase within people has competitively working onwards new
goals and wider working efficiency where globally GDP has also rapidly increased
with new companies coming up within all paradigms.
Importance of small business and start-ups for growth of social economy
The importance of small business and start-ups for growth of social economy can be
understood to be widely important for growth efficiency avenues and larger vision
formational aspects, which develops larger informative goals scenarios within social
economy aspects and also for productive growth. The importance of small businesses and
start-ups for social economy can be analysed by various aspects and determinants of avenues,
where there are larger creative domains worked on and also synergy for heading with
innovation is widely active toward new potential metrics.
 Increased competition factors: The small businesses and start ups opening up has
given strong rise to social economy factors where there are large numbers of new
businesses coming up in industry within global paradigms. This has also potentially
worked on in bringing enhanced new functional scope synergy among keen scenarios,
productively to enrich new innovation goals. The competition factors within global
industry has given push with new increased supervision and keen growth objectives
where start up are widely active to grow widely for new creative ideas growth
scenarios.

 Larger employment rates increased: The small business and start-ups are widely
active to bring on larger employment rates on increased percentage aspects where
various local people are able to get jobs and positional metrics. This has also actively
given push for new quest horizons, actively developed employment rates with
development of evolution of new ideas and efficacy goals. The social economy has
been growing widely on various domains of expertise and functional productive
determinants, which are also worked on new quest horizons. Larger employment rates
have actively enhanced developing synergy of informative innovation, strength
towards new productive ideas and also for gaining larger goals widely (Kraus, Palmer
and Spitzer, 2019).
 Higher enrichment of new ideas into businesses: The small businesses and start ups
are widely focused towards enriching vision of new ideas competitively into
businesses and widely also for gaining stronger working efficiency, which has also
productively developed efficacy standards. UK is one of the best country within world
productively bringing on new business ideas into start-ups and small scale businesses
where there are varied growth towards active growth scenarios widely. The factor of
most spread global level importance of coming up of various new start-ups, larger
formative functional enhancement within wide competitive scenarios. There are larger
goals advancement worked on and also coming up of new informative ideas and
businesses have actively build on to be widely one of the best fundamental aspect
(Rajiani and Ismail, 2019.).
These factors have in detail analysed importance of new business avenues, new scale
productivity and functional innovation working on larger domains specialised efficacy
standards. It has been also understood as widely essential for gaining functional innovation
diversely, for recognized growth aspects and for generating larger goals in business industry.
There are various new expertise scenarios worked on within opening up of start-ups, industry
parameters of excellence where there are larger goals advancement avenues, for keen ideas
development of new efficacy operational goals.
Characteristic traits and skills of successful entrepreneurs that differentiate them from other
business managers.
Entrepreneur is an individual that have special capabilities and talent to incorporate
new business venture by considering associated risk with an motivate to earn huge profit
margin. There are number of successful entrepreneur in UK that has special characteristics or

trait to manage diverse individuals so that overall objectives can be achieved. Therefore,
several characteristics, traits and qualities of successful entrepreneur are discussed below as:
Self motivated: Entrepreneur are high self motivated to undertaken steps to start and operate
business operation by offering products and services to end customers. They have positive
attitudes that encourage them to face different challenges and threats thus make correct
decision for growth and development of organisation (8 traits of successful entrepreneurs--Do
you have what it takes, 2020). Like both Jack ma and J K Rowling are self motivated to
establish respective business in order to attain specific objectives.
Creative and innovative skills: It can be stated that entrepreneur have innovative and
creative characteristics that helps them to always find new and innovative idea that they can
use in order to meet customers’ requirements. Jack ma is an innovator that helps planned to
start its e-commerce business to earn large amount of profit margin and sales volume. On the
other hand, JK Rowling is writer that has use its creativity in making several harry potter
fantasy series so that people can have fun and enjoyment.
Risk taking ability and competitive spirit: Entrepreneur are individuals that have
capabilities to bear high amount of risk related to finance so that company can easily operates
its different functions. For example: Jack ma know associated risk with business despite of
that it has been motivated, determined to put its best efforts so that company can grow and
success in near future.
Vision and persuasiveness: It is another important characteristic of successful entrepreneur
that make its different from others. Like it have strong vision or big picture in mind regarding
the way particular goal can be achieved. Entrepreneur is always persuasiveness or
consistence thus continuously put its efforts so that company can sustain in highly
competitive market. JK Rowling and James Ma have regularly put their efforts with long
vision in their minds that helps them to take accurate decision and face several challenges for
achievement of common goals.
Both entrepreneur and manager have different characteristics and traits that can be
illustrated through table given below:
Entrepreneur Manager

Entrepreneurs are always self motivated, with
having strong vision and capabilities to bear
high financial risk.
On the other hand manager are people that
work in order to get particular salary and
take less amount of risk.
It focuses on diversification, growth and
expansion of firm or finding new ideas that
could contribute in company in gaining
competitive advantages.
Manager always focuses on its daily
functioning so that company can attain its
objective within limited time and cost.
Entrepreneur has special capabilities to bear
higher risk so that firm can get maximum
benefits.
While manager is responsible for
controlling risk so that firm can sustain its
operation for longer time frame
(Entrepreneurs vs Managers, 2020).
Aspects of entrprenuiual personality reflection in motivation and mindset
Entrepreneurship personality is widely reflected on the working plethora, decisions of
empowering employees within company and for bringing on higher scale technology
development for enabling long term profitability. There are various aspects of entrepreneurial
personality reflection in motivation and mindset where there are larger goals advancement,
new profound working scenarios for gaining stronger growth objectives and also for larger
goals efficacy among operations. Entrepreneurs personality reflection motivation and mindset
have been worked on as one of the most innovative aspects, where larger domain
specialisation and functional scope governance enables to build larger efficiency aspects.
 Building on new innovation and new functional growth standards: This factor
enables us to analyse growth productivity for training functional innovation, new
functional growth standards widely and also for stronger working structural
innovation. This factor is also actively important for analysis and enlarged growth
paradigms where larger growth paradigms such as potential rise on larger vision,
formational evolution of new avenues. This aspect productively explains functional
goals advancement in reflection of motivation and mindset analysis which widely is
essential for gaining larger growth, operational synergy of technical innovation
(Randhawa,, Wilden and Hohberger, J2016).

 Intelligence and focused vision: This factor has been widely active towards working
intelligence of leaders within businesses and focused vision which holds wide
importance for gaining larger goals efficacy. Entrepreneurs with stronger personality
aspects and mindset often look for working focused, widely towards vision
formational aspects where governance of efficacy is developed own words. This is
highly crucial for gaining stronger leveraged goals advancement where operational
efficacy works towards larger vision formational aspects, and also for creative
stronger synergy. Thus focused vision and larger potential keen scenarios are widely
essential to determine larger active targets formation and leveraged determinants for
efficacy standards. Time management is also one of the most important skill to
empower and motivate all employees working within company where the goal keeps
their performance in check, leverage technical advancement and also work on more
profitable working paradigms for wider functional ethics.
 Clear content and strong time management: This factor is also widely crucial where
entrepreneurs have been working with clear content, strong time management
essential, for leveraging focused avenues and also to deploy larger innovation
paradigms. This has been also understood as larger technical strengths and expertise
functional diversity of creative ideas, stronger development and diversity of stringent
goals formulation on larger domains (Schilling and Shankar, 2019);. Entrepreneurs
have been widely active to generate stronger goals and revenue standards, goodwill
horizons in businesses where there are larger targets focused on within industry
domains. This has been widely understood to be the most active factor influencing
for gaining stronger diversity paradigms, larger factored on growth productively and
also for creative stringent innovation which motivates and inspires inner will to
execute larger efficacy of operations.
 Successful entrepreneurs have various functional metrics and larger goals within
working scenarios with developed new marketing strategies , scenarios for
motivational governance and new strengths for efficacy targets in their professional
excellence. Globally there are various successful standards where various
entrepreneurs have been actively moving ahead, with diverse creativity governance
and new developed keen productivity operational paradigms. Successful
entrepreneurs work with focus on monitoring their performance standards with
controlling and longer term positive factors building larger goals innovatively. They
have persistence and new competitive spirit for working with primitive goals

formulation which keenly motivate them for technical productivity. There is
courisma, new larger quest goals potentially worked on by bringing on new quality
aspects for stronger working performance parameters and also for gaining larger best
revenue targets in businesses (Stojcic., Hashi and Orlic, 2018).
Background can hinder or foster entrepreneurship
The background factors are widely essential for governing focus to future business
potentialities and fostering productive growth towards new vision formational aspects where
there are various factors to be analysed widely. Background in detail include various aspects
of vision, nationality factors and education factors which energise new domains growth
widely towards developing active growth scenarios. These factors can be analysed by
growing focus towards how background and experiences can hinder or foster
entrepreneurship where the informative analysis such as keen working aspects of passion and
leadership synergy enable new growth towards larger goals efficacy. Examples and real life
stories within various parts of world have proved this fact to be highly essential for
businesses active growth, fruitful growth towards diversity aspects and how keen scenarios
will be potentially working towards larger determinants.
 Jack Ma is one of the best and globally renowned entrepreneur and CEO of Alibaba
one of the biggest ecommerce company within world, has face various hurdles in his
initial working periods and has been also producing new functional scope for
customers oriented digital business avenues. He is not only active toward building
domains of specialised work strengths productively but also holds wider passion,
creative vision and new efficiency synergy for gaining larger effective results. The
entrepreneur has been charismatic in inspiring and motivating millions of people with
his determination to succeed on path of entrepreneurship, where he has been active
for changing and varying business scenarios. Alibaba serves various new standards of
products , digital customer oriented services and digital efficacy standards where he
has been productively focusing to bring on stronger paradigms of innovation and
larger vision building creativity.
He faced various failures and fund raising issues during initial periods of
gaining informative focus on working scenarios, where he has been specifically
focusing on enlarged gaining strengths and new quest horizons widely. There is
determined scope of keen efficacy among larger determinants, and for determining

technical efficiency among varied aspect where long term competitive excellence is
focused on (Tan, Wang,, and Li, 2020).
 J.K. Rowlings is one of the biggest and richest entrepreneur, author of many world
renowned novels and books where her willpower, passion and vision to form new
working scenarios of larger efficacy standards have been widely motivating. She has
long story of personal struggle in her career where she faced family issues while being
raised up, and also she has been slow in building her career where her ideas and
writing skills have been facing high competitiveness. The writer has been charismatic,
inspiring millions of people globally and also developed widely towards functional
enhancement of new working standards within global domains . The writer history
enables us to understand that how history, background influences various paradigms
of gaining functional innovation in business paradigms and als for gaining scope
among major pathways.
This factor also enables us to analyse importance of persistence, vision
directive motivation and also to be active for gaining larger determination towards
functional innovation. Writer business has been heading towards functional diversity
aspects where there are various parameters of new resourceful business targets which
she has been actively achieving excellence.
CONCLUSION
The report has concluded facts and analysis towards innovation growth criteria within
entrepreneurship and how various skills, capabilities of larger effective talents , vision form
larger goals advancement among business domains. The report has concluded analyis of
public, private firms and voluntary companies which are widely active with various
differences , similarities of larger facts which enable us to evaluate. The report has concluded
importance of small business , enterprises in global social economy and how it has build
varied aspects of diversity in operational efficacy on larger working domains where there are
stronger working scenarios. The report has concluded aspects and traits of business horizons
within industry development where passion, persistence, dedication and analysis of stringent
working operational metrics. Report has concluded factors of various traits and horizons
where active evolving innovation is high and also promotional aspects are widely important,
to which it can be evaluated that often the vision, innovation and diversity of operational
efficiency excels new quest growth. Study has concluded various factors where the bring

excellence in business development with stronger technical innovation and programming
larger development of new quest operational growth on larger domains. The study has also
concluded that there are new efficiency standards of larger technical efficiency worked on
where various targets such as diversification and enlarged growth of ideas and development
of new quest goals energise their skills. The report has also concluded facts and examples of
how background and experiences within global industry has been impacting businesses to e
evolving with larger efficacy operational advancement, new quest horizons widely and also
for gaining functional innovation at work.

REFERENCES
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Online
8 traits of successful entrepreneurs--Do you have what it takes, 2020, [Online]. Available
Through: < https://archive.mbda.gov/news/blog/2010/07/8-traits-successful-
entrepreneurs-do-you-have-what-it-takes.html>.
Entrepreneurs vs Managers, 2020, [Online]. Available Through:<
https://www.toppr.com/guides/business-management-and-entrepreneurship/introduction-to-
entrepreneurship/entrepreneurs-vs-managers/