Entrepreneurship and start-up's (pdf)

Entrepreneurship and
Small business
management
Contents
INTRODUCTION...........................................................................................................................1

TASK 1............................................................................................................................................1
P1 Different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship..........................................................................................................................1
P2 Similarities and differences between entrepreneurial ventures..............................................3
TASK 2............................................................................................................................................4
P3 Relevant data and statistics in your mini-research and how micro and small businesses
impact on the economy................................................................................................................4
P4 Important small businesses and business start –ups will contribute to the growth of the
social economy after ‘Brexit........................................................................................................7
TASK 3............................................................................................................................................8
P5 Determine the characteristics, traits and skills of successful entrepreneurs, which
differentiate them from other business managers........................................................................8
P6 Aspects of the entrepreneurial personality as discussed in reflect entrepreneurial motivation
and mindset..................................................................................................................................9
TASK 4..........................................................................................................................................10
P7 How background and experience can hinder or foster entrepreneurship.............................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship refer to the process of establishing new business with innovative ideas.
Under this activity, person who develop as well as operate new venture is called entrepreneurs.
Mainly it is important aspect for economic because it create number of job opportunities for local
people which may improve their living standard (Bae and et. al., 2014). This will directly
contribute in enhancing overall growth of the nation. In addition of this, person who start a new
business has ability to take risk with the purpose of converting into profitability. The main
purpose of this type of activity is to serve quality products to its customers for attaining their
higher satisfaction. Present report is based on the entrepreneurship and start-up's which help in
creating economy strong. Various type of entrepreneurship and its typologies are mentioned in
this project. Along with this, similarities and difference between entrepreneurial ventures are also
discussed. Impact of small and micro business is described here which may contribute enhancing
living standard of the local people. Lastly, skills and characteristic of two successful
entrepreneurs are also mentioned here.
TASK 1
P1 Different types of entrepreneurial ventures and explain how they relate to the typology of
entrepreneurship
Entrepreneur
This will be known as the person which has power to start their own business and to take
some amount of risks to earn profits and sustain in market for long period of time. There are
large number of skills are present in the person which allows him to evaluate the current trends
present in market and successfully start their own business and satisfy the different needs of
customers. Application of the skills and abilities provides an opportunity to the new entrepreneur
to become success in market and grab large market share.
Entrepreneurship
This will be known as the process of launching of new and small business with the hope
of generating high amount of profits (Barringer, 2015). There are many contributions which are
provided by such kind of entrepreneurship's in the development of economy and society. One of
the benefit which is associated with the concept of entrepreneurship is about creation of large

number of job opportunities and contributes in the overall development of living standard of
people living in society.
Entrepreneurial venture
This will includes about the different kind of organisations which operates their business
operation's with the help of innovative capabilities and opportunities present in market with the
aim of providing social and economic value towards a nation (Cooper and Folta, 2017). There
different kind of ventures and prevail in business environment. All these ventures having their
different size, role and purpose of doing business. Government of nation also takes many
initiatives regarding development of the such type of ventures. The different type of ventures
along wit their role and purpose is defined below:
Small business entrepreneurship: The ventures which are included under this are those
which are operated by single and or group of people for the purpose of doing business and earn
profit. The size of these kind of ventures is small with having clear aim and objectives. The
number of employee's whom are working in this organisation is quite less in comparison to other
organisations. The main aim for which such kind of organisations are working is to earn the such
amount of profits which help to effectively line their life. The kind of businesses which are
comes under this are known as travel agents, grocery stores and others.
Scalable start-up's entrepreneurship: This will includes such type of business which
comes up with new ideas in market for the purpose of attaining high growth. They are having the
aim about earning of large number of profits and to transform their dream into reality. Also, one
of the aspect which is associate with these type of ventures is that they sold their existing
business after setup and run new business which aid in earning more amount of profits.
Social entrepreneurship: This will includes the ventures which provides their business
activities for the purpose of welfare of society. Also, another aim for which they conduct their
business activities is that to generate large number of employment opportunities and improve
their living standard (Dees, 2017). They also having the aim about fulfilment of basic needs of
people and to provide adequate amount of safety.
Large scale entrepreneurship: This will includes the large organisation which are
operating their business for the purpose of earning huge amount of profits. To sustain in market
it is necessary for them to adopt innovation within their business operations.
Entrepreneurial typologies

Copycat Entrepreneur: This will include such kind of entrepreneur who copy's other
successful business idea. This is much related to small business entrepreneurs but they also
having the aim about sustaining in market for longer period of time (Drucker, 2014).
Research entrepreneur: The main of such kind of entrepreneur is to determine the
needs of new market for the purpose of expanding business operations. They also tend to learn
new and innovative things which help to attain success.
P2 Similarities and differences between entrepreneurial ventures
The similarities and difference between entrepreneurial venture can be understood from the
points are defined below:
Similarities Entrepreneurial ventures
Small business and
scalable start-up
enterprises
One of the similarities that can be identified in both kind of ventures is
about they are innovative in nature and having the aim about earning
their livelihood. The main focus of both organization is to serve best
quality products to generate more revenue.
Large scale and social
entrepreneurial
venture
The main similarities between these ventures is to improve living
standard of people by providing them quality services. In this, they
focus on creating social values and Custer demand as well to satisfy
their needs.
Scalable start-up and
large scale
entrepreneur
Both entrepreneurial venture having aim to expand their business in
market. In this both ventures ficus on developing new ways to produce
quality and attractive products to their customers for increasing their
profitability level (Hitt and Duane Ireland, 2017).
Different between entrepreneurial ventures:
Social enterprise Scalable start ups
 The main purpose of this type business
organization is to improving living
standard of the local people by
 This type of business operates their
business with the purpose of attaining
higher satisfaction of customers by

providing them quality services as per
their requirements.
 It includes new and innovative ways to
satisfy as well as fulfil customers needs
(Kelley, Singer and Herrington, 2012).
 This type of business are also required
more fund. As donation and another
trustee are available for operating its
activities.
providing them best quality services
according to their taste.
 The main purpose of this type of
business is to generate huge
profitability at market place.
 Scalable business entrepreneurship
required huge amount of funds for
operating their business activities at
market place.
Large business enterprise Small business enterprise
 Large business enterprise focus on
serving best and attractive quality of
products to the customers for
generating larger profitability at
market.
 This type of business easily changes
their policies as per change in the
market and customers. By this they
easily improve their performance level.
 Small business enterprise operates their
activities for generating customers
values and satisfaction as well.
 This type of business does not change
policies because they has less fund to
operate their activities.
 They take money from internal sources
like family, friends and so on.
TASK 2
P3 Relevant data and statistics in your mini-research and how micro and small businesses impact
on the economy
Micro and small business both are play vital role in developing economic growth of the
nation. In UK, various small business are operate their business activities with the aim of
generating desired profitability. Along with this, it also provide number of job opportunities to
the local people which help in improving their living standard (Kirzner, 2015). This will directly
contribute in making economic condition of UK strong. As small business enterprise contribute a
lot in development of UK economy as they having less than 50 workers who are perform their

task to implement its activities with the aim of achieving higher success at market place. This
type of business organization bring innovation and also focus of developing creating and quality
products to customers with the aim of providing their better satisfaction as per their requirements
(Naudé, 2014). This will directly contribute in improving living standard of the local people.
Furthermore, small business organization create job opportunities for local people which
may directly contribute in enhancing their living standard by fulfilling their needs and wants.
Mainly, the entrepreneurs having best ability to develop and create new ideas to enhace the
chances of attaining set goal and objectives. In context of his, government of UK is also provide
support to the small and start-up's to established their activities. As it raise the revenue of the
nation. It directly contribute in reducing the poverty of the nation in most effective manner.
Small business organization: This type of business operate their business at small level
includes 50 worker to effectively execute business activities. The main focus of this type of
business organization is to generate huge profitability by delivering quality products and services
to its customers. For attaining the same, business also implement all the change in market trends
and customers taste as well. With the help of this, they can easily expand their business at high
level. Mainly, it includes partnership, sole proprietor, grocery stores and many more. All these
are highly contribute in developing economic condition.
Micro business organization: This type of business organization includes 5 workers
who preform their activities with the aim of generating profits. It also operate their business at
small stage with the aim of earning livelihood.
Medium size business organization: This type of business organization operate their
activities with the aim of attaining higher profitability level. For this they focus on creating as
well as producing quality products and services at affordable cost. This will help them in
generating larger market share form its rivals. Along with this, large business organization
operate their business with the aim of establishing competitive image by implementing all the
change and trends of market. This type of business organization includes less than 250 workers
who are provide quality products and services to its customers.
Apart from this, small scale business organization are consider as an important role in
enhancing the overall growth of the nation (Parker, 2018). The main reason behind this is
providing number of opportunities to local people for improving living standard. This will
directly contribute in improving overall economic growth of the nation. In UK around 5.2

million SME's are operate their business with the aim of attaining success in market place. Along
with this, approx 99 % small business are having 250 workers who are operating for business
organization to improve their performance level. As there are some impact of SME's on
economic of the nation:
 Local impact: SME's is consider as an important role in generating approx. 60% to 70%
employment opportunities for local economy for making them able to operate their
business in effective manner (Santos, 2012). This will directly contribute in improving
their living standard. Along with this, it also may contribute in enhancing the overall
growth of the nation.
Illustration: Role of Start-ups and Small Businesses
(Source: The Role of Startups and Small Businesses in Today’s Economy, 2018) Regional impact: Small business organization are operate their business in UK which
directly impact on the regional level because around 5 million SME's are execute their
business with the aim of generating higher profitability. In this, they develop new and
innovative technologies and ideas to effectively execute all the business activities in
appropriate manner. In this they also focus on providing quality products and services to

its customers as per their requirements (Scarborough, 2016). With the assistance of
this,they can easily improve their living standard.
 National impact: Small and micro business organization are execute their activities with
the aim of developing as well as improving national and internation growth. In the 2016,
private sector business are put their 99.3 % impact on development of economy of the
nation. In addition of this 99.9 % small and start-up's are also create various job
opportunities for local people for making them able to attain success. Mainly, the SME's
are consider 15.7 million employment which may positively impact on generating
revenue in the UK.
P4 Important small businesses and business start –ups will contribute to the growth of the social
economy after ‘Brexit
Brexit consider as an important act in which EU leave from UK. It positively impact on
the UK growth by providing financial advantage to the small business organization to making
them able to attain success in the market. Along with this, small and start-up's are also play vital
role in providing number of job opportunities to the local people for improving their living
standard. This will directly contribute in creating social value for the local people by which they
increase their skills and abilities to operate their business. In context of UK, number of small
business organization operate their business activities at small level with the aim of generating
profitability level. As number of SME's are rapidly growing in which they provide quality and
best services to the people with the purpose of improving their living standard. Various
entrepreneurs are come in market with new and innovative ideas to operate their new venture in
which they take risk with the hope of converting into financial gain. In this government of UK is
also provide financial support to those entrepreneurs who wants to operate their new business.
With the help of this they can easily execute their activities and higher success as well. This is
the main reason that, employment rate is highly increased in the UK. In context of this there are
some major importance of small business and start-up's on the UK economy (Schaper and et. al.,
2014). This can be understood by following points:
Increase employment: It is also an important reason for small and start-up's business as
it provide as well as create number of job opportunities for local people. With the help of this,
they can easily improve their skills and knowledge. It reduce the unemployment within the
country and also make economy more strong.

Improve living standard of local people: Both small and start-up's are consider as an
important role in providing various opportunities to local people in which they easily improve
their living standard. Along with this, they also provide quality services to the customers as per
their needs and wants. It contribute in making them able to set their new venture for attaining
success.
High flow of cash: Small business organization are established their activities within the
country with the hope of generating higher cash revenue (Shane, 2012). As increased business
activities are enhance flow of cash which used by the government in order to make better
development in the country.
TASK 3
P5 Determine the characteristics, traits and skills of successful entrepreneurs, which differentiate
them from other business managers
Every successful entrepreneurs has various skills and traits which help them in operating
their business activities in effective manner. As all these are make them differentiate from
another business manager. Along with this, they also contribute a lot in attaining success in
market place. Thus, it is important for entrepreneurs to having effective skills and traits to so that
they can easily create number of opportunities at the time operating their business activities in
market place. In this, Giorgoio Armani and Steve Jobs are the successful entrepreneurs and also
operate their business at higher level and attain success. Both are famous and popular
entrepreneurs and having best skills like risk management, leadership skills, money management
and more. With the help of all these skills, they can easily improve the chances of attaining
future opportunities. Both entrepreneurs have capabilities which make them differentiate from
another business manager. Apart from this, education may also improve their skills and
knowledge through which they can easily attain their set objectives sin appropriate time frame.
In this context, there are some skills and characteristic of both entrepreneurs which help in
making them differentiate from another business manager (Barringer, 2015). All these
characteristic can be understood by following points:
Hard work and self belief: Both Giorgoio Armani and Steve Jobs has ability to effectively
perform their activities to attain success. This is the reason that they are differentiate from
business manager.

Delegation: Giorgoio Armani and Steve Jobs having ability to effectively execute their
business with high delegation. With the assistance of they can easily perform their function in
order to attain their desired goals and objectives. By this they also take appropriate decision
which beneficial for attaining best outcomes.
Communication skills: Both entrepreneurs have best communication skills by which they
can easily influence as well as encourage their workers to perform their task. This is the main
reason they effectively manager positive relation with their employees and customers also
(Drucker, 2014). With the help of this skill they can easily communicate with the stakeholders
like customers, stakeholders, workers and many more. Along with this, it also support them in
motivating their workers to improve their performance level within the business activities.
Creative thinking: It is also an important skill by which both entrepreneurs easily take
right decision by analysing all the situation is most effective manner. In addition of this, both are
think critically evaluate the positive and negative impact of the all the activities within the
business activities. By this they can easily attain competitive advantage by establishing their new
and innovative business activities in market place.
P6 Aspects of the entrepreneurial personality as discussed in reflect entrepreneurial motivation
and mindset
Every entrepreneurs has personality which directly reflect individual motivation and
mindset as well. It make them able to attain success within the business activitie4s and at the
same time also differentiate for another business manager. As they have ability to take risk with
the hope of converting into financial benefits. A successful entrepreneurs has ability to bringing
new and innovation with their business activities which help them in attaining higher success at
market place. This will help them in attaining competitive advantage from its rivals.
Furthermore, every entrepreneurs develop and create new and innovative ideas with the aim of
attaining success in market by serving quality products to customers as per their requirements.
For effectively analysing the entrepreneurs personality there are effective model which may
helps in effectively understand their personality:
 Openness to experience: It is one of the effective trait in which entrepreneurs needs to
be creative and imaginative to provide best and quality products and services to
customers (Kelley, Singer and Herrington, 2012). With the help of this they
accomplished competitive advantage form its rivals.

 Conscientiousness: This model define that it is vital for entrepreneurs to achieve set
goals by implementing as well as formulating appropriate policies. In this they also
includes their workers to increase their involvement.
 Extraversion: It define that entrepreneurs have to in tract with their workers about the
mission and vision. With the assistance of this they can easily increasing employees
commitment towards the set goals (Parker, 2018).
 Agreeableness: This trait is also effective for entrepreneurs in which they have to be
reliable in nature so that they influence and motivate their workers at workplace for
attaining success.
 Emotional stability: It define that entrepreneurs are required to be stable in terms of
emotionally and mentally so that they can easily execute their activities and take right
decision. This will help them in improving their performance level of the new venture in
market place.
TASK 4
P7 How background and experience can hinder or foster entrepreneurship
It is not a easy task for all the entrepreneurs to run a business in effective way. Thus, it
required appropriate skills and traits to operate their new venture sin systematic way. Along with
this, some skills are by born in individual and some are attaining by them through education and
experience as well. With the assistance of this, they can easily improve the chances of attaining
better success at market place. In context of successful entrepreneurs, Giorgoio Armani and
Steve Jobs both are having great experience and skills which directly support them in attaining
success in their entrepreneurship process. As there are some some important factors that directly
impact on their entrepreneurship process:
Family background: It is also consider as an important factor which may influence
individual future activities in the business activities. As family background of Giorgoio Armani
and Steve Jobs is strong and supportive as well. Their family encourage them to hard work to
attain their target. This is the reason that they are successful in their life and business as well
(Scarborough, 2016).
Experience: This type of factor is also play vital role in hinder and foster
entrepreneurship process. As both Giorgoio Armani and Steve Jobs having positive experience

from their education. By this they make their skills and knowledge more effective. This is the
main reason that both are successfully operate their business.
Nationality: It is one of the important factor that may impact on the process of
entrepreneurship. Mainly, it help entrepreneurs to effectively understand the culture. With the
assistance of this they can easily understand the customers and business person (Shane, 2012). In
this, Giorgoio Armani and Steve Jobs are successful because they can easily understand the
culture of customers and workers as well.
CONCLUSION
From the above mentioned report, it has been concluded that entrepreneurship consider as
an important activity of developing as well creating new business with the hope of attaining
higher probability level. Mainly, it directly contribute in enhancing the economic growth of the
nation by providing job opportunities to the local people. In addition of this, skills and traits are
also play vital role in creating as well as developing a new venture at market place. Furthermore,
past experience, background, and culture of the nation is also hinder and foster entrepreneurship
process in appropriate manner.

REFERENCES
Books and Journals:
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Cooper, A. and Folta, T., 2017. Entrepreneurship and high‐technology clusters. The Blackwell
handbook of entrepreneurship, pp.348-367.
Dees, J. G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability(pp. 34-42). Routledge.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic
management research. The Blackwell handbook of entrepreneurship, pp.45-63.
Kelley, D. J., Singer, S. and Herrington, M., 2012. Global entrepreneurship monitor 2011 global
report. Global Entrepreneurship Research Association, London Business School.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Naudé, W., 2014. Entrepreneurship and economic development. International Development.
Ideas, Experiences and Prospects.
Parker, S. C., 2018. The economics of entrepreneurship. Cambridge University Press.
Santos, F. M., 2012. A positive theory of social entrepreneurship. Journal of business ethics.
111(3). pp.335-351.
Scarborough, N. M., 2016. Essentials of entrepreneurship and small business management.
Pearson.
Schaper, M. T. and et. al., 2014. Entrepreneurship and small business.
Shane, S., 2012. Reflections on the 2010 AMR decade award: Delivering on the promise of
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Online
The Role of Start-ups and Small Businesses in Today’s Economy, 2018. [Online]. Available
through:<https://www.market-inspector.co.uk/blog/2017/05/facts-about-small-medium-
businesses-in-the-uk>.