Entrepreneurship and Small Business Management

This document explores the scope, growth, and development of entrepreneurial ventures in both corporate and public sectors. It also analyzes the impact of micro and small businesses on the international and national economy. Furthermore, it delves into the characteristics, traits, and skills of successful entrepreneurs.

ENTREPRENEURSHIP
AND SMALL BUSINESS
MANAGEMENT

Table of Contents
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Covered in PPT............................................................................................................................3
TASK 2............................................................................................................................................3
Impact of micro and small business on international & national economy.................................3
Importance of small businesses and start-ups to growth of social economy...............................4
TASK 3............................................................................................................................................6
Analyse the characteristic, traits and skills of entrepreneurs.......................................................6
Personality reflected in successful entrepreneur motivation and mind sets................................7
TASK 4............................................................................................................................................9
Background and experience can hinder and foster entrepreneurship..........................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship refer to the procedure by which people manage and launch industrial
enterprises and their business. It's a process of launching, planning and running a new business
which it often initially a smaller one. The individuals who create these enterprises are called
entrepreneurs (Adamu, 2018). They are the ones who invest and risk their own assets into
business & industrial ventures. It explains the scope, growth and development of different
entrepreneurial ventures in both corporate and public sector. It justified the connection between
typology of entrepreneurship and entrepreneurial ventures as well as similarities & differences
between them.
Furthermore, it clarified impact of micro and small business on international and national
economy, importance of small business and start up to growth of social economy in UK. It
explains great entrepreneurs who are different from other successful business women or men. In
additional to this, this report also explains educational background, experience, risk taking
tendency influence entrepreneurs negatively and positively.
TASK 1
Covered in PPT.

It explains the scope, growth and development of different entrepreneurial ventures in both
corporate and public sector. It justified the connection between typology of entrepreneurship and
entrepreneurial ventures as well as similarities & differences between them.

 Enterprise is the word which is used for often business by using entrepreneurial venture.
 Entrepreneurial venture refers the organization which has taken place by knowing
opportunity for managing innovation or creating promotion economic.
Social enterprise: This type of businesses are started with the setting of commercial
strategy. They have their personal motive to provide best and effective services to their client
with free of cost. For example: NHS is the social motive and services provider company which
are provided various free medical services to their customers and client for business. The main
aim of NHS is to provide free medical services to customers for the better health care.

Public sector entrepreneurship: The public sector companies are governing with the
central government and public corporation. These types of organization are listed in the
government norms and regulations. For example: child maintenance group is the public sector
entrepreneurship. This delivers their success through services for child welfare which is assessed
number of factors. They have aim to provide food, meals and home to child who are alone and
belongs with poor families.
Managed growth entrepreneurship: The managed growth company are profit motive
enterprise which are covers in the managed growth and success firm within the company. In the
businesses that are managed their growth as per the needs and wants of customers. For example:
Facebook is the social media company. The main aim to provide best services to customers with
manage growth and increasing profit for firm in effective manner.
Small entrepreneurship: Small business entrepreneurship refer with the basic principle of
entrepreneurship which are teaches to people. They are look at the major steps which are starting
new business. This may includes and covers the finance, marketing and management of human
resource of company. The main objective of small business is to understand the needs and wants
of customers in order to create innovative product and services. The business is requires more
than 2 employees which is generally operates partnership company. The John Lewis partnership
company is the best example of partnership company.
Scalable start-ups entrepreneurship: The scalable start-ups are taking effective and
creative views and ideas for run the business with high profit. This is the temporary designed

organization. This increase revenue of company without adding any high cost in incremental
cost. The contractions business and companies are related with the scalable business firm.
Large entrepreneurship: The large companies are effective because they are managed
their growth and profit at market place. This types of businesses are refers with the new ideas
and opportunity in the business for gaining high growth. This types of businesses make focus on
continuous improvement of the basis of effective market growth and changing needs of
customers. That is managed with the help of marketing information system MIS that is leads for
increasing organizational profits and enhance competitive position. McDonald's is example of
large organization.
Social entrepreneurship: Social entrepreneurship operates their business for provide
social services and welfare to people. This is the best combination of commerce and social issues
for improve lives of people. They are recognition social problems and issues for achieving social
changes by the principle and operations. NHS is the best example of social entrepreneurship
because they are provided various free services to customers.
 The social, public and private entrepreneurial ventures think creative and innovative for
making and introducing new product at market place in effective manner. This is the
similarity of all the entrepreneur because all are think creative and generate new ideas for
survive within the market place. For example: Facebook and apple company make
innovative features success.

 All the entrepreneurship have created brand name for differentiate their products and
services from other companies. This help to create more effectiveness for business to gain
success through name of business. For example: BMW and NHS have brand name.
 All the businesses are similarly required innovations in their business for gaining
effective and valuable success of business. For example: Tata Nano is required
innovation in their products.
 Every businesses are required investors for their business to gain effective success at
market place. With the help of investors management keeps effective success of business
in effective manner.
Managerial skills: this skills are very important for each and every company as per their
scale of working and staying within the market place. For example: for the survival business are
not requires managing managerial skills because they are operates business for earning profits by
giving services to customers. Lifestyle entrepreneur is mainly requires a better communication
skills for sharing information with others. Managed growth organizations are requires
organizations, time management and communication skills for managed growth. On the other
side, aggressive growth company are required to high investment on managerial skills by
organizing training and development program to their employees.

Technology investment: This is another very important aspects which is different
requirement for each entrepreneurship. Like survival entrepreneur not requires technology. Life
style entrepreneur requires technology for payment and billing. Managed growth entrepreneur
requires high level of technology investment as per trends and requirement within the business.
Aggressive growth is use technology are high for taking orders and payments of customers as
well as managing human resources of company.
 Jones, R., Morrish, S.C., Deacon, J. and Miles, M.P., 2018. Entrepreneurial marketing in
small enterprises. In The SAGE handbook of small business and entrepreneurship (pp.
297-320). SAGE Publications Ltd.

TASK 2
Impact of micro and small business on international & national economy
Micro business:
Micro businesses are the companies which have annual sales and assets and values are
less than the $250000 per year and with the fewer than the five employees which are include
owners within the business for working in effective manner.
Small business:
Small businesses are privately owned business and corporation, partnership and sole
proprietorship which have fewer employees and less annual revenue than a regular sized
business or corporation.
In every sector, SMEs captures greater part and supports highly in economy of nation at
national level effectively. Number of small businesses as well as micro is maximizing over time
that generates large amount of revenues by providing different services and products of range of
people, seeking for purchasing new things at affordable price with better quality (Cooper and
Folta, 2017). Number of small business are high in UK within different sector, who are able to
provide their services ad goods to residential people. At international level, SMEs give job
opportunity to local people, that helps to raise their living standards much better than before. The
rate of unemployment is higher than the other factors, impact negatively. Job is the best source

for upgrading life style and income of individual. Those peoples are not been able to fulfil the
needs and wants of family member as well as their own, get the chance to live happily. But with
the help of getting jobs in small departmental stores and other micro ventures, the national
economic standards will be better.
Small businesses are not generated as much profit individually as large organizations, but
still they are essential to the success of UK economy. More than 4.5 million small and micro
business are well-established throughout the country, which is almost above 99% of all ventures
in nation (Adamu, 2018). Therefore, the profit generated by those business have greater
contribution to GDP, it defines the impact of SMEs at national economy. Within overall
businesses, 98 percent are considered as micro firms that employ only 0 to 9 people, those
business cater 33% of employment to unemployed persons and 22% of total turnover. These
ventures are small but their affect is certainly anything (Cooper, 2017). SMEs account for 70%
of jobs in UK with especially large share in Europe and relatively smaller share in US.
Throughout small and micro business also account for disproportionately higher share of new
jobs, particularly in those nations which have displayed strong employment statements. Small
business give impact on the local economy by making higher level of profits sharing with the
help of innovative thinking. On the other side, regional level is impacted by the small business
because it makes new business ideas. In which they require employees for their hard-working
ability.
Importance of small businesses and start-ups to growth of social economy.
Social economy is the branch of economics which have focus on the relationship between
social behaviour and the economics. This examines the various social norms, ethics, emerging
popular sentiments and other. This is creating more effectiveness for working. The various small
businesses and start-ups are important for growth of social economy (Durkin and Gunn, 2016).
This importance is explaining below:
Small businesses are highly contributed to local economies by bringing the growth and
innovation to community. In these businesses are established gaining higher success for business.
This help to stimulate economic growth providing employment opportunities to people who may
not be employable for the larger corporations.
Creation of employment:
Small businesses and start-ups play an important role within the social economy they

make over 95% of total jobs from over all markets jobs. Those are every day and as per
requirement operates new business within the market. In that they require employees for address
workings and complete task (Hardy and Maguire, 2017). For that opens vacancies and hire
employees for working us. This is been reputed which the over all parts of the business in the
employment which affect these sectors looms for the total employment as well as contribute
important sources of employment.
Innovation:
Innovation is another essential for sustainable growth and also required for the success of
company by attracting more customers and people towards businesses. This is very important
aspect for development of economy. Many of core businesses are innovated thinks in their
products and business. Innovation in the product and service is the important need of small
businesses for survive within the market place. In the present, the innovation in economy is the
main reason to create values, growth and employment (Hyde, George and Kumar, 2019). That is
take place the enterprises, national and regional level. Those businesses are always ready to do
innovation and make more growth in the social economy with creating employment, increase
standard of society or others. Those are essential and important for social economy in UK.
Meeting social purpose:
Small and start-ups business are giving their higher contribution in corporate social
responsibilities. This always having a effective and great impact on the country and its economy
which is presents various types of businesses. The social businesses have various social
responsibilities as to get involved in community (Jones and et.al, 2019). This is strategic move
which is selling points of small business is attached with the local community. Through that
small business have effective role within the social economy because they are always contributed
to meet the purpose of social economy in effective manner.
Local improvement:
Local improvement of the businesses are another fact and aspects in which small
businesses are highly contributed for working in better manner. Small businesses are contributed
to the local economies which bringing the effective growth and innovation to the community.
These businesses are highly important for the economy as they give both products and services.
Through that businesses are created higher job opportunities for the local economies. This help
to bring growth and new place where business can operate and stimulates the economic growth

(Kazanjian, Drazin and Glynn, 2017). This attracts the talent of employees to do the invention
for introducing innovative products and services. Small businesses are oriented with the
customers and try to understand the needs and wants of community and local customers are loyal
for even in any crisis arises, they give tax to the local government.
TASK 3
Analyse the characteristic, traits and skills of entrepreneurs.
A entrepreneur and manager have quite different from each other. The main difference
between entrepreneur and manager is their role within the organization. As entrepreneur is the
owner of company whereas a manager is the employee of company. Entrepreneur is the risk
taker, they take financial risk for their enterprise. They set vision and make proper focus on
achievements and profits (Lam, Harris and Yang, 2019). On the other side, manager have focus
on daily smooth functioning of the businesses in effective manner to complete task. There are
includes some characteristic which are required for successful entrepreneur which are as follows:
Communication skill:
Communication skill is very important and effective skill which is had to be in successful
entrepreneur. This skill is help to communicate ideas and views to others. Chika Russell is the
successful entrepreneur, and she was inspired by Mother. She has a good communication skill
though which able to communicate information with others in effective manner.
Hard worker:
Hard working is another skill and ability to work harder with other person so that they
can achieve organizational goals and objectives. For becoming successful entrepreneur hard-
working ability is more required (Lawton and Rudd, 2016). This is very important and effective
for managing work. In respect of that, Chika Russell has the hard-working ability and done
various hard work for getting success in their life.
Goal oriented:
For the successful entrepreneur, goal oriented is most important because without stetting
and creating goals work is not completed on time and not help to get effective success within the
life. Chika Russell create their goals in the starting and start their work to achieve and react out
this in effective and valuable manner.
Planning:
Planning is the important and effective for establishment of the business with available

resources such as time, money and relationship. This is very essential for everything having the
effective and valuable solution of risk which are generated at the time of working (Leong and
et.al., 2016). This will aid to us for overcome all the obstacles for achieving goals and objectives
for businesses in effective manner. As per that, Neil Laughton has effective planning ability
because they are started their work after gaining effective learning and planning of work. This is
help to solve each and every problem in correct manner.
Leadership quality:
This is effective characteristic and effective working style which is help to determine the
goals through communicate. This help to work with the team for achieve common goals in such
a way that leads to motivate employees and work as team are more effective for working (Meyer,
Neck and Meeks, 2017). As per that Neil Laughton has best and effective leadership quality and
for that they have awarded with their seniors.
Learning:
For the successful entrepreneur learning ability is most important and effective for
gaining higher success in their life. Entrepreneur have need to has the quality of learning
constantly. Remaining sharp by learning which will help to achieve organizational goals and
objectives. Neil Laughton have effective learning ability through which they are learned various
thinks to achieve life goals and become a successful in their life.
Those are the important characteristic and skills which are important and effective for
becoming successful entrepreneur in their life. As per the stated skills and characteristic, Chika
Russell have great communication skill, hard-working ability and goals-oriented skill
(Nambisan, 2017). On the other side, Neil Loughton have learning ability, leadership qualities
and planning ability for completely success in their life. They have creative and innovative mind
sets which will support to produce goods and services as per requirement of customers.
Personality reflected in successful entrepreneur motivation and mind sets.
Entrepreneur mind set refers with the specific state of mind which is operates and
oriented the human conduct towards entrepreneurial activities and outcomes. Individual requires
the effective mind sets for often draw to opportunities, innovation and new values of creations.
For that here is includes some kinds of mindsets which are as follows:

 Growth mind set: This is wonderful and effective mind set. The people who have growth
mind sets they are desire and drive to always grow in improving manner. They are like
take challenges and solve them in effective manner.
 Business mind set: many of the people have business mind sets who are interested in
entrepreneurship and already own their business (Preuss and Dyerson, 2017). They like to
provide various best services to customers and other, help to change world and also be
working for making own path.
Those are the types of entrepreneurial mind sets who help to working and achieving goals in
effective manner. This is very important for becoming successful entrepreneur, requires
proactive mind sets through which they are able to creates and operates own business in effective
manner. On the other side, personality traits reflect entrepreneur motivation and mind sets for
that here is select OCEAN model which is big five traits of personality domains for help to
define human personality are as follows:
Openness:
This is the first and foremost important traits of OCEAN model of personality
assessment. Insights and imagination some major characteristic of these traits. This reflects to the
creativity and variety of people. In that person with openness refers the enjoyable working
experiences from getting new ideas and old thinkers (Read and et.al, 2016). In contrast, if people
have low openness then they are not able to complete their work with successful result.
Conscientiousness:
This very important personality traits, which is actually a goal-oriented person. This is
exceptional pulse to control the highest level of thoughtless of working. The high
conscientiousness people perform their task in high disciplined and careful manner. This is
measures by productivity, low level of employees within the organization. This reflect the
planning of people for working. In that people able to achieve anything with proper planning.
But contradict, without planning has not idea to complete work and may hinder and foster for
entrepreneurship.
Extraversion:
This refers the high energetic and enthusiastic people around them. This type of people
are like take actions and sees results which are not matter whatever it takes. That is the hinder
and foster for the entrepreneur become sometime this type of people want attention of other

people to working. But, lower extraversion leads reserved personality which is not get distracted
with people.
Agreeableness:
Agreeable people are the best people who would be ever meet the needs and wants of
people in personal and professional lives. This is creating more effectiveness for working in
effective and valuable manner to complete the task in proper and effective manner. That is foster
and hinder, when do not possess quality of agreeableness then they get higher performance for
working.
Neuroticism:
This is higher tendency and ability to educate about the emotions like depression and
anger which is generally happens at workplace. This is very important for become successful
entrepreneur which is very important and effective type of quality in people.
TASK 4
Background and experience can hinder and foster entrepreneurship.
There are various successful entrepreneurs which are get the success after facing various
problems and hurdles. They have effective abilities and traits to complete with those and get
success by their work. The personal background and experiences hinder and foster which is
effect on the basis of business growth (Storey, 2016). The personal background consists support
of friends and family as well as motivation. For that here is includes some examples of
entrepreneur and their unique back ground are as follows:
Sergey Brin is an American computer scientist and the internet entrepreneur and co-founder
of Google company. This was the president of the google parent company. He was born on
august 1973 and in Moscow in the Soviet Union to parents. Both are the educated and graduated.
His father is the mathematics professor at the university and his mother a researcher. The family
was lived in the three rooms flats to working in better manner. They have effective and valuable
experiences of working in effective manner (Durkin and Gunn, 2016). They have completed
their study on the computer science on graduate fellowship from the national foundations. They
had effective knowledge and skills to complete task and works for being an effective for making
proper senses of work. This has to be done in effective manner by gaining effectiveness. He was
faces various problems and issues in their life to complete their study. During the time, the Brin
family received support and assistances from the aid society. They arrived in the United States

on the October 25, 1979. His father is a professor in the department of mathematics, and they
always encouraged to learn more knowledge and skills. This developed more effective
experiences and learning for effective management. Entrepreneur have best experiences and
finances source which helped to become a successful. He was done various hard work in their
life through which they got success in their life to complete.
CONCLUSION
From the above study, it had been concluded that entrepreneurship and small business
management has very important for business management. In this report, interpret and assess
relevant data which has illustrated micro and small businesses. Those impact to the business and
economy of country UK. Small businesses and start-ups play an important role in the growth of
social economy. This has hardly contributing in the business to create in format process. This has
determined various characteristic traits and skills of successful entrepreneurs which has
differentiate them from the business managers. Those characteristics has more important for
becoming successful entrepreneurial. For analysis aspects entrepreneurial personality and
motivation and mind sets of people. This examines relevant back ground and experience cam
hinder and foster entrepreneurship.

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