Entrepreneurship and Organizational Growth

This assignment delves into the crucial role of entrepreneurship in economic development. It analyzes various factors that either promote or inhibit entrepreneurial endeavors, including individual traits, experiences, education levels, and cultural influences. The assignment emphasizes the significance of these factors in shaping organizational growth and overall business success.

Entrepreneurship and Small
Business Management

Table of Contents
INTRODUCTION................................................................................................................................3
TASK 1.................................................................................................................................................3
P1 Different types of entrepreneurial ventures and their relationship with the typologies............3
P2 Various types of similarities and difference between entrepreneurial ventures..........................5
TASK 2.................................................................................................................................................6
P3 Assessing and interpreting data and statistics for analysing the impact of micro and small
businesses on economy....................................................................................................................6
P4 Contribution of Small business and Business start-ups on the growth of social economy........8
TASK 3.................................................................................................................................................9
P5 Characteristics, traits and skills of successful entrepreneurs which differentiate then from
others................................................................................................................................................9
P6 Evaluation of Aspects of Entrepreneurial Personality and its reflection on entrepreneurial
motivation and mind set.................................................................................................................10
TASK 4...............................................................................................................................................10
P7 Factors that foster or hinder entrepreneurship using relevant examples..................................10
CONCLUSION...................................................................................................................................11
REFERENCES...................................................................................................................................12

INTRODUCTION
Entrepreneurship can be defined as process in which the individual is able to turn the ideas
into actions. It is a very significant process in which the individual takes various types of risks for
setting up their business in the market and for also earning wealth. The risk attached with this kind
of business is in terms of investment, time , equity or any other. The person who runs these kinds of
businesses is called Entrepreneur (Blackburn, Hart and Wainwright, 2013). On the other hand, small
business management can be defined as management of business activities of a small business in an
effective manner so that more profits can be gained by the members of the company. This report
will discuss about the various types if ventures that are related to the enterprise and also the
similarity and differences index among them . Along with this, benefits of small scale business in
economy, required skills and capabilities of a person for becoming a successful entrepreneur, traits
and characteristics will also be discussed. Also, the background and experiences of entrepreneur
that foster or hinder the businesses will also be covered here.
TASK 1
P1 Different types of entrepreneurial ventures and their relationship with the typologies
Entrepreneurship can be defined as an activity in which the individual develops a whole
business through its creative ideas and runs it successfully through his own skills and capabilities. It
can also be called as Start ups. In these types of businesses the risk attached is very high as they
face issues regarding management of funds or resources or convincing the people about the idea.
So, they adopt various types of plans and policies for executing the activities in an effective manner.
The main aim attached with this is to set themselves in the market and increasing the profits of the
company. Becoming an entrepreneur is not an easy task , a proper mindset and skills is required to
be present in the person so as to become a successful one. The mindset which is required should be
like:-
 Opportunity seizer
 Opportunity screener
 Opportunity seeking
Entrepreneurial ventures can be defined as those types of ventures which helps the developing
effective services for those kinds of businesses that are being run at the opening level. The
individuals who start this business is focussed on achieving success in the business (Bridge and
O'Neill, 2012). There are various types of ventures that are present in the business environment , it
is the entrepreneur's decision that which type of venture he wants to enter into. The different types
of entrepreneurial ventures can be described as :-

 Small business Entrepreneurship – In the current business environment, entrepreneurship
is growing at a very fast rate. There are various kinds of start-ups that are opening in UK.
These start-ups are still running as a small business in the UK economy . According to the
recent data, there are approx 6 million small businesses in UK that is generating
employment on the economy and is helping those people who are not having any work
(Carsrud and Brännback, 2011). The various types of small-business are grocery stores,
electricians, consultants, travel agents etc. These are the people who runs their own business
and are responsible for their own profits or loss in their business.
 Scalable start-up Entrepreneurship – These are the types of entrepreneurs who knows
from the starting that their ideas have the power to do something good for the country. They
aim to being changes in the society and try to do something new. For funding, the people
who believes in the idea of the entrepreneur is being called for investment and these people
can also be called as the venture capitalists.
 Large scale Entrepreneurship – normally, the life cycle of these companies is infinite as
they grow continuously be bringing innovation and invention in the business activities.
These types of ventures have to take care about the changes that are happening in the
economy so that they are able to produce goods and services according to the choice and
taste of the consumers.
 Social Entrepreneurship – The main aim of these kinds of entrepreneurs is to make that
kind of products and services that are useful for society. They try to make this society a
better place to live in and not earning much profits.
Various types of entrepreneurial typologies are:-
 Lifestyle ventures – In this type, the entrepreneur generally thinks to work alone but this is
the reason also which comes in way of their success. These individuals manages some time
from their busy schedule to be in competition (Chittithaworn and et. al., 2011).
 Survival Ventures – These types of business is started in order to gain livelihood for the
family and themselves. These types of ventures are generally not registered and the
entrepreneur uses Barter and Cash system of accounting other than bank contracts.
 Managed Growth ventures – The people run these types of ventures knows that they will
grow in the market by applying a certain strategies. They try to bring stability in the
economy. The investors who invest in this type of ventures knows that they will earn
something and their money will not go waste.
 Aggressive growth - These type of business is run with new technologies and innovations
in method of operations. They are also not funded by the equity capital.

P2 Various types of similarities and difference between entrepreneurial ventures
There are several types of ventures which are being operated in the society in an effective
manner. All these types of ventures are very much effective and efficient in their own manner. All
these methods are having various kinds of similarities and differences between them which are
depicted below:
SIMILARITIES Lifestyle Ventures Social Entrepreneurs
 All these ventures are
not having an aim of
earning profits.
 These types of ventures
are started at a very
small scale.
 These endeavours are
begun for profiting the
general public and not
for themselves.
 These organizations is
additionally begun as a
private venture and just
to work for the general
population.
DIFFERENCES Lifestyle Ventures Serial Entrepreneurs
 They are the ones who
work their organizations
with their own assets .
 They doesn't have any
system arranged as they
run their wander with
their enthusiasm.
 They don't have a
specific area as they d
business as they like
 Their point isn't to
procure benefits as they
rum it according to their
way of life .
 These are the kind of
endeavours which
makes utilization of
investors so as get funds
from beginning and in
the end for maintaining
the business.
 They are constantly
arranged with their
strategy which will be
executed in their
business.
 They are having an
appropriate area from
where they conduct their
business.
 They are having an
expect to procure

benefits and accordingly
they are working for this
as it were.
SIMILARITIES Female Entrepreneurs Male Entrepreneurs
 Ladies are
exceptionally focussed
in their work whether it
is in office or home.
 The female business
people are particularly
imaginative and
inventive in their work
a they utilize this in
their business too.
 Men's are additionally
focussed when they do
their work in
organizations.
 They do their business
with an energy and
utilizing their full
development and
inventiveness in their
business.
DIFFERENCES Female Entrepreneurs Male Entrepreneurs
 It is said that the female
business people take
additional time in taking
choices .
 They are having their
business focussed in
making quality items
and making social
commitments.
 They are more
preservationist when
they need to go out on a
limb.
 They are extremely
focussed in having great
associations with their
clients.
 They take choices
effortlessly.
 They are having their
emphasis on enhancing
the economy and
diminishing the cost of
generation also.
 They are additionally
eager to go out on a
limb in the market.
 They are errand
arranged individuals.

TASK 2
P3 Assessing and interpreting data and statistics for analysing the impact of micro and small
businesses on economy
Micro scale organizations can be characterized as those kind of business who are having 9 or
under 9 individuals in their staff . These sorts of organizations for the most part begins with less
measure of capital and they supply products and enterprises in the neighbourhoods (Drucker, 2014).
They do various advancements in the economy which additionally helps in enhancing the personal
satisfaction of the general population living in that nation. Smaller scale endeavour gets assistance
from the Micro scale fund who give them little measure of capital as credits to set up the
organization.
On the other hand, small business consists of these kinds of businesses who are having few
employees in the company and their annual revenue is also less than the other companies who are
operating in little up level. These can be in the form of privately owned corporations or sole
proprietorship. All these small businesses vary in size and structure and also in terms of revenue. In
many cases , licence is required by the small scale entrepreneurial ventures forb running the
business in the society. There are several times that inspections is also conducted on these small
sized businesses.
The impact of Micro and Small sized businesses in the economy are:-
 Local Impact – Both these businesses are having an impact in local areas as well. They have
an impact on all the activities that are being conducted in the local areas of the market. They
are normally operating in these kinds of areas only because if they want to reach their target
customers then they will have to be available for them all the time and this is possible only
when they are present around the customers only. They affect the local environment by not
employing more amount of employees and therefore the people are not employed much.
They have a positive impact also as their work help in developing the quality of life of the
individuals living in that society.
 Regional Impact- Both micro and small business companies are having an impact on
regional development also since the companies who are having their operations from the
regional level have the advantages of making the products of their choice . These kinds of
ventures have both positive and negative impact in the whole region and thus their effect is
also very strong. They are also having the liberty to fix the prices of the products and then
implement it in the whole region (Fassin, Van Rossem and Buelens, 2011).
 National Impact – These businesses have less impact on the national level as these ventures
are operating low areas and to reach the customers all over the country they will have to
expand themselves very much and for that lots of funds will be required and it is not

possible for small – and Micro sized companies. In spite of this the presence if sole
proprietorship companies are creating a much impact on the national level because they help
in creating more jobs for the people living in that country.
(Source: Micro and Small Business, 2017)
From the above graph it is clear that the economy of UK is growing and it is having a positive
impact of the micro and small-business operating in that area (George and Bock, 2011). There are
certain limits that is set by government for companies for making investments in service sector are:-
Manufacturing Sector
Micro enterprises
Investment can be done till 25 Lacs
Small Enterprise
Investing in business are made between 25
Lakhs to 5 crores.
Medium enterprise
Investment within limits of 5 to 10 Crore.
Service Sector
Micro enterprises
Investment limits to 10 Lac
Small Enterprise
Investment in between 10 lakh to 2 crore.
Medium Enterprise
Investment can be made upto 5 Lakh.
P4 Contribution of Small business and Business start-ups on the growth of social economy
The small businesses that are present in the economy are doing their work on a smaller level
only. They are totally focussed on achieving the goals and objectives of the company and is also
working for the welfare of the society (Gorgievski, Ascalon and Stephan, 2011). These types of

ventures are created mainly for the welfare of the economy and not for making profits .
Start-ups are those kinds of ventures that are newly developed in the market and they are
having their operations carried out at low scale only (Goss, 2015). Their main aim is to bring
changes in the economy and also spread their innovative ideas so as to expand their business
activities.
The necessity of small business organisation in the social economy are as follows:-
 Employee turnover – This is one of the most crucial characteristic which is being linked
with the economic situation with the country. Whenever survey will be conducted about the
economy then turnover will be noticed. The small-business that are present in the economy
contributes a lot in its development and also in increasing the turnover of the businesses of
UK. The turnover is increased since more and more small businesses are being opened up
in the society. Thisn will also help in generating more and more employment which will
help in development of the nation.
 Employment – It is very important for the country to bring employment in the economy
because then only it will be developed . If the people who are living in the country is
having jobs then it will be very beneficial as it will bring growth in the economy as people
present are considered as an asset for the country and if they will be developed then the
economy will also be developed. It is not acceptable to any country that their resources will
be wasted so , they will try their best to create more and more job opportunities for the
people so that they are employed
 Industry – In UK, there are so many industries that are operating on large scale like Retail,
manufacturing etc. the presence of these industries inn the country is bringing lots of
growth and employment in the economy. It is very important for the country to open such
type of industries because it will be very beneficial for the economy as more income can be
generated with the same. From the information gathered, it can be assessed that approx 45%
of the pay of the private company originates from one of these three divisions just and three
out of each independent company falls in one these classifications(Jones and Rowley,
2011).
TASK 3
P5 Characteristics, traits and skills of successful entrepreneurs which differentiate then from others
If an entrepreneur is having sufficient amount if funds for their business but not an
innovative idea then it will not be good and if there is an innovative idea but not the funds then also

it is a problem. Apart from this , if the entrepreneur is having funds and idea both then also it will
not help. If the entrepreneur wants to achieve success in the market then they will have to have
certain traits that will help them in performing their activities in an effective way. The entrepreneur
is only responsible for taking their ideas forward in the market and become successful (Karlan and
Valdivia, 2011). Therefore, characteristics which an entrepreneur should possess are:-
 Self Motivated – It is one of the most significant feature that is required to be present in the
entrepreneur. If he will be motivated then only he will be able to face all the challenges that
will come in his way. He has to be self motivated because no one else will come to motivate
them.
 Risk Taker – It is very essential for the business to take risk if they want to grow in the
market. So, an entrepreneur should always be ready to take risks in order to gain much
profits from the organisation. But the risk that will be taken by them should be duel y
calculated and assessed so that no issues are arise further.
 Knowledge and money management- The entrepreneurs must have basic knowledge about
the matters that is related to the business. They should also be able to understand the money
related matters happening inside the organisation so that there is no chance of fraud and
manipulations in the company.
There are sure qualities and skills likewise that a business visionary ought to have. They are as per
the following:-
 Determination – Lots of determination is required in an entrepreneur of they want to be
successful in the market. It is because success doesn't come in the first try always and the
businessman normally faces failure at their first go so they need to be detrmined and not
loose hope and keep trying always.
 Passionate – A successful business is not only run by money but also the passion and hard
work of the people who are associated with the company. If there is passion in the
entrepreneur then they will not fear from taking any risk for the benefit of the country.
 Vision – In order to have any aim, there must be a vision with the country. It is the most
important factor that is associated with the company as its success is dependent on it. The
other traits are like tolerance, self belief, rule breaker and many more (Neck and Greene,
2011) .
P6 Evaluation of Aspects of Entrepreneurial Personality and its reflection on entrepreneurial
motivation and mind set.
It is described that there are several kinds of skills which is necessarily required in an

entrepreneur to become successful in the market. Some of them can be expressed as Temperament,
energizing, confident, dependable, brave, risk taker , good communicating skills, social skills are
good, mastermind and many more. There are various types of personality traits also that defines the
personality of entrepreneurs and they are like; personal strength, weakness,economic condition,
some family problem etc.
The entrepreneur is having an idea on the basis of which the whole business is set up. After
having an idea, entrepreneurs will need workers who will help them in executing the work that is
required to be accomplished to become successful (Schaper and et. al., 2014). If the attributes of
people who are living in this society is required to be recognised then Big five model was evolved
which depicts :-
 Sociability –This defines that the businessperson is very full of life while doing their
operations and is connected with others as well. They also have the ability to be made a
leader. Their this quality motivates other employees who are working with the leader.
 Agreeableness– This attribute says that the business person ought to have benevolence and
must be helpful and dependable with the goal that his adherents have faith in him and his
thoughts also.
 Good faith - It portrays that business person is productive and loyal and furthermore
accomplishment driven. These are the characteristics that makes a distinct individual worth
achievement.
 Enthusiastic Stability – it characterizes that the business person ought to be quiet and
focussed in his work and ought not yell at the specialists too.
 Openness to Experience – The entrepreneurs must be open minded because then only tghey
will be able to learn new things and gain new experiences. This will also be helpful in
bringing creativity in the organisation.
TASK 4
P7 Factors that foster or hinder entrepreneurship using relevant examples
There are different elements that fosters or hinders the relationships at workplace which
includes; level of education, traits, skills, cultures etc. which are being followed by the people at the
workplace . It can be said that if the people who are staying in the society is well groomed then
they will be capable to help the society in removing the poverty from the society and then further
bringing growth and if they are not groomed then they will not be able to foster the relations inside
the social club (Storey, 2016).

If the person who is having so much experience from life and then later on they enter into
the business world then it is not necessary that he will achieve success in first go. It is all dependent
on the hard work of the people .
Past experiences of the entrepreneurs also helps in hindering and fostering the relation since
the past relation help them in taking the chance again and developing a good relation with the
company as well. This can be done only when the people have experienced a good time with the
company and have not faced any kind of issues as well. Through this, they will be able to create
valuable ideas as well.
Experience is such which does not determine thing that can carry out for facing by previous
life. In the case of investment, if an individual has different which does not face various losses then
it is related with funds which is always scared and they are looking forward for taking corrective
steps which are associated with investment. If a person are facing different condition and situation
about crime incident and it will lead towards past life and it is difficult for developing trust.
CONCLUSION
As per the above assignment, it was ascertained that entrepreneurship is a very essential
concept required for the economy. It is not possible to have a successful business enterprise if the
entrepreneur is not skilled. So, an entrepreneur requires certain traits that make the entrepreneur
successful in the market. All these traits have already been discussed in this report. The business
owners were applying high risk so as to bring in plans and policies for the organisation so that they
can earn large amount of profits and can built a large customer base as well. A small start-up can
also grow in the market very quickly only if the businessman is using their skills and talents for
achieving the aims and objectives of the company. Whereas , the small businesses are also having
good management because of which the activities that is performed by the them is helping the
economy by providing good employment to the economy.

REFERENCES
Books and Journals