Entrepreneurship and Small Business Management: Types, Impact on Economy, and Growth

This document discusses various types of entrepreneurial ventures, including small, scalable, large, and social enterprises. It examines the differences and similarities among these ventures and their impact on the economy. The document also highlights the significance of small businesses and startups in driving economic growth and creating job opportunities. It provides insights into the traits and skills of successful entrepreneurs and the influence of their background and experience on their entrepreneurial journey.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT

Contents
INTRODUCTION......................................................................................................................3
TASK 1......................................................................................................................................3
P1. Different kinds of entrepreneurial ventures & relevant typology....................................3
P2. Dissimilarities and comparisons among different type of entrepreneurial ventures........4
M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both the public and corporate sector...........................7
D1: Critically examine the scope, development and growth of entrepreneurial ventures......7
TASK 2......................................................................................................................................7
P3. Assess relevant information and statistics to illuminate how micro as well as small
businesses affect the economy................................................................................................7
P4. Clarify the significance of small businesses & business start-ups to the growth of the
social economy.......................................................................................................................8
M2: Evaluate the differences small, medium and large businesses make to the economy,
applying relevant data and statistics.......................................................................................9
D2: Critically examine how small businesses have an impact on different levels of the
economy (local, regional, national) and in an international context......................................9
TASK 3....................................................................................................................................10
P5. Characteristic traits & skills of successful entrepreneurs...............................................10
M3: Explore and examine different lines of argument relating to entrepreneurial
characteristics.......................................................................................................................11
D3: Analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs........................................................................................................................11
TASK 4....................................................................................................................................11
P6. Entrepreneurial personality and reflection of motivation and mind-set.........................11
P7. How entrepreneur’s background & experience can foster and hinder their life............12
M4: Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs........................................12
D4: Critically evaluate how background and experience influences entrepreneurs, both
positively and negatively, by comparing and contrasting examples....................................12
CONCLUSION........................................................................................................................13
REFERENCES.........................................................................................................................14

INTRODUCTION
Entrepreneurship refers to a procedure which assists in seeking to examine, handle and
grow their own business organisation which is known as entrepreneur. It is known as the
capability of an individual in order to develop, maintain as well as organise their own
business and take risk for gaining profitability at the competitive marketplace. Mainly, it
emphasises on creating as well as maintaining a new business entity in order to fulfil the
needs and wants of customers. In the present report, various sections are going to be
discussed in a form of formative discussions. This report includes an analysis about various
kinds of entrepreneurial ventures. In addition to this, wide-ranging of entrepreneurial venture
are discussed in this report which help in increasing the knowledge and understanding about
the topic. Furthermore, different types of entrepreneurial typology are included in this report.
In addition to this, the report consists of significance of starts-ups ventures as well as small
scale businesses entities along with the contribution made by them towards the enhancement
of economic system of the nation. At the end of this report experience & background of both
the entrepreneurs are going to be discussed which assist in foster or hinder their overall
entrepreneurship.
TASK 1
P1. Different kinds of entrepreneurial ventures & relevant typology
Entrepreneurial businesses define as a business firm which is created by a single
individual with the aim of earning profitability by delivering high quality goods and services.
This will assist in satisfying the needs and requirements of customers in an efficient manner.
Various kind of entrepreneurship is going to be discussed in detail manner which increases
the knowledge and understanding about the concept.
 Small Business Ventures: It refers to the private organisation which consists of single
business or commercial activities. This as a result creates restriction on the business
functions, staff members, capital used by business organisation to perform their
functionality. Some of the most essential examples come under this type of
enterprises included small shops, barber, carpenter, food stores and so on.
 Scalable Entrepreneurial Ventures: It is a type of sector, where entrepreneurs have
innovative and unique dreams in order to change the whole world in a best and most
suitable way. It is required by the person to have effective knowledge so that they can
perform their business functions in a positive manner. In this context, Bulb is one of

the best example as their main motive is to provide 100% renewable energy to the
customers.
 Large Organisation Entrepreneurial Ventures: Such sort of business organisation is
diverse as their operations are bigger which requires huge number of workforce in
order to perform their business functions in an effective manner. Along with this, such
companies require lot of funds so that they can gain competitive advantage at the
marketplace by satisfying the needs and requirements of customers. For example,
Peter Jones is one of the best example of such organisations.
 Social Entrepreneurial Ventures: These are the organizations which provide social
services to their customers in order to enhance their living standards. Some of these
companies provide healthcare services to the poor for their overall development and
welfare. Furthermore, their main aim is to support the community by creating
development and welfare for the needy people.
Typology of entrepreneurship
 Male entrepreneur: These are the business entity where they create new and
innovative goods which as a result help them in raising their overall profitability at the
marketplace. Such businessmen have the abilities to take the actions which are
essential on timely manner and support their organization.
 Female entrepreneur: In this context, the owner is a woman who establish a
business entity in order to fulfil the requirements of customers and for this they
develop best and most innovative product and service. Women’s are more innovative
as compared to men and this assist them in increasing their brand value at the
competitive marketplace.
 Survival entrepreneur: These are the business types comes to save the life by
producing necessary goods and services to satisfy the needs and desires. They start
their functionality with small scale and gain support and response from customers by
satisfying their desires and needs.
P2. Dissimilarities and comparisons among different type of entrepreneurial ventures
Differences Social enterprises Scalable
Entrepreneurial
venture
Large company
entrepreneurial
venture
Meaning It defines as individual This recommend Those

persons who work with
the aim of supporting their
society by enhancing their
lives with the help of
creating job opportunities.
specific groups as well
as people which
focuses to execute
desirable policies &
plans in order to
modify the current
global environment.
people who take
effort in order to
examine the
existing and
potential trends &
develop creativity
to accomplish their
goal by satisfying
the needs of
customers.
Key attributes The main aim, goal and
purpose behind such sort
of projects are to enhance
the standard of living by
providing them basic
necessary resources.
These types of
projects are mainly
emphasize on
promoting the
organization
environment in order
to influence the
attention of capitalistic
businesses.
Main goal behind
this kind of
organization is to
examine and
manufacture goods
and services to
meet the needs of
existing customers
and to attract new
customers towards
them.
Purpose The primary goal of this
type of corporations is to
increase the way of living
of people as well as
provide them services
needed by them for their
survival at the
marketplace.
It is a type of business
entity performs their
functions by
bourgeoisie so That
they can attain their
organisational goals.
The major reason
for large scale
business is to fulfil
all the
requirements of
customers by
providing them
high quality
products and
services.
Similarities Social Business Scalable Large

enterprises Entrepreneurial
venture
entrepreneurial
venture
Risk It is a kind of business
entity which faces
issues related to
improper
governmental support
& financial guidance.
The biggest risk or
challenge faced by
them is less focus &
involvement
From businesses.
These are the business
entity faces ample
number of issues like
financial, cultural,
technical, political and
many more.
Innovative business For improving the
manner in which
people perform their
business functions,
contributed to the
overall development of
the global economy.
Such investments lead
to the overall growth
or development of the
economic system of
the country by creating
domestic as well as
international sector
investors.
Such Type of industry
mainly leads to the
development of
economic system by
creating profitability
as well as working in
different nations.
Objective and
structure
It has been identified
that Social business
entities mainly
emphasize on social
protection as well as
for the resolution of
issues faced by
community. Therefore,
they have separate
structure of legal
entity, for both profit
or non-profit.
The main aim of
scalable organisation
is to create a conscious
society with the help
of developing new
organizations in
the word. Structure of
such business entity is
highly based on the
size & scope of the
project.
The goal of big
business is to provide
jobs to make it
possible for people to
live effectively.

M1: Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding
of entrepreneurship in both the public and corporate sector.
It has been said that entrepreneurial ventures can easily be found at various kind of
business situations. These are divided into public as well as corporate sector defined
according to their goals and objectives. Main aim of this kind of business entity is to develop
products and services for satisfying the needs of customers and enhancing their profitability.
Apart from this, there are two main type of entrepreneurial ventures which includes business
and social entrepreneurship. In case of business entrepreneurship, their aim is to earn more
profitability whereas in case of social entrepreneurship their motive is to create the lives of
individuals better.
D1: Critically examine the scope, development and growth of entrepreneurial ventures.
There are various elements which contributes in the overall growth and development of
entrepreneurial ventures. It has been identified that there are various sectors growing in a
fastest way as needs and requirements of customers are changing on a regular basis. For this
new and advanced products are required to produce. Along with this, because of high
investment, growth and development rate is increasing which affects the overall economics
system of the country in a positive manner.
TASK 2
P3. Assess relevant information and statistics to illuminate how micro as well as small
businesses affect the economy
Micro businesses: It is a sort of business entity which consist of more than 10
employees, started there business with the help of small amount of money which is collected
by bank or other financial institute. The business entity can be created by micro business
entities whose overall turnover is not more than 1 million. There main aim is to survive at the
competitive marketplace and not to earn huge amount. Some of the examples of such
business entity consist of shopkeepers, barber, carpenters, online business and many more.
Small businesses: It refers to a self-employed organisation which has small income
size and the number of employees working in such organisations are not more than 50 people.
Their essential motive is to motivate large number of people in order to work in a specific
business entity. Some of the example of includes web development organisations, real estate
companies, e-commerce firms and many more.

Contribution of micro business in UK economy
It has been identified that within Great Britain, all the micro business enterprises
create huge influence in context of life and the chances of maintaining sustainability is
imported. With the assistance of this chances for families increases in order to gain
experience best sort of life. These are the type of companies which inculcate in the economic
system of UK by providing them employment opportunities and reducing the overall rate of
unemployment. Furthermore, in context of present period, there are different types of legal as
well as government support given to the Micro organisations as their primary aim is to
provide high quality service to their customers available at the marketplace.
Contribution of small business in UK economy
It is said that small businesses organisations develop a positive addition in context of
improvement of economic system of British as well as in reducing the unemployment by
developing ample number of job opportunities. As per the above mentioned graph, it has been
identified that in comparison with large & medium firm organisations, small business entities
create a remarkable contribution of almost 99,3% in the overall progress of United Kingdom
economy.
P4. Clarify the significance of small businesses & business start-ups to the growth of the
social economy
In the present competitive marketplace, small & micro business entities provide
higher support to the economic condition of UK by providing them innovative, unique as
well as useful products and services to the customers who assist in enhancing the flow of

funds and money. Below mentioned are some essential keys factors which help in increasing
the economic system of UK.
 Job Opportunities: Start-up’s as well as small businesses entities are highly
concerned with promoting the development of economy and hire local candidates for
their business functions which are not being hired by any large scale organisation. In
order to fulfil the needs and requirements of customers, managers hire skilled and
capable workforce so that they cab develops high quality products to get success at
the competitive marketplace.
 Adopts innovative techniques in order to bring positive change: The primary aim
of SMEs is to set a competitive image by producing high quality good with
innovations and uniqueness to satisfy the requirements of customers at market. Such
sort of development attracts customers towards the product and for this companies
acquire various outlets in order to show their skills and competence so they can bring
positive change at the competitive marketplace.
M2: Evaluate the differences small, medium and large businesses make to the economy,
applying relevant data and statistics.
Small, medium as well as large business entity organisations plays very essential role
in the enhancement of economic system of the country. They assist in enhancing the
employment opportunities, GDP as well as living standards of individuals. This as a result
leads to improve the economy of UK.
D2: Critically examine how small businesses have an impact on different levels of the
economy (local, regional, national) and in an international context.
Local Level- In this context, main contribution of SMEs is to provide job
opportunities to the local people of UK so they can enhance their living standards.
Regional Level- It’s about bringing growth with the aim of examining demands of
market so all the functions can be carried out effectively.
National Level- At this, SMEs develop strategies by focusing social, environmental
as well as economical development of UK. This consists of enhancing the exports as well as
imports, employment opportunities etc.

TASK 3
P5. Characteristic traits & skills of successful entrepreneurs
Difference among manager & entrepreneur
Manager Entrepreneur
He mainly works for earning enough salary
and do not take any sort of risk while
performing its business functions.
Entrepreneur is the main person or owner of
the organization and need to bear every sort
of risk and issues while running the business.
Along with this they emphasises on
managing their day to day business activity
in an appropriate manner.
Their primary focus is to create, manage and
expand the business organisation in a quick
and positive manner. .
Tom Mercer Elizabeth Gooch
Traits
 Creativity: Tom mercer is
the entrepreneur who is
known for his unique and
creative thinking. He
develops very attractive
business idea by inspiring
facing day to day issue.
 Self motivated: One of the main
traits of Elizabeth Gooch is she is
self encouraged and motivated.
She learns from her failures which
assist them in becoming her one of
a successful entrepreneur.
Skills
 Time management: He is
having skilled in
effectively managing time
as he conduct all the
primary task when he was
free in order to reduce any
sort of miss- management.
 Strategic thinking: She is one Of a
most famous and successful
entrepreneur and think in a
strategic way. She modifies her
strategies and policies as per the
changing environment.
Characteristics
 Problem Solving: Tom
Mercer effectively solves
all the issue faced by him
or his team members which
help them in doing their
 Risk-taker: Elizabeth Gooch is an
entrepreneur who is a risk taker as
in very early age she left her
workplace and open her own
business with the help of bank
loans.

business functions in an
effective manner.
M3: Explore and examine different lines of argument relating to entrepreneurial
characteristics.
Entrepreneurship refers to a task which consists of different activities as well as efforts
in order to make the business entity successful. There are some essential characteristics which
are required to have in a entrepreneur which includes Passion, creativity, motivation,
optimism and many more.
D3: Analyse the characteristic traits, skills and motivational drivers of successful
entrepreneurs
Tom mercer does have various characteristics which assist him in order to resolve any
sort of issues and problems arise at the workplace. On the other hand in context of Elizabeth
Gooch, she has the characteristics to take risks so that her goal and targets can be
accomplished in an effective manner.
TASK 4
P6. Entrepreneurial personality and reflection of motivation and mind-set.
As per the above stated skills, characteristic as well as traits, it has been identified that
all the entrepreneurs focuses on entrepreneurship & motivation instantly. With the help of a
theory named OCEAN it can easily be understood that how all the entrepreneurs will
intertwined. The discussion in detail manner is going to be discussed as follows:
 Openness- In this stage of this model, entrepreneurs are open in order to gain
experience by doing new and innovative things to produce best quality products. In
the present context of Elizabeth Gooch and Tom Mercer, it is said that both are open-
minded and innovate new things in order to maintain the competition level.
 Conscientiousness- It is the phase which consists of the capability to handle all the
time in an effective manner & thinks in a critical way. In the context of Elizabeth
Gooch, it is said that she have the quality to find best and most suitable alternative in
order to resolve a specific situation.
 Extroversion- Individuals comes under this stage are attentive listener and focuses on
the thoughts and views of everyone working within the organization and leads to the
valuable communication.

 Agreeableness- In this step of OCEAN model, staff members identify the trends &
promote all the working in an effective manner. Along with this, entrepreneur in this
phase introduce new and innovative strategies & policies in order to attract the
customer. In this case, Tom Mercer has high score as he focuses on introducing new
products to satisfy customer’s needs.
 Neuroticism- It helps people, as entrepreneurs who have this quality solve any sort of
problems, issues and obstacles so they can create positive atmosphere and gain
positive results effectively.
P7. How entrepreneur’s background & experience can foster and hinder their life
In the current report, Tom Mercer & Elizabeth Gooch are chosen as successful
entrepreneurs who conduct their business functions in an effective manner so that they gain
various types of advantages. In case of Tom Mercer, background & experience of the
entrepreneur highly affect its performance. Every entrepreneur has their journey, experience
and background which affect their business functions in both positive as well as negative
manner. It has also been identified that both the entrepreneurs have good educational
background, which helped them in their growth as well development at the competitive
marketplace. According to the given case study it has been identified that Elizabeth Gooch is
an entrepreneur who started working when she was 18 which shows that she is very
ambitious and wants to become independent. This will assist her in grabbing ample number
of opportunities at the competitive marketplace and help her in becoming one of the most
successful entrepreneurs.
M4: Analyse the link between entrepreneurial characteristics and the influence of personal
background and experience to specific successful entrepreneurs.
It is said that the kind of relationship an individual have with their family members
highly affect their overall life. In the present context of Tom Mercer and Elizabeth Gooch it
has been concluded that background and experience of both the entrepreneurs influence their
current functionality in a positive manner. This will assist them in gaining positive response
at the competitive marketplace..
D4: Critically evaluate how background and experience influences entrepreneurs, both
positively and negatively, by comparing and contrasting examples.
Both the entrepreneurs chosen in this report are educated and belongs to a good
family which aid them in performing their business functions in a positive manner. Along

with this, it has also been identified that apart from positive there are some negative impact
face by entrepreneurs while doing their business functions at the marketplace.
CONCLUSION
With the assistance of above mentioned report, it has been concluded that enterprise is
define as an action that individuals carry out to continue as well as to manage their enterprise
in an effective manner. For this different sort of projects are going to be examined as it allows
defining and identifying themselves in the light of similarities along with their differences. It
has also been concluded that importance of small and medium enterprise which affect the
whole economic system of the country. Reason behind this is that it assist in enhancing the
standard of living of people as they create ample number of job opportunities at the
competitive marketplace. Furthermore, qualities, attributes as well as capabilities are
articulated as they are essential for the understanding & identification of working conditions
of person.

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