Entrepreneurship and Small Business Management Study

This study delves into the impact of small businesses on the economy, characteristics of successful entrepreneurs, and the role of personal background in fostering entrepreneurship. It explores the traits, skills, and motivations that drive entrepreneurial success.

Entrepreneurship and small business management
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Table of Contents
Introduction................................................................................................................................4
Part 1..........................................................................................................................................5
Introduction................................................................................................................................5
P1 – Examine different types of entrepreneurial ventures and explain how they relate to the
typology of entrepreneurship.....................................................................................................5
P2 –Explore the similarities and differences between entrepreneurial ventures........................7
P3. Present, interpret and assess relevant data and statistic to illustrate the impact micro and
small business have on the economy.........................................................................................9
P4. Explain the importance that small businesses and business start-ups on the growth of the
social economy.........................................................................................................................11
M1 - Investigate a diverse range of entrepreneurial ventures to demonstrate an understanding
of entrepreneurship in both the public and corporate sector....................................................12
M2 – Evaluating the differences that small, medium and large businesses make to the
economy, applying relevant data and statistics........................................................................14
D1 – Critically examine the scope, development, and growth of entrepreneurial ventures.. . .16
D2 – Critically examine how small businesses have an impact on different levels of the
economy in a local, regional, national and international context.............................................17
Conclusion................................................................................................................................18
Part 2........................................................................................................................................19
Introduction..............................................................................................................................19
P5. Determine what makes a successful entrepreneur. You could consider examples of
successful entrepreneurs and determine the character traits and skills they possess. Similarly,
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you could explore whether entrepreneurs are born or made and whether entrepreneurship
skills can be learned over time.................................................................................................20
P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial motivation
and mindset. You may wish to consider how personality is shaped by family upbringing,
lifestyle, cultural differences and personal motivation and drivers amongst other factors......22
P7: Examine, using relevant examples, how a person’s background and past experiences can
hinder or foster entrepreneurship. Factors to consider may include level and type of
education, national culture, economic circumstances and character traits. The risks and
rewards of starting a business should also be considered........................................................23
M3. Develop your response to P5 and P6 by exploring and examining different lines of
argument relating to entrepreneurial characteristics................................................................24
M4. analysing the link between entrepreneurial characteristics and the influences of personal
background and experience to specific successful entrepreneurs............................................25
D3. Analysing the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples........................................................................26
D4. Critically evaluating how background and experiences influence entrepreneurs, both
positively and negatively, by comparing and contrasting examples........................................27
Conclusion................................................................................................................................28
Conclusion................................................................................................................................29
References................................................................................................................................30
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Introduction
In the reported study, various concepts and conventions relating to the small business
enterprise have been discussed. Federation of small businesses is a UK based organization
which represents small and medium-sized business. In addition to this, the reported study also
highlights the reputation of small businesses as well as professional start-ups in an effective
and efficient manner. The entrepreneur is an individual who runs a minor business, supposing
all the risk and recompenses of an endeavor. The overall aim of this report is to explore the
wide range of business ventures. In simple words, entrepreneurship can be defined as way or
method for identifying skills and abilities to start a new business. This report also discusses
various types of entrepreneurial ventures including their impact on the economic rate. In
addition to this, the reported study also highlights the impact of micro and small business
financial rate of local, regional, international level.
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Part 1
Introduction
This section of the reported study talks about the various types entrepreneurial ventures relate
to different types of a typology of the entrepreneur. Different environments are also discussed
in this report that can be responsible for fostering or hindering the value of entrepreneurship.
In this report scope, progress, and growth of commercial ventures are analyzed in an effective
manner
P1 – Examine different types of entrepreneurial ventures and explain how they relate to
the typology of entrepreneurship.
The entrepreneurial endeavors are generally focused on providing effective services to an
early stage of the firm. As per the words of Audretsch, et. al. (2017), the role of
entrepreneurial ventures changes from time to time. Different types of entrepreneurial
ventures are described below:
Small Business Entrepreneurship- In the current era, small business like the grocery store,
salon, food vendor and others are making the huge chunk of start-ups all over the world. They
usually hire local employees or their family ones to run their business in a systematic way.
Their businesses are hardly profitable in a marketplace (Audretsch, et. al., 2017).
Scalable Start-up Entrepreneurship- These type of entrepreneur starts a company knowing
from day one that their mission and vision can be able to change the whole world. Their role
is to search for a repeatable and scalable business model.
Large Company Entrepreneurship- According to Charman, et. al. (2017), corporate
entrepreneurship is a method of developing new and effective ideas for leading the business
ventures along with improving its profit and productivity rate. Their main aim is to increase
economic rate in minimum resources and raw materials. They also develop their ventures for
the satisfaction of their target customers.
Social entrepreneurship- The role of social entrepreneurs is to make effective services and
goods for their customers at affordable price. They used to solve the social needs and
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problems by identifying the people and activities which are responsible for empowering them
in an effective manner (Charman, et. al., 2017).
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P2 –Explore the similarities and differences between entrepreneurial ventures.
The small corporate manager and entrepreneur are mostly used interchangeably. The
entrepreneur completely plays a different role than a manager of a small corporation.
Capitalists are the one who starts the business but the managers are the one who runs that.
According to Galli, et. al. (2017), entrepreneurs try to create the values for the shareholders
of their business. For increasing the equity of the Federation of small businesses they are
allowed for the intentional dispensations. Entrepreneurs try to create more energy for the
progress of the business. On the other hand, the supervisors of the small business feel
satisfied with whatever they are doing for running the association. Many of the times the
managers get sentimental by looking for the benefits of the society or community (Galli, et.
al., 2017).
The entrepreneurs are the self-motivated force of launching and planning the new
organization. They are the people who handle all the issues which are happening in the
process of designing any kind of products. The entrepreneurs determine the most efficient
method of production so that they can find the perfect customers. According to Krishnan, et.
al. (2017), the managers of the small organization is the one who operates an organization
which is surviving from the starting stage. An objective of FSB is to keep the association
growing and operating the business in an efficient way. Most of the entrepreneurs hire the
managers so that they can get help in building their small business into a large unit. Managers
are the one who recognizes that their creations and visions can help the company in achieving
all the targets in best possible manner. The entrepreneurship mainly involves the process of
being recognized and able to accept the risk in which they may get the failure. For the
entrepreneurs, failure can get considered as the loss of money and the situation from which
they get disappointed. But the managers are the one who carries the capabilities of facing all
the risks of failure in every manner. A manager of the small business deals with the pressure
of working with efficiency for building the large association in the competitive market
(Krishnan, et. al., 2017).
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(Source: Why To, 2015)
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P3. Present, interpret and assess relevant data and statistic to illustrate the impact
micro and small business have on the economy.
The small business can get considered as a very critical part of a community, job creation,
and entrepreneurship. Some of the times they do not generate that much revenue as the large
organizations do, but they are an essential part of the local economies. Below is the graph
which explains the impact of small business and micro business have on the economy-
(Source: Office for National Statistics, 2017)
Above mentioned graph helps in understanding that micro and small business have the high
impact on the economy. Small business runs with around 10 to 49 employees wherein
medium business runs with around 10 to 249 numbers of employees and at last the large
business works with moreover 250 workers.
The small business is known as the building blocks to most of the organizations. Below are
the points which describe the impacts of the small organizations have on the society or
economy.
 Mapping the future- According to Martinez, et. al. (2017), the most important way in which
small organizations contributes to the local economies is growth and innovation. FSB try to
harbor the spirits of entrepreneurial by producing some innovative things with the help of
their creative ideas. It helps in attracting the customers in a high manner. They tend to
improve on pre-existing services or products. For example, it can get seen in the tech-related
industries. Many of the technicians are gently growing out of the garages.
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Economic Growth- The small organizations do not remain small for always. Most of the
business like Burt Bees, Wal- Mart etc. are the one who started from a very short type of
business but now they are well known as the challenging players within the national and
international market and continuously supporting the prosperity of economic (Martinez, et.
al., 2017).
 Giving Back-Whenever the customer chooses to visit the small organizations, they are
actually giving back to their society or communities. The local businesses which are
successful in great manner support the society or community by paying all the taxes. It also
includes local tax as well. This kind of taxes gets paid to support the offices of local
government, schools, and departments of fire and to the police as well.
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P4. Explain the importance that small businesses and business start-ups on the growth
of the social economy.
According to Golden, et. al. (2017), the small organizations are the backbone of the economy
of UK. They contribute by creating the new jobs, launching the new markets and by driving
the growth as well. They encourage their employees for bringing up the new ideas and the
competition which challenges the status quo. In many of the small associations, it becomes
important to think of the large landscape and to see the way ahead about its challenges.
Planning is the most important requirement of FSB for the achieving the profits. The small
organizations play a vital role in the growth of the social economies (Golden, et. al., 2017).
Many of the people like financial consultants, hairdresser, and plumbers are the one who
helps in a great manner and contributes their support to the economy. For completing the
needs of large organizations like maintenance, printing, stationery, services of photography
etc., small business helps in getting the right skills and in developing the positive attitudes as
well. Somehow it develops the personal relations too.
Many of the small business possesses all the abilities to adapt the quick changes which are
related to the economies and important for the organization. They become able to do so just
because they are totally customer –oriented. The small business tries to satisfy their
customers. According to Dugguh (2017), the small business gets the growth into the
competitive market but still remains at the same society in which their business was
established at the starting, like FSB. Having a huge business headquartered in the
communities and societies helps in providing stimulate and employment to the local
economy, which is a great help. The small businesses mostly generate the revenues on a very
higher level because of which they pay higher taxes. This kind of money gets used in many of
the social sectors. Some of the times they also accumulate the fewer revenues than the larger
organizations, which mean that they have very least amount to the loss in times of the
economic crisis. All of the above discussions, simply clarifies that small association really
plays a most important character in the growth of the social economy (Dugguh, 2017).
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M1 - Investigate a diverse range of entrepreneurial ventures to demonstrate an
understanding of entrepreneurship in both the public and corporate sector.
To examine a diverse range of organization ventures and validate the understanding of an
entrepreneurship in corporate and public sector, points are explained below-
Micro Business- According to Akar, et. al. (2017), micro business or association is the one,
which runs with very few numbers of people. It only includes 0-49 number of people. This
kind of organization does not exceed the profit or turnover of 25-30 Lakh in their balance
sheet.
Small Business- The organizations, who owns the partnership on their own. The sole
proprietors and corporations those who run with very few workers and archives less amount
of turnover form their business are the one, who takes place in Small business (Akar, et. al.,
2017).
Medium Sized Business- The associations who runs with the investment of more than 5
crores but does not exceed the limits of 10 crores. The medium-sized business is the one who
runs on a very high scale of an amount in the industries.
Public Sector- According to Panwar, et. al. (2017), the public sector basically discovers the
character of an entrepreneurship in the association. Nowadays, political science and public
management compare the ideas of main business in terms of entrepreneurship and leadership.
It gets considered as a process which gets entered into the associations of the public sector
and provides the best results with innovation. The public sector also includes different
technologies, techniques, new services, risk-taking, productivity and the new strategies as
well.
Corporate Sector- Entrepreneurship comes in the corporate sector that is crucial for the
bigger organizations. These kinds of businesses are opposed to taking the risk or making
anything innovative. It helps in improving the level of the corporate sector (Panwar, et. al.,
2017). It provides higher profits and betterment to the organizations of the corporate sector.
This sector basically believes in innovating the new ideas and opportunities which establishes
the large scale of businesses.
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(Source: Yarovoi, 2015)
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M2 – Evaluating the differences that small, medium and large businesses make to the
economy, applying relevant data and statistics.
Being an owner of the small organization can be challenging. The owners of the small
businesses come from a perfect variety of the backgrounds. They operate their business
independently with just a few employees. The differences that small, medium and large
business makes to the economy is discussed below-
 Small and Medium Businesses- The small and medium organization is the one who hires
fewer than 100 employees for the wholesale market and 500 workers for manufacturing. The
small and medium organizations play a vital role in the growth of an economy. FSB always
requires more and more money to grow after starting up the business. According to Marom,
et. al. (2018), most of the organizations takes the access to the stock market for the capitals.
This procedure helps in contributing the innovation and growth of an economy. Whenever the
organization achieves profit or good revenue, they keep their capital aside for the extra
expenses of their business which creates a gap between the medium and small scale of
organizations.
 Medium Business-The organizations which include 100-999 employees to work with them
get considers as the medium- sized associations. They perform for achieving the daily
necessities of their life. For completing their daily requirements and needs, the business
works on medium scale. They invest a very few amount to run their business with the
objectives of earning the profit.
 Large Business- The organizations which work for controlling the financial activities on the
higher scale and maintains the huge transactions are the one who known as large business.
The large businesses mainly deal with the production of goods and services so that they can
serve the economy a good range of value (Marom, et. al., 2018). This kind of businesses
basically includes the employment of wage labor, machinery and the equipment’s which
measures regulatory. The large business achieves the higher amount of profit or revenue and
because of which they pay taxes. It helps in the economic and social growth of the country.
Below is the chart which explains it in an easy manner-
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(Source: GOV.UK, 2017)
This graph explains that the small, medium and large business have the greatest impacts on
the economy. The small business provides jobs to some of the people from which they can
survive well. The large business also decreases the unemployment on the higher level, which
gets considered as the best way of economic growth.
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D1 – Critically examine the scope, development, and growth of entrepreneurial
ventures.
The development and the growth of Entrepreneurial ventures- According to Hillary, et.
al. (2017), the entrepreneurs mostly get involved in the task of innovating the new products
and services. They also help in creating and sensing the opportunities. The development of
entrepreneurial ventures helps in improving the lifestyle and standards of the country. Being
an owner of the small organization they help the region, state, social and local communities
which is a great help towards the country. The entrepreneurship ventures help in providing
the jobs to many of the people in different sectors. They make sure about the income, profit,
and GDP as well.
The scope of the entrepreneurial ventures- The scopes of the income group is very
constricted in FSB. The people who generate income may or may not be the entrepreneurs.
Income generation becomes the initial stage of the entrepreneurial growth. The scopes of the
entrepreneurship are tremendously helping in developing the country of UK. The people can
use government for improving the entrepreneurship as because it provides various sources of
employment and income to the population. The scope of entrepreneurs helps in reducing the
strategies of popular entrepreneur and archives a sensible regional growth. It basically helps
in the development of economy (Hillary, et. al., 2017).
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D2 – Critically examine how small businesses have an impact on different levels of the
economy in a local, regional, national and international context.
The small businesses are the one who represents around 93.7 percent of the firms of employer
and generates around 74 percent of the new jobs. The small businesses impact on different
levels of the economies at regional, local, international or national level. It is well described
below-
Regional Economy- According to Peris, et. al. (2017), most of the states and cities works to
support the economic growth by providing the additional incentives and capital to their
broader organizations. These businesses are well produced and established as well. FSB is
well known for promoting the new spends on the market, starting up the new appointments
and drives innovatively for the entrepreneurship. They tend to improve their stability in the
jobs and in economic ways as well. They do not look at the large and broader businesses but
yes focuses on cultivating the entrepreneurship (Peris, et. al., 2017).
Local Economy- The small organizations tends to present the new services, opportunities,
and employment to the people so that they can help the economics of the country. They try to
implement the new resolutions and invent many of the new products and services. They help
the economy by getting many of the existing thoughts and ideas to work with. Most of the
local consumers remain loyal to their association which helps economic culture very well.
National Economy- According to Panwar, et. al. (2017), the small organizations mostly
plays a most important in the related industry. The activity of small organization influences
the growth of GDP. It completely depends on the development of economics. For achieving
the economic growth, the small business works in an efficient manner. Whenever the small
business runs, it helps in decreasing the unemployment level from which poverty gets
decreases and economic level gets higher.
International Economy- The successful small businesses helps the economy at international
level in many of the different ways. Once the business runs successfully, the market share
gets increases which help the economy at the international level of FSB. Most of the other
ways like export and import of different products and services which gets run by the small
business are the perfect examples of economic help. (Panwar, et. al., 2017).
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Conclusion
On the basis of the above-reported study, it has been analysed that many of the
entrepreneurship ventures lead to the overall growth and expansion of country in an effective
way. Roles and characteristics of an entrepreneur play an important role in the success of a
venture.
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Part 2
Introduction
This report consists of different characteristics and traits of a successful entrepreneur in a
systematic way. Entrepreneurial personality plays a vital role in shaping the motivation as
well as the mindset of an entrepreneur. This report also explains that how a person’s
background and past experience can be responsible for hindering and fostering an
entrepreneur. The business show in London attracts approx. 25000 businesses looking for
guidance and experts.
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P5. Determine what makes a successful entrepreneur. You could consider examples of
successful entrepreneurs and determine the character traits and skills they possess.
Similarly, you could explore whether entrepreneurs are born or made and whether
entrepreneurship skills can be learned over time.
According to Moskowitz, et. al. (2017), the successful and responsible entrepreneurs focus on
their work by avoiding all that distractions which can hamper their objectives and goals in
any perspective. They are one who runs their business with open mindset and confidence as
well. They are well known as self-starter.h successful entrepreneurs are the one who works
with the strong skills and creativity too. Olympia Exhibition center talks about the skills and
traits of successful entrepreneurs. Some of those skills traits and characteristics are as
follows-
Characteristics of a successful entrepreneur-
 The successful entrepreneurs take the initiative to work with all the risk without thinking of
profit or revenue.
 They follow a very strong sense and self-confidence to run their business in the great manner.
 The successful entrepreneurs are the people who work with flexibility towards their vision.
 The entrepreneurs who are successful works with the great level of enthusiasm.
 They are future-oriented in terms of running their business with goodwill.
 The successful entrepreneurs are willing to take any kind of risks at any point of a stage with
the high level of energy (Moskowitz, et. al., 2017).
All these characteristics help people in becoming a successful entrepreneur. Mark Zuckerberg and
bill gates are the people who have all these characteristics which help them in becoming
successful entrepreneurs. According to Katre, et. al. (2017), many of the skills are also
required to be a successful entrepreneur. Some of those skills are discussed below-
 The entrepreneurs should be always focused on their objectives and goals in the proper
manner.
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 The successful entrepreneurs include all the skills of searching the quality people to work
with them so that they can manage all the things which are required to maintain the business
properly.
 They include all the abilities to work with the patience of investing money for long term.
 The entrepreneurs follow the skills of learning the new and updates things so that they can
make their customers satisfied (Katre, et. al., 2017).
 They work with creativity to present innovations which includes new ideas and thoughts in
their business.
Successful entrepreneurs should have the skills of selling their products to the customers.
They should have the abilities to build strong and trustworthy relationships. Successful
entrepreneurs are the one who includes strong communication skills which are required to be
a successful entrepreneur. In order to run the business in the effective and efficient manner all
these skills, characteristics and traits are very useful.
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P6: Assess how aspects of the entrepreneurial personality reflect entrepreneurial
motivation and mindset. You may wish to consider how personality is shaped by family
upbringing, lifestyle, cultural differences and personal motivation and drivers amongst
other factors.
The entrepreneurs mainly get defined by the ability to carry the creative ideas and
innovations who works for achieving all the objectives and goals of the business. According
to Chan, et. al. (2017), the mindset and motivation of an entrepreneurial is gets considered as
a process which basically varies the different levels of the perception of the motivations in
various factors, all those factors are described below-
1. Postive Attitude- Positive attitude is one of the most important factors which helps an
entrepreneur in motivating him towards the business. This factor also helps in making him
successful and powerful too.
2. Motivation- The main of the factor of becoming a successful entrepreneur is to get motivated
all the time. Self-motivated people always come with creative ideas and thoughts which helps
them in upbringing the business.
3. Product Demands- The higher demands of the product from the customer's side helps the
business helps a business person to get motivated towards his business. This process also
helps an entrepreneur to come up with more innovative products which help in improving the
lifestyle and culture of the country.
4. Availability of the Information- This process helps in getting the updated information about
the fashion, from which entrepreneurs become aware and then they try to present some more
fashionable things for the customers. Availability of the information somehow helps in
motivating the updated lifestyle and culture into the market (Chan, et. al., 2017).
5. Optimism-The positive attitudes and perceptions help in motivating all the individuals. From
this people gets motivated and try to work in the best way in most unfavorable and tough
times.
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P7: Examine, using relevant examples, how a person’s background and past experiences
can hinder or foster entrepreneurship. Factors to consider may include level and type of
education, national culture, economic circumstances and character traits. The risks and
rewards of starting a business should also be considered.
It’s is true that the past experience and background can foster and hinder entrepreneurship.
The success of the business completely depends on the past experiences of the entrepreneurs.
An entrepreneur who will be full of positive experienced will be able to take any kind of risks
at any point in time. He will be capable of facing any situations at any time.
According to Shivacharan, et. al. (2017), At the same time, if an entrepreneur will have the
negative experience, he or she will be quite afraid of taking any risk for the business, because
of which business will move on at same path and will not get success somewhere. By taking
the examples of Bill Gates it can get easily understood that as he was so intelligent and sound
in technical terms, all that knowledge helped him in building up a successful business which
is well known as by the name of Microsoft. Some of the factors which affect the business of
an entrepreneur is given below-
 Educational Factors- Whenever if a person will be educated, he or she will be
knowledgeable enough to run his or her business in the perfect manner. The educated person
will be aware of market issues and perceptions of people in each and every manner. An
educational skill helps people in understanding the market situations to get rid of it by
behaving positively. This skill is so much important to run the business in the successful
manner.
 Economic Factor- Capital is the most important factor which helps in increasing the
business in a positive manner. Without money, no business can run for a long time.
Availability of money, right employees, workers and raw materials is necessarily required to
run the business for a long time (Shivacharan, et. al., 2017).
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M3. Develop your response to P5 and P6 by exploring and examining different lines of
argument relating to entrepreneurial characteristics.
The characteristics and traits of an entrepreneurial play a vital role in molding a start-up
business in an effective and efficient way. The main aim of an entrepreneur is to analyse the
needs and demand of customers while manufacturing of imports and services. Whereas, the
entrepreneurs do not focus on the development and growth of their employees as they only
focus on the progress of their firm. This can be responsible for demotivating the self-
confidence of an employee in a negative way. It is important that an entrepreneur needs to
use effective resources in their business so that they can easily be able to foster the skills of
employees along with the organisation (Sarwoko, et. al., 2013).
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M4. Analysing the link between entrepreneurial characteristics and the influences of
personal background and experience to specific successful entrepreneurs.
Personal background and experience of an employee motivate their skills and characteristics
in an active way. They can easily be learning new and innovative tactics from their previous
projects or mistakes. It is important that an entrepreneur needs to be risk taker so that they
can be able to fix the challenges and problems in the business. An entrepreneurial
characteristic includes personal values, education, work experience, age and many more.
Family background also motivates the entrepreneurs in a positive way. The supportive family
background helps in managing the business successfully. An entrepreneur needs to have
effective skills for measuring the business tactics in a progressive way (Fayolle and Linen,
2015).
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D3. Analysing the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples.
Effective skills and abilities of an entrepreneur assist in motivating their business in an
effective manner. Traits and characteristics of an entrepreneur help in making the enterprises
in a developed manner. It is important that an employee’s needs to focus on their skills and
individual characteristics so that they can be able to take initiative for the expansion of the
business. Example- Organisation can use multiple resources in extreme level for making the
product more innovative than their competitors (Moskowitz, et. al., 2017).
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D4. Critically evaluating how background and experiences influence entrepreneurs,
both positively and negatively, by comparing and contrasting examples.
The past experiences and backgrounds help an entrepreneur negatively and positively to run
the business. A person full of positive experience and well educated will be aware of all the
market trends. He will be willing to take stand confidentially in any negative conditions. This
kind of experiences will be helping him in the growth of the business. On the other hand, an
educated person with no experiences will not be able to run his business for the long time
period. The experience and background always help an entrepreneur to move forward with
positivity and confidence, which is the main requirement for a successful entrepreneurship
(Fayolle and Linen, 2015).
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Conclusion
From the above discussion, it has been concluded that the success of an entrepreneur is based
on its personal background along with their skills and abilities. It is important to appraise the
performance of an employee so that they can easily get motivated.
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Conclusion
It has been analysed from the above study that the small business entrepreneurship plays a
vital role in growth and progress of the country. This study describes the similarities and
differences of an entrepreneurial venture. It has been analysed that how entrepreneurship
helps in the economic growth of the country. It helps in taking the business on top. The small
business and medium business runs very effectively for achieving the goals and objectives of
the business and for the betterment of the organization. Impact of economy on different levels
like national, local, regional and international has been described well. This study helps in
understanding the small businesses works hard to get them established in local societies
communities as well. Small business and large business differently plays an important role in
the growth of an economy. They also help in government and local offices and schools as
well.
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