Entrepreneurship: Profiles and Impact

This assignment delves into the world of entrepreneurship. It examines various entrepreneurial profiles, highlighting their educational backgrounds and the influence these have on small business strategies. The analysis draws upon relevant scholarly articles that shed light on key aspects of entrepreneurship, including public policy levers, sustainable development, and the role of personality traits in shaping entrepreneurial ventures.

ENTREPRENEURSHIP AND SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION ..........................................................................................................................1
P1 Various types of entrepreneurial venture and their interrelation.......................................1
P2 Similarities and differences among venture......................................................................2
P3 Micro and small business effects on economy..................................................................4
P4 Small business contribution to the social economy..........................................................6
P5 Characteristic, skills and traits of successful entrepreneurs .............................................7
P6 Aspects of entrepreneurial personality which reflects the mind-set.................................9
P7 Experience and background which hinder entrepreneurship..........................................10
CONCLUSION .............................................................................................................................11
REFERENCES .............................................................................................................................12

INTRODUCTION
Entrepreneurship and small business management is the best activity which is based on
the improvement such as development of innovative business with new plan. It is a dynamic
process and way which is intricate in opening a start-up. It is also determines capabilities as well
as willingness which is necessary for the control and improvement of an enterprise by calculating
uncertainty in order to create profit and revenues. Various innovative entrepreneur are emerging
daily and making better benefaction for the improvement of the associate organisation. Further,
this assignment is founded on the base of entrepreneurship and it will focus on encouraging the
people who want to become entrepreneurs in upcoming time (Bridge and O'Neill, 2012). It help
and motivate them so they can start there on start-ups. This report will define different types of
entrepreneurial venture and their relation with entrepreneurship, different characteristic, skill and
traits, contribution of small business etc.
P1 Various entrepreneurial ventures and their interrelation
The ventures of entrepreneur are of different types which create an important role in the
market. Those are as follows :
Lifestyles venture: This can be determined as the best type who encourage in providing
constants and fixed income to its owners on the support of presentation approach for
management and trade structure such as modal. As a manager of Federation of Small Businesses
make investment in this business and maintain local market competition. It is find in just one
place and are not eager to have much development and growth.
Survival venture: Under this type of venture are innovative in market place and only
contribute in a living of their family member and owner (Burns, 2010). Apart from this business
do not have proper workplace and not having proper registration.
Managed growth venture: These types of venture have fixed and appropriate growth
and development. For achieving the moderate growth, different business are having their
investment on permanent basis from their investors and managers. The introduction of
innovative goods and necessary facilities which is related to their staff and the proper expansion
of places are the qualities of this venture.
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Aggressive growth venture: Different business will be having several new technologies
and capability for solid growth and innovation. Under this, they receive funds from venture and
capital related to opportunity driven.
The types of different ventures related to various types of entrepreneurship are as follows:
Small entrepreneurship: This is based on the small level of business like plumbers,
consultants, market store and different travelling agents etc. they are connected such as relation
with survival business and they can not make large funding (Carland, and Carland, 2015). These
enterprises are complete by friends, relatives and small scale loans etc. Small entrepreneurship is
the one in which the business is own by an individual independently. The number of employees
are less than 50. These are based on their own criteria and the benchmark their annual sales
turnover. The aim of such type of entrepreneurship is to produce high quality services and
products. The management capabilities are very sound and financial management is prudent.
This type of entrepreneurship will be having good scope for human resource management. The
marketing strategies will be very strong and they will have very strong network with their
suppliers, this will be helpful in increasing their sales rate.
Medium entrepreneurship: The economic growth of the country is dependent on the
medium sized entrepreneurship. These type of businesses are retail stores, food chains,
restaurants etc. The number of employees in this is less than 150. The aim of this
entrepreneurship is to gain competitive advantage in the market over other big companies by
producing quality products.
Large entrepreneurship: There is an interrelation between growth ventures and this
type of entrepreneurs. It is the best way that make growth by producing new product and
services. If they have power that will be change customer mind set related to taste it due to that
will be stress on disruptive innovation. Large businesses will be having more than average
amount of measurement scale. Their turn over is very high as compare to small and medium
enterprises. The number of employees are more than 250. This entrepreneurship business can
afford to take higher risk because they are having higher capital. The resources used by them is
also very high. For making any decision, it will take more time for them to decide because of
various internal and external factors.
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Scalable start-up entrepreneurship: The owners of in this type of business are believed
on their own vision. This is to create the business as per the change in the economic conditions.
Financial investors are also playing an important role. The investments are made up of capital
ventures.
Social entrepreneurship: This is based on the social benefits of the country.
Entrepreneur is an innovator and they are making such kind of products which are helpful in
satisfying the economic issues. The aim is to develop the best place for working in the whole
world.
As per Federation of Small Businesses, entrepreneur is a manager who takes uncertainty
and develops new and existing products. New and innovative kind will be improved by overall
global development, where entrepreneur being played important and significant role(Dennis,
2011). The economy of the world is dependent on those countries who are well organized. It will
also be based on the mass production, so that it will be helpful in the growth of the economy.
Entrepreneurship scopes
Local: The local scope is very high, because they are increasing the employment rates.
Many of the local people are choosing entrepreneurship because they do not want to be in under
control of any person. As a senior member of federation of small business (FSB), the job is to
promote entrepreneurship and encourage local people to start their own business. It will make
sure that the local growth is on track. They are providing source of earning for all the local
people. This will also help in reducing the monopoly of large business organizations. Local
government will also provide support because unemployment rates are decreasing.
Regional: The financial condition of that reason is increasing because this
entrepreneurship are making money and improving the financial condition of that region. The
entrepreneurship has established themselves as a part of curriculum in many of the regional
colleges because they want people to be independent. FSB can also help in promoting the
entrepreneurship in the specific region through campaigns and seminars.
National: The prime scope is to reduce the unemployment rates. It will provide
alternative career options for young people. This will help in improving the economical
condition of the country. The national government is giving support financially to all the new
entrepreneurs so that they will remain full of confidence while starting their business.
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P2 Similarities and differences among venture
The types of ventures had been discussed above. There are some differences and
similarities related to venture as follows:
Entrepreneurial venture Similarities Difference
Lifestyles venture Various financial sources
which are used in managed
growth and lifestyles venture
are same. Both are take funds
from relatives, friends and
benefits are paid to workers on
the basis of earnings.
Their management style is
skilful such as tactical and they
have simple structure which is
not same with other venture
structure.
Survival venture Lifestyles and survival venture
oriented innovative business
and provide new product.
Their egress approach is also
similar which can shutting
down of company.
Under this venture
management style is reactive
and have continuous develop
which is different with another
investors.
Managed growth venture Egress approach of aggressive
and managed growth venture
are similar. For quick merge
and sell the world economic
motive is similar like wealth
activity(Down, 2010).
Management style have
moderate different
entrepreneurial motivation .
Aggressive growth venture Managed and aggressive
growth both venture use
planning techniques or tools
for management skill and give
profit which are related on
equity.
Under this venture apple
technological factor and create
high performances.
Entrepreneurial motivation is
not same with other venture.
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Further the role, characteristic and objectives of different ventures are :
Private venture: Objectives of this venture is to subscribe for the economic development
by creating opportunities and profits of employment. Private and managed growth venture are
similar. Aim of such types of investors to maximise growth and create effective choice related to
enterprise structure.
Public ventures: These kinds of venture create important role and make fair and desired
development in a marketplace(George and Bock, 2011). They are more helpful in the
improvement of the public economy. Their prime aim is to create organisational improvement,
self dependence growth of backward location and buyers welfare. Scalable start-up and public
venture are similar. They create different operations for the public profit.
Social ventures: These types of venture survive in order to create improvement of society
and social profit. Their aim related to relation with environment and society. This is quite similar
to the social entrepreneurship. The main need of this kind is to develop social organisations, who
are helpful in giving assistance to different communities and societies.
P3 Micro and small business effects on economy
Micro business gets their funds from the profits of their owners. In this there is only one
single owner and maximum five workers including. Personal as well as individuals of every age
group, mostly less than from women are conforming micro business related to mobility and
flexibility which are provided by micro and small enterprise. These types of business can be
complete as per the passion, conditions, skill, knowledge and terms of individual (Gorgievski,
Ascalon and Stephan, 2011). Small scales and entrepreneurs reflect 92%(Approx) of the United
kingdom and small trades which are complete by personal moral supports in recasting dynamics
of income, life facility and wealth creation.
These trades also provide impacts and effects on developing job possibility as they are
responsible for creating 26 million jobs in UK for young generation. They also provide large
number of production which is around 13.4 million. The indirect jobs will include 1.9 million.
Individual people can also be employed by some of the small business and then they are using
their full potential in improving the economic conditions of the country.
Small business must create trade, that will be owned by any individual and they have to
finish their reputation as profit based firms. Under this business is having 6 (approx) workers and
maximum 500 approx, and they are dependent on economy and produce new products in United
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kingdom and provide private sector employment of sixty percent approx. these merchandise also
protect to give innovative jobs in small and local areas. They are very important and essential
for a whole economy their various impacts can be determined are:
Impact on regions: Micro and small businesses create there manner is different regions
and provide various impacts (Hall, Daneke and Lenox, 2010). Many region may have not same
kind of business start-up which will provide better as well as direct employment. They also effect
of supply process and there are several regions such as competitors purpose. Who encouraging in
regions will make effective changes in their supply and management activity.
Impacts on locals: Both business small and micro give different effects on location and
society. It has been create such companies provide large number of contribution related to local
area. Approx 64 percent of innovative job which are make by small and micro businesses who
develop the best contribution related to local economy growth.
National and international economy: Both business also effect on national and
international economy. The employment is having the turnover of 1.6 trillion pounds by the
opening of 2015. It is a major trades which is make in United kingdom (Leitch, Hill and
Neergaard, 2010). Approx 37% of innovative company and they produce creative facilities or
services for their buyers.
As per the Federation of Small Businesses (FSB) manager , small and micro businesses
has grate impact on regional, local , national and international economy. Main aim and
objectives of these merchandise is to create better job opportunities of an individual of economy
which can evaluated social ans environment growth. It has also evaluating and creating direct
employment in different regions and subscribed for the improvement of whole economy. On the
other hand Storey and Greene,(2010), says there is various issues and problems related to
production and supply of product and services which will be having negative outcome on
communities.
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P4 Small business contribution to the social economy
Brexit: This can be defined as the effective way by which United kingdom switch from
EU. British took exit on 23 June 2016 from EU. UK finally has decided that they want to move
out from EU. The decision making process taken by United kingdom is based on the outputs of
individual vote. Whole citizens who are appointing are where minimum 30 million person have
given vote. Parliamentary system and political policies have essential threats which are given by
Brexit(Ligthelm, 2010). Airports of EU also face from Brexit and also provide different treats to
whole economy. Related to impact of Brexit there are different small company's who contribute
of social economy growth.
New business can be defined as a local start-up which is being best structure to search of
repeatable and scalable business designed. There has different company which may person have
a separate entity in past years as well as future. An scalable innovative firm they can not prove
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their business structure but operate related to best way which will very importantly effects
present marketplace. It also suggest that these small businesses are self content. Various
boundaries are there which are fixed. The aim is to develop the whole new economy by
depending on themselves. The start ups are having very high impact on the environmental
conditions. Small company get some funding with the help of relatives and friends.
Start-up's and small scale both are interrelated related to economy of United kingdom and
provides benefaction in improvement of job opportunities. It is also create and evaluate small
business contribution of 99.9%(approx) in private sector.
There are different importance are as follows:
 Both are Start-up's and small business contributes for seniority of company's organisation
in a country and they play important role, it increasing turnover and job opportunities,
which will encouraging in social development as well as growth of economy(Nga and
Shamuganathan, 2010). They help in approx 60 % employments in private sector and 81
% in creating effective and efficient workplaces.
 Under this types of Start-up's helps in employments, innovation, creation and adaptability
for United kingdom economy. Both business are more creative and using innovative
techniques and had suitable development in evolution and creation of products and
services.
 Small and innovative business tantalize the individual in UK. They also make investor
and visitors composition. They promote such as providing verity and range in location
and towns by playing essential duties related to community as well as society. Whenever
both are increase in competition, and firm create improvement in their working and
develop high performances and turnover, while company do not have maximum
productivity.
 There are various types of businesses that protects to provide enough contribution in the
improvement of the economy of local area by the use of creative and innovative
techniques. They are giving proper resources for some of the large enterprises to improve
their functions of doing business.
P5 Characteristic, skills and traits of successful entrepreneurs
Entrepreneurship can be defined as the way which is helpful in creating something new
with appropriate efforts and proper time management. This will be useful in assessing some
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uncertainties and social or financial risks (Preuss, 2011). With the support of this way, they
collect monetary benefits and individual satisfaction. Different roles and functions which are
played by entrepreneur are specified are as follows:
Ability to bear risk and uncertainty: Bill Gates have different power and capability to
bear market risk as wee as uncertainty. They reduce many barrios which are available in
marketplace.
To make develop enterprise: Larry Page is a innovative and creative person which can
develop organisation and evaluate goals and objectives (Sampaio, Thomas and Font, 2012).
There are various points that define their characteristic are as follows:
 To obtain perception according to market opportunities.
 Human resources management in enterprise
 Retailing regarding to products and services
 Administration which is complete production and financial statements.
 Buy of imputes and outputs
 Related to introduction provide innovative products and production tools and techniques.
 Supplier and consumer relation is very important regarding to administration.
Innovation: Both entrepreneur Larry Page and Bill Gates are innovative and creative
persons. Both are unexpected success , events, programs and failure etc. there are different points
that define how both persons are innovative.
 Different demographic changes
 Reconstruction in structure of business and market.
 Innovation and creation according to the activity as well as process of product
improvement.
Larry Page and Bill Gates both are faced various traits which exists that will be
beneficial in making a goals and objectives.
Determinant and dedicated: Larry Page and Bill Gates both are successful
entrepreneur, their personality which can reflect on other entrepreneur in market places. Clear
aim have to be decided by the people if they want to attract the investors. The innovative
entrepreneur can face several difficulties in recruiting new employees and growth of business.
Risk bearer: large and small enterprise should face different risk such as uncertainty
while creating various operation in markets(Schaper and et. al., 2014). Larry page and Bill
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Gates both are risk maker which can analysed innovative business and cannot make growth
without facing risk. They can bear any kind of uncertainties which are present in their
organization.
Constant learning: Larry page have to achieve more success, so he is following the
process of constant learning. He must deal with the daily changes which will be helpful in
surviving the learning success.
Passionate: Larry page and Bill gates passion level is very high in different position and
situation which will be help in operating commitment and determination which protect in having
growth and success(Storey and Greene, 2010). Both are passionate for his works and must enjoy
while tasking.
Finance management: Finance and money are important part of any organisation which
support in creating necessary operations.
Some of the traits described above which are separating an entrepreneur from the
manager. By developing all these skills and traits, an individual can give rise to their investors.
P6 Aspects of entrepreneurial personality which reflects the mind-set
Each entrepreneurial is having different mindset and personality which assists them to
achieve growth. The lifestyles, ethnical difference and family upbringing plays an essential role
for the improvement of personalities of an entrepreneur. Further it will include in the success of
organisation. Person lifestyles and difference culture are reflected by family upbringing which is
complete by family.
Person should also be confident in its skill and knowledge which will assists to create
growths. Larry page and Bill gates both are successful entrepreneur, confidence is everything
which protects in creating goals of an enterprise(Gorgievski, Ascalon and Stephan, 2011 ). Both
have innovative and creative mind by which they make new network plan such as different
situations and programs and also help in produce new products.
A good entrepreneur have communication and leadership skill which can supports to motivate
workers in developing business. Entrepreneur set different criteria which supports in various
direction and motivations. Different entrepreneur who is managing wants related to his trades at
the top level. He also makes various innovative ideas and plan through which they development
and growth.
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P7 Past experience and background which hinder entrepreneurship
Larry Page and Bill gates are risk taker and original thinkers entrepreneur. Both are
fetching responsibilities for whatever they are doing. They are also setting goals, targets and
working very hard to achieving them. The level of education not match in their entrepreneurship
(Leitch, Hill and Neergaard, 2010.). Their culture and economic background also different. Both
are plays a important role in attaining organisation objectives.
There are different qualities of successful entrepreneur because they have good culture
and education which plays an effective goals. Self motivation and confidence help entrepreneur
to represent customers and workers.
Larry Page and Bill Gates personalities does not have proper way as they are from
different educational and family backgrounds, past experience and culture etc. it is needed to
have proper education and culture which is essential in solving various problems. They learn to
make communication and dealing with various persons. Past experience of Larry Page is not
support in operating new business.
Economic position is very essential because it will help in attaining objectives and goals.
This will also make them more strong financially. They are doing their work with the help of
innovative technologies (Burns, 2010). This will be helpful in providing them the best
opportunities which are essential in the long and short term employment.
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CONCLUSION
From this report it has been concluded that small business management and entrepreneur
is very protective as they assists in whole economic development and growth in different ways.
As per the maintained report, it can be examine that to become successful and developed
entrepreneur, one must posses all the qualities, characteristic and traits mentioned in this
document. Individual must be able to control such as handle uncertainty in effective manner. It
can also be concluded that entrepreneur must be aware of every tasks and risks which are related
with venture activities. They also contribute in national and international growth of economy.
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REFERENCES
Books and Journals
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small business.
Palgrave Macmillan.
Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave
Macmillan.
Carland, J. W. and Carland, J. C., 2015. A model of potential entrepreneurship: Profiles and
educational implications. Journal of Small Business Strategy. 8(1). pp.1-14.
Dennis Jr, W. J., 2011. Entrepreneurship, small business and public policy levers. Journal of
Small Business Management. 49(1). pp.92-106.
Down, S., 2010. Enterprise, entrepreneurship and small business. Sage.
George, G. and Bock, A. J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Gorgievski, M. J., Ascalon, M. E. and Stephan, U., 2011. Small business owners' success
criteria, a values approach to personal differences. Journal of Small Business
Management. 49(2). pp.207-232.
Hall, J. K., Daneke, G. A. and Lenox, M. J., 2010. Sustainable development and
entrepreneurship: Past contributions and future directions. Journal of Business
Venturing. 25(5). pp.439-448.
Leitch, C., Hill, F. and Neergaard, H., 2010. Entrepreneurial and business growth and the quest
for a “comprehensive theory”: tilting at windmills?. Entrepreneurship Theory and
Practice. 34(2). pp.249-260.
Ligthelm, A. A., 2010. Entrepreneurship and small business sustainability. Southern African
Business Review. 14(3).
Nga, J. K. H. and Shamuganathan, G., 2010. The influence of personality traits and demographic
factors on social entrepreneurship start up intentions. Journal of business ethics. 95(2).
pp.259-282.
Preuss, L., 2011. On the contribution of public procurement to entrepreneurship and small
business policy. Entrepreneurship & Regional Development. 23(9-10). pp.787-814.
Sampaio, A. R., Thomas, R. and Font, X., 2012. Small business management and environmental
engagement. Journal of Sustainable Tourism. 20(2). pp.179-193.
Schaper, M. T., and et.al., 2014. Entrepreneurship and small business.
Storey, D. J. and Greene, F. J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
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