Entrepreneurship and Small Business Management

This report discusses various types of entrepreneurial ventures and their connection with typology of entrepreneurship. It explores the similarities and differences between these ventures. It also examines the impact of micro and small businesses on the economy. Additionally, it delves into the traits and skills of successful entrepreneurs and analyzes the effect of background and experience on fostering entrepreneurship.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Different types of entrepreneurial ventures and how they are connected with typology of
entrepreneurship.....................................................................................................................3
P2 Similarities and differences between entrepreneurial ventures.........................................6
M1: Different range of entrepreneurial ventures in order to demonstrate an understanding of
entrepreneurship in both the public as well as corporate sector.............................................8
D1: Scope, Development and growth of entrepreneurial ventures.........................................8
TASK 2............................................................................................................................................9
P3 Relevant statistics and data for illustrating how micro and small business affects economy.
................................................................................................................................................9
P4 Importance of small business and start-ups for growth of social economy....................10
M2: Difference which is made by small, medium and large businesses within the economy10
D2: These enterprises contribution at different levels like national, regional and local.....11
TASK 3..........................................................................................................................................11
P5 Traits and skills of entrepreneurs....................................................................................11
The key traits & skills which is observed in Oprah Winfrey and Richard Branson are:.....11
P6 How entrepreneurial aspects personality reflect motivation and mind-set of entrepreneurs
..............................................................................................................................................13
M3: Different Lines of Argument Relating To Entrepreneurial Characteristics..................15
D3: Characteristics, Traits, Skills and Motivational Drivers of Successful Entrepreneurs..16
TASK 4..........................................................................................................................................16
P7 Effect of background and experience of entrepreneurs on fostering entrepreneurship...16
M4: Link Between Entrepreneurial Characteristics & The Influence Of Personal Background
& Experience To The Successful Entrepreneurs..................................................................17
D4: Background & Experience which influences the entrepreneurs in positive and negative
manner..................................................................................................................................17
Conclusion.....................................................................................................................................17
REFERENCES..............................................................................................................................19
3

INTRODUCTION
Entrepreneurship define as a process where a person known as entrepreneur develop a
business entity with an innovative idea and thought at the marketplace. Their main aim is to earn
profit by bearing all the risk associated with the organisation. In organisation various functions
are going to be performed which includes gathering resources to utilise them in order to produce
effective goods and services. It is the report which includes discussion about various kinds of
entrepreneurial venture as well as typology of entrepreneurship. Along with this, it includes
differences along with similarities among all these ventures & contains interpretation of required
data which affect the micro as well as small scale business entity. It is the report which includes
a detail discussion of characteristic, skills and traits of a successful entrepreneur. At the end of
this report, required examples are going to be discussed that how background as well as
experience of a person might foster and hinder their overall performance.
Lo1
Entrepreneur is considered as an individual who have unique ideas or thoughts in order
to create a business entity so that they can produce unique food products which will satisfy the
requirements of customers. These are the individuals who have risk taking skills in order to make
profitability at the marketplace.
Entrepreneurship is define as an act of developing and manufacturing products, method
of production, forms of organisation which are fully innovative and fresh. In this risk is being
undertaken as to accomplish task in well defined manner.
Entrepreneurial venture is an entity which mainly focuses on innovating and looking
for an opportunity with an objective in order to enhance the economic value as well as social
recognition. Some of its main factors is being defined:
 Survival firms: It includes all those business enterprises which mainly struggle to get
business stability at the marketplace by performing their business profitability and
operations. Revenue in this type of business operations are very limited sometimes very
insufficient in order to fulfil the objectives. It is very essential for them to work hard so
that they can maintain in the competition. It has been identified that, due to limited
resources it is become difficult to attain pre defined targets. Some of the most essential
examples of this type of ventures includes bakeries, electricians, grocery stores and many
more (Petkovska, 2015).
4

 Lifestyle firms: It is define as the type of business enterprise where individuals get
various opportunity in order to conduct their functions and to earn a high profile
livelihood. It has been said that when a passion of individual is converted into a venture
is enclosed in this kind. In this type of business venture, owners wants to enjoy their life .
Example of such ventures are gym, blogging and many more.
 Social enterprise: These are the those type of entrepreneurs who help in production of
goods & services, which can help in solving various problems of society is facing. There
are profit motives or non profit motives depending upon the type of business. Major
focus of these entrepreneurs is that they are able to help in the development of social,
environmental and financial well being of all the people living in society. These are
those entrepreneurs who believe in resolving various problems of society. Examples of
such type of entrepreneurs are the people who open community shops etc. (Ramadani and
e. al., 2017).
It has been said that there are three main business entities available at the marketplace.
These sectors includes public, social as well as private industries having there own objectives
and purpose.
Public Sector:It is the sector which includes all the business organisations, companies,
enterprises wherein main owner is the government. They have the highest majority of share in an
organisation and is fully controlled, operated and managed by the government itself.
Private Sector: It includes all those entities, companies, business organisations which are
fully owned by any Private individuals or companies. In this section, each and every activity,
function or task is being managed, controlled and operated by the private individuals. It consist
of those firms mainly operating for the motive of profit & self-sufficient without any
interference. The primary aim of such organization is to resolve issues and maintain wellness in
society.
Corporate Sector: It has been said that corporate and business sector are considered as
the part of the economic system which is made up of different companies. It refers to the subset
of domestic economy, which excludes economic activities of general government, private
households as well as of non-profit organisation who serve to large number of individual
available at the marketplace.
Similarities of a public, private and social sector
5

These are the sectors mainly available at the marketplace which includes public, private
and social sector. All these sectors have some similarities in their functioning. Some of these
similarities are going to be discussed as follows:
 If we talked about public, private or social sector one of the common thing is it provide
growth opportunities to each and every individuals working within the organisation. Apart from this, they all perform their activities in different manner but contribute there
working in the enhancement of overall development of the country.
Differences between a public, private and social sector.
Basis of comparison Public Sector Private Sector Corporate Sector
Objectives Main objective is to
serve the individuals
of a country
Major aim or objective
is to earn more
profitability at the
marketplace.
There main motive is
to enhance the living
standard of individuals
across the world.
Owner Government is the
owner of such entities.
Fully owned and
managed by private
individuals.
It is owned and
managed by private
business entities.
Benefits of working Job security, benefits
in retirements,
allowances.
Incentives, good salary
packages and many
more.
Growth of individuals
as well as company.
Similarities in between of small medium and micro businesses
There are three main type of business available at the marketplace which are of different
size. These business entities includes small, medium as well as micro business enterprises. All
these organisations perform their business which are of different nature but there are some
similarities which are going to be discussed as follows:
 All these business entities perform their task in order to increase the economic system of
the country as they all contribute there earnings in the enhancement of their living
standards.
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 On the other hand, all these businesses helps in generating employment opportunities for
the individuals living within the country. This will assist them in order to develop their
standard of living which directly impacted on the economic system of the country.
Differences in between of small medium and micro businesses
Basis of comparison Small Medium Micro
Investment Small business
enterprises are those
where investment is
more than 10 lakh but
also not more than 2
cr.
Medium business
enterprises includes
investment of more
than 2 cr. But not more
than 5 cr.
Micro business
enterprise includes
investment in
equipment does not
exceed 10 lakh.
Employees It includes those
business organisation
where employees are
just 10 in number but
manufacturing unit
includes 50 people.
Employees includes in
this type of enterprise
are fewer than 250
individuals.
It usually operates with
less than 10 employees
and generally started
with very small
amount of funds.
P2 Differences / Similarities among entrepreneurial ventures.
Types of
entrepreneurial
ventures
Dimensions Goals Roles &
Responsibilities
Illustration
Social The three factors in
which social
entrepreneurship
deals is people,
society and the
environment.
The main purpose of
Improvement in the
service and product
helps organisations
to build up
sustainable factor that
leads to individual
and society growth
Combination of these
three factors that is
people, society and
environment is the
main aim of social
entrepreneurship.
Some of the
are Eden Proj
Oliver’ Restau
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social
entrepreneurship is to
effectively engage in
the process of dealing
with product as well
as services of product
for the purpose of
improvement.
and environment
Walsh. and
Cunningham, 20160
(Welter. and et. al.,
2017).
Micro The main objective of
micro businesses is to
get maximum profit
in minimum
investment. Micro
businesses have small
number of workers so
the initial investment
of these businesses is
starting with a low
monetary fund.
The main aim of
micro ventures is to
generate high
profitability.
The main problem of
small business is
location but they deal
in getting certain
information in
context with
particular form of
industry.
Southern
Technologies,
etc.
Small business less
than 50 employees
Generation of
revenue are the most
important elements to
deal with
entrepreneurial
ventures.
Generation of high
profits and revenue as
compare to the
competitors is the
main aim of small
businesses.
The main role of
small businesses is to
be competitive in the
market. Quality of the
product is the main
factor that fight with
the competitors in the
present market. Thus,
good quality in
products leads to
higher productivity
Some of the
are Putney, A
etc.
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and growth of the
small businesses.
Macro Facilitating Change is
major motive of this
entrepreneurship
ventures.
To be the market
leader or to increase
its market segment.
To understand the
strength and
weakness of the
related market is the
main function of
large scale
entrepreneurship.
Badger produc
er Group etc.
Table 1: Similarities and Dissimilarities of entrepreneurial ventures
There are different types of entrepreneurial ventures which mainly operates in the present
business condition& to categorize them on the basis of Public & Corporate Sector. Major aim of
these organisations is to produce high quality products and services so that they can fulfil the
requirements of their customers and enhance their overall profitability (Vilcov and Dimitrescu,
2015). It has been said that all these business ventures help in increasing the overall economic
system of the country so that they enhance the living standard of individuals. It has been
analysed that the division is done on the basis of business entrepreneurship as well as social
entrepreneurship. In the context of business entrepreneurship main aim is to increase the
profitability of owner and on the other hand social entrepreneurship deals in providing better
environment to generate more profitability(Storey, 2016).
D1: Scope, Development and growth of entrepreneurial ventures
In today’s world, entrepreneurial ventures are rapidly growing at the marketplace with
the speed of light. It is very difficult to understand the level of growth, scope as well as
development. Reason behind this is that focus of individuals is changing on regular basis. It has
been concluded that development and growth of such business entity is increasing as individuals
start investing in such firms.
9

TASK 2
P3 Relevant statistics and data for illustrating how micro and small business affects economy.
It has been identified that small-scale business entities within UK have their own
importance in context of entrepreneurial ventures. It has been mentioned by Morris et al. (2018),
that around 5000 start-up businesses were started in UK during the year 2017-2018. It has also
been defined that both political and economic condition of UK is sustainable in reference of
opening the concern which is related to small size business. This as a result, has been identified
that major contribution is gained by SME's in context of growth as well as profitability.
Figure 1: Share of enterprises in the UK private sector, 2017
(Source: smallbusiness.co.uk, 2018)
In reference to small-scale business within UK, it has been identified that around 650000
business started with UK, which highly contributes in the overall development of country. With
the help of these business enterprises, economic system of UK increased on a regular basis which
assist in developing overall living standards of people. Apart from this, it has also been said that
total amount of GDP of UK is largely depended on the start-up business entities (ukbaa.org.uk,
2018). if we talked about start-up businesses, it is said that Birmingham Boasting is setting new
records by having more than 17,000 fresh entrepreneurs within SMEs. In addition to this, Leeds
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as well as Glasgow is setting new records by includes 7,645, 9,416 and 7,845 thousand
entrepreneurs respectively (ukbaa.org.uk, 2018).
P4 Importance of small business and start-ups for growth of social economy
Social economy is defined as a mixed economy which consist of the features of public as
well as private sectors. It is a type of business entity mainly based on voluntary and non profit
activities with the aim of assisting both international and national boundaries. It is defined as a
type of business entity which manufacture goods as well as services with the aim of satisfying
individuals needs (Ramadani and e. al., 2017). Such type of business organization highly
contributes to the economic system of UK with the assistance of which government produce
enough amount of funds in order to use them in a positive manner. Some of the essential
elements are going to be explained as follows:-
Employment generation:According to a source it has been released by the government of
UK that from last few years there is a huge increment in the employment opportunities within the
country. Entrepreneur set their business entity in such a form that they can use all the limited
resources in an effective manner. With the assistance of these entrepreneurs, jobs are created on
a large number of basis within different sectors.
Innovation: In the present scenario, small as well as start ups business need to struggle in
order to survive at the competitive marketplace. These are the individuals who invest there time
as well as efforts in order to produce innovative products and services so that they can generate
more profitability. With the help of fresh and new innovations, organization will be able to
maintain their sustainability at the competitive marketplace which cannot be easily beaten by
anyone.
Meeting social purposes: Every and every society within business environment have
their own requirements and demands which need to be fulfilled by the entrepreneurs by
producing goods and services in an effective manner. It has also been identified that small &start
ups are established to fulfil the demands of local communities present at the society. Apart from
this, it has also been discussed that such type of business have a motive which is beyond
profitability.
M2: Difference which is made by small, medium and large businesses within the economy
It has been clearly identified that role which is performed by medium, small as well as
large businesses organisations have positive impact on the economic system of United Kingdom.
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After Brexit, small & medium business enterprises increase their economic level. They are the
one who come to support UK when there is ample number of large scale industries came to an
end. These are the entities which plays very essential role as they highly contributes in the
enhancement of GDP, generating large number of employment opportunities. In context of large
scale businesses, these are the industries generate huge income through FDI(Petkovska, 2015).
Furthermore, it has been said that there are various benefits of small, large as well as medium
size business entities which help in generating employment opportunities, enhance the living
standard of individual within the country. This will assist in increasing the growth and
development of people living in the nation.
D2: These enterprises contribution at different levels like national, regional and local.
There are three different levels of an enterprise which includes local, regional as well as
local levels. In case of local level, micro & small business entities provide ample number of
opportunities to their local individual as well as motivate them to establish their business entities
in order to earn more profitability. In the context of regional level, Medium scale enterprises
perform their activities to enhance the growth rate in economic system. Their main focus is to
develop the infrastructure of a specific region. At last in case of national level, business entity
give their full efforts in order to develop economical, social and environment of a
country(Kassean. and et. al., 2015).
TASK 3
P5 Traits and skills of entrepreneurs
The key traits & skills which is observed in Oprah Winfrey and Richard Branson are:
Oprah Winfrey Richard Branson,
Traits  Innovation: Ideas and
thoughts implemented by
Oprah Winfrey were very
creative and are fresh
which is not imaged by
anyone at the market.
 Feedback Approach: In
case of Oprah Winfrey, it
 Innovation: One of the most
common attributes between both
the entrepreneurs are
innovativeness. Products and
services offered by these pioneers
are very innovative and
extraordinary.
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has been analysed that
they take feedback and
response in positive
manner.
Skills  Motivator: Oprah
Winfrey is one of the most
successful entrepreneur
and motivates their staff
members to perform their
task in best and possible
manner.
 Focused: Richard Branson, is an
entrepreneur who is very focused
and encouraged and try to create
and innovate new things.
 Mindfulness: Richard Branson,
effectively handle all the criticism
in such a manner that it will
provide positive results.
Characteristics
 Problem Solving:
Problems which arise
within the organization is
considered as one of the
main issue which is
effectively resolved by
Oprah Winfrey within
given time period.
1. Risk-taker: He is the one who
believes in taking risks as they
produce such services and products
which is new at marketplace.
2. Leadership: Richard Branson, is a
successful leader also as they
motivate and encourage their
employees to perform their task
effectively.
Apart from the above mentioned, a differentiation is also going to be performed for
business managers and successful entrepreneurs are as follows:
Basis Successful Entrepreneurs Business Managers
Focus The main focus of a successful
entrepreneurs is to create their
innovative venture successful and
survive at the market place for a long
period of time.
In case of a business manager their
main focus is to create smooth
functioning of the operation.
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Status Entrepreneur are the solo or single
owner of a business firm.
Managers are not the owner as they
are the employees of a business firm.
Motivation Earning more profitability and attain all
the predetermined objectives of a
company are there main motivation.
Motivation for the managers are to
perform their task effectively and
increase the productivity of company.
P6 How entrepreneurial aspects personality reflect motivation and mind-set of entrepreneurs
Entrepreneurial personality is defined as to human characteristics, qualities, motives
etc. which are mirrored in the experiences and need of an individual. Below is the presentation of
some of the important factors which are needed to be discussed in order to know about the
entrepreneurial personality:
Family: The background and members of the family plays an important role in shaping
the career and future of a child. In order to give better shape to the future of an individual, it is
important to provide him with proper guidance and support that could help them in knowing
about right and wrong things and make them to able to make good decisions for their
future(Fayolle, Verzat and Wapshott,2016).
With their help only, it is possible to shape their attitude as well. Not only in starting but
also in the later life of individual also, guidance of elders is needed at each and every step that
will make them to be successful in their life. Their values, ideas, policies prove to be very
important in order to shape the future.
Upbringing: The environment provided to an individual is also considered as an
important factor that helps in shaping their future. The type of people with which he/she interacts
also decides about the qualities and abilities which they will inherit and learn from the
environment provided to them. So the type of upbringing of an individual is also reflected in his
behaviour and nature as well. In case the upbringing of an entrepreneur is flexible than this will
also be clear from his nature and behaviour in the organisation(Cumming,. and Zahra, 2016).
Lifestyle: An individual having good lifestyle will always make good decisions.
Likewise, in case an entrepreneur had passed through very bad circumstances in his life so it will
not be possible for him to take risks as his own condition was not good earlier to meet the basic
requirements. So this will not be possible for him to make proper decisions and vice versa.
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Along with this, the use of OCEAN Model can also be done to test the personality of an
entrepreneur. The five personality traits, popularly known as five factor model as well as
OCEAN model. It is the model developed by various independent researchers and are largely
considered by business organisation. The description is provided as under:
Openness: Sometimes, it refers to the imagination or creativity level of individuals.
Along with this, it includes desire for new experience as well as knowledge of people working
within the organisation. It is about being open and to learn new things which will help in the
growth and development because of their new experiences and learning that contributes in
providing them a successful life.
Conscientiousness: It refers to the degree of reliability of an individual with which it
makes decisions and also takes immediate actions. With this, it is possible to achieve the goals
and objectives in an easy way. If an individual person score high in this element, they will be
highly organised in order to complete their assigned task.
Extraversion: This is the dimension which mainly measures the overall level of
sociability. It focuses on the nature of an individual who is talkative and make his interaction
with other people. So this characteristic also promotes entrepreneurial mind-set.
Agreeableness: It is the dimension which help in measuring the ability of an individual
person in order to interact with others at workplace. Here, the discussion is made about the
friendly, compassionate and cooperative nature of an individual which is very crucial impacting
positively upon the mind-set of an individual(Burrows, 2015).
Neuroticism: It is the element which includes the stability in emotions. So it is also
important to create difference in between positive or negative emotions. This characteristic also
helps in dealing with unforeseen circumstances by the entrepreneur.
Therefore, it has been concluded that all these elements plays very essential role in order
to perform business functions as a entrepreneur. These factors or dimensions together plays very
significant impact as they create positive result which leads towards the overall development of
the business entity.
15

M3: Different Lines of Argument Relating To Entrepreneurial Characteristics.
According to the thought of Scott Shpak, 2018, an entrepreneur is an individual who
manage, control, organize each and every functions involved in a business entity. In order to
perform all these business functions in an effective manner there are some qualities which is
needed by a successful entrepreneur includes risk management, confident, well connected,
organisational skills and many more. All these help in developing and maintaining the business
successful at market area(Bryson and Daniels, 2015). As per the thought of Sujan Patel, 2018, it
has been said that entrepreneurship refers to a task which includes ample number of functions,
efforts and activities in order to make the whole business successful at the marketplace.
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Therefore, various characteristic as well as skills are required by the individual person such as
motivation, passion, creativity and many more.
D3: Characteristics, Traits, Skills and Motivational Drivers of Successful Entrepreneurs
It is identified that there are some traits, characteristics motivational factors and skills
which drive an entrepreneur successful at the marketplace. In the present context of Oprah
Winfrey effective characteristics with the help of which they became successful are team
management and problem solving. In addition to this, skills required to become successful is
effective communication and motivation skills. At last traits includes innovations and the
reviews that they receive in order to become successful. On the other hand, in case of Richard
Branson, his characteristics includes risk taking as well as effective leadership which assist him
in order to attain their goals within specific time period. Traits includes experimentalist and
innovation which help them to produce innovative services. At last, skills associated with a
successful entrepreneur includes mindfulness and focused.
TASK 4
P7 Effect of background and experience of entrepreneurs on fostering entrepreneurship.
Every entrepreneur has its own way For the growth of the organisation. Small sector
business has different processes of decision making, different formation which changes from
business to business. Life experience and education plays important role in the formation of an
individual as well as team also. The traits that are needed in every entrepreneur is self-
management, self-motivation and coordination and all these factors are gain through the life
experience and education. One of the factor considered as important in entrepreneurship is
Risk(Belz and Binder, 2017.
Every business has certain risk, which cannot be assessed before starting of the business,
entrepreneurs faced a lot of challenges before commencement of their businesses. Richard
Branson, A great entrepreneur and the successful businessperson who defines the risk
perspective with proper significance. He is a British business magnate born in the year 1950 is an
investor, philanthropist and an author. He generally expressed his intense desire which is to
become one of the most famous entrepreneur at very young age. His first business start at the age
of 16 which was a magazine named as Student. In the year 2000, he was knighted at
Buckingham palace for “services to entrepreneurship”. Oprah Winfrey is also considered as one
17

of the successful entrepreneurs and also known as the influential women in the world. She is an
American media executive, talk show host, philanthropist, actress and a television producer.
Along with this, she got various achievements in her life and is considered as one of the most
influential women and the richest African American in the 20th century. It has been observed that
with every business risk is associated which is to be faced by the entrepreneur. so, it is important
for every entrepreneur to be aware about that risk and analyse it properly that can automatically
lead the growth of the businesses.
M4: Link Between Entrepreneurial Characteristics & The Influence Of Personal Background &
Experience To The Successful Entrepreneurs.
As per the observation, it is concluded that there is a strong and healthy among the
characteristics their background and experience. All these help them in order to perform their
functionality in an effective manner and produce a positive outcome. Experience, background
and characteristics foster as well as hinder the overall behaviour and attitude of an entrepreneurs
which as a result make them successful or unsuccessful at the marketplace (udretsch and
Caiazza, 2016). It has also been said that, characteristic, background as well as experience of an
individual person highly influence the overall behaviour as all these things are highly linked with
each other. They create both positive as well as negative impact on the performance of
entrepreneur's while doing there business functions at the competitive marketplace.
D4: Background & Experience which influences the entrepreneurs in positive and negative
manner.
It is identified that experience and background both have positive and negative impact on
the individual as it can either destroyer make a person. In the present context of a successful
entrepreneurs which are selected in this report, it has been analysed that background &
experience both plays very important and positive role. With the assistance of this, these
entrepreneurs effectively choose and select their desire field and perform their work accordingly.
Conclusion
From the above learning it has been concluded that entrepreneurship is mainly termed as
a process in which entrepreneur engage in the process of undertaking risk as to develop business
venture in order to satisfy customers in well defined manner. There are different form of
entrepreneurial ventures along with typologies. In addition to this, entrepreneurial venture also
18

contribute their contribution in UK growth in well defined manner. Apart from this, it is the
report which includes description about the skills as well as traits of entrepreneur's for which
OCEAN model is used to examine the capabilities of individual. Furthermore, two main
entrepreneur's are chosen in order to increase the level of understanding. It has also been
identified that background, education as well as experience of both the entrepreneur's help them
in order to become successful at the marketplace.
19

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