Entrepreneurship and Small Business Management

This document discusses the various entrepreneurial ventures and their relation with entrepreneurship typologies. It explores the similarities and differences between different entrepreneurial ventures. It also highlights the impact of micro and small businesses on the economy and the importance of small businesses and startups for the growth of the social economy. Additionally, it delves into the characteristic traits and skills of successful entrepreneurs.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION.......................................................................................................................................3
Task 1..........................................................................................................................................................3
P1 Various entrepreneurial ventures & its relation with entrepreneurship typologies.............................3
P2 Similarities& differences between the various entrepreneurial ventures...........................................5
TASK 2.......................................................................................................................................................8
P3 Interpret relevant data & statistics to illustrate how micro & small businesses impact on economy. 8
P4 Importance of small businesses & business start-ups to the growth of the social economy................9
TASK 3.....................................................................................................................................................10
P5 Characteristic traits & skills of successful entrepreneurs..................................................................10
P6 Entrepreneurial personality reflects entrepreneurial motivation & mindset.....................................13
TASK 4.....................................................................................................................................................15
P7 Background & experience can hinder or foster entrepreneurship.....................................................15
REFERENCES..........................................................................................................................................18

INTRODUCTION
Every entrepreneur established their firms with an Innovative & creative ideas which can
aid to maintain a business effectively. To maintain each & every operations success, there's an
ingenious & strategic mind of entrepreneurs that give long term success for future. Business
needs influential & effective entrepreneurs which aid to take care of all the activities &
Operations in an appropriate manner. Entrepreneurs and little businesses are helpful to spice up
the economy level and also provide their best contribution within the economic process
(Abdullah, Hadi and Dana, 2018). The main motive project is to spot the importance of
entrepreneurship and little business management within the United Kingdom. This project will
discuss various sort of entrepreneurship Ventures & also identify the relationship in context with
typology of entrepreneurship. This project determined that what's the similarity & differences
between the specific entrepreneurial Ventures. Furthermore, this project explains about the local,
global & social entrepreneurs & evaluates their background & knowledge that aid to inspire most
of the person All around the world.
Task 1
P1 Various entrepreneurial ventures & its relation with entrepreneurship typologies
There are many types of entrepreneurial ventures which considered by the most of the
entrepreneur and businessman to regulate their business operations effectively. All these
entrepreneurial Ventures determine and differentiate on the basis of size & size. The description
of different kinds of international ventures in relation with the typologies of entrepreneurship are
discussed below –
Entrepreneurial Ventures
 Scalable Ventures - This kind of entrepreneurial ventures is follow appropriate business
model that is beneficial for the entrepreneur two formed a business with their innovative
ideas. When companies and specific entrepreneur properly find a suitable model then
they try to raise money from various type of capitalist for the growth of their business
(Blundel, Lockett and Wang, 2017).

 Small Ventures - Small entrepreneur Ventures need appropriate capital and financial
resources to operate their business operations effectively. The main concern of small
ventures is wealth maximization and the only target ruler and local area market so that
they can effectively provide their services for those people who are not easily get
resources. The scope of small ventures is more because it can help full to improve the
living standard of need area people. The size of small ventures is less and there is only 50
members are allowed to work and the net worth is contained as €2 Million. Some specific
examples of small ventures are Orion Electrotech Ltd. , Jurys Inn and Travelodge.
 Large Ventures – Basically large entrepreneurial ventures scope is more and they cover
large market, size and shares as compared to the small venture. These enterprises require
more financial resources and also human resources so that all the operation of the
enterprises can then in and proper manner. There are more than 250 people can work
together and the turnover rate is contained as more than € 50 Million. Some examples of
these ventures like Marks & Spent, Burberry, Tesco and many more.
 Social Ventures - social Ventures is more concerned about providing their services for
the development and growth of the society so that common people and communities can
live their life without any issues and difficulty. The scope and size of these types of
enterprises is more because they work for the betterment of the society so the net there is
a huge network of these social Ventures. Save the child, shelter & Cafédirect are the
appropriate examples of this Venture (Boermans and Willebrands, 2017).
Entrepreneurship Typologies
There are many specific entrepreneurial typologies are determined in relation today
entrepreneurial ventures which are discussed below -
 Development oriented enterprises - The main concern of this type of enterprises is to
profit maximization so that they can effectively operate their business activities and
connect most of the people to gain more profitability. With their creative ideas, these
types of enterprises create more values in their goods and services so that they can

effectively provide positive impact on the mind of the customers and respectively
develop their business.
 Lifestyle enterprises - These enterprises is all about improve the lifestyle and livings of
the local area people so that they can properly live their life without any problem. With
the help of their product and services they can provide positive impact on their living so
that they can improve their living standard.
According to the above discussion it can be considered that various types of entrepreneur real
Ventures are effectively related with the typologies of entrepreneurship. The main concern of all
these enterprises is to improve the lifestyle of the common people and also development of the
firm so that bacon effectively maintains their market position (Brush and et. al., 2019).
P2 Similarities& differences between the various entrepreneurial ventures
The explanation of entrepreneurial Ventures similarities and differences are discussed
below-
Similarities of the entrepreneurial ventures
Basis Small Ventures Large Ventures Social Ventures
Address the
need of the
people
These Ventures formed
with the motive to
address the need and
requirements of the local
area and rural areas
people.
Large Ventures mainly
formed with the aim to
address large level of
population all round the
world and fulfill their
need via providing them
high quality products.
Small ventures are mainly
address the need of those
people who are hardly
surviving in society.

Development
of society
Small ventures provide
their best contribution
for the development of
the local people and also
small communities so
that they can work
properly and improve
their living and
participate in the overall
development of the
society (Chen, Chang
and Pan, 2018).
Large Ventures are
working properly for the
increment of the society.
Large enterprises cover
the whole market of the
United Kingdom and
also provide innovative
and good quality of
product to their
customers which can
help full to improve the
level of society.
Social enterprises provide
their best participation to
improve the life of the
people who are suffered
various types of issues
which can also helpful to
improve the level of the
society.
Economical
growth
Small Ventures also so
concerned about the
economic growth of the
country and also provide
various job opportunities
to the common people
and also rural area
people so that they can
live their life effectively
which are helpful to
upgrade the status of
economy.
Large firms are provider
right impact on the
economic growth of the
United Kingdom. With
the help of large
ventures, country can
effectively generate more
foreign currencies which
can make strong
economical position of
the country. .
Social firms mainly
dedicated to what the
betterment of people of the
society e and also help
them to live healthy life
and stand strongly e and
work properly and also so
take appropriate actions to
improve the economic
growth of the country.
Differences of the entrepreneurial ventures
Basis Small Ventures Large Ventures Social Ventures

Scale of the
venture
Small Ventures maintain
adequate scale and also
require fewer funds as
compared to the large
Ventures.
Large ventures scale is
very broad and the kind
of ventures needs huge
funds and resources as
compared to the small
and other ventures.
Social Ventures
maintain low level of
scale as compared to the
small & large ventures
and government and
other charity foundation
are providing them
appropriate funds.
Concern The main concern of the
small Ventures is to
fulfill the requirement of
the local area people so
that they can live their
life with full of
prosperity.
Prime concern is the
large ventures are to
profit maximization and
also improve more
market growth to target
large number of
customers all around the
world.
These ventures mainly
concerned about the
people who are facing
difficulty to live their
live in a good manner
and also work for the
development of the
society.
Resources Small venture need
proper resources and
also machinery & other
kind of equipments
which can help to
regulate their business
operations effectively.
Large Ventures did high
level of resources to
conduct their business
operations effectively
inside and outside of the
United Kingdom. There
is an involvement of
large number of work
forces and also other
technical and machinery
equipments (Doern,
Williams and Vorley,
2019).
Social Ventures need
few resources and
mainly resources are
provided by the
government and large
cooperation as a trust
and charity funds.

TASK 2
P3 Interpret relevant data & statistics to illustrate how micro & small businesses impact on
economy.
Micro and small businesses are playing a prominent part in the development of the UK
economy. These types of businesses can provide the direct affect on the economy and so that
country can effectively improve their position globally. on the basis of appropriate data &
statistics , the impact of micro & small businesses on the UK economy are discussed below -
 Large level impact – Micro & small enterprises are beneficial for the development of the
economy because it can help full to provide various dog of opportunities to the local area
people and also those people who are potential for the job so it can help full to to reduce
the unemployment rate. As per the statistics, it can be said that micro & small businesses
provide the massive impact on the UK economy and it is determined that the employment
rate is contained 40% & turnover rate 53%.

(Source: The Role of Startups and Small Businesses in Today’s Economy, 2018)
 Regional level impact - This kind of impact mainly influence the economy growth
rate. Micro & small enterprises also affect the economy & also accumulate the
various work chances to the common people & communities. Basically regional
impact of affect positively to the specific region people and also improve their living.
 National level impact - In context of the micro & small businesses it is analyzed that
it covers more people in their cooperation. The main motive of small and micro
businesses is to provide high quality of product and services and provide their best
efforts to improve country economy. These kinds of businesses giving more than 15.7
million populations so that they can improve their living (Jalilov, Annayev and
Mukhammedov, 2018).
P4 Importance of small businesses & business start-ups to the growth of the social
economy.
New startups & small businesses is also providing various advantages to the people of the
UK and also beneficial for the growth of the social economy. This kind of businesses establish
with the motive to enhancement of the people & society so that country can maintain their
Illustration 1: Role of Start-ups and Small Businesses

growth socially. Some specific importance in context of startups and small businesses on the
development of the social economy are given below -
 Evolvement of communities - Small businesses & startups work for the involvement of
the local communities and people so that they can live healthy lifestyle and also improve
their source of earning to work on the their organization. Generate high employment chances - start-ups and small businesses also responsible to
create various employment opportunities to the people which are helpful to improve the
level of social economy. The prime concern of new starter is to formulate new idea and
start their business which can aid in the development of the social economy (Kerrin,
Mamabolo and Kele, 2017). Economic Growth – These kind of enterprises are liable to enhance the economic
development and also beneficial to improve the growth rate of social economy.
 Increase living standard – Small enterprises and new startups perform their operations to
increase the living standard of the population so that they can live their life with full of
prosperity and gracefully. . Spark the Innovation - Small businesses & start ups established with their Innovative
ideas so that they can provide more value to their customers with a help of their product
and services.
 Opportunities for the women's and minorities – New startups provide appropriate
opportunities to the women's and also minorities so that they can also get good chance to
start their career and make money to live their life in a proper way.
TASK 3
P5 Characteristic traits & skills of successful entrepreneurs
There are many entrepreneurs who have effective characteristics, traits & skills which
influence the most of the people across the whole global and became the best example of the
good business manager in their field. The description of local, social & global entrepreneurs and
their characteristics, traits and skills are as follows -
Local Entrepreneur - Elizabeth Gooch

Characteristic
 High Determination - These characteristics is prominent and held by most of the
entrepreneurs. In context of Elizabeth Gooch, she is the best example of most successful
entrepreneur maintained high determination characteristic.
 Self belief - This characteristic is take place in each and every entrepreneur so that they
can work properly with their self believes and Elizabeth Gooch is one of them who
contained more self belief on her working (Loarne-Lemaire, Maalaoui and Dana, 2017).
Skills
 Innovativeness - This skill is more essential for every Entrepreneur who wants to start
their business. Elizabeth Gooch used this skill in their working operations for the long
term growth purpose.
 Quality of leadership - It is necessary to have these skills in every entrepreneurs to lead
their team members effectively. Elizabeth Gooch contained good leadership qualities and
she provided proper direction to their team members.
Traits
 More Confident - Entrepreneurs are more confident about their working operations and
Elizabeth Gooch also one of them who take decision more confidently
 Highly Disciplined - It is necessary for the entrepreneurs to maintain full discipline in
their working practices and Elizabeth Gooch also follow proper discipline and adopt
systematic life style (Struwig, Nuwagaba and Krüger, 2019).
Social Entrepreneur - Bruce Kendrick
Characteristics
 Positive behavior - It is mandatory for the entrepreneurs to maintain positive behavior for
the useful practices of their working operations and Bruce Kendrick also maintain
positive behavior so that he can effectively take appropriate decisions with peace of
mind.

 Self conviction - To maintain proper cell convection is also necessary for the
entrepreneurs and Bruce Kendrick is also accomplishing their task with the help of their
conviction.
Skills
 More creative - Creativity is specific skills which differentiate entrepreneur from the
other businessman who use their creativity to formulate appropriate business conditions
for the welfare of the organization and Brice Kendrick utilized their creative in their
working.
 Problem solving - This skill is very demanding and also beneficial for the entrepreneur so
that they can take appropriate decisions and solve their problem effectively. Bruce
Kendrick also an effective problems solver.
Traits
 Passionate - It is most required traits which is considered most of the entrepreneurs to
regulate their activities in an appropriate way and Brooke and Rick also very passionate
about their work and properly follow social ethics (Morris and et. al., 2018).
 Well Managed - Bruce Kendrick properly manage their each and every operations and
also provide proper guidance to their team members which can help full to maintain all
the social work consideration effectively.
Global Entrepreneur - Mark Zuckerberg
Characteristics
 Leadership - This characteristic is needed for every entrepreneur so that they can lead
their team members for the better outcomes and Mark Zuckerberg is a good leader who
lead their technical team to invent new software’s. Decision Making - Mark Zuckerberg also a good decision maker and use this
characteristics to take more critical decisions on their own risk so that they can find more
possible results to take a high risk.
Skills

 Technical skills - It is necessary for the entrepreneur to have some technical knowledge
and skills so that they can properly manage their operations. Mark Zuckerberg well
qualified person and he have a good command and also maintain a good hi technological
skills which depicts in their creations like Facebook. Analytical power - It is necessary to have this power it can help full to analyze all the
specific facts which can create risk in businesses. Mark Zuckerberg use their analytical
power to maintain their operations effectively all around the world which lead less
chances of issues and complexities.
Traits
 Highly competitive - To take more competitive advantages and also take benefits from
their rivals, Mark Zuckerberg maintain highly competitive freight so that they can gain
more profit ability in time of their business operation.
 Self Motivated - self motivation is considered as the key of success which entrepreneur
hold so that they can never give up. Mark Zuckerberg also motivates themselves in the
adverse situations so that they can manage their stress in adverse situations.
P6 Entrepreneurial personality reflects entrepreneurial motivation & mindset.
A positive mindset is helpful to maintain motivational level of the entrepreneur so that they
can improve their entrepreneur royal personality. It is analysed that every entrepreneur contain
different mindset and also follow their different working style with their own ideas and fulfill all
their operations with specific skills and characteristics which can help full to determine their
target effectively. It is necessary for every entrepreneur to maintain their mindset which can help
full to improve their entrepreneurial personalities. To maintain effective motivation & effective
mine side of the entrepreneur it is necessary to conduct OCEAN model of the personality which
is as follows -
 Openness – This is first element of this model which represents the intellectual &
imaginary mindset of the entrepreneurs. This kind of personality traits is helpful to

maintain the creative thinking and innovativeness in the entrepreneurs. This personality
trait mainly incorporated with the ideas, creativeness, emotions & other opinions
(Muyassarhon, 2018). Conscientiousness – This personality trait is all about pay more concerned on the
objective and goals of the entrepreneur so that they can properly maintain their goals and
improve their productivity levels
Figure 1, Ocean Model – Big 5 Traits
 Extroversion – This personality trait measure the level of sociability and maintain some
specific traits like talkative and also very quick to take influence their group members so
that it can help full to maintain effective relationship with their group members.
 Agreeableness – As per this trait the most of the entrepreneur adopt supportive and also
cooperative behavior towards their group members which can help full improve the trust
level among their team (Ramutumbu and Bornman, 2019).
 Neuroticism - The main concern of this trait is unstable emotions & feelings which
involve feel fear, irritation, frustration, depression and anxiety. This personality trade
shows negative mindset which occur due to the adverse and odd situations.

TASK 4
P7 Background & experience can hinder or foster entrepreneurship
Explanation of the background and experience of different personality of the entrepreneur
are given below-
Elizabeth Gooch
 Background - Elizabeth started her career at HSBC Bank when Elizabeth was only
eighteen years old. After few time period she decided to regain the job then started a
consultants job in a company but Gooch wasn’t very satisfied with her job then she
decided to collect more money & begin to perform on a corporation After sometime
Elizabeth started a consultancy firm & started to give training to for the consultancy
services to those company that require initial services. Civilize that Elizabeth Gooch do
not have appropriate knowledge about the consultancy so that to improve her knowledge
about the consultancy services & connected with the Rodney Baker - Bates, CEO of
Prudential company that mainly give the financial services (Ruchkina and et. al., 2017).
 Eexperience - Experience of the Elizabeth Gooch inspiration of most of the women
entrepreneurs. She impressed most of the people with their work ethics and strategic
planning. In the beginning of her career she explained various ups & down and also
survived the most at the younger age. Lack of family support, she experienced various
problems in their working life. In 2007 & also 2008 year , she faced big downfall in their
business and then she work really hard to cover-up all the losses and maintain good
position worldwide.
Bruce Kenrick
 Background - The background of the Bruce Kendrick is very strong and his journey
shows very fluctuations in his career. He was born in the year 1920 and become a famous
social activist. During his career, he became minister in specific corporation Church of
Scotland. He gave also effective writing skills and wrote a novel named “Come Out the
Wilderness". After some years he established a Voluntary organization named " Shelter".

 Experience - During his life journey, he explained some outbreak of the war and during
the war he realized the significance of the medical & medicine then Bruce Kendrick
decided to become a Doctor. He was very popular social activist and helps the people
effectively (Venkataraman, 2019).
Mark Zuckerberg
 Background – Mark Zuckerberg born in New York in the year 1984. His childhood spent
very well and he has a very educated parents. His mother is a famous psychologist & his
father is a dentist. In their childhood, he was very brilliant student of his class and also so
very interested in various types of studies like physics, mathematics, astronomy & also
classical studies. He also interested in technologies and software development.
 Experience - Mark Zuckerberg experience very critical situations in term of their studies
because he is very conscious person and a quick learner , who I want learn something
new every time. During his schooling time, he learnt various languages such as French,
ancient Greek, Latin & also hebrew. In this time, is a very influential entrepreneur and
leader and apart from this, he is also a good innovator.

CONCLUSION
According to this project, it can be said that the participation of entrepreneur and small
businesses provide positive impact on the growth of the social economy and also enhance the the
living of lost of peoples. This project discuss about the various types of entrepreneurial Ventures
which can help full to maintain a good relationship with typologies of entrepreneurship. This
report is highlights the specific consideration of small businesses and new startups and also
discuss their contribution in the development of the people and the society. In this project,
different types of famous entrepreneurs, characteristics, traits and skills are discussed which
provide proper motivation to those people who want to start their own business with their
specific ideas. With the help of their background and experience, the entrepreneur becomes the
best example to motivate and encourage the people.

REFERENCES
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