Entrepreneurship and Small Business Management

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION ..........................................................................................................................2
LO 1.................................................................................................................................................3
LO 2.................................................................................................................................................3
Data and statistics showing impact of micro and small business on the economy.....................3
Importance of small business and start-ups in growth of social economy..................................6
LO 3.................................................................................................................................................7
Characteristics, traits and skills of successful entrepreneurs .....................................................7
Entrepreneurial motivation and mindset.....................................................................................9
LO 4...............................................................................................................................................10
Examining how background and experiences can hinder or foster entrepreneurship...............10
CONCLUSION .............................................................................................................................11
REFERENCES .............................................................................................................................12

INTRODUCTION
Entrepreneurship is basically associated with a process of thinking and developing some
new ideas in order to grab some foresighted opportunity in form a new business organisation
with main aim of earning profit and creating value for society. On the other hand, an
Entrepreneur is a person or individual who is responsible for developing some new ides and
plays crucial role in effective execution and implementation of that idea in a unique way through
bearing all the associated risk and enjoys the maximum share of earned profit (Brush and et. al.,
2019). This report basically based on the Entrepreneurship and Small Business Management and
includes interpretation of relevant statistical data to evaluate the impact of micro and small
business on economy and also includes importance of business start-ups in the growth of social
economy. Further, various traits, skills and characteristics of successful entrepreneurs is also
their together with influence lead by background and experience in hindering or fostering
entrepreneurship.
LO 1
This part has been presented in form of PPT

LO 2
Data and statistics showing impact of micro and small business on the economy
The micro and small business organisation are playing a relevant and important role in
growth and development of economy of UK through creating fair and better job opportunity
(Dana, 2018). Beside this, small and micro business also facilitates improvement in productivity
which lead to enhancement in GDP and economic growth rate of a nation. Following statistical
data and graphs are reflecting positive impact and growth of small and micro enterprises in UK.
Illustration 1: Non-employing and employing businesses in the UK private sector, 2000 and
2015to 2019.
(Source: Non-employing and employing businesses in the UK private sector, 2000 and 2015to
2019)
On the basis of above line graph it can be interpreted that the number of small and micro
enterprises are increased by around 2.4 million that is +69% from 2000. it has been also seen that
the number of small employing business has been grew up by 27% where as medium sized
employees have been grown by 33%. On contrary the large business organisation are increased
only by 7% since 2000 (Essential Facts You Should Know about SMEs in the UK, 2019). Thus, it