Entrepreneurship and Small Business Management

This document discusses the types of entrepreneurial ventures, their relation to typology, similarities and differences between ventures, and the impact of micro and small businesses on the economy. It also explores the importance of small businesses and start-ups to the growth of the economy.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Types of entrepreneurial ventures and the way relate to typology........................................1
P2. Similarities and differences between entrepreneurial ventures.............................................2
TASK 2............................................................................................................................................5
P3. Interpretation of relevant data of how micro and small business impact economy...............5
P4.Importance of small business and start-ups to growth of economy........................................6
TASK 3............................................................................................................................................8
P5. Characteristics and traits of entrepreneurs ............................................................................8
P6. Determine entrepreneurial aspects that reflect motivation and mindset................................9
TASK 4..........................................................................................................................................10
P7. Identifying relevant example that hinder and foster entrepreneurship................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurs are those who recognize opportunity too early than others and challenge
the world and proof everyone by their success. They are innovative, focus and optimistic about
their business idea. Small business management refer to small ventures that does not have much
capital, labour and resources and largely affect from the factors that present in business
environment (Alsafadi and et.al., 2020). They play necessary part in the contribution in economy
growth. In this report different types of entrepreneurial ventures and the way they relate to
typology of entrepreneurship and discussed about similarities and differences between ventures.
Apart from that relevant data and statistics about how micro and small business impact the
economy and importance of small business and start-ups contribute their growth in country has
been studied. In present report determining the characteristics and traits of successful
entrepreneurs and how they different from other business managers and things they reflect
motivation and mindset is being discussed and analysing the relevant examples that hinder and
foster entrepreneurship.
TASK 1
P1. Types of entrepreneurial ventures and the way relate to typology
Entrepreneurial ventures are usually related to focusing and come up with new ideas and
believe in bringing new positive change in society through serving them. They initiate risk and
different challenges to overcome unknown risk and they hoped for rapid growth and high returns
in business. They came in market with great vision and mission and established their ventures for
long term period. There are different types of entrepreneurial venture in business environment
such as-
 Small business entrepreneurship- Most of business are small business in nature, they
are largely carried out by those people who likely to make profit that helps in their
family and modest lifestyle. They were not seeking for large scale profit and runs their
own small business. It consist of Local grocery stores, small boutiques and plumbers and
typically hire local employees (Boermans and Willebrands, 2017).
 Large company Entrepreneurship- They operate in large scale and has finite life
cycles and knows for advanced professional and create new services and product based
on consumer preferences and staisfy market demands. Small businesses can convert into

large company entrepreneurship when they grow rapidly and big companies like
Microsoft, Google and Disney are some example of this kind of entrepreneurship.
 Scalable start-up entrepreneurship- This kind of entrepreneurship believes in bringing
change in world and often get funding from venture capitalist and hire professional
personnel. They generally find out opportunity and challenges in market and create
solution for it and known for their large vision such as Facebook, Instagram.
 Social entrepreneurship- They refers to entrepreneur who consider the social problems
and come up with product and services. They come to make better place and do not want
to make big profit or wealth and dedicated towards social work and tend to start with non
profit intentions (Burns, 2016).
Typology of entrepreneurship
 Growth rate factor- Entrepreneurs ventures were established in order to maintain that
growth and achieve their desired results. In the growth rate large business and scalable
entrepreneurship were able to get higher profit in future as they have strong vision and
dedicated set standards that makes them to reach the heights. Their main aim is to sustain
in market for longer period and compete in market.
 Man topology- In this type of Man topology, mostly large business and start-ups
entrepreneurship business were handle and operate by Men, as they are quite difficult to
maintain. So, these business were mainly concentrate by Men because some it require
many risks and challenges that were normally regulate by them (Collins and et.al., 2017).
 Women topology- In this, social entrepreneurship and small business were mostly
manage by Women such as NGOs, shops and other social business. As, women were
normally engaged in these type of entrepreneurship business and regarding other similart
activities and functions.
P2. Similarities and differences between entrepreneurial ventures
There is difference between entrepreneurial ventures as every business has different
nature and its characteristics that play important part in economy growth. All entrepreneurial
ventures are different roles and responsibility that they play in order to achieve their goals and
objective.
Basis Small business
entrepreneurshi
Large company
entrepreneurshi
Scalable start-
ups
Social
entrepreneurshi

p p entrepreneurshi
p
p
Scope Their scope is
small as
compared to
others and
generally
established in
smaller scale.
They generally
has larger scope
and established in
large scale.
Scope in this
entrepreneurship
is big, but initially
they established
in low capital.
They are
generally has
large scope but
mainly concern
with social
benefit to society.
Objective They believe in
small goals and
objective and
does not emphasis
on achieving on
bigger level.
Their objective is
big and properly
defined in the
organization.
They have long
term plans and
policies.
They believe in
coming up better
solution and their
objective is for
long term.
Main objective of
them is to solve
social problems
and giving
priority to the
people and their
problems.
Organizational
structure
They has
generally small
structure and does
not interested to
make it big.
They have big
organizational
structure that
consist many
hierarchy
activities. They
has complex
structure.
Generally, it has
medium
organization
structure
depending on
their goals and
objective.
It has noramlly
small structure
initially, after
they could expand
more according to
their vision in
organization.
Involvement of
Employees
As, due to small
business they do
not hire more
employees rather
than giving
chances to their
They do hire
professional
employees and
provide them
opportunity to
work in their
They initially do
not hire
employees
because of their
small capital. But
after their growth
They do not have
much employees
in starting phase,
but after they
might hire

friends and
relative.
organization. they hire
specialised
professional.
employee.
Profit making
capacity
They has
generally small
capital and also
because of their
mindset of not
growing further,
they do not make
good amount of
profit.
They has more
capacity to make
more profit as, it
has large
operational
activities and
capital to invest.
They came to
grow more, but
initially they face
slow growth but
after 4-5 years,
they able to
achieve extensive
growth.
It established for
non profit motive,
as they were
formed to solve
the problem in
social life of
society and
bringing positive
change.
Apart from differences in entrepreneurial ventures, some similar characteristics and traits
are there that puts them in common ventures group. Some of its similarities are-
 One common thing in all entrepreneurial venture is they are established by entrepreneurs,
who wants to start their own and with objective of making profit in market. Other than
that they are have their own ides and venture that is new and innovative.
 Small business entrepreneurship and scalable start-up has one thing in common that they
have started with small capital and less resources initially and after they can achieve the
target. They grow rapidly after they got the opportunity and could hire the professionals
after receiving sufficient profit and revenue (Dana, 2017).
 Large entrepreneurship and start-up business has come up with the strong vision and
mission in company and established for long term period in order to sustain in market.
 Scalable start-up and social entrepreneurship came with objective to bring positive
change in society. As, start-up were identifying the challenges and opportunity in market
and find out solution of it and on other hand social entrepreneurship business were giving
priority to social change and work for people.

TASK 2
P3. Interpretation of relevant data of how micro and small business impact economy
Micro and small businesses are such types of businesses that are small in size and
operating business at a very small scale. It is very important for all such types of businesses to
make sure that they are able to carry out operations in successful manner as they can support the
growth of economy. One of the main economic crisis in UK was Brexit and at the time of this
issue all the small and micro businesses facilitated the economy to sustain because due to the exit
of Britain from European large businesses were not able to carry out operations. In order to
analyse the impact of them on the economy following chart could be analysed:
Figure 1: Contribution of small businesses in UK's Economy, 2020
(Source: Contribution of small businesses in UK's Economy, 2020)
On the basis of above graph it has been analysed that small businesses are contributing in
increased employment, turnover and creation of businesses in UK. It is reflecting that small and
micro businesses are impacting the UK’s economy and it is resulting in development of the
country. There are various impacts of such businesses on the economy. All of them could be
analysed with the help of following discussion:

Employment creation: Small and micro businesses contribute in employment generation
because these types of businesses facilitate the individuals to get job because such types of
entities need skilled and knowledgeable youngsters so that they can help to carry out business.
Small and micro businesses are some of the main employment creators in UK which are
facilitating the growth of economy. These the businesses which are supporting the economic
growth because when they will provide employment to the individuals then it will support the
development of country.
Responding to economic challenges: Small businesses are very much capable of
contributing in the growth of economy and deal with the economic challenges that are impacting
the development. Small and micro businesses help to deal with different types of challenges such
as financial crisis and Brexit. All such types of issues could be dealt systematically when small
and micro businesses will be carrying all their operations in systematic manner. When the
economic challenges will take place then small and micro businesses will support the growth and
development of the economy (Dana, 2018).
Contribution in GDP: The contribution of small and micro businesses is very big in
GDP because when large businesses will not be able to carry out all the operations properly then
at that time small businesses support the economy and contribute huge amount in the GDP. If
small entities will not be able to carry out all the operations properly then it will leave negative
impact upon the economy. It may also result in decreased economic growth and GDP for the
country. Small businesses face few negative implications because of economic issues therefore
they make good contribution in the economic growth.
P4.Importance of small business and start-ups to growth of economy
Many countries were giving importance to promote small business and start-ups business
to foster the growth of economy. They are becoming essential support for every developed and
developing nations as they are having the necessary roles and responsibility towards nations.
Especially for developing nations these entrepreneurship ventures are supporting factors and
many countries are providing many benefits and facilities to improve their performance. Some of
the importance of small businesses and start ups business to the growth of economy are as
follows-

 Easily availability of products and services- As, due to the entry of many small
business and start-up, they are coming with many variety of goods and services and
providing better quality to their costumer. Some new companies were giving many
facilities such as Grocery store, primary health services and Cafe, restaurant and other
many business which were easily available to people of locality. They are able to meet
the demand the people and by providing high quality product and services to them at
reasonable rate (Gibson, 2017).
 Providing employment opportunity- They play important role in providing
employment to skilled and unskilled people and contribute to larger part to many other
sectors in economy. They are helping to larger extent and enhance in employment
opportunity in country and contribute to the growth of economy. This is reason for which
government increase the working condition by providing subsidy and other benefits.
 Developing Entrepreneurship skills- These refers to development of entrepreneurship
in nation, so that new business and successful company come into the market and foster
the growth of countries. As, many of them are come with strong vision and with the
objective of reaching to new heights. Their aim is to develop the sense of entrepreneurial
skills among the people of company, so that new business mind and creative skill set able
to established in the economy and with same enthusiastic and positive attitude. They are
known for their skills and attribute and which is quite rare in any individual and at the
same time necessary for every country to grow with such talent (Ismoilov and et.al.,
2020).
 Contribution in growth of economy- They play integral part in achieving in the growth
of nations and as they are established in native country and opportunities and success will
be directly benefited to country. They are spend and make money in the country and for
the welfare of them, they foster broad based prosperity and support in growth of nations.
Their needs and demands are continuously increasing in the eye of government because
they play key role in development of nations. Reason behind the developed countries is
because of many start-ups and small business were become successful and contributing in
the growth of company (Jones and et.al., 2018).
Social economy refers to diversity of enterprises and organisation such as cooperatives, mutuals,
associations, foundations and social enterprise that has formed established the relationship

between economy and social behaviour and helps to analyse the costumer behaviour. Small
business and entrepreneurial venture helps in building the social economy as it emphasize on
creating sense of social culture and environment in country. This works for the country and by
the country that develop the mutual understanding in people in country and promote certain
social activities and functions for the betterment of people in country.
TASK 3
P5. Characteristics and traits of entrepreneurs
To identifying the skills, characteristics and traits of entrepreneur, there are two famous
Entrepreneur of U.K are Peter Jones and J K Rowling. Peter Jones appeared on Dragon's Den
and American Inventor, he has interest in telecommunication. Media,, property and leisure. He
invested in government invested and rightly a famous entrepreneur.
There are certain skills, characteristics and traits of Peter Jones are as follows-
Skills-
 He has great vision and set the goals and objective to achieve big dreams. They are
having long-sighted and high aim, he come with making computers and opening a
cocktail bar and progressing into mobile phone, T.V Shows and property and struggled a
lot during these days (Laudano, Marzi and Caputo, 2018).
 He is persistence and very determined entrepreneur and because of that he become well
respected start-up investor in the eyes of world. He believes in learning process and
through that he understand how business worked by himself.
 He is self confident about his ideas and innovation. Apart from that has some passion
which leads to success in his life and build powerful entrepreneur.
Characteristics-
 He is committed towards the work and make it possible at any cost. He also made several
sacrifices and do hard work to achieve its goal.
 He is driven by passion and believes in getting results and it become important to
concentrate into that without worrying about the consequences and try to put all the
efforts to obtain the result (Linton and Solomon, 2017).

 He is caring in nature and irrespective of with whom they are having relationship whether
they are from professional and personal places. He gives importance for every persons
that comes in their way.
Traits-
 He listen to its instincts and follows them as it will help him from saving taking wrong
decision and choose right path and make them.
 He focuses on doing action that lies in vision and results and figuring out what needs to
do and where you want to be. As, without action there is no results (Ndoro, Louw and
Kanyangale, 2019).
J.K Rowling is create the history of Harry Potter by wrote her first book. She able to finishes
magical book and become historic entrepreneur. Some skills are as follows-
 She could be great motivator as it takes lots of hard work to wrote a book. Besides all
odds circumstances she manages to complete that book.
 She has amazing strength will power and this proofs by her personal situation. As, she is
single parent and divorcee and apart from that she suffers from depression.
 Resiliency is the skills that makes her great. When she complete the book and when she
approaches to many publisher then it was rejected by twelve times, but she did not stop
there (Radović-Marković and Tomaš, 201Sebikari, 2019).
Characteristics-
 She most courageous person and able to find her way at any cost despite of all odds
situations. She took many bravery steps in her career and did not step back from them.
 Another one is she is selflessness and what is different characteristics that stands apart
from other entrepreneur (Shadibekova, 2020).
Traits-
 She is goal oriented and what makes her so different and throughout the life experiences
and she shows the how she perfectly manages the whole life situations.
 She is ambitious in real life and able to confront everything so bravely. She is best
example of successful business women who achieve this heights into another level. She
used to be dreamer and knew that she should not allow to gave up on her dreams and
some way or other result will be their (Sozuer, Altuntas and Semercioz, 2017).

P6. Determine entrepreneurial aspects that reflect motivation and mindset
OCEAN Model is developed from 1980s and applied to personality trait that used to
describe aspects of personality are often applied personality data. That was Opennesses
Conscientiousness, Extraversion and Agreeableness and Neuroticism that were used to describe
the personality. This model is applied in following way -
 Openness- This refers to intellectual and imagination in any entrepreneur and that was
represents the willingness to try new things and this is exist in J.K Rowling where she
able to confront most of the situations. Like in insightfulness and originality and
curiosity that an entrepreneur exist in its trait.
 Conscientiousness- This consist of careful, diligent and how entrepreneur is self-disciple
towards its work, so this traits were exist in both the entrepreneur, they both proof
themselves in various ways and successfully give importance to their familiy and those
who cares them. They both were down to earth and contain with virtues and concern with
various roles and responsibility (Urbano and Aparicio, 2019).
 Extraversion- These traits were includes interactions, energetic and confident about their
ideas and able to manage harsh situations in their life. They are different and enthusiast in
nature and that was proof by both the entrepreneur.
 Agreeableness- This refers to kindness, loyalty and tactfulness as this qualities were
exist by both the entrepreneur and because of it they are successful in achieving great
success in their life.
 Neuroticism- This shows negative attitude like emotional, instability and anxiety and
insecurity which both the entrepreneur is not existing these traits, These are putting
behind the individual. These does not be exist in any of the entrepreneur in the world.
TASK 4
P7. Identifying relevant example that hinder and foster entrepreneurship
In both the entrepreneur there are certain experiences and background that could the
hinder or foster the growth in life of any entrepreneur. First Peter Jones experiences is discussed
as follows-

Background- Peter Jones born on 18 March, 1996, Berkshire, England. He is known for
its Dragon' Den American Inventor Tycoon. In early life he grew up in Maidenhead, and
attended Desborough school and he is of English and Russian descent. When he was 16 years old
he two lakh pound in deciding to purchase IBM. Then he opened cocktail bar and experiences
many business. The background that he is come from is English Russian culture where there
some issues that was followed by him as he believe in two religion that is Christian and
paganism. It is draw sharp distinction between theses religion and faces some issues related to
this. Idealogy that defined from the background that he is come from that is he has better
understanding of other religion and clear thoughts on love. It basically follows the Paganism
ideas and follow them and influence other to adopt as well.
Experiences- He started is journey in January 2005 in which he produced seventeen
series and one of famous series is BBC's Dragon 'Den. He sold is television show idea and which
was co-produced by Simon Cowell and then he became the judge on the show, broadcast in
2007.
Experience and background of J.K Rowling
Background- Her pet name was Joanne Rowling and her publisher was rather than reading new
book. She born on 31July 1965 in Yate and the daughter of science technicians. Her family
moved to nearby village of Winterbourne when she was four and wrote fantasy with her sister.
She is from France culture where she belongs to conservative family and due to this her teenage
years were stressful and did not able to dream to fulfil them. Her father was not supporting and
does not that bring tough situations in her life during her childhood and face many issues also
after her death of mother. The ideology that she believe in Christianity and practising into it and
she also include some experiences in the novel Harry Potter.
Experience- As, she working in researcher and bilingual secretary in London and moved
with her boyfriend and after some time of their marriage they got divorced. She become single
parent and wrote a book which she used to write in her childhood in name of Harry Potter and
become successful entrepreneur after combating various issues (Urbano and Aparicio, 2019).
As, through above study it is shown that experiences and background does not hinder the
growth of Peter Jones in spite of many challenges he successfully overcome every situations. In
J.K Rowling she also able to compete the whole situations and come with more power, so in this
she does not lack behind despite of many challenges.

CONCLUSION
From the above report it is concluded that entrepreneur and small business management
refers to coming up with new idea and businesses in the world of corporate. In this report it is
discussed about different types of entrepreneurial ventures and it typology and difference and
similarities between all this ventures. It is interpret and analyse the data how micro and small
business impact the economy and its importance in growth of countries has also been studied.
Apart from that different skills, characteristics and traits of entrepreneur and evaluate the aspects
of their personality reflect and determine the hoe background and experience could hinder or
foster in entrepreneurship.

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Online
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