Factors Influencing SME Success

This assignment delves into the crucial factors that determine the success of Small and Medium-sized Enterprises (SMEs). It investigates a range of aspects influencing SME performance, such as entrepreneurial motivations, the role of family involvement in business decisions, ethical considerations and Corporate Social Responsibility (CSR), as well as the impact of public policy on small businesses. The assignment draws upon scholarly articles and reports to provide a comprehensive understanding of the multifaceted nature of SME success.

Entrepreneurship and Small
Business Management

Table of Contents
Introduction......................................................................................................................................3
TASK 1 ...........................................................................................................................................3
P1.Types of entrepreneurship ventures and the relation with typologies...................................3
P2. Similarities and differences between different entrepreneurship ventures...........................5
TASK 3 ...........................................................................................................................................8
P3 Evaluating the impact of micro and small businesses in economy........................................8
P4 Explain importance of small and start ups businesses will contribute growth of the social
economy. ..................................................................................................................................11
TASK 3 .........................................................................................................................................12
P5 Determine traits and skills of successful entrepreneur........................................................12
P6 Entrepreneurship personalities and their reflection in entrepreneurial motivation and
mindsets. ...................................................................................................................................14
TASK 4 .........................................................................................................................................15
P7 Experience can hinder or foster entrepreneurship ..............................................................15
CONCLUSION .............................................................................................................................16
REFERENCES .............................................................................................................................17
.........................................................................................................................................................1

Introduction
Entrepreneurship is the process in which unique and innovative ideas and they are started
by an individual. Main objective is to earn profits by taking huge risks in the business. It is a
changing process to create wealth. The method is dynamic in terms of time, equity and cost, etc.
Entrepreneurs are the persons who innovate new ideas, create different and unique products in
market and introducing the existing goods .. They can capture more customers by grabbing
various opportunities.
Small business management is the process which is privately owned and the operations and
activities are carried out on a small scale. Main objective is to earn profits. Assignment
discusses about different types of entrepreneurship ventures and their relation with typology.
Project discusses about about the similarities and differences between various lifestyle and
serial,male and female entrepreneurs There is discussion on the evaluation of relevant data,
statistics to show that micro and small business impacts the economy as well as methods of
contribution of business start-ups and small ventures to growth of economy. Also, characteristics
and traits of different successful entrepreneurs are studied here. It also explains various features
of entrepreneurial personality and various examples in which background and experience of
entrepreneurs hinder or promote entrepreneurship.
TASK 1
P1.Types of entrepreneurship ventures and their relationship with typologies
Entrepreneurship venture-
It is an organization which is started by innovative and creative individuals who can capture
various opportunities in the business. They generates more profits by taking high risks that is
associated with new venture..
Entrepreneur
They are is the individuals who creates unique and innovative ideas with limited resources.
They bears all the profits and losses.of the business
Types of entrepreneurs-
 Serial entrepreneurs – They are the entrepreneurs who establishes new businesses with
unique and creative ideas. He generates huge profits in the business and take high risks.
Through this, they can easily expand their business.

 Entrepreneurship is the process in which unique and innovative ideas and they are
started by an individual. Main objective is to earn profits by taking huge risks in the
business. It is a changing process to create wealth. The method is dynamic in terms of
time, equity and cost, etc. Entrepreneurs are the persons who innovate new ideas, create
different and unique products in market and introducing the existing goods .. They can
capture more customers by grabbing various opportunities.
 Small business management is the process which is privately owned and the operations
and activities are carried out on a small scale. Main objective is to earn profits.
Assignment discusses about different types of entrepreneurship ventures and their
relation with typology. Project discusses about about the similarities and differences
between various lifestyle and serial,male and female entrepreneurs There is discussion on
the evaluation of relevant data, statistics to show that micro and small business impacts
the economy as well as methods of contribution of business start-ups and small ventures
to growth of economy. Also, characteristics and traits of different successful
entrepreneurs are studied here. It also explains various features of entrepreneurial
personality and various examples in which background and experience of entrepreneurs
hinder or promote entrepreneurship.
TASK 1
P1.Types of entrepreneurship ventures and their relationship with typologies
Entrepreneurship venture-
It is an organization which is started by innovative and creative individuals who can capture
various opportunities in the business. They generates more profits by taking high risks that is
associated with new venture..
Entrepreneur
They are is the individuals who creates unique and innovative ideas with limited resources.
They bears all the profits and losses of the business
Types of entrepreneurs-
 Serial entrepreneurs – They are the entrepreneurs who establishes new businesses with
unique and creative ideas. He Social entrepreneur – They are those entrepreneurs who
solve the social issues and problems in society. Their main objective is not earning profits

but the welfare of people. This helps in the growth and development of public. It helps in
maintaining a unique image in the society.
 Female entrepreneurs – Under such entrepreneurship, entire business operation and
function has been managed by female entrepreneur. Such kind of ventures promote
growth and development of women in today's world. This helps in increasing the
reputation of business in minds of public.
Entrepreneurship -
It is the process of preparing and managing business with sharing of risk to earn the profits. He
bears the losses and revenues. They innovate new and creative ideas to generate huge amount of
money in the business. Through this entrepreneurs can expand diversify the business.
Key Ventures of entrepreneurs -
 Small business entrepreneurs – They are the persons who start business on the small
scale. They are willing to take less risk. It is operated in U.K. Entrepreneurs bear the
profits themselves. Around 6 million small business are running in the market which
shows that SME'S are holding strong market position . It includes
retail and grocery stores,carpenters and electricians etc.
 Scalable entrepreneurs – They are the entrepreneurs which generates a unique and strong
idea. Through this, they can generate more profits and take huge risks. Businesses
persuade people to invest in their project. This helps in growth and development of the
business. Thus, they can expand their enterprise in various countries.
 Social entrepreneurship – They are the entrepreneurs who create innovative products for
welfare of the people. For example: Patanjali commodities includes herbal and Ayurvedic
items which benefits the people. This helps in giving many benefits to the people. Thus
Public gets happy and satisfied. This helps in improving the performance in the long run.
Relations with entrepreneur typology-
All ventures of entrepreneurs are connected with various typologies in some or the other manner.
Scalable entrepreneurship can be linked with the lifestyle venture and social business can be
connected with the managed growth enterprise. This helps in the growth and success of
entrepreneurship venture in market. It also improves the performance of the business.
Types of Typology -

 Lifestyle ventures – They are the ventures which gives huge profits to the businesses.
Scalable entrepreneurs can be connected with these enterprises as their objective is to
develop strong ideas and earn huge profits (Chrisman and et. al., 2012). This helps
business in expansion and diversification. Venture can maintain unique image in front of
public as well as in the market.
 Survival entrepreneurs – They are the entrepreneurs who starts their business to earn
money for livelihood. For example coffee shops,grocery stores etc. It only fulfil basic
needs of the people. They do not earn huge profits and not bear huge risks. It leads to
slow growth of the business as compared to scalable venture.
 Managed growth business – It is the business in which individuals earn revenues
definitely. Social entrepreneurs are can be connected with this venture as their purpose is
to do social welfare. They give various benefits to people through creating unique and
innovative products. This helps in growth and development of the venture in the long run.
P2. Similarities and differences between different entrepreneurship ventures
There are different entrepreneur businesses running in the industry. All run with different
purpose and objectives. They work for earning profits and for welfare of society(Dennis, 2011).
Entrepreneurs perform work with efficiency and effectiveness for achieving the objectives and
for growth of the business. Similarities and differences between various ventures are described
below -
SIMILARITIES LIFE STYLE VENTURE SERIAL VENTURE
 These ventures main
objective is to earn
profits in the business.
Through this the can
easily expand and
diversify the enterprise.
 They work on a small
scale with limited
resources. Entrepreneur
are not willing to take
 Social ventures work
for the welfare of the
people and society.
They create unique and
innovative products for
given various benefits
to the public.
 They only work for
needs and preferences
of people. These

huge risks. businesses do not run
on large scale.
DIFFERENCES  These are the
entrepreneurs run their
venture with the own
funds. They do not
have to receive money
from external sources.
This helps in efficiency
and effective
operations in the
business.
 These ventures do not
have proper location.
Entrepreneurs can start
the business with their
own choice and
preferences. This helps
them in earning huge
profits as they can run
venture in any place.
 These business do not
have a particular
strategy for their
running the
operations .They work
with the passion and
zeal. It helps them to
run the project with full
deduction and
motivation. So it leads
 They are the
entrepreneurs who have
to receive funds from
the investors and then
start the venture. They
can easily run their
business as huge funds
are invested in the
activities and tasks. It
leads to effective
functioning of the
enterprise.
 These enterprise have
have their own
business location. They
can effective manage
the operations and
tasks from a particular
place. So it leads to
good management of
the business.
 These entrepreneurs
have a particular
strategy for running the
business. So they can
easily make plans and
policies for performing
various activities and
tasks. It results in

top more growth and
success.
improving the
functioning of
enterprise. Thus it can
earn profits and market
share. This results in
increasing the
reputation of the firm.
They can maintain
unique position in the
industry and can give
strong competition to
other firms.
Similarities Female Male
 Female entrepreneurs
are more focused
towards the work. So
they can do the work
efficiently and
effectively. Through
this firm can more
profits. Thus they can
expand and diversify
the entity
 Entrepreneurs are
creative and innovative
in running their
business. So they can
deliver good quality
products. This helps in
Male entrepreneurs are also
dedicated towards the
business. So they can work
with the passion and zeal to
perform better. It leads to good
functioning of operations and
tasks. Thus it results in
diversification of enterprise.
 Entrepreneurs are the
persons who make
imaginative and new
ideas. They work with
more energy and
enthusiasm. This helps

capturing more
customers in minimum
time. It leads to growth
and success of firm in
long run
in improving the
performance of entuty.
Thus they can achieve
their objectives and
earns huge revenues. It
results in maintaining
the unique image in
minds of public and
the industry.
Differences  These entrepreneurs
take more timer in
taking more
decisions .It hampers
the work of entity as
female businesswomen
cannot make plans and
policies in appropriate
time.
 They focus on
maintaining positive
and good relationship
with the people. This
helps in maintaining
the positive image in
minds of the public
 These entrepreneurs
take less time in taking
decisions. They can
make strategies in less
time. So it leads to
effective and efficient
functioning of the
entity.
 They only focuses on
the quality of the
product. These
entrepreneurs give
efforts on production
and selling.
TASK 3
P3 Evaluating the impact of micro and small businesses in economy
In Industry there are various small and micro industries operating in the economy. They provide
employment opportunities to rural as well as the urban people and reduce poverty (Dennis,

2011). Thus helps in increasing the standard of living of the people. This helps in enhancing the
GDP of the nation. It leads to growth and development of the economy. There are various
classification of the business.
CLASSIFICATION OF THE BUSINESS Micro business – They are the business which operates on the small scale. They have
approximately 0-10 employees including the manager. They have less financial
resources. This venture is started by the women and young people. Workers can make
their own plans,policies and strategies to running their operations and tasks. Thus it leads
to growth and success of the business. Small business – It is started by an individual person. Their main objective is to earn
more profits(Drucker, 2014). The business has approximately 0-500 employees. They
have more financial resources as compared to micro enterprises. There are various small
enterprises operating in U.K. They provides various employment opportunities to people.
So it leads to increasing the income of the public. Medium size enterprises – It lies between small and micro enterprises. Business has
approximately around 250- 500 employees. It has huge financial resources as compared
to small business and large resources as compared to large business. It generated
sufficient profits which is required to run the operations and activities of the entity. Sole proprietorship – It is the company which is operated by single individual. It has less
financial resources and unlimited liability. Owner bears all profits and losses Generally
micro enterprises uses this business. Partnership – IT is run by two or more persons. They have huge resources and all
employees bear the profits and losses themselves. .Both micro and small enterprises uses
this business .
 Private company – It is the company which is owned and controlled by some people. It is
not controlled by government sector. Firm has limited liability and have restrictions in the
ownership in the business. Medium enterprises uses private company.
Impact of small scale enterprise on economy -
Small scale sector plays a major role in economy. It helps in reducing poverty and thus
contributes to GDP of country. Impact of small scale sector in U.K are -

Source - SME Performance Review,2018
 Provides employment – It provides employment to various to urban as well as the rural
sector. Through this poor agriculturists,farmers and women can earn some money to start
small scale business. It helps in raising the standard of people. Thus it contributes to GDP
of country. Balanced regional development – It provides balance between rural and urban by
providing employment opportunities in backward areas (Fassin,Van Rossem and
Buelens, 2011) . So it reduces gap between rich and poor. Thus there is development of
all areas in various countries Mobilization of local resources – IT helps in utilization of all local resources. It helps in
reducing the wastage in economy. This results in growth of industries as they do
optimum utilization of the resources
 Increase the GDP – Through development of various small and medium enterprises there
is growth of country as it provides employment opportunities to various people. So hence
it raises the income of people (Storeyand Greene, 2010) . Thus it results in increasing the
GDP of country.
Illustration 1: SME Performance Review

P4 Explain importance of small and start ups businesses will contribute growth of the social
economy.
Small businesses have set their goals and objectives accordingly to gain long term
profitability for the firms. Some small businesses are work in the field of welfare in economy so
that their main aim are not related to profitability. Small businesses are run their business
activities on smaller scale in economy (Blackburn, Hart and Wainwright, 2013). They have focus
on the growth factor because the operation ideas are new and profit margin are low in starting
level so that they have focus on growth for generating high sales and receive more profits. Small
businesses has main objectives is related to development in new ideas of the working and
achieving growth.
Deviation between start ups and small-business are as follows:
SMALL BUSINESS START UP BUSINESS
Small businesses are run their operation at
lower level with long period of time in a
economy (Bridge and O'Neill, 2012).
They have focus on quality product and
services to retain their potentilla customers.
They have can not invest more finance because
small business are already established their
venture at market place in a economy.
Small business are required efficient
employees for run their business activities in a
very effective manner.
Example: Badger mining and Austin Fraser.
Start up business activities are done with
innovative ideas so that they have run their
business on smaller time because that is based
on innovation, for long run they have do
continuous innovation in their product and
services.
They have expend their operation at national
and international level for gain more profits.
Start up firm have make strategies for
promoting their new business ideas at market
place to create awareness among customers.
Large finance are needed by start up firms
because they have develop new business ideas
for this start ups have conduct research and
development for innovative product and

services.
Government are make rule and regulation for
promoting start ups firms. For this they have
provide financially and non financially help to
these businesses. Through this they have
remove poverty ratio in country and achieve
economic growth.
Example: Bizzby and Sendmybag.com
Small businesses have run their operation at small level so that their main aim are make
quality product and services and serve better product to the customers.
Small businesses and start ups provide growth to economy, some benefits of these
business ideas are evaluated as:
Innovation: Start ups firms has do innovation in their product and services by using new
techniques they have develop new technologies. This technologies are provide growth to
economy.
Level of spending: small-business and start ups and generating employment in the
market place. They have also develop skills and knowledge of the employees. So that overall
income are increase and spending capacity of the country people are also increase. Some other
importance are economical and social development, increase revenue of government like tax
foreign exchange etc., improve infrastructure, decrease poverty, improve social security, wealth
distribution etc. (Carsrud and Brännback, 2011).
Economical and social development: both businesses are contributing in growth of the
UK. They have provide several benefits to society and increase overall opportunities for people.
They provide economical and social development by organising several activities.
TASK 3
P5 Determine traits and skills of successful entrepreneur
Entrepreneurs are the person who have done their work in a innovative ways. They have
established their own business in a market place and focus on increase growth and profitability

of the nation (Neck and Greene2011).. They have handle high risk factors in a new product and
services sales at national and international market place. Entrepreneurs are good leaders they
have give empowerment to their employees for receive innovative way of doing work. They
promote innovation at work place and appreciated employees for their efforts. They increase
employees skills by give targets to them.
The two most successful entrepreneurs are Mark Zuckerberg and Jeff Bezon:
Mark Zuckerberg: He is the very innovative person in their field in US country. He is a
founder of Facebook a social media site. This site are the world largest social media site are gain
maximum profits (Preuss, 2011). He has make this site because he want to connect persons, so
that people of all over the world are connect with each other through this mode of connection.
Their motto of their work are social welfare but form this they have earn a lot form this
Facebook site. Through this side people are share their thinking, knowledge, experience, family
and own image, messages etc.
Jeff Bezos: He is the another most famous entrepreneur in the world. He is found of
Amazon site. That is the world largest online shopping site, they have large portfolio of the
customers. In this site people are purchasing accordingly to their needs and wants like electrical
instruments, cloths, games, books and so many other things (Chittithaworn and et. al., 2011). He
is develop this innovative idea because he feels that today environment people are very busy so
that they can not go outer side for purchasing. To solve this problem he is develop new Amazon
site where people are purchasing their choose of product for this company have provide free
home delivery after curtain amount of bill.
Both person Mark Zuckerberg and Jeff Bezos are very successful entrepreneurs in their
field of area. Both are run sites are both ideas are come form solving people problem and provide
comfort to them. Some important traits, characteristic and skills of these entrepreneurs are as
follows:
Risk takers: Both the take risk of doing new business activities to serve people. They
have develop new ideas before thinking of that idea are adopted by people or not.
Decision-making skills: They have take their own decision with out influence by the
others. For this they have evaluating environment and analysis for make effective decision.

Effective communication skills: They have very good speakers , they have
communicated their goals and objectives with their employees and motivating them to achieve
them.
Interpersonal skills: These both entrepreneurs have best interpersonal skills.
Creative thinking: They work develop new and innovative ideas for solving people
problem very effectively.
Self motivated: These both are self motivated people. They do their own work according
to their thinking and can not effected by others opinion.
Open minded: They both are adopt new ideas and promote employees to do their work
in a innovative ways. They have open to learn new thinks.
Passion: Mark Zuckerberg and Jeff Bezos are passionate about their work that is whey
rhey have develop new innovative ideas.
P6 Entrepreneurship personalities and their reflection in entrepreneurial motivation and
mindsets.
Mark Zuckerberg and Jeff Bezos are both serve their services at market place to develop
their economy. They have leaders in their own establish company. They have work passionately
in their field so that they can achieve their targets, goals and objectives (Chrisman and et. al.,
2012). Both are run their business at risk in starting face of firm so that they have learn new
things and get experience trough handling new critical situation.
Some important skills of Mark Zuckerberg and Jeff Bezos are:
 They have positive attitude toward difficult situation for executing business activities.
 They have prepare strategies for doing work in a effective manner.
 They have motivated form others and make innovative ideas for achieving their goals and
objectives for provide growth of the firms.
Entrepreneurs have some personalities dimensions so that they have done innovative
creation at work place. Personalities dimensions of the entrepreneurs are discus are follows:
The five main dimensions OCEAN are explain as below:
O: Openness: Entrepreneurs have open minded so that they have strong and achievable
curiosity of the entrepreneurs which is related to novelty factor. They have open do learn new

thinks and use this learning in a reality (Sampaio Thomas and Font,2012). So that they have
achieve targeted goals.
C: Conscientiousness: Entrepreneurs are goals oriented and disciplined in their work at
the organisation. This described as quality of the entrepreneurs so they have done their work in a
very effective way. The personalities of leaders are include some factor those are efficiency, goal
oriented toward work, dutiful at work place to achievement and make mindsets as well.
E: Extraversion: Entrepreneurs are extrovert in their nature so that they have easily
communicate their goals and objectives with employees. They have talkativeness and
assertiveness. They have communicate their ideas to people for getting feedbacks and they have
modify its according to needs and wants of the person.
A: Agreeableness: they have done their work in a systematic way, they provide
cooperation to other employees in their work. That is encourages good behaviour at work place
and positive environment to make motivational culture. Leaders are positive mind set so that
they create truest among employees (Dennis Jr, 2011).
N: Neuroticism: Entrepreneurs are control their conditions and achieve stability. They
have analysis situations and make decision accordingly to gain effective result of the problem.
TASK 4
P7 Experience can hinder or foster entrepreneurship
For hindering or fostering relationship with employees some important factor those are
required at work place is educational level, professional skills, knowledge, learnings, traits and
culture which are follows by entrepreneurs.
When person in the society are educated then they have generating more incomes for the
development of the society. They have create opportunities of employment in the environment so
decrease poverty level in whole society. Through development of new innovative ideas
entrepreneurs are solve sociolatry issues and serve effective services to gain or achieve growth in
the economy. They sales high technology product to make easily lifestyles of persons and
receive high profits. If persons are not educated then they have can not contribute their services
to society and service with lack of money, result decrease living standard of the person. So that if
persons are not educated then they have fostering their relations.

Society are influence entrepreneurs because they directly create impact on the whole
society where they have living. If they are educated then they have receive respect from other
people from the society (Fassin, Van Rossem and Buelens, 2011). In the economy person are
gain inspiration form others person those form live their life with peace and harmony. That build
strong relationship between all society members and with their inspirations. Members of society
are different so that every one have their own positive and negative points, entrepreneurs have
opportunities with in society to learn new thing form these members. They have learn form
others people experience.
Family provide help to achieve growth to entrepreneurs they have run their business
activities in a very effective manners (Schaper and et. al., 2014). Family have provide financial
help to entrepreneurs not only the starting point of business but also provide help in ruing
situations. Family supporter to their members to build new innovative ideas and execute this
ideas in a reality. This also have motivation factor entrepreneurs have receive motivation for
doing work in a effective manner. Family provide emotion support to their members so that they
have handle difficult situations with a positive mindsets. Family provide some important
background support some time to promote their product and services in a effective manner.
Firstly entrepreneurs are approach family members and their friends so gets feedback about
product and services.
Past experience can hinder and foster relationship because entrepreneurs have receive
best past experience for gain future profits, through this they have motivating them to do work
for achieve profitability & productivity to gain firms goals & objectives (Drucker, 2014). New
innovative ideas are come form past experience of the people. They have do continuous
innovation for improve their work. They have not only focus on goals but also they have learn
form journey of to achieve this goals. This is provide experience to people do work in futures to
grow and serve productivity to economy as well. Entrepreneurs have receive information form
their past learnings so that they have use this information for making decision in a very effective
manner.
CONCLUSION
As per the assignment entrepreneurship is very important as it generates huge profits.
There are different types of entrepreneurs and there are lot of similarities and differences them.

Through developing of micro and small scale enterprises there is reduction in poverty and it
increase the GDP of the nation. It also raises the standard of living of people and thus helps in
development of people. There are various characteristics and traits through which entrepreneurs
can get success in their business. This helps in earning more profits and can maintain unique
position in the market. There are various features which reflect entrepreneur personality.
Through their background and experience they can hinder or foster the entrepreneur process.

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