Entrepreneurship and Small Business Management

This document provides an introduction to entrepreneurship and small business management, explaining the different types of entrepreneurial ventures and their typology. It also explores the similarities and differences between these ventures. Additionally, it discusses the impact of micro and small businesses on the economy, the importance of small businesses and start-ups to the growth of the social economy, and the ways in which businesses protect their intellectual property rights.

Entrepreneurship and
small business
management

INTRODUCTION
Entrepreneurship and small enterprise management refers to the unique sequence that
offers the person a new learning and inspire individuals to start their business concern with the
new and innovative thought that can attracts the large people and investors who can invest in
their uniqueness and obtain the longer sustainability of the firms. This report includes the various
factors that is related to the various compass of types of ventures with their typologies and also
illustrate the different entrepreneurial ventures with the similarities and differences between
them. Further it inculcates the data and statistics that help in showing the impact of small
businesses on the economy and their importance in the ontogeny of the social economy. it also
involves the characteristics, traits and skills for successful entrepreneurs and how their
personality reflect their mindset and motivation. At last it shows the experiences of entrepreneurs
that can hinder and adoptive the entrepreneurship(Burns, 2016).
LO1
P1 Explain different types of entrepreneurial ventures and relate to the typology of
entrepreneurship
Entrepreneurship- It defines to that activity which helps the individuals to setting up
their ventures and enterprises by holding major risk related to the monetary values and work in
the hope of earning high and high profits(Burns and Dewhurst, 2016).
Entrepreneurial activity- It defines the process of human actions in the entrepreneur in
the generation of earning and capturing more values related to uniqueness and creatively in the
way of exploiting and identifying the new products and processes into the markets. in this
entrepreneurship is the best phenomenon approach that is linked with the entrepreneurial
activity.
Enterprise- This term related to an organisation, venture that is driven into the major
objectives and work under the major policies, rules and standard by offering the goods and
services in order to gain high amount of money.
Types of entrepreneurial ventures
 Serial entrepreneurs- This kind of entrepreneurial ventures are forever come up with the
new and unique ideas for starting businesses. This type of entrepreneurs is always taking
challenges to gain the profits and enhance the presence in the market with their new and
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innovative ideas and thoughts. they can get the funded very easily by using various
sources such as venture capitalist, angel capital etc. in this venture they see the vision
related to change the world and they always make a little amount of dimension of all the
organisations because of high risk in capital and returns(Järvi, 2015).
 Large entrepreneurs- It refers to that entrepreneurial ventures that needs the large
resources related to finance, workforce and capital that can be manage at the high level of
the and contribute more in the economy of the country. they deals with the innovative
products that is based on satisfaction of the customers. they always work for enhancing
the market share and living standards so that they can get the funds for their innovation
very easily by using bank loan etc. the best example of this is Google, Microsoft etc.
 Owners-managers- This type of entrepreneurial ventures are related to the small
business enterprise that are working with low capital and low resources at limited area
with the earning of small amount of profits by offering their products to feed their family
members. This character of ventures is started by the local people and contributes majorly
in the economy of the country. they can collects the funds from their friends and by
taking small business loans. examples of this is carpenters, plumbers etc(Ratten and
Dana, 2015).
Typology of entrepreneurship
 Lifestyle firms- This type of typology is generated as a for-profit business enterprise that
helps the individual person as a first motivator to enhance their lifestyle by operating the
enterprise and make a high amount of profits. it is related to the owners-manager type of
entrepreneurs that work with the aim of staying in the market for a longer period of play
with the small amount of profits.
 Growth firms- It refers to that typology of an entrepreneurs which showcase the growth
of the economy. This type of firms is always work for enhancing the growth by their
innovation in their offerings and satisfying the customers needs and desires. In this large
and serial type of entrepreneurial ventures are included that are working for enhancing
the living standard and by their resources and provides the large number of employments
that shows the growth of organisation and country(Richter, Kraus and Syrjä, 2015).
 Social enterprise- It refers to that type of enterprise which have a main purpose to
accomplish the task related to the welfare of the society. in this they can maximize the
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profits by solving the problems and issues for providing the benefits to the society and
the environment. they raised funds from the various source like government agencies, in
the form of donations etc. so that they can help the weaker section of the society.
Growth of the social economy
The growth of the social economy is based on their contribution that they do on the
benefits of the society and creating the well developed economy of the country. It is based on
providing the employment to the un employed person so that people living standard m ay
enhance and they can spend more on purchasing the goods and services that will increase the
economy of the country.
P2 Explore similarities and differences between entrepreneurial ventures
Difference between serial entrepreneurs, large entrepreneurs and owner’s managers
Basis Serial entrepreneurs Large
entrepreneurs
Owners-managers
Number of
employees
In this type of
entrepreneurship venture
number of employees are
based on their size and
structure.
In large
entrepreneurship
enterprise there are
more than 1000
employees who are
working for
satisfying the
customers needs and
maintains their
profits.
In owners-managers
mainly employees
are belong not
merely 50 because
they manages all the
roles and
responsibilities
themselves because
of small amount of
capital and
resources.
Geographical
served
It can be served in small
area by new innovation and
techniques and then work on
the large basis that it is not
restricted
geographically(Piperopoulo
s and Dimov, 2015).
This type of
entrepreneurship is
not restricted
geographically and
they operates their
business in any
country as per their
financial resources.
This type of
enterprise are serves
their services only
in local area and
fulfills the needs of
them so that they
can earn high
profits.
Structure Corporations and limited
partnership are mainly
essential type of structure in
serial enterprise.
The structure of
large company
entrepreneurship is
very complex it is to
be any nature public
or private.
In owners managers
enterprise they hold
the structure of sole
proprietorship in
this they hold all the
risk and profits on
their own.
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Similarities between serial entrepreneurs, entrepreneurs and owners-managers
 The major similarities between serial, large and owners-manger enterprise are that they
all work for some profits and longer sustainability in the mercantile establishment.
 Another similarity is that they all provides the employment to the unemployed person as
per their size and structure.
 The major similarity between serial, owners-managers and large entrepreneurship is that
they all take risk for earning high profits and market growth(Volery and Mazzarol, 2015).
LO2
P3 Interpret and assess relevant data and statistics to illustrate how micro and small businesses
impact on economy
Creativity and innovation- Creativity defines the capability of doing something original
and unique that cannot be done before. The innovation is the tem of implementing the ideas that
is created in the mind of the person. in operating the new start-ups creativity and innovation both
are broader term because without it no start-up can stay in the market and contribute in the
economy of the country(Antoncic and et. al., 2015).
Sources of generating business and entrepreneurial ideas
There are various sources that helps the people in generating the ideas related to start
their business and become a successful entrepreneurs in the country.
 Interest and hobbies- The major source of generating the idea related to the
entrepreneurship and doing the business is come form an individual interest and hobby.
by perusing their interest many people found to the largest entrepreneurs and enhance
their standard of living within the society and become an inspirational body to the other
person.
 Brainstorming and dreams- It is the best source that represents that brainstorming is the
term that helps in regularly solves the problems and focus on providing best solution it is
an essential term for becoming the best entrepreneur and generating the idea to be
successful by focusing on providing effective and innovative products to the customers.
In what way businesses protect from intellectual property rights
There are various ways that a businesses can use to protect their innovation and essential
data by using intellectual property rights such as copyright, Trademark, patent etc. that provides
the exclusive rights for the creations that helps in the earning higher profits and enhancing the
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market growth of the company. This helps in giving the higher success and enhances the living
standard of the people.
In the business world micro and small business enterprise holds the larger part that mainly
contribute in the economy of the country. in UK small and micro business venture are increasing
day to day that will helps in generating the higher incomes and revenues that helps in providing
the various goods and services to the people in an unique way. as they also provide various jobs
to the unemployed sector and it is only done by the small and micro business sectors. It also
helps in enhancing the growth of the country that will increase the image of the country in all
over the world(Talebi, Rezazadeh and Najmabadi, 2015).
P4 Explain importance of small businesses and business start-ups to growth of social economy
Social economy- It refers to that economy which shows the rich diversity of the country
in the various field such as foundations, mutual, cooperatives etc. This term make the defective
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Illustration 1: Source: from UK statistics and data

relation between the economics and social behavior. It showcase the customers, beliefs, and
sentiments of the individual person related to buying trends.
Business start-ups- It refers to the initial stage of the operations of business that
develops the goods and services for fulfilling the demands of the customers. They are working
for reaching the market for earning profits by innovating the products as per customers needs and
demands.
There are many importances of the small business enterprises and the start-up business
venture in the growth of the social economy and it can be explained below.
 Provides employment- The major value of small and start-ups businesses is that it helps
in providing the employment to the unemployed sector on their local areas. this will
enhances the purchasing power of the people and also helps in enhancing the social
economy of the country that is major task for every cou7ntry that there people are self
employed and working so that they can contribute in the GDP of the country(Yan and
Yan, 2016).
 Enhances innovation- It is the major importance of the small business and scale-up
businesses that they can encourage the innovation that helps in maintain the goodwill in
the world and also place the business to the higher growth. this helps in enhances the
brand value because they can majorly focus on the innovating the goods so that they can
attracts the large base of customers.
 Enhancing standard of living- Small and start-ups business done by an individual
person or a group of person that helps in enhancing the standard of living that helps in
maximizing the social economy of the country so that they can lead the market in the
world. by providing the employment to the local people and give the chance to the
unskilled and semi skilled person to perform their job within the business and earns a
salary so that they can spend their money according to them and it will enhances the way
of living of the people.
 Local improvement- small and startups business helps in enhancing the social economy
by providing the lots of benefits to them in this they can provide to the semi literate
people work so that they can feed their individual family and also helps them by opening
schools and hospitals for them.
Number and types of small firms and their contribution to economy
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There are various types of firms that can show their contribution in the economy of the
country that can be shown below.
Free agent firm is the best small business enterprise that gives the 50% employment in
their region with a total turnover of 9.8 million per annum.
Captify London is another small and medium scale business entrepreneurship that gives
the employment to the around 230 employees with a 49% margin in profits.
In national economy of the UK, small and start-up business place an major effect by
enhancing the GDP and create an awareness about the features of operating the business on their
own level with the support of the government so that image of the country also build in the other
nations as they also generate more revenues that helps in paying the tax and enhance the
economy of the nations which is more important for every country(Baldacchino, 2015).
On regional level small and start-up business enterprise helps in reducing the crises that is
based on the economy terms and provides more job opportunities to the large number of people
on long term and short term basis.
On local level this small and start-up business provides the employment to the local
people so that they can enhance their living standards and enjoy their life as per their own basis.
From the above explanation it is evaluated that small business are very beneficial for the
national economy because it helps in giving the employment to the number of people and also
helps the local area by improving their living standards by opening schools and hospitals for
them. This also helps in giving the large number of benefits to the local people such as
employment, accommodation, providing service for their studies and health etc.
LO3
P5 Determine characteristic, traits and skills of successful entrepreneurs that differentiate them
from other business managers
Peter jones- He is the famous entrepreneur in UK that is a television personality and have a lots
of interest in spending their time with a electronic gadgets like mobile phones, TV, Video games
etc. and he is also owner of the Dragen Dens where he can advertise their goods and services in
an effective way so that large customers can appraise it.
Characteristics
 passion- It is the major characteristics that to become an entrepreneur a person nees to be
passionate about their dreams and in this Peter is very passionate about their dreams and
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work as per their set vision and goals so that they can enjoy success. in this manager is
different from entrepreneurs as they cannot passionate about the company vision and
golas because they are only an employee of the business enterprise(McKeown, 2017).
 flexible- It is very essential to become an entrepreneuris that they are very flexible and
accept the change frequently. in this Peter is very flexible in nature due to this they can
accept the change as per the business environment demand so that they can earn high
amount of profit. this feature differentiate managers and entrepreneurs because managers
are not much flexible in nature they irritate from the change and cannot accept the change
easily.
Skills
 Effective communication- Effectiveness in communication is the major skill of an
entrepreneur. in this Peter have an skill of effectively communicate with other person so
that they can capture the profitable opportunity for the business and also impress
stakeholders of the firm so that they can sustain in the market for a large number of
period. in this manager are the employees of the enterprise and they cannot communicate
with the larger audience.
 confidence- In this Peter is confident in nature due to this they can take complex
decisions and solve the complex problems very effectively at this time managers is
different from entrepreneur because managers cannot show their confidence in solving
the issues as they are employees and work under the entrepreneur.
Traits
 Acceptance of reviews- For an entrepreneur it is very essential to accept the bad views
of the customers so that they can improve accordingly and serve the organisation a great
success. in this Peter can accept the reviews of the people about their work and improve
according to that. in this manager cannot accept the reviews of the ot5her person that is
negative and they leave the task(Gielnik, Zacher and Schmitt, 2017).
Adam ludwin- He is the founder of the Captify London and also famous in search intelligence.
this company has become a large advertiser firm for Apple, Nike. in Captify Adam handle the
200 people in a team in an effective way so that task can be achieved in time.
Characteristics
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 Self- motivator- Adam holds the feature of self motivator that is one the best source to
become an entrepreneur. Due to this characteristics Adam can also motivates to their
team members so that task can be achieved and this helps in becoming the best in the
country. At this time manager is different from entrepreneurs because they are employees
of the company and they need superior motivation so that they can work effectively.
 Risk- taker- It is the best characteristic of the entrepreneur and in this Adam can take
risk so that they can face success. without taking the risk he cannot enjoy the profits and
in this manager is different from entrepreneur because they does not take risk as they
work under the supervision of entrepreneur.
Skills
 Networking- It is the major skills that shows in the successful entrepreneur as they create
a large network for earning high amount of profits and making connection with the
investors and clients so that they show their interest towards the enterprise and invest
their money. due to high networking skill he enjoys the success. Manger in this term is
different from entrepreneurs as they cannot create network with investors and other
clients because they are the employees if the business.
 Motivator- This is an essential skill of an entrepreneur because if they motivates
themselves and their team members than they can achieves the major task in an simpler
way. in this Adam holds the teams of 200 and at this time he motivates their team
members to work effectively so that it helps in enhancing the brand image of the
company and also helps in earning high profits with the productive results. in this
manager is not motivates other employees as a entrepreneur motivates because they are
the employees of the company who only follow their boss guidelines(Galloway, Kapasi
and Sang, 2015).
Traits
 management of time- It is the best trait of an entrepreneur in this Adam can manages
their time in such a brilliant way so that they can easily take the decisions on the complex
issues and solve the major problem by managing the time. at this manager is different
from entrepreneur because they only manage time from completing the specific task
rather than manages their time for all the task and all the departments.
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P6 Assess entrepreneurial personality reflect entrepreneurial motivation and mindset
Entrepreneurial personality is a major influential activity that can encourage
entrepreneurial and set their mind to become a successful in the country by opening their small
enterprise for satisfying the needs and wants of the people. The personality of entrepreneurs can
be shown by using the OCEAN model that helps in motivating and mindset the person towards
becoming entrepreneurs(Lewis, 2015).
 Openness- This shows the openness of mind of an person who welcoming the change in
an effective way in this Adam and Peter both are open minded due to this they can accept
the change very easily so that they can focus on innovating the products and be flexile in
nature. It also helps in encouraging their employees for effective working. This type of
personality helps in motivating the Adam and Peter to set their mind for successful
business entrepreneur.
 Consciousness- In this trait of personality a person can more manageable and describe
anything in an organized way. this type of personality helps the Adam and Peter to
became a successful entrepreneur and manage all the work so that it can be done in
timely manner. this shows the characteristics of time management and self motivation of
the entrepreneurs(Saleem, 2017).
 Extraversion- This shows the extrovert nature of the people and it is connected with the
networking and communication skills where Peter and Adams both have the extroversion
personality this helps in set their mind to create a large network and communicate
effectively to attracts the consumers and investors so that they can face high success in
the near future.
 Agreeableness- This personality factor shows the love and social connection with the
people and showing respect towards the other people. it helps the Adams and Peter to
create a motivational environment in the enterprise sop that all the employees are work
productively and accepts the change very flexibly.
 Neuroticism- In this personality trait emotional stability can be reflected in the person if
a person in stable on a emotional basis than they can achieve any target without facing
failure. due to this trait present in both the entrepreneur helps in taking the risk due to this
they can enjoy large amount of profits and sustainability in the marketplace.
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LO4
P7 Examine relevant examples how background and experience can hinder and foster
entrepreneurship
Peter Jones is a business entrepreneur and a television personality who have a interest in
electronic appliances like cell phones, media, leisure, television and property and retail. he was
born on 18 march 1966 in UK. He is also the CEO of the Dragons Dens. He completed his study
in Desborough School and now lives with his wife Tara and children’s. He inspire to become a
successful entrepreneur from their pervious condition that is no so strong and his father work
owned a small business and where he was also going from this point he things to become a
successful entrepreneur and motivated towards the earning more profits and became a largest
entrepreneur in the UK. He started his journey by opening a bar and now has an successful
enterprise with a television personality(Saleem, 2017).
Adam Ludwin is a great entrepreneur in UK that can open a small business and a owner of a
Captify London. At 21 he started his journey working with digital media in their mother hallway.
he is not belong to the successful or a rich family as there mother struggle more this motivates
him to open their own business on a small level and also provide employment to the people in
the local area. at this time he started his business with Captify where he work very hard and
become a largest advertisers to the famous company like Apple, Nike etc. in their business firm
he handles the team a small team with a number of 200 people. Adams faces many issues at the
time of operating Captify because it has limited amount of resources and capital but he works
very hard and earns a high profits with the limited amount of resources this is appreciating by the
other entrepreneurs and businessman.
Martin Riddiford is a social entrepreneur In UK who invent the light bulbs for the low class
people who use kerosene lamps for lightening the house. Kerosene lamps can harm the health of
the people and for seeing this in their society he thinks to innovate a lamp so that that can safe
their lives and beneficial for the environment also. For society people Martin can innovate the
lamp that is environment friendly and also light weight on the reasonable price so that people of
the society can afford it easily. Their living society can foster him to invent the Eco-friendly light
lamp. For this they can worked in partnership with Jim Reeves so that they get the funds for their
innovation. This will helps in becoming the successful in their life and in UK.
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CONCLUSION
To the above written report it is to be ended up with that entrepreneurship and small
business management is an effective term because it helps the society people to enhance their
learning skill and standard of living within the eyes of the other people. it can showcasing the
various different types of entrepreneurial ventures and their typologies that can helps in
presenting the growth and profit earning of each types of ventures. it can also inculcates the
differences and sameness of different entrepreneurial ventures and also suggest the impact of the
small and micro business that helps in providing the employment and enhance the economy of
the country by their innovation level. further it helps in showing the different characteristics,
skills and traits of a successful entrepreneurs and by using ocean model it gives the effective
results about their re3felection of personality on becoming a successful entrepreneurs. At last it
suggest their background that helps in showing their experience about the blockages and
motivation that they face to become an entrepreneurship.
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REFERENCES
Books & Journal
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ME Data, Stats &
Charts
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UK SME Data, Stats
& Charts
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